Nordic Life Science 1
the need for animal studies can be greatly reduce
d, and the drugs can be tested directly in a humanized model that allows even personalized drug development.” Today, Prateek and his colleagues are finishing a few pilots and the next step is going to market, he says. “We have already had exclusivity requests, and are expanding our team to meet these growing needs from our customers.” For the foreseeable future he sees Finnadvance being a Finnish-based company but he wants it to become a global technology provider for medical and bio companies in their field. “We are currently looking to expand into the south of Finland, the Netherlands and Germany. Japan would be the first market outside Europe we would like to enter,” he specifies. “We also help academic researchers in these fields to take their research to the next level and commercialize their work. We are already doing grant programs, which we will soon expand to be available for Master’s degree students, PhDs, and senior researchers. We will give out strictly regulated grants without much administrative hurdles or the need to outline a budget, something with which I always had problems when applying.” The start-up process has of course taught Prateek Singh a few valuable lessons and he says that the most common issue he has faced in the start-up community is the will to own a start-up – rather than own an innovation and then build a company around it. “Secondly, it is easy to start a start-up, but challenging to sustain it. Perseverance is your biggest friend here. A clear vision of where you want to be in five years helps in guiding your everyday activity to reach that goal.” When it comes to financing his advice is short and concise, “Be early. You should have secured your funding yesterday. Rather than selling the idea, sell your vision,” he advises, adding “Early partnerships are also critical in gaining trust from the funders.” He says Finland has been a great resource for start-up activities. “For example, one of the biggest events, SLUSH is held in Helsinki every year, which has been critical for our success. The high quality of living is also a great asset to attract talent!” When hiring he advises to look out for personal motivation and values. “Understanding why this position or task is important, and what will be the driving force for the to-be-employee, is critical.” The COVID-19 pandemic has affected his and his colleagues’ ability to attend in-person meeting and conferences, where they would have liked to demonstrate their solution. Prateek Singh, founder and CEO, Finnadvance “But it also offered us the opportunity to provide our solution for the first lung-on-chip platform for the Finnish research community to study COVID-19,” says Singh. NLS 42 NORDICLIFESCIENCE.ORG PHOTO KAUTE FOUNDATION