Life as a faculty entrepreneur

In 2016, I started Pulvinar Neuro LLC to commercialize our research tDCS/tACS device. Looking back, I had no idea what I was getting into. This has been an interesting experience and I would like to share with you some of my experience in the hope that this may help you.

• "As a scientist/engineer/doctor you do not understand business..." I cannot tell you how often I have heard that. My largest mistake was that I started to believe the statement was true and suspended my intuition and relied on outside advice. Clearly there is a role of complementary expertise (and I did get some great advice from many sides), but what I have learned is that overriding my gut feeling just because I do not have an MBA / "experience" / "raised $$$$" is a bad, very bad idea.
• Today's start-up world is all focused on a great idea that attracts large investments. Niche ideas and products that could sustain small but (hopefully!) profitable companies without the appeal of billion dollar growth seem to have no place. What a pity since I am convinced such small and specialized companies could form the backbone of a very robust economy!
• Dealing with conflict of interest (COI) issues as a faculty founder is tough. Be prepared for tons of paperwork, assumptions about you that fail to capture the values you live by (after all in the world of COIs what counts is the perception of your actions and not your actions), and more paperwork. I clearly see the need for all this but just be prepared that this is going to be an energy and time consuming process.
• Be prepared to learn that the world out there (outside of the ivory tower) is very different and that the rules are different. This was perhaps the most refreshing part of my experience so far. I got to understand much better that there are many different types of success and life philosophies than the one I live and breath as a university professor. Starting a company is a great way to make sure you do not loose touch with the broader context of our (capitalist) society.
• What are behind the scene fights in academia (papers rejected by anonymous peer reviewers for political reasons, anyone?), are legal fights with lawyers and expensive bills in the business world. Be prepared!

Looking back I have no regrets. It continues to be an interesting ride that helps me understand my own priorities and values together with a growing list of really interesting people I get to meet and interact with.

Have you considered starting a company, perhaps as a faculty/postdoc/grad student founder? What are your thoughts / experiences? I would love to hear from you in the comment section below.

Take care,

Flavio