My wife isn't in business, but she is wise in the way of funding. Just as I have experience on both sides of the funding table (as an entrepreneur and as an angel), so does she. As a research scientist, she gets her own grants and also reviews grants from others. While she doesn't talk in startup lingo (pivots, minimum viable product, etc.), she has taught me that many of the issues we face as entrepreneurs have a corollary in science. Here's what I've learned from her.
1. Always seek funding from the best people, even when you have easier alternatives.
Before the bootstrappers hang me, I didn't say that you have to raise a lot of money or that you should be working fat. But consider this story: my wife was slaving away writing one particular National Institutes of Health (NIH) grant knowing that the funding rate was ~5%. Why not look for a less competitive foundation to underwrite it instead, I asked. I figured that this could save her time and trouble, and that she could proceed with her experiments that much faster.
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