By Keith Parent, Founder and CEO, Court Square Group
It’s no secret that the venture capital market has been tightening its spending in recent years. In March of 2023, the world watched as Silicon Valley Bank closed its doors and announced bankruptcy after four decades of serving a wide variety of startups. Unfortunately, this failure is just one of the many issues many startups are facing in today’s world.
This tightening in funding has been especially felt by biotech and life science startups, with early stage funding on pace to fall by 55% as opposed to what it was in 2021. As a result, companies are needing to take a close look at their expenditures and find creative ways to raise or maintain capital until the tides change.
Now although capital may be tight, these organizations must still work in a qualified and validated environment. After all, being audit-ready is a requirement, not a luxury in today’s market. But how can these start-ups find new ways to stretch their dollars until things return to equilibrium in the VC market?
Three Key Components for Early Stage Start-up Success
When it comes to operating as an early-stage start-up, there are three essential components that will substantially contribute to your business success: acceleration, compliance, and operational efficiency.
Acceleration
There’s a reason it’s called a “start-up” — it’s because you’re just starting off the launchpad and are now moving towards the market with the product or service you’ve created. Acceleration is key to pushing your organization to the next stage. It’s essential to quickly get things and processes set up, and continue seeing this momentum push your business forward.
Compliance
There’s no substitution or way around it — compliance is necessary within the biotech, pharma, life sciences, and medical device world. It’s crucial to meet all regulatory requirements from the start, rather than needing to retrofit things down the road.
Operational Efficiency
Operating a startup effectively requires planning and foresight. It requires utilizing whatever existing resources you might have in optimum ways. It also means leveraging the most cost-effective system available on the market.
Meet RegDocs365: A Cost-Effective Solution for Early-Stage Life Science Companies
RegDocs365 is a fully compliant, ready-to-use, cloud-based IT infrastructure that is specifically designed for life science start-ups. Unlike other more hefty, expensive providers, this turn-key repository solution can grow with your organization, providing a more cost-effective option from the start. With scalable pricing and expandable architecture, you can have a qualified infrastructure from the start, and can be up and running in just weeks — not months.
The RegDocs365 repository is hosted in an Audit Ready Compliant Cloud™ (ARCC) validated environment, streamlining workflows in an FDA 21 CFR Part 11 compliant environment through any stage. And the best part is that this digital content and document repository solution doesn’t require extensive IT resources in order to implement and maintain, freeing up your team to focus on their respective roles without interruption.
Unfortunately, it’s hard to tell when the VC funding market will right itself — it could be months or years from now. Regardless, it’s important to protect your organization and continue making smart decisions in regard to your existing resources and capital. Let Court Square Group help you find ways to get your dollars to stretch without sacrificing on the regulatory requirements that continue to hold strong.
About Court Square Group
Court Square Group (www.CourtSquareGroup.com) is a leading managed services technology company dedicated to empowering those who change lives. Our Audit Ready, Compliant Cloud™ (ARCC) infrastructure provides Life Science companies with the highest level of data integrity from preclinical to clinical and regulatory approval through manufacturing.