Layne and I have spent most of the last year going through our portfolio of projects in various stages of
completion. We needed to decide which has the right combination of low risk, short development time, and a viable, large market. This was a huge learning experience for me. In July of 2012 we
decided on a project to proceed with. We then went looking for help to understand the details of business plans, pitches, and financials. We were referred to the ICE business incubator at UVic, a
new enterprise looking to help students and recent grads with ideas work them through to a viable business strategy.
With the help of ICE we were able to focus on the business side of our company. Meanwhile, we needed to get our patent applications started which still required significant scientific research and design. Layne and I therefore had to split up, with Layne focusing on the science while I took care of the business. Luckily we live together so we have been able to constantly run ideas and drafts past each other.
I have now moved on to learning about company valuation, P&L charts, overhead for the supply and distribution chain, and structuring financing rounds. Layne is preparing budgets and timelines for the laboratory work while bashing patent documents back and forth with our patent agent/scientific advisor Anne Flanagan.
If there is one thing I have learned while working on the business side of the company, it is that we need a business specialist on our team. We have been passively looking for a CEO since before we launched, but it is time to start actively looking.