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Don’t be afraid to know what you don’t know
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Transparency is powerful
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Remember there is a patient at the end of your product
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Recognize the four different types of innovation
Who is Angelika?
Angelika Fretzen has been able to apply her experience as a chemist in both academia then biotech and now at the translationally-focused Wyss Institute at Harvard University. One of the first groups of scientists to believe they didn’t have to go to big pharma first, Angelika attributes her decision to take the less chartered path to a little bit of stubbornness, but she knew she wanted to make a difference solving problems. Her experience in these various organizations has taught her valuable perspective about confidence, decision making, the four types of innovation, and above all else, a constant reminder that there’s a patient at the end of your product.
Here are her tips on being a great biotech leader:
I joined Microbia (Ironwood Pharmaceuticals) because even though all four founders had no experience building a company, each exhibited a humble confidence that they COULD do it while knowing they would need a lot of help along the way. It was this mix of humility that they didn’t know everything, combined with a healthy confidence that they would be successful through a willingness to get help, talk to people, and let others kick the tires and offer insight that has stuck with me. You don't need to know everything to start a company, and don’t be afraid to know what you don't know.
01
Don’t be afraid to know what you don’t know
You don't need to know everything to start a company, and don’t be afraid to know what you don't know.
02
Transparency is powerful
Create the mechanisms of good decision making by being as transparent as possible. Great transparency is more powerful than keeping information close to your chest because it creates loyalty and helps your team understand how all strategic plans are being developed, and why. This approach makes everybody feel like they are part of the team and owners of the project.
Teams that keep their focus on the patient...make better decisions and design better clinical trials.
When running a company, there is so much more at stake than just the science, and the smaller the company, the more overwhelming financial decisions become. Often scientists and business leaders come from different perspectives, so it’s critical to create common goals for everyone to work toward. In biotech you must always remember there is a patient and their family at the end of your product. Teams that keep their focus on the patient and plan data readouts based on when it's right for the disease progression — as opposed to prioritizing investors or fundraising cycles — are going to make better decisions and design better clinical trials.
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Remember there is a patient at the end of your product
04
Recognize the four different types of innovation
I have transitioned in my career from academia to biotech and then to the translationally-focused Wyss Institute where we try to bridge both approaches to R&D, applying a very entrepreneurial mindset. Recognizing that innovation can occur more broadly than just in the tech or science is critical to moving the industry forward. Appreciating the value of each, while also finding which area you are most passionate about, will help you create a strong team and build something truly innovative.
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Foundational — this is cutting-edge academic innovation, such as novel tech or a new idea. These ideas are often patented or published.
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Use Case — this type matches interesting technology with the best use case by asking the question of how you can take an idea and use it to make an impact. A lot of use case innovation stems from trying to find a niche market for novel tech.
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Product Development — this focuses on the UI or UX, working to take the complexity out of a solution so it can be scaled up cost-effectively to expand its reach and impact.
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Organizational — this centers around creating a novel model for the way things are executed.
Great transparency is more powerful than keeping information close to your chest.
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