By Jennifer Andrews, M.Sc., MBA
July 18, 2023
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Are you an accidental CEO? A Ph.D. candidate who left academia to start a business? A grad student who realized you’re not cut out for the lab?
Whatever path you took (or are taking) from science to business, you may feel out of your element sometimes.
This is normal and not something that should hold you back. Instead, recognizing our weaker points can help us thrive in an environment we may not have expected to find ourselves in.
I’ve spent the past nearly 15 years speaking with technical professionals about their career journeys and challenges in my work as a life science marketer. My own educational background aside, these conversations have provided me with invaluable intel on what works—and what doesn’t work—for businesses built by scientists.
Read on to learn 5 common mistakes STEM-educated leaders make as they grow and market their companies – and how to avoid them.
1. Not recognizing your knowledge gaps early
It’s no secret that business fundamentals aren’t a core part of scientific training. Over the last few years, I interviewed dozens of executives and founders for my book, Scientist to CEO. The one thing nearly all had in common? A lack of the basics required to start, run, and market their company.
One gentleman, a university professor who co-founded a software start-up, had this to say:
“As a scientist you want to focus on the product, the innovation … Coming from academia, those things that seemed trivial—registering a business, buying a website domain, the legal jargon—all of this was exceedingly daunting.”
Rather than be ashamed of this knowledge gap, the most successful were able to recognize early that they needed to acquire knowledge—fast—and surround themselves with the right people to make it happen (more on that later).
One of the keys to overcoming this is an “always be learning” attitude – beyond your field of expertise. Read books and articles, listen to podcasts, and seek out key voices in areas you aren’t familiar with. Common weak points include:
- Management
- Accounting and finance
- Legal (IP protection, registering a business, mergers and acquisitions)
- Sales and business development
- Marketing and communications
- Human resources and team building
Then, surround yourself with experts in those areas and bring on help when you need it. More on that next.
2. Surrounding yourself with the wrong people
As Oprah said once, “Surround yourself with only people who are going to lift you higher.” If you find your company is underperforming or not moving closer to your objectives quickly enough, you could have a talent gap.
For many CEOs I’ve interviewed or worked with directly, they (unintentionally) built teams consisting of other academics and researchers, only to find they were unable to get to the next milestone.
Their colleagues were too similar to themselves in terms of skill set, work style, leadership ability, and decision-making. The result: groupthink that can staunch progress. Symptoms can manifest as:
- Similar ideas generated
- Lack of creativity
- Conformity in decision-making
- Inflexible communication
- Tired marketing approaches
- Comfort in the status quo
Instead, aim to balance talent to include both subject matter experts and those with other skill sets and perspectives. Being able to see things differently and adopt novel approaches are necessary to compete in the marketplace.
Help doesn’t always have to be a full-time or even part-time employee, either. This can look like interns, employees, outside consultants, mentors, accelerators and incubators, and business groups.
3. Assuming more detail is better
Have you ever had a sales conversation, or pitched to investors, only to find the other party’s eyes have glazed over?
Many times, leaders dwell on the “how”—detailed specs and features—rather than stepping back and focusing on the “why.”
This exact thing happened to a biotech CEO I spoke with. He would explain the nuances of his technology on sales calls, when all his ideal customer wanted to hear was, “how will this make my life better?”
It was simply communicated in the wrong way, with the wrong intent, at the wrong time. And unfortunately, this can leave literal money on the table.
To overcome this, remember that even when dealing with other technical experts, most people aren’t likely to be persuaded by jargon and specifications (at least not initially).
A simple fix is to adopt a “what’s in it for them?” mentality. Speak directly to the value you provide and the benefit to that audience in simple terms. Storytelling helps, too.
With practice, you’ll find that this basic shift in messaging will more easily catch and hold the recipient’s attention and interest.
4. Feeling the need to be everywhere
We know marketing is a necessary step to attracting the right audience to buy. But with technology moving at a rapid pace, and the myriad activities that you could undertake, it can quickly become overwhelming.
A mistake many business owners make, which I’ve witnessed firsthand through my marketing work, is feeling the need to be everywhere: on every social media platform, at every event, advertising in a dozen different places, and more.
This blanket strategy might have worked in the past, but for niche B2B industries especially, all it does is:
- Dilute or obscure your message, preventing you from attracting the right buyer
- Spread your budget, time, and resources thin
For example, your audience of lab technicians might not browse TikTok to buy equipment, but they’re likely to download a checklist about instrumentation that someone shared on LinkedIn.
As marketing guru Seth Godin put it, “Everyone is not your customer.”
Avoid this trap by asking the following questions:
- Who is my audience, and what characteristics do they share?
- Where do they spend time online?
- What news or industry websites do they read?
- Which key events do they attend?
- What information do they find compelling and useful in making a purchasing decision?
From there, you’ll learn which activities are essential to grow your business, and which can be put on the back burner (or left out completely).
5. Forgetting to put yourself unapologetically “out there”
Think about your own network. Are there a few people who stand out in your mind as “the person who does X”?
Every industry has them. They’re impressive, memorable, influential. And they don’t stand out by accident.
These thought leaders have built up an area of expertise that others value, then deliberately cultivated and promoted their personal brands – mostly online but also through speaking and networking.
The benefits are many. Technical professionals who talk about what they do in a strategic, consistent way using media have more:
- Visibility and exposure
- Opportunities (customers, higher job titles, speaking engagements)
- Revenue growth and earning potential
Rather than hiding behind your science (which only limits opportunities for business growth) why not become more visible?
This can look like:
- Posting on LinkedIn
- Writing an article
- Pitching a podcast
- Sending an email
- Joining an association
- Starting a committee
- Hosting a webinar
- Giving a talk
It only works if you know why you want to be a thought leader and specifically what you want to achieve. With a consistent theme and message, you will be that much more likely to bring fresh opportunities which will impact your business for the better.
Final thoughts
Ultimately, by recognizing and addressing these common mistakes, scientific CEOs can eliminate some of the roadblocks to success more quickly. Embracing continuous learning, building diverse teams, refining communication strategies, and leveraging personal branding are key steps toward thriving in the business world while drawing on the knowledge and expertise gained from an academic background.
