Posted by Jonathan Inman, Marketing Manager, TVG | July 15, 2010 | 0 comment(s)
As our team prepares for our Annual BioPartnering Europe conference in October, I find myself knee-deep in European biotech industry reports, BioCluster maps, newsletters, industry journals, news and analysis. Every communication piece and organization takes a slightly different angle on summing up the current state and future viability of our industry, but I am finding a common thread in each.
Unfortunately, the story doesn’t end here. Although the opportunities are promising there is opposition and it looks fierce. |
Related Report: |
Hurry up and slow down! This is the situation our industry finds itself in. At our C21 BioVentures conference in May, I had the opportunity to sit in on the keynote presentation offered by industry pioneer Fred Frank. Fred offered an accurate but sobering diagnosis of our industry in his keynote address titled "En Fin: The Middle Scene of the Long Biotech Drama is Here" (click here to download the audio). The most innovative people in our industry are being laid off by the thousands and some of the most promising companies don’t have enough cash to carry them through the end of the year. If we allow it, all of this "bad news" can really get us stuck.
Worth Fighting For?
When we as individuals and organizations get pressed beyond our normal level of comfort it forces us to acknowledge the threat and give it a response. We commonly refer to our human reaction to these overwhelming situations as "fight or flight". What will it be for you? I say we fight! No, don’t fight each other. Let’s fight for a sustainable economy, the health of our respective organizations, the livelihood of our families, friends and neighbors. If nothing else, fight for the sake of living rather than surrendering to worry, fear and blame.
One of my favorite quotes is from the movie Jurassic Park. In the movie Jeff Goldblum plays the quirky role of Dr. Ian Malcolm, a mathematician and chaos theorist. Dr. Malcolm is questioning the the park staff on whether or not the strategy and boundaries they have in place can control the reproduction of dinosaurs on the island:
Henry Wu:
"You’re implying that a group composed entirely of female animals will breed?"
Dr. Ian Malcolm:
"No. I’m simply saying that life, uh, finds a way."
What I love about this dialogue is Dr. Malcolm’s nonchalant approach and nerve to questions the norm. It takes a bit of reckless hope to stand in the face of what seems to be immovable. Less than 500 years ago many believed the earth to be flat. Only 40 years ago the World Wide Web was only a concept on paper. Over the past 5 years the scientific community has made breakthroughs that were thought impossible only a short time ago. I don’t need to convince you that our industry is founded upon the radical assumption that things may not be as they seem. A global financial crisis, broken business paradigms, enormous risk and rising costs seem to be a barrier for breeding new life. Innovation is under assault but hope is not lost. Assault is the impetus for innovation. Threat is motivation for change. If you look behind the mask of fierce opposition you can find incredible opportunity dressed in clever disguise.
Want more?
Here are some real world inspirational examples and ideas from the Harvard Business Review blog:
- Reframers Unleash Innovation in Their Companies
- Leadership in the Age of Scarcity
- How To Ignite Creative Leadership In Your Organization
Next blog entry: What can the Old Spice Guy do for Biotech? Previous blog entry: Affordable Innovation and India’s Rise as a Biotech Giant: The AstraZeneca-Jubilant Case Study