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A Conversation with Elizabeth Iorns - Advice for Biotech Founders
31 segments available
YC Partner Adora Cheung talks to Science Exchange Co-Founder and CEO Elizabeth Iorns about her experience as a biotech startup founder. Learn more at https://www.startupschool.org/ Chapters (Powered by https://bit.ly/chapterme-yc) - 00:00:00 Introduction 00:01:50 Shift from academic to startup route. Where did the idea come from? 00:03:47 How Science Exchange helps organize the very fragmented market for research? 00:05:54 Was it difficult to make the switch and not work on the one thing that you focused on during research? 00:07:56 Advice for people who want start a startup from a research at University? Sometimes it’s a huge obstacle from universities. How can they navigate? 00:09:08 Do you think there is a overall trend in people moving from academics into startups? 00:11:46 How did you get your first users for Science Exchange marketplace? 00:14:08 What was more difficult – Supply or demand? 00:15:54 Do you remember on the demand side, the very first customer? What were they? What did they do? 00:17:04 So we talked a lot about at Startup School, product market fit. For you what was that like? When did you know you had that? And how did you define it? And what metrics were you looking at? 00:19:51 Reproducibility Initiative (reproduce to validate experiments) - why has this never been done? Was it a money problem or can only Science Exchange solve? 00:23:09 What are the two top two complex factors? 00:25:10 What is the biggest challenge as a CEO of a marketplace company that you have today? And how has that challenge morphed over time? 00:27:03 There has been this implosion of biotech startups recently, especially in Silicon Valley, what do you think that is? What are the causes for this? 00:30:04 Are there any similarities between biotech and software? 00:31:25 What does an MVP mean in biotech? 00:33:13 What has changed that has allowed a small companies product to go-to-market without getting acquired? 00:34:36 Science Exchange is helping speed up experiments, trolls, and getting through the FDA process. 00:35:48 Common mistakes you've seen biotech founders make? What do you just need and what do you avoid at all costs? 00:37:33 What do you think about the need for a business co-founder and should that be a goal? 00:39:30 Non-scientists who are interested in biotech, what should they do? Get a PhD or what's the potential path? 00:42:17 Decisions you’ve made that was a game changer (inflection point)? 00:43:29 100 years from now, what do you think Science Exchange will be? 00:45:16 Q1 - whether we should look at new approaches too, instead of just looking at correlations to look for causality in a space with unknowns? 00:46:40 Q2 - Idea to an MVP in a short space of time, and the steps that required to do that? 00:49:27 Q3 - Importance of credentials in the biotech space? 00:51:29 Q4 - when did you decide to leave academics? 00:53:18 Q5 - Quality control in a two sided marketplace?
Segments Timeline
Meet Elizabeth Iorns: A Biotech Pioneer
In this segment, we are introduced to Dr. Elizabeth Iorns, a cancer biologist and co-founder of Science Exchange. She shares her academic background, including her PhD from the University of London and her experience as an assistant professor at the University of Miami. Elizabeth discusses her journey into the startup world, highlighting her participation in Y Combinator and her role in shaping the biotech landscape.
"all right guys we're gonna get started sorry for being late so I have up here Elizabeth irons is a dr. elizabeth iron sure you are professor Elizabeth irons so Elizabeth is a cancer biologist by train..."
From Academia to Startup: The Birth of Science Exchange
Elizabeth Iorns explains the transition from her academic career to founding Science Exchange. She reflects on the inefficiencies in scientific research and how her experiences led to the idea of creating a marketplace for outsourcing scientific experiments. This segment emphasizes the importance of solving real problems in the biotech industry.
"yeah it was kind of random especially to start a technology company like science exchange rather than a biotech so I was actually so I guess taking my combinators advice without knowing about Y Combin..."
Navigating the Fragmented Research Market
In this segment, Elizabeth discusses the fragmented nature of the research market and how Science Exchange aims to streamline the process. She shares her personal experiences with disorganized research practices and highlights the significant price discrepancies in the market, illustrating the need for a centralized platform to improve efficiency.
"lots of fragmentation both in terms of who you work with but also how you find the information and in some cases the information is actually not really available so at the time when I was working as a..."
The Challenge of Leaving Academia
Elizabeth reflects on the emotional and professional challenges of leaving her academic career to pursue entrepreneurship. She discusses the lack of role models in her field and the concerns about intellectual property ownership while working at a university. This segment provides insight into the mindset of transitioning from academia to the startup world.
"and actually at the time I didn't really have a lot of role models to sort of look to either so I was in Miami which was not a very startup place and now it's actually it's interesting to see the evol..."
Overcoming University Barriers for Startups
In this segment, Elizabeth shares advice for researchers looking to start their own companies. She discusses the obstacles posed by universities, particularly regarding intellectual property and tech transfer processes. Elizabeth emphasizes the importance of having a solid foundation in research before pursuing a startup.
"do think it is an issue if particularly for scientific status because if you're trying to spend our actual research that was done already and I think people often ask me like what's a good time to joi..."
The Trend of Academics Entering Startups
Elizabeth discusses the growing trend of academics moving into the startup space. She highlights the changing perception of entrepreneurship as a viable career path and the increasing infrastructure supporting scientific startups. This segment explores the evolving landscape of biotech and the opportunities for researchers.
"yeah I think people are more willing to just create companies I think generally like think that's sort of a macro trend way beyond Sciences you know really just entrepreneurship has become this viable..."
Building a Curated Marketplace
In this segment, Iorns explains the importance of quality assurance in Science Exchange's marketplace. She discusses how they ensure that providers are qualified and how this impacts the user experience, highlighting the need for a robust system to manage complex projects.
"then make sure you have the things to sell on the other side so it is really challenging I think when we first started we we were very MVP like in our approach so I think in the first version of Scien..."
Demand vs. Supply: The Marketplace Dilemma
Iorns shares insights on the challenges of attracting demand in the marketplace compared to supply. She discusses the rapid growth of the industry and the difficulties in convincing larger players to join the platform, emphasizing the need for a comprehensive solution that integrates all major players.
"so with Sciences change what we had to do is create a curated marketplace that operates in the b2b sector so what we had to do is build QA so Quality Assurance we had actually qualifying contract ever..."
The First Customer Experience
Reflecting on her journey, Iorns recounts the excitement of landing their first customer on Science Exchange. She shares how initial user feedback from friends helped shape the platform and the significance of that first external user in validating their concept.
"firmly in that category and well always more difficult supply or demand definitely demand so supply for us is it was pretty straightforward in the sense that you know providers are looking for work an..."
Defining Product-Market Fit
Iorns discusses the moment Science Exchange achieved product-market fit, marked by a major pharmaceutical client utilizing the platform for extensive research. She explains how this validation indicated that they were solving a significant problem for their users.
"something that they should be part of but actually we have been able to do that as well so I think one of the important lessons that we learned quickly was for this to be a really effective solution i..."
The Competitive Landscape
In this segment, Iorns addresses the competitive landscape for Science Exchange, emphasizing that their main competitor is the status quo. She discusses the challenges of transitioning clients from outdated processes to their innovative platform.
"service so they found great options that were really cost-effective so it wasn't like you know they just used it because we made them but I think they they taught us you know enormous amount but I als..."
The Reproducibility Initiative
Iorns introduces the Reproducibility Initiative, a project aimed at improving the quality and efficiency of scientific research. She explains the controversy surrounding it and the importance of replicating experiments to validate scientific results.
"metrics were you looking at yeah for us I think we defined product market fit when we've had our first large pharmaceutical client actually use the platform for whole sectors of their business so for ..."
Understanding Reproducibility Challenges
Iorns delves into the complexities of reproducibility in scientific research, discussing the cultural resistance to publishing replication studies. She emphasizes the need to understand the underlying factors that contribute to the lack of reproducibility in published results.
"when a big company who spent many years and money trying to build the problem it solve that problem internally has all of a sudden just shifted to your product and it's starting to pay you for that th..."
Quality Assurance in Science
In this segment, Iorns highlights the critical role of quality assurance in scientific validation. She discusses how the reproducibility initiative aims to address these challenges and improve the overall quality of scientific research.
"everyone else has to go through some other crazy process and I'm like okay but you can just transition all of that onto this platform and you know it's always this interesting kind of battle of who se..."
The Reproducibility Initiative
Elizabeth Iorns discusses the Reproducibility Initiative, a key part of Science Exchange's mission to enhance the quality and efficiency of scientific research. She highlights the challenges of replicating published results, particularly in cancer biology, and the cultural resistance within academia to publish replication studies. Iorns emphasizes the importance of understanding the factors contributing to non-reproducibility in scientific research.
"of stuff so yeah the reproducibility initiative actually is kind of science exchanges part of our mission to improve the quality and efficiency of scientific research and that that project is quite br..."
Challenges in Academia vs. Pharma
In this segment, Iorns contrasts the validation processes in academia and the pharmaceutical industry. She explains how pharmaceutical companies maintain rigorous standards for experimental validation, which often leads to higher reproducibility rates compared to academic research. Iorns argues that many published results may be noise rather than true effects due to inadequate validation in academic settings.
"lot of work to do what are like the one are the top two complex factors so I think the main reason like that I've seen things and not reproducible is the quality of SA validation so it's really intere..."
Scaling Science Exchange
Iorns reflects on the evolution of Science Exchange, detailing the initial challenge of attracting users from the conservative pharmaceutical industry. She discusses the current focus on scaling the company and managing growth while pursuing large partnerships. Iorns emphasizes the importance of discipline and focus in navigating multiple opportunities as the company expands.
"yeah I'm sure like so many challenges along the way when we first started science exchange the biggest challenge was can we get anybody to use it you know that was kind of the first challenge in the e..."
The Biotech Boom
Iorns shares insights on the current state of the biotech industry, noting an unprecedented influx of capital and a surge in startups across various regions. She highlights the recent advancements in therapeutic modalities, including gene and cell therapies, which have opened new avenues for commercial products. Iorns discusses the convergence of experienced professionals transitioning from pharma to biotech, fostering innovation in the sector.
"where are the causes for this yeah the biotech industry is so interesting right now and it's actually amazing I love it's not just here in Silicon Valley it's everywhere so the UK Cambridge San Diego ..."
Biotech vs. Software Startups
In this segment, Iorns compares the operational dynamics of biotech and software startups. She explains that while both sectors share challenges in team building and funding, biotech is distinct due to the inherent unpredictability of scientific outcomes. Iorns emphasizes the importance of key milestones in biotech development, which differ significantly from the iterative processes common in software.
"they're taking that risk and founding companies and being early employees and these like five person companies and I never had seen that previously I think that's a new phenomenon as well so you just ..."
Bringing Products to Market
Iorns discusses the evolving landscape of biotech companies bringing their products to market without being acquired. She attributes this shift to improved access to capital and favorable FDA regulations for rare diseases. Iorns highlights the importance of building strong patient advocacy networks and the role of Science Exchange in expediting trials and regulatory processes, enabling small companies to succeed independently.
"so actually having like different different stages along the development path where you know you've avenged got to a point where you demonstrate in a clinical trial that your drug is effective at you ..."
Building Patient Advocacy Networks
In this segment, Iorns discusses the significance of building strong patient advocacy networks and collaborating with key opinion leaders in the community. She contrasts the challenges of marketing blockbuster drugs with the more efficient strategies employed by companies targeting rare diseases.
"definitely like we've we've funded some really interesting companies in this space that kind of put in place for example regulatory infrastructure for the FDA so the expertise is out there and people ..."
Common Mistakes of Biotech Founders
Iorns shares insights on common mistakes made by biotech founders, emphasizing the importance of conducting critical experiments early on. She encourages founders to focus on essential questions that can determine the viability of their companies, highlighting the challenges of making these decisions when personally invested.
"technologies that will hopefully provide the infrastructure similar to what we've seen in the selfie space so you know like we said before advised and you've mentored hundreds of biotech founders at t..."
The Role of Business Co-Founders
Iorns reflects on the necessity of having a business co-founder in a biotech startup. She shares her own experience, noting that while a business background can be helpful, the most important factor is finding someone who shares the same vision and is committed to solving the same problems.
"time push our companies a little bit I'm like but why haven't you done that experiment like that experiment would tell you you know today if this is going to work or not and I think it's just it's har..."
Paths for Non-Scientists in Biotech
In this segment, Iorns addresses non-scientists interested in entering the biotech field. She discusses the value of gaining lab experience and understanding scientific research, while also highlighting opportunities in bioinformatics and analysis tools for those without a traditional scientific background.
"on the flip side if you're not if you're not a scientist and let's say you're a programmer but you're interested in getting into biotech what what should you do like should I go back to school get my ..."
Game-Changing Decisions in Startups
Iorns reflects on pivotal decisions in her journey with Science Exchange, particularly the impact of the reproducibility initiative. She explains how this initiative, while initially seen as a distraction, ultimately enhanced the company's branding and opened doors to significant pharmaceutical partnerships.
"two more questions one is just going back to science exchange for a minute looking back of all decisions you've made what what's in the early days what was aside from just starting the start of itself..."
The Future of Science Exchange
Iorns speculates on the future of Science Exchange in the next hundred years, emphasizing the enduring relevance of the scientific method. She envisions the company continuing to facilitate scientific breakthroughs through connections, adapting to the evolving landscape of research and innovation.
"doing and and hopefully we're just providing that infrastructure that enables people to instantly work with whoever they need to collaborate with in order to make these scientific breakthroughs happen..."
Exploring Causality in Research
Iorns discusses the importance of moving beyond mere correlations in scientific research to establish causality. Drawing from her background as a biologist, she emphasizes the need for controlled experiments and the integration of real-world data to test new theories, highlighting the challenges of addressing unknowns in scientific inquiry.
"about whether we should look at new approaches to instead of just looking at correlations to look for causality especially in a space with unknown unknowns so you know I think the way that so I'm a bi..."
From Idea to MVP: Rapid Development
Elizabeth Iorns recounts her experience of transitioning from an idea to a Minimum Viable Product (MVP) for Science Exchange. She emphasizes the importance of quick execution and the lessons learned during the startup phase, including the necessity of having a technical co-founder and the value of participating in accelerators like Y Combinator to launch effectively.
"the question is about going from an idea to an MVP in a short space of time and the steps that required to do that and for us actually there was one of the lessons that I really took when I started sc..."
The Role of Credentials in Biotech
Iorns addresses the significance of credentials in the biotech industry, noting that while they can provide an advantage, success is also achievable through deep knowledge and personal motivation. She shares examples of individuals who have succeeded without formal credentials by demonstrating their expertise and passion for solving critical issues in the field.
"question is about the importance of credentials in the biotech space and I think credentials are very important so if you can have you know credentials in the space it's just you know it's going to gi..."
Deciding to Leave Academia
Elizabeth Iorns reflects on her decision to leave academia to pursue Science Exchange, highlighting the supportive role of her mentor, the Dean of Medicine at the University of Miami. She contrasts her experience with others who face resistance in academia, emphasizing the importance of mentorship and support in making the leap to entrepreneurship.
"is about when did I decide to leave the university and so I was so fortunate when I started science exchange and I think a lot of people don't realize how difficult and I totally don't take this for g..."
Quality Control in a Two-Sided Marketplace
Iorns discusses the critical importance of quality control at Science Exchange, detailing the rigorous qualification process for suppliers and the continuous monitoring of performance. She highlights how structured expectations and transparency contribute to superior outcomes for clients, showcasing the platform's effectiveness in maintaining high standards.
"question is about quality control and a two sided marketplace so for us quality control is incredibly important and actually is one of the core value propositions of science exchange so we qualify all..."