On Thu, Aug 29, 2013 at 12:48 PM, SC <stacy734@yahoo.com> wrote:
I think it would be interesting to see this method applied to other hackerspaces (or even BioCurious) where you take the raw talent and turn it into contracting or CRO-related income. You can easily cover that 5k/mo operating expense with just one or two contracts in the biotech space. Of course, then you get into weird situations about what gets priority in the lab, but keeping the operations separate is a good idea that can prevent those priority conflicts.
2) I set up two outside companies whose sole purpose was to generate income for the non-profit, to use as I see fit. The companies have abosolutely nothing to do with biotechnology, or even science. I don't need to report to anyone (except the IRS), and I can change my mind about priorities whenever I want to. This decision was the best I ever made. Plenty of cash now, and I haven't asked for, or needed, a donation for several years. It takes some time to run the silly companies, but not nearly as much as I used to spend writing applications for tiny grants.
I think it would be interesting to see this method applied to other hackerspaces (or even BioCurious) where you take the raw talent and turn it into contracting or CRO-related income. You can easily cover that 5k/mo operating expense with just one or two contracts in the biotech space. Of course, then you get into weird situations about what gets priority in the lab, but keeping the operations separate is a good idea that can prevent those priority conflicts.
Why did you choose non-biotech for those two companies?
- Bryan
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