Chemical & Engineering News – Starting a Science Business During a Pandemic
Chemical & Engineering News features Spencer Maughan and Ingrid Fung on Starting a Science Business During a Pandemic
Starting a company based on chemistry is a multiyear endeavor, and few such ventures have the luxury of waiting for the investment climate to thaw. For many firms, seed money is dwindling, but new investors want more data and progress than normal to feel secure putting up capital. It’s scary, with a silver lining. New firms that learn to run lean, develop discipline, and find the right partners can come out of the pandemic stronger than if they’d been born during more normal circumstances.
Ingrid Fung of the agriculture-focused venture capital firm Finistere Ventures says companies in Finistere’s portfolio that started during or just after the 2008 financial crisis are doing well today because they learned to be efficient with money, including by outsourcing some R&D. “They typically have lower burn; they can dial up or dial back,” she says.