Climbing the Commercialization Mountain
Post Date: June 13, 2025 | Publish Date:
Discovering What Makes Science Investable
James Kasuboski, PhD, partner and head of research at early-stage venture capital firm Luma Group, recently spoke with researchers and clinicians at Cincinnati Children’s about what it takes to turn promising academic science into life-changing commercial products.
Know Your Mountain: The Path Isn’t Straight
Using the metaphor of mountain climbing, Kasuboski described the commercialization journey as a strategic and deliberate ascent—not a sprint. “A lot of people think they just have to climb really hard and fast,” he said. “That’s how you get burned out and fall back to base camp. You need a plan. You need staging points. You need the right Sherpas.”
He urged researchers to identify early what success looks like for their specific type of asset. “Get clarity on those milestones that constitute a win,” he said. “For some, it may be in vivo efficacy data. For others, it’s head-to-head studies against the standard of care, or proof-of-concept in humans.”
Kasuboski refers to these critical moments as value inflection points—milestones that significantly reduce risk and increase the value of a technology. “Ultimately, venture capital is about risk mitigation,” he explained. “I need to believe that the dollar I put in today will be worth more tomorrow—through data, milestones, and value inflection.”
Each step forward should answer a key question: Is this innovation still worth investing in?
Understand Your Worth
What venture investors like Luma Group want is a killer application: a clearly defined, commercially tractable use for your innovation with a differentiated edge.
“Don’t sell me a Swiss Army knife,” he said. “I want a precision Swiss watch. Your innovation can’t do everything—tell me the one thing it does better than anything else.”
Without that killer application, investors won’t engage.
When referencing investment in the biotech and pharmaceutical industry, he advised considering market size early. “If your peak market is under $500 million for a therapeutic, it will be hard to make the economics work.”
Don’t Keep Failing the Same Way
Early-stage innovation and startups rarely fail because of flawed science, Kasuboski noted—they fail because of unclear focus, poor planning, or lack of honest self-assessment. His advice: “Start having the hard conversations now—talk to clinicians, talk to commercial experts, talk to investors. That’s the cheapest work you’ll ever do.”
“I talk to probably somewhere between 400 500 companies of entrepreneurs and academics a year. I make two to three investments.”
When asked how many rejections should signal a pivot, Kasuboski encouraged founders not just to count the no’s—but to understand them. “Would you submit your paper to five journals, get rejected, and not read the reviewer comments? No. Get the feedback,” he said. “Understand why you’re being told no. Is it the pitch? The data? The market? Get the data.” Kasuboski wrapped up his thoughts on feedback by saying, “Don’t keep failing the same way. Listen to advice, it’s ‘no’ for now, but it can become a ‘yes’ later if steered in the right direction.”
Final Word: You Can Do This—But Start Smart
“This work is long, hard, and expensive,” Kasuboski concluded. “But if you focus, ask the tough questions early, and surround yourself with the right people, you can climb the mountain—and bring something to patients that truly matters.”
Watch the seminar recording.
Visit cincinnatichildrens.org/innovation-ventures to search our available technologies, connect with our innovation team and explore how we help innovators navigate the commercialization journey.
Don’t Miss a Post:
- Subscribe to the Research Horizons Newsletter
- Follow Cincinnati Children’s Research Foundation on Bluesky, X and LinkedIn
Latest Posts
About this blog
The Research Horizons blog features news and insights about the latest discoveries and innovations developed by the scientists of Cincinnati Children's. This blog does not provide medical advice, diagnosis, or treatment.
Subscribe to Our Newsletter