The Business of Science

Thinking of getting into business? Many of those who embark on a PhD will have been considering a number of other options before making their final choice to commit 3 – 4 years (or more) devoted to research. Amongst their number are budding entrepreneurs, management consultants and businessmen/women. During their PhD, these students often have their eye on applied opportunities associated with their research and may get involved in outreach and impact activities, generating patents or even launching a spin-out company. Recently, I was asked by a PhD student about ways in which she could bolster her business acumen and experience to enhance her chances of entering a career in business post-PhD. I asked my network of career professionals (hat tip to those who responded) and here’s a list of 10 ideas they came up with:

  1. Get involved in enterprise programmes such as YES Biotechnology or join (set up) an entrepreneur association at your university.
  2. If your PhD includes the opportunity to do an internship, aim to spend your time in a business role if possible.
  3. Contact your university business/management school to ask their advice and/or investigate their business courses on campus. You might decide to take a part-time master’s degree or diploma course during or after your PhD (e.g. MSc Bioentrepreneurship at Karolinksa Institute).
  4. Investigate other potential management courses, eg online MBAs, MOOCS, Summer school business courses and others such as EIT Health, EMBO and College des Ingenieurs. Pharma and business companies also run short courses. A Google search might help to locate opportunities in your country.
  5. Contact your university/institute alumni network and ask to get in touch with former PhD students who have moved into business careers. They may be able to give you advice, act as a mentor or put you in contact with potential employers.
  6. Use LinkedIn to do a search to find former PhD students working in science business. Look at their work experience history, any extra qualifications and, if you link with them, ask their advice on entering their line of business.
  7. If there is a science park on or nearby your campus aim to make contact with one or more relevant companies there and see if you can spend time shadowing or even undertaking some work with them.
  8. Talk to your university careers service which will have links to employers with graduate management recruitment programmes, e.g. McKinsey, PwC, Anderson IT Consulting and healthcare consultancies.
  9. Attend career, alumni and employer fairs such as those organised at your university and regionally, as well as specialist scientific careers events such as Europbio, NatureJobs and BCF.
  10. Further information:

You may have the will, but you also need to be able to demonstrate that you are developing relevant management-related skills to convince employers of your personal qualities and potential business ability. Therefore, make sure you get involved in activities during your PhD to add breadth to your CV, such as team sports, organising events, representation on committees and interaction with outside organisations. These will help to show that you are an active, team-orientated results-driven person with proven communication skills – qualities that many companies look for in their new recruits.

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