Maximizing the value of your angel funding or early stage investment has to be a priority for any biotech startup. If you can't prove your concept with the money you have initially been given, it is extremely difficult to secure more. That is why managing startup costs is so important. The way you budget investment funding could be the difference between success or failure.
IT is one business startup cost that you can you shouldn’t underestimate. Both your laboratory, administrative and communication operations are very much dependent on your IT infrastructure. That being said, there are ways that you can get better service while also paying less. Outsourcing your data management, storage, and security needs to an IT service provider can spare you stress and unnecessary expenses. In your earliest days in business, when you must do everything to prove that you are a viable company, this is one easy way to cut costs. These are just a few of the benefits of IT outsourcing:
You know that you need computers, internet routers, and server storage, but do you know which brands and configurations provide the most power for the greatest value? Working with an IT service provider that has experience in the biotech industry can help you to identify the exact technologies you will need to have in place from day one. This can spare you from buying redundant, ineffective, or unnecessary equipment.
Ensuring that you have all the necessary technology in place also means that your lab and operations are equipped to run at full capacity. Few problems are more expensive than having your lab workflows stop, and small technology problems can bring bigger problems to labs operations. Professional IT planning helps you to avoid this unnecessary problem.
Most biotech startup companies these days have at least a few tech savvy people on their staff, but that doesn’t mean they are qualified to set up the sophisticated IT infrastructure that your company relies on. Improper installation and poor oversight around security and compatability are common causes of technical problems.
One of the biggest benefits of outsourcing your IT is that your most important technologies can be installed, configured, and linked by professionals who understand exactly how they are meant to work. You can minimize startup and future costs by letting everyone work on what they are best at. Let your admin staff and researchers build value in your company, and your IT services provider worry about wires and IP addresses.
Trying to deal with IT problems can be another significant business startup cost. When technologies fail and there is no one with the expertise to fix them, you find yourself in an emergency situation that that will allow for bad choices and mistakes to be made. It can also slow down your operations, disrupt communications and eat up resources.
If you outsource your IT to a provider that has both on-site and remote support, you can get your technologies back online with a minimum amount of lost productivity. You can also have honest conversations on how you should be managing your IT infrastructure with a vision towards the future. Managing the unexpected can be one of the most expensive and frustrating startup costs, so make sure that you are prepared.
The benefits of outsourcing your IT far outweigh the costs. To learn more about what an IT service provider with industry expertise can do to save your company time and money, read our white paper “After the Seed: Planning IT Investment for a Biotech Startup.”