A spin-off biodefense vaccine development company seeking growth and start-up funding must generally rely on sources other
than traditional founders and their interpersonal networks. The approaches discussed above are not comprehensive and may be
combined in a number of ways; funding can take the form of any combination of grants, investments, loans, and alternate strategies
such as licensing. Indeed, spin-off companies can maximize their funding successes by pursuing a combination of the sources
In selecting which funding sources to pursue, spin-off owners should focus on the downside of debt and equity deals, even
as they pursue the upside of profits and value growth. The worst-case scenario may not be stifled growth because of a lack
of capital; it may instead be substantial personal debt resulting from a failed company, the promise of which, no matter how
great, was never realized.
Sandy Weinberg, PhD, is an associate professor of healthcare management at Clayton State University, Morrow, GA, 404.606.0211, email@example.com
1. Bell CG, McNamara JE. High-tech ventures: The guide for entrepreneurial success. New York: Perseus Books; 1991. Chapter
2. Bygrave WD, editor. The portable MBA in entrepreneurship. New York: John Wiley and Sons; 1997. Chapter 1.
3. Flanagan J. Successful fundraising. Chicago: Contemporary Books; 1993. Chapter 12.