Course Overview
The purpose of the Business Concepts for Life Scientists course is to enhance PhD scientists’ understanding of foundational business concepts. This business coursework is unique because it is designed to prepare scientists for career transitions into both academic and non-academic settings. The course comprises a series of three modules – Business Strategy, Finance and Business Development.
This course is designed for graduate students, postdocs and junior faculty who wish to gain a basic understanding of business fundamentals. The goal is to impact participants’ career readiness by helping prepare scientists who want to start their own labs, and inform scientists who want to go into industry.
By the end of the course, you will be able to:
- Explain key terms used in the business and financial management of scientific enterprises.
- Apply foundational concepts to your own research planning.
- Develop increased confidence in using business terminology during interviews or networking events.
- Identify knowledge areas within business for further study.
This course includes lecture videos, podcasts, and assessment questions to help you learn basic concepts in business strategy, business development and finance. There are two assessment tracks in the course, an “Analyze a Company” track and a “My Strategic Plan” track. In the “Analyze a Company” track you will choose an existing company to investigate as a case study to apply the business concepts you are learning in the course. In the “My Strategic Plan” track you will apply the business concepts in the course to yourself and your own research plans. The assessments of each track are compiled into a final document that you can print and save for yourself. The “My Strategic Plan” track will empower you to think about and take ownership of your short- and long-term research goals. For individuals interested in pursuing business-related science careers, the “Analyze a Company” track will provide a starting point from which to learn business vocabulary and gain confidence to engage professionals and alumni in professional settings (e.g., networking and interviewing conversations).
To pass this course and get a certificate of completion, you only need to answer enough questions to complete one of the assessment tracks. However, to get the full benefit of the course, we strongly encourage course participants to complete both tracks.
There are no requirements necessary to take this class.
Course topics
Business Strategy
This module provides information about how scientific enterprises develop strategy and how organizational context impacts resource allocation. Participants will learn and apply basic concepts of business strategy (e.g. value proposition, identifying stakeholders and vision) to academic and industry settings.
Business Development
This module presents an overview how business development contributes to a scientific enterprise’s vision and goals, and deal types. Participants will learn and apply basic concepts of business development (e.g. deal structure, deal funding, and collaborations) in academic and industry settings.
Strategic Collaborations
This module presents an overview of how scientific enterprises engage in collaborations. Participants will learn the nuts and bolts of what each side seeks to achieve, and the partnering process for Academic-Biopharma collaborations. Participants will also learn the soft skills needed to collaborate successfully in the video “On Being Collaborative and Influential”.
Strategy Toolkits
This module presents an overview of tools used to develop and assess strategy. Participants will learn and apply frameworks such as SWOT or PEST analyses to evaluate an operating environment including competitors, stakeholders, supplies, and economic, regulatory or technology trends. Participants will also learn about tools to help set, generate, and prioritize an enterprise’s goals.
Finance
This module presents an overview of financial statements and concepts in financial planning. Participants will learn and apply basic concepts of business finance (e.g. calculating burn rate, opportunity cost, and net present value) to academic and industry settings.
