Speaking as a biotech entrepreneur who hasn't been paid for 3 years ....
If you don't have the passion and the ability to suffer pain of an emotional and financial nature ... don't found a start up or be part of the founding team.
If you are chained to a paycheck, you have already checked out and given up and you'll never be an entrepreneur.
Accelerators serve to prove out an idea by quick technical proof of concept or breadboarding ... that is what the $35k is for. Successful 'exit' from the accerator should happen if there is ALSO commercial utility and opportunity to the idea and private investors, seed funds, SBIR type mechanisms can begin to pay for people. Until then it is all sweat equity.
Best,
>matt
Sent from my Verizon Wireless 4G LTE DROID
Josiah Zayner <josiah.zayner@gmail.com> wrote:
I have a question and maybe you know Cathal or maybe Jacob could answer. $35k is obviously not enough to start a company and and to pay a team of highly skilled individuals to live in SF for a period of months.
If I were doing an incubator trying to attract Biotech people, if they were any good, I would expect that they would have a job already. If you have 3 people on a team for 3 months that's ~$3k per person per month and nothing left over. For instance, I live in the SF area and my rent is $1500/month and my apartment is not big enough for a team to live in. I could not live off of the $1500 left over based on my expenses.
What are the expectations? Do they expect everyone from a team to be working full-time on this project?
Kevin, I would be interested to hear what you have to say about the "incubator".
-- If I were doing an incubator trying to attract Biotech people, if they were any good, I would expect that they would have a job already. If you have 3 people on a team for 3 months that's ~$3k per person per month and nothing left over. For instance, I live in the SF area and my rent is $1500/month and my apartment is not big enough for a team to live in. I could not live off of the $1500 left over based on my expenses.
What are the expectations? Do they expect everyone from a team to be working full-time on this project?
Kevin, I would be interested to hear what you have to say about the "incubator".
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