From Bench to business: A Scientist’s Journey
Interview with Lydia Kalafateli
Venture development in life sciences is an exciting field that combines the innovative spirit of entrepreneurship with the life-saving potential of science. From developing new drugs and medical devices to improving healthcare technologies and processes, the life sciences industry offers endless opportunities for entrepreneurs to make a positive impact on the world.
However, getting a venture off the ground can be challenging, moreover a startup in life sciences, as it requires not only a deep understanding of the science and biology behind the product, but also a solid grasp of the business and regulatory landscapes.
For this article, we interviewed Lydia Kalafateli a Venture Developer at NLC. Drawing on her experiences in academia, big pharma, and entrepreneurial environments, Lydia delved into the challenges and opportunities of navigating these landscapes. She shared stories of both successes and failures, and the importance of learning from both experiences.
Whether you're a scientist looking to turn your research into a successful venture, or an entrepreneur seeking to break into the life sciences field, this interview is not to be missed.
Tell us your story. Where did you start and how did you arrive where you are today?
Everything started almost 12 years ago, I embarked on a journey that would take me across continents and cultures. I'm originally from Greece and studied biology with a focus on molecular genetics for my bachelor's degree. During this time, I discovered my passion for exploring diverse fields and cultures, leading me to pursue a master's degree in pharmacology in the Netherlands.
“Looking back, I can't believe how much traveling and moving around I've done. But every step of the way was driven by my love for new experiences and cultures.”
After almost three years immersing myself in drug development and discovery, t I couldn't resist the allure of the American dream, so I packed my bags and headed to Yale as a research fellow for almost a year. After this incredible experience, I returned to the Netherlands to finish my master's and realized that my true passion lay in neuroscience.
I pursued this interest by completing my PhD at Gothenburg University in Sweden. Little did I know, I would end up staying in Sweden for almost seven years! After completing my postdoc and working as a senior scientist at Astra Zeneca for almost two years, I found myself back in the Netherlands as a venture developer - a role we'll dive into later.
Did you have a clear idea that you wanted to leave academia, or was it more a question of figuring out what you wanted to do next?
First, let me tell you why I wanted to pursue a PhD. I had a burning desire to delve deep into my passion for neuroscience and specialize in it. However, since my master's, I had already started to feel disenchanted with academia. I could see its flaws and the aspects that I didn't enjoy. Despite this, I went ahead with the PhD for two reasons. Firstly, to pursue my love for neuroscience and secondly, to gain transferable skills that would be useful in any industry. During the four-year project, I acquired a plethora of skills that could be applied to any sector. However, about two years into the PhD, I realized that academia was not my cup of tea. It was almost a turning point for me, and I made up my mind that I wanted to do something different.
How did you communicate to your supervisor that you were contemplating the idea of leaving academia?
Looking back, I realize how lucky I was to have such a supportive supervisor. From the beginning, she always encouraged me to follow my passions and do what felt right for me. And even though I knew early on that academia wasn't really my thing, she never tried to push me in a different direction.
“If you can be true to yourself and communicate openly with your supervisor, then you have the best chance of finding a path that works for you.”
I know that many PhD students struggle with how to tell their supervisor that they're considering leaving academia. But for me, it was just a matter of being honest with myself and true to my own desires.
How did you start your transition out of academia?
I remember feeling a little lost and unsure about my career path, especially after realizing that academia might not be the right fit for me. So I decided to reach out to people who had taken a similar path and had successfully transitioned into other fields. I talked to as many people as I could, trying to learn from their experiences and gather insights on what other options were out there. I focused mostly on those who had gone into consulting, business development, and other non-academic careers.
“It's amazing how those who had similar experiences are willing to give advice and share their stories/experiences.”
It was incredibly helpful to hear about their journeys and how they navigated their transitions. Some had pursued further education, while others had taken on internships or volunteered in industries they were interested in. I learned a lot from their stories and was inspired by their success. Talking to these individuals helped me gain clarity on what I wanted to do next. It also gave me the confidence to take risks and pursue opportunities outside of my comfort zone. Overall, it was a valuable experience that helped me shape my career path.
What advice would you give to those considering the same move?
My best advice, build and nurture a professional network. Building a network is crucial in any career path, and it's especially important when you're trying to transition into a new field. It can be intimidating at first, but as you mentioned, people in business and consulting are generally more open to connecting and communicating.
“Networking is a two-way street. It's not just about what other people can do for you, but what you can do for them as well.”
By building relationships and helping others, you're more likely to have people remember you and think of you when opportunities arise.
What are the main differences between working in academia and in industry?
The transition from academia to industry was a big change for me, missing some aspects from academia, but also with some new opportunities in the industry. One of the biggest differences I noticed was the shift from being the driver/lead of a project to being part of a team where you have a specific role and contribute to a larger project. Sure, I missed that freedom that academia gives you to direct your own research towards something interesting. However, the industry also provided me with a valuable network of people with different skill sets, which was a great benefit.
Moreover, AstraZeneca had a lot of initiatives and programs to support diversity and personal development. One of the programs that really stood out to me was the reverse mentorship, where a junior staff member mentors a senior executive. This gave me the opportunity to see things from a different perspective and connect with people you may not have otherwise. But also offers the possibility to get a mentor to guide you through your own development process, making extremely easy to explore different career paths.
How did you prepare your jump into business?
I had to really adjust my mindset, my approach, my CV, my cover letter, everything to fit what the industry was looking for. And it was definitely a learning curve, but it paid off in the end. I remember the first interviews where I felt like I would never be able to convince anyone that I’m the right candidate! I went to dozens of interviews. Some were a complete disaster and some were not too bad. I applied everywhere, even for positions that may not have been a perfect fit but that I was still interested in. I took those interviews as a networking opportunity, even if I ended up not getting the job.
Did the move require to build new skills or could you translate your skills into the business environment?
I learned to pitch myself by thinking of an example of how I applied a specific skill in my PhD and then showcase it in my cover letter or during the interview. So for example, if they were looking for someone with strong analytical skills, I would talk about how I conducted statistical analyses on my data and used it to draw meaningful conclusions. It's all about framing your skills and experiences in a way that resonates with the job requirements. And once you get your foot in the door, it's important to keep learning and adapting to the industry.
Tell us about the industry to work at today.
So let me tell you a little more about my experience working at NLC, a venture builder that's a little different from your traditional venture capital firm. As someone with a scientific background, I’m responsible for scouting for early-stage projects that showed promise in solving unmet needs, often coming from academia or research groups. We are very much impact-driven, with the ultimate goal of helping patients.
“As a venture builder, we don't work with already created companies, we create them from early-stage projects.”
Once we identify a promising project, we would conduct due diligence to ensure that it is worth pursuing. This process is much more than just scientific research; it also includes market analysis and understanding the competitive landscape to get the full picture. We want to make sure there is appetite from investors to later invest in the project.
Once we decide we want to move forward with the project, we sign an agreement with the institution and team behind it and create a company ourselves and find a CEO. It was crucial to find someone who is suitable for the venture and can lead the project to success.
Can you describe your role and which responsibilities are associated to it?
As part of my role at NLC, I'm involved in the early stages of the project. This means that I get to do a lot of interesting things like talking to researchers to see what they're working on and attending a wide variety of meetings. Some of these meetings are more closed-door affairs, like consortium meetings that are not like the big scientific meetings, but they're just as important because they allow us to connect with researchers and find out what kind of work is being done in our field.
“Working as a venture builder a fascinating experience, combining science, business, communication, partnerships, collaborations, and more.”
Something that I really enjoy of my job is the fact that I get to work with a wide variety of people. We have a very diverse team at NLC, with people from all sorts of different backgrounds and areas of expertise. It's really interesting to see how everyone brings their own unique perspective to the work that we do, and it's great to be part of such a collaborative and supportive environment.
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Good luck in your search and see you in the next article!
/Beyond Academia