"I fully recognize the importance of running a business like a business, because at the end of the day, a biotech business has a lot of focus, but we need to focus as well on the business model and how we get to revenue, how we get to profitability. One of the misconceptions is that we need to be very scientifically focused before we can start a biotech company. I don't think that is true. I truly see the importance of having business folks running a business, because this is not just about science. It's also about HR, finance, and the customers. Focusing on what the customers want and need, and then building different teams and different business units scientific focus to deliver that need is really the most important thing." - Fengru Lin
"I wouldn't say there are bad investors, but I will say the investors that I work the best with are really those who connect us with the right people in their network when they hear what we're saying and what we need. We have a couple of investors who are very well-connected in different spaces that we want to explore. It's not just an investment but also a collaboration around product development. Investors who are listening to us and willing to open up the network and share them with us are where I see the most value." - Fengru Lin
"It's all about price point, especially in the food space. We were very cognizant from day one that the product that we choose needed to be something that could get to gross margin positivity earlier rather than later. I mentioned a little bit about whey. Whey protein costs about $1 to $3 dollars per kilogram. Casein costs about $13 per kilogram, and we chose something that is a thousand dollars per kilogram. We are very eloquent in sharing that today, but a lot of startup founders need to be able to talk about that even in the early days because this is what sets them apart. TAM is important, and so is the team, but so is the unit economics of the product that we're selling. We need to be able to explain that, and that is what sets us apart from other startups in the space." - Fengru Lin
In this episode, Jeremy Au speaks on TurtleTree milk precision fermentation, biotech cofounder serendipity, and balancing commercial and scientific decisions.
Keywords: Fengru Lin, TurtleTree Milk Precision Fermentation, Biotech Cofounder Serendipity, Balancing Commercial Scientific Decisions, Singapore, Women, Founder Story
