Background
With a combination of business and technical expertise in life sciences, Matthew Kane founded Precision BioSciences, Inc. just six months after a 3-year old’s birthday party brought him together with co-founders, Jeff Smith and Derek Jantz.  That was in 2006 and the company is now up to thirteen employees and growing.

Precision BioSciences, Inc. is a biotechnology company focused on developing and commercializing therapeutics and services based on its ability to enable site-specific genome modifications within a living organism. This technology, called the Directed Nuclease Editor (DNE), is a fully rational, proprietary design process that allows Precision BioSciences to insert, remove, or modify DNA at nearly any gene in nearly any organism.


CED Connection
While putting the company together in 2006, the founders participated in the Duke Startup Challenge, an entrepreneurship competition started in 1999 by Duke students.   As a sponsor, CED offered one lucky Startup Challenge entrant with a complimentary registration to its FastTrac® TechVenture™ program, a comprehensive business planning program that addresses the needs of start-up entrepreneurs who are refining their business ideas, writing their business plans and seeking to grow sustainable high-impact companies.  Upon notification that Precision BioSciences had been selected, Matt and his team were quick to jump on the opportunity.

According to Kane, “FastTrac® FastTrac was extremely effective with our technical founders as it enabled them to learn more about the operational side of running a business.  Also, being named FastTrac® FastTrac Company of the Year was a great promotional vehicle.  I would recommend FastTrac to any entrepreneur starting a business for the first time or for someone from the technology-side with a limited business background.”

Kane also adds, “CED has accelerated our growth rate by providing key industry connections.  As the hub of entrepreneurial activity, it enables entrepreneurs to stay connected and to share stories and advice.  CED also motivates local innovators and entrepreneurs, which helps keep the community’s energy level high.”

Key Factors to Success
First and foremost Kane attributes Precision’s success to both its great team and technology.  He also adds that the concentration of talent in the RTP area is key for a young biotech company as well as the low cost of doing business (when compared to other regions).   

Advice to other Entrepreneurs
“Always seek advice from experts – but not blindly – remember to take it within the context of your business or industry.  Also, do set expectations high and expect the best but also be prepared for the worst.”