Do international partnerships make a difference? You bet!
In eight years with three different sectors I have found that Canadian companies are often reticent to partner with companies outside their “comfort zone” of more established and maybe so-called “safe” economies. Of course, in our relatively small capital market and in these difficult times, looking for financing has made partnering even more important.
In biotech, partnering for longer-term development is a very common strategy and a new study from the UofT shows that it really can bear fruit. The McLaughlin-Rotman Centre for Global Health (MRC) found that the average revenue of Canadian firms collaborating with developing countries is $16.3 million versus $4.4 million for firms that have no connection with the developing world.
The bottom line? Build that network.
National Biotechnology Week is a great opportunity to start. Check out events like Business of Biotech at MaRS or the “Sink or Swim” event about financing and partnerships in today’s climate. Seminars in nearby Hamilton and of course the launch of the week with Canadian entrepreneur, Adam Bly, whose unique perspective can help a scientific business understand their current and future customers and build that brand for success.
Kasia Majewski is Director of Communications at BIOTECanada, Canada’s national trade association representing the biotechnology industry. Her background is in public relations with the telecommunications and IT industries. See more…