MANAGEMENT AND COMMUNICATION CHALLENGES IN BIOTECH STARTUPS
The purpose of the article is to identify management and communication challenges which a biotech startup faces at different stages of its development. Challenges connected with business idea creating and development are the most essential but they are difficult to be solved as their solution sometimes needs to change totally the whole startup. Management and communication challenges are less harmful and they can be resolved. So general managers should identify them and implement tools for their illumination. The general challenges of biotech sphere also affect startups. The long period of commercialization and payback of biotechnological innovations, their narrow focus, the low percentage of attracting venture investments at the early stages of the project, the limited financial instruments in the process of raising funds can deepen other problems of startups. The authors distinguish communication and management problems of biotech startups erased at internal and external level of a business. Nepotism, centralized authority, poor communication with investors, customers and legal state bodies are considered to be the main communication challenges. Poor organizational management, difficulties with operational finance management during long period of laboratory testing, poor management of uncertainty, difficulties with HR management areidentified to be referred to management challenges.The authors’ proposals to described problems of biotech startups are assumed in the article.