Business Concepts for Biomedical Scientists

Welcome to the Business Concepts for Biomedical Scientists course home page

The purpose of the Business Concepts for Biomedical Scientists training program is to enhance PhD scientists’ understanding of foundational business concepts. This business coursework is unique because it is designed to prepare scientists for career transitions into both academic and non-academic settings. The course comprises a series of three modules - Business Strategy, Finance and Business Development.

This training is designed for graduate students, postdocs and junior faculty who wish to gain a basic understanding of business fundamentals. The goal is to impact participants' career readiness by helping prepare scientists who want to start their own labs, and inform scientists who want to go into industry.

The learning objectives for this course include:
• Understand key terms used in the business and financial management of scientific enterprises
• Develop increased confidence in using business terminology during interviews or networking events
• Identify knowledge areas within business for further study

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Organizational Strategy Section: Image of compass with arrow pointed towards the word strategy

Business Strategy

This module provides information about how scientific enterprises develop strategy and how organizational context impacts resource allocation. Participants will learn and apply basic concepts of business strategy (e.g. value proposition, identifying stakeholders and vision) to academic and industry settings.

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Strategic Collaborations

This module presents an overview of how scientific enterprises engage in collaborations. Participants will learn the nuts and bolts of what each side seeks to achieve, and the partnering process for Academic-Biopharma collaborations. Participants will also learn the soft skills needed to collaborate successfully in the video "On Being Collaborative and Influential".

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Strategy Toolkits

This module presents an overview of tools used to develop and assess strategy. Participants will learn and apply frameworks such as SWOT or PEST analyses to evaluate an operating environment including competitors, stakeholders, supplies, and economic, regulatory or technology trends. Participants will also learn about tools to help set, generate, and prioritize an enterprise's goals.

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Finance

This module presents an overview of financial statements and concepts in financial planning. Participants will learn and apply basic concepts of business finance (e.g. calculating burn rate, opportunity cost, and net present value) to academic and industry settings. ........................................................................................................................................................................................................................................................................

Business Development

This module presents an overview how business development contributes to a scientific enterprise's vision and goals, and deal types. Participants will learn and apply basic concepts of business development (e.g. deal structure, deal funding, and collaborations) in academic and industry settings.

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Course funding

Course development was made possible thanks to funding by the Burroughs Wellcome Fund and NIH.