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Change the Business Plan in Response to a Changing Environment

Gordon Ringold, Affymax Research Institute

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.