[Editor’s Note: Founder Forum, a series featuring in-depth Q&As with local startup founders, is sponsored by the Maine Technology Institute. Read more about MSI’s sponsored-content strategy here.]
Christine Soto had worked as a research scientist for years in the Philadelphia area, but had always had the dream to open her own lab and work for herself. When her children were old enough, she finally decided to take the plunge. But she knew she’d need to start slowly since she was bootstrapping with limited resources.
She couldn’t find affordable lab space or the entrepreneurial resources she needed where she was in southeastern Pennsylvania, so she began searching for the type of environment she would need. A Google search led her to Maine—specifically, to the Union River Center for Innovation in Ellsworth, a business incubator and co-working facility opened in 2016. And so Soto packed up her belongings and moved to Maine to launch her company, Monoclonals Inc.
“At the Union River Center for Innovation, they understand the entrepreneurial spirit,” Soto tells Maine Startups Insider. “They understood I was not well funded and that the growth of Monoclonals would be slow as I had an old and outdated microscope and a dream.”
At Monoclonals, Soto is developing antibodies that can be incorporated into test kits to create rapid, or point-of-care diagnostics. Soto says her focus is on rare diseases, where diagnostics and reagents do not yet exist. She’s currently the only full-time employee, but she does have some part-time help from her daughter who recently received an associates degree in chemistry and is working towards a BS at the University of Maine.
The company recently received a grant from the Maine Technology Institute and Soto says she’s expecting to reach commercialization of some of her products and bring in her first sales in 2020.
Soto spoke with MSI about her entrepreneurial journey, including the challenges and her advice for other entrepreneurs. This interview has been edited for length and clarity.
MSI: What was your first entrepreneurial experience?
Soto: My first experience was establishing Monoclonals Inc. Working as a research scientist, I always wondered what it would be like if I could work on my own projects and research ideas. As my children got older, I was able to become more of a risk taker. I resigned from my position and pursued my vision.
When you first founded Monoclonals, did you feel prepared to build a business?
I did feel prepared to build this business. I had the confidence, and the guidance of a mentor whom I had known for 15 years while I worked as a research scientist. He was familiar with my work and thought process and also had confidence that I could build this business with the skills and experience I had. He is now a member of my Board of Advisors.
How did you prepare?
I prepared by reading the National Institute of Health’s website and instructions on how to write a Small Business Innovation Research Grant. It took months to get my thoughts together and to present it, while adhering to strict guidelines. I read all regulations on having a lab, a business, and gathered all the information I thought was necessary. It also took months to get accounts with other biotech companies who sell the reagents I need to make my products. It was a time-consuming process.
Where did you grow up? If not in Maine, what brought you here?
I grew up in Brooklyn, N.Y., and spent most of my youth and teen years there. Then I went to college at Drexel University in Philadelphia. After graduation, I worked in Philly and the surrounding areas for years as a scientist—until 2015. I searched for months in and around Philly to find affordable lab space to start my business, but couldn’t find anything suitable. A Google search brought me to Maine and the Union River Center for Innovation. Here I found a very supportive biotech community and I have been here ever since. I would like to grow and keep my business here in Maine. It’s definitely the way life should be!
Tell me more about what attracted you to the Union River Center for Innovation.
At the Union River Center for Innovation, they understand the entrepreneurial spirit. They understood I was not well funded and that the growth of Monoclonals would be slow as I had an old and outdated microscope and a dream. They understood what I wanted to do and bootstrapping was the way everyone else there had been doing it. I felt very comfortable in that setting. I began renting lab space there at a very affordable price and I knew I could work at my own pace without the pressure of being something or somewhere I was not.
The center quickly provided a -80 freezer so I could begin purchasing reagents which need to be stored in a freezer. I began buying my supplies little by little and storing them. They suggested MTI could help with equipment and funding so I applied. Luckily I was chosen to receive a grant, and I was able to begin making antibodies. I have been able to purchase more supplies and reagents with the support of MTI. At this point, I am ready to begin preparing my products for validation and possible sales in the near future.
The Center understands that I can’t be here as much as I want because I am everywhere else trying to earn a paycheck. That was key, that understanding, and that support has contributed to my long-term stay.
What’s been the largest challenge you have faced in building your company?
The largest challenge in building my business is still finding the balance between working as many jobs as I need to fund the business, my personal life, while still focusing on working on my areas of interest and building my lab and developing my product lines. We are currently pre-revenue, in product development phase. Sometimes the struggle is that I need to work full time elsewhere to get a pay check, which funds my business activities, but that means I’m missing out on valuable time to make the products I need to begin generating revenue.
How have you overcome that challenge?
I am still working through that challenge. I have worked several jobs, which offers me the flexibility I need to run my business while still earning a paycheck. They are very part-time and “whatever jobs” not in my field to get a paycheck. This enables me to cover my overhead costs and purchase my supplies. It’s a slow process but definitely productive.
What have you learned from the process?
I have learned a great deal of patience. You have to be willing to work hard.
How did you fund the launch of the company?
My business was funded through personal assets, a small round of family and friends funding and support, grants and a small business loan.
What support has the Maine Technology Institute provided?
My last MTI grant was for $9,000, which I used to purchase a biosafety cabinet, which is a sterile environment to extract my antibodies. I have received two grants from MTI for a total of $14,000.
What is your future funding strategy?
Future funding strategy is bootstrapping, working other jobs, continue writing grants and business loans. We anticipate launching a product soon and project the revenue will sustain the business in the near future.
Have you benefited from mentors? If yes, what impact has mentorship meant to your career?
Yes, I have benefited from mentors. I have two mentor who hold PhDs and one entrepreneur who started a similar business five years ago, who now has over 20 team members.
What are your long-term goals for the business?
Our long-term goal is to be a leader in rare and neglected disease, reagents and diagnostics. Our goal is to be a million dollar company with 10 to 20 team members. I anticipate building a long-term business that is around for generations to come.
If you could give two pieces of advice to someone thinking of starting their own business, what would they be?
Have confidence in yourself and your products. If you don’t think you have the support (financial or emotional) of family and friends, there are communities who are accepting and supportive of the entrepreneurial spirit. If you have confidence in yourself, people will have confidence in you. Be knowledgeable. Be prepared.
