Surromed had to change their business plan due to two reasons, says Ringold:
1) External climate
2) Lack of potential partner interest. All good startups will adapt the business plan in their life, he notes. For example, Surromed shifted to a product revenue generating model. They started to provide a service to make money which they could invest in their own discoveries. The company moved from generating equity capital to generating revenue.
Feb 26, 2003