Embarking on a PhD journey is like setting sail on a grand intellectual adventure. But what if your quest for knowledge could also lead you to the helm of a business venture? If the idea of combining your academic prowess with entrepreneurial spirit has piqued your interest, you’re in the right place. In this blog post, we’ll navigate the frequently asked questions that often arise when PhD students contemplate the exciting transition into entrepreneurship. From funding to time management, from balancing research with business plans, we’re here to chart the course for you. Let’s embark on this expedition to uncover the answers you seek, as we demystify the path from academia to entrepreneurship.
- Can I start a business while pursuing my PhD?
Yes, it is possible to start a business while pursuing a PhD. However, it can be challenging to balance the demands of both, and it may require careful planning and time management. It is important to communicate with your advisor and university to ensure that your business venture does not interfere with your academic progress.
- How do I protect my research and ideas while starting a business?
One way to protect your research and ideas is to file for a patent. Additionally, you can consider signing a non-disclosure agreement with anyone you share your research with, including potential business partners or investors. It is also important to consult with legal and intellectual property experts to ensure that your ideas are properly protected.
- What resources are available to help me start a business based on my PhD research?
There are many resources available to help PhD students start a business based on their research, including:
i. Incubators and accelerators that provide mentoring, networking, and funding opportunities.
ii. University-affiliated programs and initiatives that support student entrepreneurship.
iii. Professional organizations and networking groups specifically for PhD students and researchers looking to start a business.
iv. Government-funded programs and grants that support small business development and innovation.
- How do I balance my time between my PhD studies and starting a business?
Balancing the demands of a PhD and starting a business can be challenging. It may require careful planning and time management, as well as support from your advisor and university. It can also be helpful to set specific goals and deadlines for both your academic work and your business venture.
- How can I find funding for my business venture as a PhD student?
There are several ways to find funding for your business venture as a PhD student, including:
i. Government grants and funding programs specifically for small businesses and startups.
ii. Angel investors and venture capitalists who may be interested in investing in your research-based business.
iii. Crowdfunding platforms that allow you to raise funds from a large number of individual investors.
iv. University-affiliated programs and initiatives that provide funding and resources for student entrepreneurs.
- What are the potential legal and ethical considerations for starting a business based on my research?
There are several legal and ethical considerations to keep in mind when starting a business based on your research, including:
i. Intellectual property laws and patents, to protect your research and ideas.
ii. Confidentiality agreements to protect sensitive information.
iii. Ethical considerations related to the use and commercialization of your research, particularly if it involves human subjects or proprietary data.
iv. Legal considerations related to the formation of your business, such as incorporation, taxes and compliance.
- How do I determine if my research is viable for a business venture?
To determine if your research is viable for a business venture, you will need to conduct market research and assess the potential demand for your product or service. It’s also important to identify your target market and key competitors, as well as evaluate the potential scalability and profitability of your business.
- How can I determine the market potential for my research-based business?
To determine the market potential for your research-based business, you will need to conduct market research. This may include:
i. Identifying your target market and key competitors.
ii. Assessing the potential demand for your product or service.
iii. Evaluating the potential scalability and profitability of your business.
iv. Consider speaking with industry experts and potential customers to gather information about the market.
- Are there any programs or initiatives specifically for PhD students looking to start a business?
Yes, there are many programs and initiatives specifically for PhD students looking to start a business. These programs can be found at universities and research institutions, as well as government and private organizations. These programs typically provide resources such as mentoring, networking, and funding opportunities for PhD students interested in starting a business.
- Are there any success stories or examples of PhD students who have successfully started businesses based on their research?
Yes, there are many examples of PhD students who have successfully started businesses based on their research. Some well-known examples include:
i. Andrew Ng, who started Google Brain and deeplearning.ai after completing his PhD in computer science.
ii. Elizabeth Holmes, who started Theranos after completing her undergraduate studies in chemical engineering.
iii. Drew Oetting, who started AgBiome after completing his PhD in biology and chemistry.
iv. These are some of the examples, there are many more success stories out there and it’s important to look at them as an inspiration and guidance to follow your own path.
Enquire and take the leap for yourself – you have nothing to lose, and everything to gain!
Are you ready to embark on your own entrepreneurial journey? If you’re intrigued by the transformative experiences shared by our four exceptional PhD students, it’s time to explore your own potential.
Reach out to Dr Geoffrey Knott, PhD Accelerator Manager (geoffrey.knott@surrey.ac.uk), who can guide you towards exciting opportunities, events, and resources that can help you commercialise your research and make a lasting impact.
