The Essential Aspects of Biomedical Research Commercialization

Wednesday, April 10, 2024

2:30 PM-4:00 PM

BIOMED Seminar

Title:
The Essential Aspects of Biomedical Research Commercialization

Speaker:
Charles Sacco, MBA
Vice Dean
Charles D. Close School of Entrepreneurship
Drexel University

Details:
Taking on the complex journey from biomedical invention to market success, the presentation by Chuck Sacco, M.B.A., Vice Dean at Drexel University’s Charles D. Close School of Entrepreneurship, emphasizes the delicate balance between the potential of biomedical innovations and the inherent risks of commercialization. Highlighting the early stages of bringing biomedical technologies to market, it explores the essence of commercialization—transforming novel solutions into valuable healthcare products. Central to the discussion is the Lean Startup Methodology, which provides a structured approach to iterating product designs based on customer feedback and adapting swiftly to market demands.

The presentation addresses specific challenges in healthcare innovation, such as regulatory hurdles and the importance of early stakeholder engagement. Aspiring entrepreneurs can navigate the commercialization pathway more effectively by focusing on de-risking strategies and leveraging tools like the Business Model Canvas and Customer Development processes. Also discussed are examples of a new generation of AI tools that researchers and inventors can use to more quickly determine the necessary and first steps to take when considering the commercialization of their technologies. Mr. Sacco’s insights aim to inspire a new generation of biomedical entrepreneurs to undertake the rewarding journey of commercialization with the right strategies, enhancing the translation of biomedical advancements into successful market entries.

Biosketch:
Chuck Sacco is an experienced leader with a unique mix of for-profit and non-profit work, having a significant background in launching and leading tech startups, managing established organizations, and developing startup ecosystems. Mr. Sacco has a track record in strategy development and executing growth plans, fiscal stewardship, partner and donor development, and team leadership. He has a personal mission of supporting and developing entrepreneurs and helping to build diverse local and international entrepreneurial ecosystems.

Mr. Sacco is an advisory board member at Venture for America Philadelphia, a founding member of the Philadelphia Regional Entrepreneurship Education Consortium, a Fulbright International Specialist, an advisory board member for the Private Investor Forum, and a member of AccelHub Venture Partners, which supports startups in Latin America who are seeking capital and resources to expand into the U.S. Mr. Sacco has been featured in the Wall Street Journal and Fortune Magazine and had the opportunity to participate in a Congressional Briefing Panel regarding the challenges of funding for women and minority tech startups. He has also worked with the U.S. embassy in Santiago, Chile, on assisting startups to better understand how to scale their startups to the U.S. marketplace.

Contact Information

Carolyn Riley
cr63@drexel.edu