Concluding Remarks

• Investors are profit-oriented but impatient with respect to results. A fairly recent example of this is one where biotech investors were impatient with Imclone Systems Inc's failure to come up with a cancer cure. Many investors seek to manage their risk by employing staged capital commitments whereby money is committed for a 3-18 month phase followed by subsequent commitments based on results and promise [7].

• It is important to establish a close working relationship with would-be investors to educate them and win their confidence.

• The name of the game is "seek an early winner". This success will allay fears, establish confidence and set the stage for a mutually rewarding relationship.

• The importance of a well-structured business plan cannot be stressed too strongly.

• Do not be turned off by rejection. Many successful entrepreneurs were turned down on many occasions but continued to press on.

• Effective cash management is vital. Some of the frugal investors have managed their resources so well that they have spurned overtures from IPOs and other Venture Capital sources.

• Business needs more and more innovation in order to maintain

This paper has sought to give some understanding and appreciation of the many issues involved in transforming the output of R&D into business opportunities. The issues raised have not been treated in detail. It is hoped, however, that they may stimulate interest in further research and also investment into the future development

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