Starting company while a graduate student -- a few questions

[ajrandall]

Hey,

I'm starting a small biotech based off of my research. Basically, it's a new type of antibacterial that is very extensible, and can deal with many resistant strains. I am planning on doing a couple of the business plan competitions at the schools I am affiliated with and have connections at, but I'll also be courting VC/angel investors soon. How open are they to funding a company founded by someone that's still in grad school and is it possible that I can ask for a salary even though I wouldn't be working full-time? Thanks.

[Encrypted]

Doesn't the research you do as a grad student belong to the school? I may be mistaken, but I thought that was how it worked.

[jaexavier]

>>>How open are they to funding a company founded by someone that's still in grad school

They are open to it...

>>> and is it possible that I can ask for a salary even though I wouldn't be working full-time?

If you believe your idea is a home run, this will not be an issue at all.

The real questions are...

Does your product or service solve a real "pain"?
Is your business model/technology/solution highly disruptive?

Check out Khosla Ventures. Vinod is a co-founder of Sun Microsystems and has his own VC. Also, read Guy Kawasaki's "Art of the Start" and "Reality Check".

I have pitched to VC's and angel investors several times and have learned a lot of valuable lessons, especially if my company needed VC/Angel money or not.

They don't care about degrees, nor how much experience you have. What they care about is that you're passionate and that your idea makes sense. Your statistics and research don't mean a thing unless you can illustrate the pain it solves. Put a case study where your solution has been a success.

I know how you feel about your idea. It is one of the best feelings you can have in your life because now you have a definitive direction that can last you a lifetime.

Best of luck to you and don't give up!

[guidemesingapore]

VC's have been known to fund young entrepreneurs with excellent and innovative ideas and yes you can ask for a salary. Make sure you have a strong business plan, list the revenue model clearly and also make sure you convey why you feel your business will be a success to the VC. Other things you need to take care of is to ensure competition does not harm your company, there is a growing market for your product or services and what is the unique selling point of your proposed new company.