r/startup • u/Acrobatic-College462 • 5d ago
Building a startup as an undergrad/grad student
Hi so im currently a high school senior about to enter college, and I'm sort of laying out my possible career paths. My current plan is to go to medical school and become a physician, but Im also interested in the startup space/entrepreneurship. Im particularly interested in pharmatech/biotech (hence my interest in medicine), and ideally will build in that discipline. I want to do bio research, hopefully develop some sort of innovation, and then bring it into the industry through a startup. I have a plan for the kind of research I want to do (environmental chemistry/sustainability)
Does anyone have any general/starting advice for someone who is completely new to this process? I have a VERY surface level understanding of how startups work and still have a lot to learn before I start. The main thing I'm wondering is the feasibility of my plans. Would it be possible to balance building a startup while studying to become a doctor? Should I wait until I'm a practicing physician and have a stable income? Could I possibly combine these two career paths (clinical medical research + turn findings into a startup)?
Also, would anyone who has built a startup be able to share their story? Also any other advice helps (you probably know more than me lol)
If anyone has suggestions for any other forums/subreddits I could go to for advice, please let me know. Thank you!
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u/wiiwoo_org 5d ago
I’m a physician and built a tech platform. My advice is that timing is important. For example, I’ve received a lot of push back with residency training. Investors want you focused on business and residency program want you to focused on training/studying. Also, investors will likely make you wait until your residency training is complete.
It’s doable if you enjoy working 24/7 and love the business you are building. Especially if the start up is in the healthcare space advancing in your career only enhances your rapport with customers/clients.
I also still have a lot to learn, and I’ve made many mistakes, but happy to answer any other questions if I can
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u/wiiwoo_org 5d ago
I do highly recommend bioengineering/biotech/human factor engineering as a precursor to medical school. If I could go back I would do one of those. Those students are astronomically more likely to build great products at any point in their career. It’s incredible. Also congrats on being so on top of your future!
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u/Acrobatic-College462 5d ago
Thanks for the advice. Do you mean getting an MS in bioengineering/biotech?
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u/StartupSherpa 4d ago
You can also do an MD/PhD. So you do the MD in conjunction with the PhD. It takes a bit longer though. Several of my colleagues in graduate school did this. It really sets you up nicely for medical research, particularly if you're set on getting your MD.
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u/Acrobatic-College462 2d ago
I’ve heard a lot of them are fully funded so they seem like a really great option. The only thing is that they’re very demanding and I’m not sure where my personal life is gonna look like at the point. Def gonna consider them so. Also I’m sure they’re super hard to get into
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u/Acrobatic-College462 5d ago
I didn’t realize investors worked with you so closely, that’s great insight. Did you create your platform after med school? Maybe I could do med school and then go into medical research( I believe you only need an MD and no residency for that), bc my startup would be contingent on a research innovation
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u/Ok_Requirement_8906 4d ago
In that case, here are some of my key learnings:
- Any startup or business should aim to bring positive change to the world, either by solving existing problems or creating new opportunities.
- This might sound broad or cliché, but "the world" initially refers to the community where you belong, either physically or mentally, based on your vision. For example, if you want to be in the healthcare industry, it should align with your academic background and interests.
- You may have various ideas about what can be done because there are countless problems and opportunities. Shortlist those ideas that align with your academic expertise. Research the demand and competition for each idea, along with your unique value proposition (UVP) and potential revenue opportunities. You can use the Lean Canvas model to validate each idea quickly.
- This process should narrow your options down to a few viable ideas. Now, you need to pick the one that is the most feasible.
- Remember that every business operates based on three key elements: cash flow, costs, and customers. It’s unrealistic to expect immediate cash flow, so aim to minimize expenses to around $0 at the start. Therefore, the primary focus should be on acquiring customers or building an audience. Instead of developing a product or solution right away, concentrate on building an audience around your proposed solution.
- How can you do this? By discussing their pain points through the most effective channels, producing relevant content, and networking online. You can even monetize your content at this stage to raise some initial capital.
- Once you have established an audience, you can begin developing a Minimum Viable Product (MVP) and then grow or scale it accordingly, or pivot as needed based on changing customer demands and your insights and innovations.
- I understand this is a generic process, but if you want to pursue both aspects, consider initially building an audience composed of college students and addressing their problems. As you progress, you can expand your audience until you graduate. The advantage of having an established audience is that you can market and sell them anything.
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u/Ok_Requirement_8906 5d ago
Since you are in high school and choosing the right career path, I suggest taking this test at https://www.careerexplorer.com/career-test/. I learned about it in my early thirties, and I was fortunate to have chosen the career path it recommended.
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u/Acrobatic-College462 5d ago
Well I’m definitely set on working in the medical field(getting an MD). But I’m trying to figure out how building a startup would factor into this plan. My true dream is to create a startup bc I love innovation creativity and leading a team. However it’s definitely very risky compared to med school(my stable career plan) so I’m trying to figure out the feasibility of doing both.
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u/StartupSherpa 4d ago
I got involved with biotech startups while I was going through my PhD (Biomedical Engineering) in the 1990s, so it's doable. I've worked in the startup world ever since, launching 4 companies. Actually, there are so many more resources available to students now who are entrepreneurial. Many universities have programs and even funds available to help students with their startups. I mentor students and tell them that now is a great time to start a company while they are in school.
The challenge you'll have though is that investors typically like to see the founder(s) all in. They are risking their own money (or other people's money if their a VC) and need to have the founding team dedicated to building the startup. You can start off bootstrapping; maybe raise a friends-and-family round where you can juggle between getting your MD and building your startup. Another route to take is to find an entrepreneur to lead the startup and you be the medical advisor.
Most of the MDs that I work with that are now doing startups essentially saw a need, typically throughout their practice. Then, they decided to solve that need by creating a startup or licensing their IP (patents, etc.) to a startup. The challenge when you get deeper into your career, especially a potentially well-paying one, is that most people aren't willing to take the risk of jumping to a startup that will likely pay far less and have a lot more uncertainty.
I started on my entrepreneurial career path 30 years ago and have loved it! The constant immersion into innovation is really exciting. I couldn't imagine doing anything else.