Business Solutions

The biotech industry, especially in Singapore, is one of the most exciting and challenging industries to be a part of today. Successful biotech startups go on to develop solutions to some of the world’s most pressing problems and are able to turn a tidy profit while doing so. However, many biotech startups also fail to make it off the ground due to strict regulation, stiff competition, a lack of sustainable funding sources and many other factors. In such a tough business environment, new companies need to be functioning at the top of their game to succeed.

If you’re interested in starting a biotech business of your own, you’ve probably already done some preliminary research on what you need in order to succeed. Maybe you’ve already started looking for a laboratory space for rent to sidestep the cost of building your own facilities, at least while you’re just starting out. Perhaps you’ve already begun looking into research grants you can apply for or private investors you can pitch your product to. It’s in your best interest to support these preparations by developing a solid business strategy and hiring the right people to execute it.

Here are 5 tried-and-true steps you can take to set your biotech startup up for success:

Find a Place for Your Technology in the Industry

In the biotech sector, creating technologies that improve upon existing solutions is simpler and more cost-efficient than carving out an entirely new niche. Securing regulatory approval, pitching to investors, marketing and other essential business processes will be much easier if technologies similar to your product already exist. Familiarise yourself with high-performing, frequently used products in your industry to identify which ones, if any, might be comparable to yours.

Choose a Commercially Viable Concept

Ideas that seem promising in theory may not necessarily have feasible commercial applications in practice. Your concept might be too expensive to develop on a commercial scale, for instance, or your chosen research area might be too obscure to generate much profit. The existence of well-established competing technologies may also make it more difficult for you to develop a new solution that consumers will prioritise over existing alternatives, even if your own product might be safer, cheaper, or more effective.

Fortunately, there are many ways to investigate whether your idea has feasible commercial applications. You can start by reading trade and regulatory journals or researching official guidelines from organisations like the US Food and Drug Administration (FDA) or Singapore’s Health Sciences Authority (HSA). Connecting with other startups and venture capital firms in your sector may also net you some much-needed insight on the real costs of rolling out a new product or solution.

Develop a Compelling and Cohesive Story

Educating the public about your presence and about the value of your research is one of the biggest challenges for any young biotech startup. Besides cancer and other well-known scientific and health issues, the general public is generally unaware of the many problems that biotech companies work to solve. It’s best to work on crafting a striking, cohesive message from the beginning and then focus on getting the word out about your work once you have your story nailed down. This will make it easier for you to get potential investors, industry experts, and employees on board with your business concept.

Hire the Right Team

When staffing your biotech startup, keep in mind that hiring too much for technical skill over fit may have costly repercussions in the long run. Consider other attributes like ambiguity tolerance, risk tolerance, and the ability to work well in a team before you make the final call on whether a particular job candidate is a good fit for your company. As replacing an employee that turns out not to fit in well with the rest of your team can cost you a lot of time and money, it’s critical to make the right hiring decisions from the get-go.

It also makes sense to build a team for your biotech startup based on the challenges you anticipate facing as your organisation grows, rather than simply looking for people who can meet your needs in the present. Starting with only a small pool of technicians and scientists may backfire later when you start needing people to liaise with regulators, oversee manufacturing, administrate clinical trials and accomplish other duties. If you wait too long to hire such people, you may find yourself with a limited, sub-par pool of options.

Engage with Regulators Early

Biotech companies need to provide regulatory bodies with extensive data on the safety and effectiveness of their offerings before they’re allowed to bring these to market. Though many startups find it daunting to engage directly with regulators, doing so early on can help you quickly get on the right track to secure the approvals you need. Many successful biotech entrepreneurs have found regulators in Singapore much more helpful and cooperative than they would have imagined previously, so don’t be afraid to reach out to them once you’re ready to start working.

New biotech startups face considerable challenges, but learning from the accomplishments and mistakes of their predecessors can help these fledgling organizations find their footing. Following the steps above will help your startup survive and even thrive in the most competitive, fast-paced markets.

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Saving money is the aim of many households. Whether they’re planning a holiday or want to make some home improvements, finding funds is the aim of many families, but it can be difficult.

Fortunately, there are some ways that allow a family to save without it becoming a tedious endeavour. If your family is searching for creative ways to save money, why not consider some of the following ideas which have been shared by Debt Relief Canada a website brought to you by the team at A.Fisher & Associates.

Benefit From The 30-Day Rule

Many people can buy on instinct and later regret the purchase. If you and your family are overspending on things you don’t need, then the 30-Day Rule could be beneficial. Instead of clicking on a product or service to make a purchase, you should screenshot it.

After creating the screenshot, this then needs to be moved to a folder for 30 days. After this period, you can revisit the folder and decide whether to purchase the product or service.

In addition to saving money, this process can also help change mindsets regarding impulsive purchases, which can benefit the whole family when saving money.

Save as Much Change As You Can in a Month

Putting away pocket change may seem like a waste of time to some, but it is incredible how soon small amounts add up. You can put money in a dedicated piggy bank or any other vessel of your choice, and many families are amazed by how much money is saved, with some even being able to enjoy a small break with their savings.

Those who make most of their purchases using their debit card should open a bank account that carries out the digital equivalent of spending small change.

These savings accounts round up the amount of each purchase made using your debit card and deposit the funds to a dedicated savings account.

Create a Bargain Bingo Game

If there is something that your family enjoys but the household feels it is too expensive, then why not create a game of bingo when searching for bargains? Maybe there’s a time when a store puts out bargain groceries? Or perhaps some discount codes can be found online, making purchases more affordable.

The efforts made when playing the game will soon become habitual, meaning family members are keen to find savings and discount codes before committing to a purchase.

Gamifying the hunt for bargains and offering a small reward for the winner ensures that families are proactive when saving money.

Try Something New Each Week

Nothing is more frustrating than missing out on events and celebrations due to a lack of funds, but there are some innovative ways of saving money and exploring what the great outdoors has to offer.

Although some outings can cost a lot of money, there are others where no money is needed. Steeping outside your comfort zone regarding family outings allows you to unearth markets, events and celebrations hosted for free, and don’t cost the family a cent when enjoying themselves.

In addition to saving money, the family also benefits from new events and outings that they may not have otherwise considered.

Swap Driving for Cycling

Of course, not everyone can cycle to their destination, but substituting driving for cycling some days can help the family save money and can also ensure the household remains fit. Not only can you save money on gas, but you also avoid unnecessary wear and tear on the car.

For even shorter distances, why not consider walking? Although giving up the daily use of a vehicle is a big ask for large families, using a bicycle on some days can work wonders when trying to save money.

If your family is keen to start saving money, then now could be an excellent time to take the bicycles out of storage and put them to good use.

Create New Treasures With Upcycling

Is the family in need of furniture, but the prices are too much for the household budget? Or maybe you would rather save than spend a fortune on tables and chairs. Upcycling not only allows a family to save money but is also a lot of fun.

Upcycling will need an investment of time, but those with a creative touch can save a lot of money by transforming old furniture into innovative new pieces.

Regardless of whether you need a new coffee table or a gaming setup for the children, carrying out local and online searches can often mean families find what they’re looking for at a fraction of the price.

There are plenty of ways of finding items to upcycle, including eBay, Craigslist and local newspaper ads. Who knows, the family may become so successful at upcycling that other people are keen to purchase their masterpieces.

Find Fun Ways of Making Money

In addition to upcycling, there are many other ways of making money that can help families save money that still allow them to have fun. If you’re passionate about video games, why not consider creating playthroughs for online users?

Videos posted on YouTube can benefit from AdSense, allowing users to get paid for their efforts. If you enjoy sitting down as a family to watch movies, then why not review so other families know what to expect? This can also be done via YouTube, a dedicated blog or a mixture of both.

If you enjoy DIY, why not provide your expertise to others part-time for a small fee? There are plenty of ways to make money from your hobbies and skills, which can be another area that allows the family to save money.

Final Thoughts

Finding creative ways to save money as a family can mean thinking outside the box. However, the efforts are worthwhile and can often make a huge difference to families trying to save money. Furthermore, the family will find new ways of making money and some exciting events they didn’t even know existed.

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After two years during which the employment trend was going up, there are already signs of a turn. While in the past it was small and medium-sized businesses that were making the headlines, the media is now focused on major companies that are reducing staff.

Governments are cutting back on fiscal spending, interest rates have risen, and customers are finding themselves forced to adjust their spending due to the elevated inflation. In such an environment, acting to cut down costs is the natural thing to do for businesses, whether big or small, in order to avoid negative ramifications down the road.

Top companies reducing staff

Twitter, Meta, Snap, and Coinbase are just some of the companies that have already announced significant layoffs. The majority of the brands in the headlines as of late are from the tech sector, which seems to be one of the hardest hit. Some estimates point to approximately 120,000 jobs lost in the technology space. Corporate employees who once worked for large companies can now be seen searching for new opportunities on platforms such as LinkedIn.

Cheap access to capital and low prices for commodities were beneficial for the tech sector during the last decade. Since that’s no longer the case, companies are facing pressure on their balance sheet. Experts working at easyMarkets, a retail brokerage with a long track record in the financial industry, point to the fact that central banks are committed to keeping interest rates high well into 2023, which will probably mean that the number of layoffs is likely to trend higher.

Risk of a recession looms

Spending on discretionary items has been going down, as people need to allocate more to staples and utilities. The services sector represents an important part of the economy, in particular among developed nations.

Warnings of a potential recession in 2023 are on a rise and even though there is no certainty in that respect, a significant slowdown is already taking place. Weakness is gradually spreading toward manufacturing, industrial production, and even corporate profits.

European countries seem to be the most exposed to a recession, with the conflict between Ukraine and Russia still not showing any signs of abating. Elevated energy prices led to double-digit inflation figures in places where the public and private sectors have grown accustomed to insignificant fluctuations.

In the USA, economic activity has been robust thus far, yet since there is less fiscal spending and interest rates had to rise as well, there is little to stimulate organic growth moving forward.

Corporate profits to be impacted?

Most of the major companies laying off workers are publicly listed, meaning they need to put shareholders’ interests first. After rising by an average of 20%, corporate profits are now seen up by 4-5%.

Current projections for 2023 point to a continued slow expansion of profits, yet those estimates do not consider a potential recession. If revenues and EPS figures enter negative territory, share prices will be under pressure. Preserving wealth is the key goal of any shareholder; if stocks go down, that might feed into more selling pressure.

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