How Bio-tech Accelerators are helping South Korea
Nathan Howard, Columnist.
Medical development and entrepreneurship are challenging, and in biotech these challenges are significantly increased by the high cost of research and development, and the cycles of clinical trials. While academic research often develops promising data on new pharmaceutical targets or novel drug candidates, translating this research into a commercially viable opportunity requires a different skill set from academic research.
Knowledge of drug development, entrepreneurial expertise and access to investment is required. Additionally, while Universities in certain countries, such as the United States and parts have developed Bio tech accelerator and incubators to support new bio-entrepreneurs and establish new start-ups, this is not always the case in other territories where the biotech environment is just starting to grow. In South Korea the bio tech and medical entrepreneurial start-ups are beginning to grow at a rapid pace, however without the support of guidance and funding only about 3% of them will succeed to the next phase of their company’s growth and overcome “The valley of death”.
Start-up accelerators offer a way to boost early start-ups to get off the ground, provide the necessary support and mentorship to entrepreneurs, and generate early momentum to develop a new product towards commercialization. Future Medical Innovation (FMI) is that accelerator which will bridge this gap between early-stage start-ups and Big Pharma, helping new innovation and experience come together to boost Korea’s Bio Medical technological.
FMI is structured with intensive mentoring programs, and seminars, to help newly formed startups have the chance to sharpen their business plan and improve their product development strategy. FMI also provides competitive access to early-stage financing, or access to a network of investors looking to invest money and guidance that improve start-ups to reach their next goal.
Accelerators and incubators have been forming throughout the Korean Peninsula with the increase of medical research and the economy growing. However, what sets FMI apart is the increased network with Big Pharma and the industry as well as having Memorandums of Understanding (MOU), with other accelerators that have networks to Universities across Korea, as well as tech incubator programs which can provide the necessary workspaces and laboratories for start-ups to work towards further research and clinical trials.
Overall the future of Korea’s medical research and bio-technologies seem bright and there are many advances to come soon. Among the world’s most powerful countries in the world ranked by USA News, South Korea ranks 6th place, and its easy to see why with the development of medical corporations and accelerators, like FMI, that can bring the future of medicine to a reality with the help of entrepreneurs working in unity.
본 기고문은 미래의학연구재단의 법적인 권리가 있는 정보입니다. 본 정보의 전부 또는 일부를 무단으로 제 3자에게 공개, 배포, 복사 또는 사용하는 것은 엄격히 금지됩니다.
How Bio-tech Accelerators are helping South Korea
Nathan Howard, Columnist.
Medical development and entrepreneurship are challenging, and in biotech these challenges are significantly increased by the high cost of research and development, and the cycles of clinical trials. While academic research often develops promising data on new pharmaceutical targets or novel drug candidates, translating this research into a commercially viable opportunity requires a different skill set from academic research.
Knowledge of drug development, entrepreneurial expertise and access to investment is required. Additionally, while Universities in certain countries, such as the United States and parts have developed Bio tech accelerator and incubators to support new bio-entrepreneurs and establish new start-ups, this is not always the case in other territories where the biotech environment is just starting to grow. In South Korea the bio tech and medical entrepreneurial start-ups are beginning to grow at a rapid pace, however without the support of guidance and funding only about 3% of them will succeed to the next phase of their company’s growth and overcome “The valley of death”.
Start-up accelerators offer a way to boost early start-ups to get off the ground, provide the necessary support and mentorship to entrepreneurs, and generate early momentum to develop a new product towards commercialization. Future Medical Innovation (FMI) is that accelerator which will bridge this gap between early-stage start-ups and Big Pharma, helping new innovation and experience come together to boost Korea’s Bio Medical technological.
FMI is structured with intensive mentoring programs, and seminars, to help newly formed startups have the chance to sharpen their business plan and improve their product development strategy. FMI also provides competitive access to early-stage financing, or access to a network of investors looking to invest money and guidance that improve start-ups to reach their next goal.
Accelerators and incubators have been forming throughout the Korean Peninsula with the increase of medical research and the economy growing. However, what sets FMI apart is the increased network with Big Pharma and the industry as well as having Memorandums of Understanding (MOU), with other accelerators that have networks to Universities across Korea, as well as tech incubator programs which can provide the necessary workspaces and laboratories for start-ups to work towards further research and clinical trials.
Overall the future of Korea’s medical research and bio-technologies seem bright and there are many advances to come soon. Among the world’s most powerful countries in the world ranked by USA News, South Korea ranks 6th place, and its easy to see why with the development of medical corporations and accelerators, like FMI, that can bring the future of medicine to a reality with the help of entrepreneurs working in unity.
본 기고문은 미래의학연구재단의 법적인 권리가 있는 정보입니다. 본 정보의 전부 또는 일부를 무단으로 제 3자에게 공개, 배포, 복사 또는 사용하는 것은 엄격히 금지됩니다.