Legally Establishing the Company
If you are like me, you may be a person who buys “self-assemble” furniture and starts putting it together while looking at the pictures as you take pieces from the box. Instructions? Those are for people who can’t figure anything out by themselves! Although I can remember the sinking feeling, holding three extra bolts, trying to figure out if they were really “extra” or if I missed something! Unlike self-assemble furniture, a budding biotech business cannot be disassembled and reassembled. If you are the personality type who likes to figure things out as you go, and you did not read the previous chapters – go back to the beginning because it sets the foundation we build upon in subsequent chapters. Building a biotechnology company is challenging, and has been likened to assembling an aircraft while it taxis down the runway. You must feverishly work to complete it before it takes off. This analogy resonates with many experienced biotech entrepreneurs who have come desperately close to running out of runway. The purpose of this chapter is to orient you to the legal and business matters in establishing a biotech company. We will also discuss any impact that these issues have on growth and attracting the type of capital needed to grow the business. For those with a deeper interest in biotechnology law matters, I have included references to a couple of good books on business and biotechnology law, to provide more detailed information on establishing a biotech business.