A joint enterprise of two entrepreneurs in Wallingford in part led to the creation of a drug-testing kit to help in disease research. The two then recruited various scientists from Connecticut and formed CyVek Inc. with one assuming the role of Chief Executive Officer and the other becoming the company’s chairman.
Though the direction the company was to take was not clear at first, the two executives were able to retain the kind of talent that would allow for the company to function. Eventually it became apparent that there was a need for more advanced drug-testing kits, and resources of the company were then directed towards creating a new kit that had fewer drawbacks.
The company has hired on 18 full-time employees mostly made up of biomedical engineers and biologists. They also hope to hire on a number of other fulltime employees over the next couple of years. So far, $12.9 million has been raised from investors.
Apparently, the executives of the company have learned from other entrepreneurs that had created startup businesses. They studied companies that had been able to solve various research challenges while making their products and services marketable.
Businesses are often successful by imitating what other businesses have done right while avoiding the mistakes. Attorneys that have had success working with past business endeavors can enlighten companies as to what strategies may or may not succeed. Strategies that are not efficiently implemented can delay startups and allow for other companies to gain a competitive edge.
Source: Hartford Business, “Rich biotech talent pool yields CyVek’s disease-screening kits,” by Sujata Srinivasan, March 11, 2013
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