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Video Podcast: https://www.youtube.com/@BillSchickFCMO
Audio Podcast: https://www.buzzsprout.com/2380430

In this episode of LifeSci Continuum, I'm joined by Karthik Ramachandran, a Biotech Executive and Co-Founder of Likarda, to tackle three major misconceptions that new life science founders face.

We examine critical challenges like customer acquisition, the “build it and they will come” fallacy, and understanding the information customers need to make high-stakes purchasing decisions. Karthik shares insights from his journey as a scientist turned entrepreneur, offering valuable advice on business planning, product development, and navigating the complex world of biotech startups.

The "Build It and They Will Come" Fallacy

The "build it and they will come" fallacy is the mistaken belief that simply creating a great product will automatically attract customers. Many life science startups fall into this trap because they focus heavily on product development and assume that their innovative solution will naturally generate interest and sales.

However, without a well-thought-out marketing, sales, and customer acquisition strategy, even groundbreaking products struggle to gain traction. In life sciences, this is particularly problematic because the markets are niche, highly competitive, and require deep customer education and engagement for success.

To learn more about the Build it and They Will Come fallacy or myth, what contributes to it, and how you can overcome it, check out my blog: https://meshagency.com/life-sciences-misconceptions-the-build-it-and-they-will-come-fallacy-a-myth-busted/

Scientists, clinicians, and engineers often fall prey to the "build it and they will come" fallacy because they are trained to focus on solving technical problems and developing innovative solutions. They assume that if the product is scientifically sound or technically advanced, it will naturally attract interest.

However, they may underestimate the importance of customer education, marketing, and the complexities of market adoption. Additionally, their expertise in research and development can lead to a bias toward the product’s capabilities rather than the customer’s needs or market readiness.

Here are three things life science founders can do to avoid or overcome the "build it and they will come" fallacy:
1. Develop a Customer-Centric Strategy Early: Engage potential customers from the start through interviews, focus groups, or surveys to understand their needs and ensure product-market fit.
2. Create a Go-to-Market Plan: Build a marketing and sales strategy that includes how to reach customers, educate them, and create demand for the product.
3. Prioritize Partnerships and Networking: Collaborate with key opinion leaders (KOLs), healthcare institutions, and industry influencers to build credibility and accelerate adoption.

For more specialized help with growing your life science company, check out my firm, Mesh Agency. https://meshagency.com/

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