Nordic Life Science 1
A FACE-TO-FACE INDUSTRY One of the challenges for
new companies in Sweden and other Nordic countries is they are not as comfortable marketing products as businesses elsewhere, particularly the U.S., Erik Gatenholm said. “The environment is different [in Sweden]; I made a point that they could excel if they showcased their products. The U.S. has different ways of marketing. So many companies here are developing great technologies, but they don’t reach out far.” In May, Gatenholm had recently completed a “world tour” traveling to different research labs to explain bioink. “The life sciences’ industry is still a face-to-face industry,” he said. “You have to spend time in labs and bring researchers up to speed, you have to build up relationships with customers and get to know them. I really enjoy that.” WANT TO BE READY Recruiting high-quality people is another challenge of starting any company. “Finding good colleagues and coworkers is hard and finding people who are willing to put everything into the company, willing to put their entire lives into the company, is hard,” Gatenholm said. “You need to motivate them for the long-term perspective and provide incentives.” Bioink’s uses likely will expand and diversify over the next few decades, according to Gatenholm, and he wants to be ready. “The first 10 years will be focusing heavily on the pharmaceutical and preclinical industries, then we will see it working into clinical work,” he said. “We are starting with the easy tissues, the single-cell ones. After 10 years, we will see researchers working it into clinical fields. We will be providing the pickaxe and shovels so they can print skin, a meniscus or blood vessels.” THE GROUNDWORK FOR A SUCCESSFUL BUSINESS Looking ahead, Gatenholm’s goal is to create “massive” life sciences’ companies that can supply the best added-value technologies. “I want to build companies comparable to Facebook and Google in the life sciences field.” He would advise other entrepreneurs to publicize their names and ideas as much as possible as soon as possible. “It’s important to stand out; use advertising and marketing to stand out and always think about sales opportunities,” Gatenholm said. “By the time your product is approved, you will have laid the groundwork for a successful business.” The Nordic countries also have the key ingredients to grow life science companies. “The outlook is quite positive, the field is going to grow very rapidly,” Gatenholm said. “There are a lot of new companies popping up; the risks are low and the advantages high. When you look at the cost of scientists and programmers, salaries are lower [than the U.S.], you have a highly-educated workforce and the ability to start something very rapidly.” NLS 106