Biotech, medicine, electronics, wireless technology, signal processing, chemistry and material science startups work in different environment. Get good education (PhD is requirement in many areas), work in a firm or research group until you are at top of the game and have learned all practical skills, then start a business.
Getting a PhD is honestly such a bad deal financially and socially. I'm sure the prospect of sinking ~5yrs into some laser focused sub-field for garbage pay scares away a lot of potential--not including academia's useless bureaucracy cough GRE.
Nowadays, a PhD is literally dedicated to carry out original research, which normally entails a curricular part that serves to help a candidate get up to date on the state of the art. Conducting original research is a natural requirement to be on the cutting edge of any scientific or technical field.
*for ~$30k/yr for five years
> Conducting original research is a natural requirement to be on the cutting edge of any scientific or technical field.
I'm not saying that a PhD won't prepare you. Just that it's inefficient in terms of stress/time/money.
Perhaps that's a US thing. In most european countries (if not all), not only are the costs significantly lower but each state sets up research programs where PhD candidates are actually paid to pursue their studies. Those PhD positions are limited and in some places the pay tends to be somewhat low, but still PhD candidates do get paid for their work.
There are also programs where private companies can participate in PhD programs as part of their R&D investment, and enable their employees to pursuit PhDs while working for them.
At least for STEM PhDs
> But there are ways for making up for the lost pay; I do know of a few Data Science Managers who earlier dropped out of their Phd and earned good sums.
Isn't this supporting my claim that a PhD is a bad deal, if people decide they are better off completing the program?
I've also heard the story so many times. Once people have a good idea they realize that completing a PhD is just getting in the way. Instead of researching and studying for ~5yrs they leave and start a company/building a product.