by Dr. Dov Reichman, Spectra Analytics Ltd.
Today, high-tech companies implement scientific disciplines which are in the cutting edge of science. The connection between high-tech companies and academic research institutes start from the first stages of a venture.
In many high tech companies the entrepreneur is an academic specialist or alternatively, a well known academic expert, who was involved in the work of the leading team from its first steps.
In addition, to enhance the ventures information center, an external scientific advisory committee is formulated, and acts as a steering committee regarding the technological/medical/scientific implementation of the company's products.
This committee meets periodically and discusses all the aspects of development and technological implementation, the company deliberates over their management and solution.
The Scientific Advisory Board has an immense influence on building the company's image, exposing it to the international market, promoting processes of regulation and finally a correct formulation of this sort of committee, will influence the company's value and share holder's business realization.
Long Term Investment
The advisory board should be established in the early stages of the company's activities, in order for it to produce the necessary results when needed. There are many companies which would prefer to put aside the expense of establishing this sort of board and getting around with the company's expert. In practice, a company shouldn't depend on one expert to solve the many scientific/technological issues that come up over time.
A heterogeneous board which includes the different experts in the relevant scientific disciplines, who are acquainted with the company's fundamental issues and who grown sympathy to the company, its management and its goals – will produce better results along the way and will have the ability to provide fast responses to issues that come up. This kind of board will contribute to the company's strength.
The scientific advisory board should act inside the company, in order to assist in decision making processes, in parallel to working with the external elements of the company, in order to promote the company's interests.
Main Consideration in Establishing the Mix of the Board Members
The main consideration regards the company's scientific and technologic leadership in the fields of its activity and the recognition of its international and professional stature.
The expert's availability – high quality experts are sought after. The company must understand the complexity in this kind of connection and make sure that it doesn't harm promoting the company's interests.
Involvement in public/professional activity – an expert's membership in professional public/governmental committees can support in promoting the company's activities.
Representatives – An expert's ability to influence is derived not only from his expertise, but also from his personality. His (or her) ability to express himself, a high fluency of languages and a high level of interpersonal communications, will influence his contribution to the company.
Team work and an ability to complete each other – the team should be heterogeneous in its abilities, yet with an ability to work in harmony as a team.
Involvement in the Marketing Process
The experts who are members of the scientific advisory board, in most cases, properly represent the markets needs, are familiar with leading opinionates and despite their business involvement, are captured as an objective professional element, as opposed to the company's management and marketing team, who are identified as having a direct interest.
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Promoting steps in conjunction with regulation authorities
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Promoting publication of professional articles regarding the company's technology/product
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In BioMed and Biotech – precise planning of clinical trials are critical to their success
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Participation in the company's videos and other marketing material
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Controlled participation in the company's stands in international conferences and exhibitions
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Connecting the company to leading opinionates
In BioMed, BioTech, Biotechnology, diagnostics, nanotechnology and clean-tech, the advisory board must be a central element of the company.
It's advisable to formulate the board as an integral team, which assists the company's management already in the first stages of the company's activities.
The scientific advisory board has an ability to contribute to the decision making processes, the marketing outbreak, and to positioning the company's prestige and image in the targeted markets.
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Dr. Dov Reichman, is the CEO and owner of Spectra Analytics Ltd. which specializes in strategic planning for high tech
companies and accompanies business throughout processes of business development and international marketing
