BOSTON - You have the idea, the compound, or maybe the technology that shows unlimited potential, so now it's just a matter of plugging in the right business model format and, well, look out Genentech.

No so fast there, aspiring biotechnology entrepreneur. The road to success is filled with snares and traps that can require as much work - maybe more - than your original idea, a panel of experienced biotech pros warned an overflow audience at the annual BIO Convention in Boston.

Speaking on the "Dos and Don'ts for Biotech Startups," panel members cautioned that there is no one-size-fits-all business model to move toward success. Rather, it's a matter of knowing your product, your market and, perhaps most important, yourself.

A critical element that arose frequently during the discussion was protecting your intellectual property, starting with developing a clear strategy. Part of that strategy should involve getting a patent attorney onboard early in the process to clarify what should and should not be protected. Brainstorm with that attorney and get him or her fully involved in the process early, said J. Peter Fasse, an IP lawyer and a principal at Fish & Richardson PC in Boston. Don't overlook the fact that the U.S. is one of the few countries with a one-year grace period on filing for patents, which makes acting expeditiously critical, he added.

And be particular about finding a patent attorney, said Harry Penner Jr., chairman and CEO of Marinus Pharmaceuticals Inc., of Branford, Conn. "Shop for a patent attorney like you would a surgeon if you needed a surgery," he said. "You need to find someone who is used to getting a patent off the ground and who doesn't waste your time and your money."

One common start-up mistake is casting too wide a patent net in an effort to ensure all intellectual property rights are nailed down before moving on to seek financing, panelists said. Stephen Bloch, a venture partner at Canaan Partners, noted that VCs are really only interested in the key core patents anyway.

When you seek financing is problematic, panelists advised, because going after money too early before everything is in place can tarnish your reputation in the VC community. Rather than approaching potential backers with a hand out, approach them simply as a heads up, said Douglas Fambrough, a principal at Oxford Bioscience Partners.

"An hour or two of time with the right person at the outset is worth a year of wasted effort," he said. Those early talks should be informal and mainly to keep the potential partner advised of what you are up to, he said. Later, when your plan is more in place, return and say, "This time we're raising money," he added.

Penner also noted that the start of the financing stage is as much about developing relationships as about finding deep pockets. "It's not just about the money. It's about finding the type of people who will be with you all of the way," he said. He also reminded the audience to carefully check out potential financial backers: "They're doing due diligence on you, and you should be doing your due diligence on them."

One professional pitfall has personal overtones, panelists said: At what point does the entrepreneur turn the running of the company over to a hired CEO?

The key is to ignore the lure "that 'CEO' looks good on a business card," said Stephen Bloch, the venture partner in Canaan in Westport, Conn.

Added Penner, who has founded five biotech start-ups, "Take a good look at yourself and what you're good at. It's not about you being CEO; it's about getting your product on the market." Usually, he added, that requires relinquishing some equity in the company to a new CEO.

Fasse noted a "chicken and egg" aspect of the CEO quandary because having a good CEO on board can attract investors, but on the other hand, having a good round of financing under your belt can attract a topnotch CEO.

Another tight-wire entrepreneurs must walk is determining when to seek collaborators. Finding a collaborator can add value to the product, but the temptation is to seek out partnerships too early, Penner said. He suggested considering limited partnerships, perhaps for a certain geographic region that provides funding yet retains future potential.

For some, the goal of all that work is a successful exit, and you need an exit strategy that allows for either the sale or IPO route. Douglas Fambrough, of Oxford Bioscience Partners, of Boston, noted that now is a good time for a sales strategy because "there are a lot of buyers out there." But the demand for your business is less predictable when you talk with potential buyers. "If there's a dialogue, that may make you disappointed," he said. "But if there's an auction, that will make you a lot."