http://mndoci.com/2006/07/14/its-all-about-the-mistakes-stupid/ ruminations on science, data and computing by Deepak Singh Sat, 04 Sep 2010 08:35:55 +0000 hourly 1 http://mndoci.com/2006/07/14/its-all-about-the-mistakes-stupid/comment-page-1/#comment-462 The new rules: A pathway to success in the biotech industry? at business|bytes|genes|molecules Sat, 22 Jul 2006 04:41:08 +0000 http://mndoci.com/blog/2006/07/14/its-all-about-the-mistakes-stupid/#comment-462 [...] 1. What makes us different? In the late 90’s there were so many companies offering similar, genomics-based target discovery services, that it was difficult to tell one apart from the other. I think easy VC money and the failure to look outward, i.e. an emphasis on the technology itself, rather than focusing on customer impact was a big reason for many of the failures that were seen. 2. Do we have a long term growth strategy? At some point a company’s core technology is not going to be sustainable and organic growth will no longer be sufficient. Rather than following a predictable path, a company should look at providing unique solutions/products. This requires keeping a finger on the pulse of the customer, recognizing needs, and filling a new or expanded niche. In other words, the growth strategy should include the ability to innovate and satisfy market needs. Sometimes company can be so innovative as to define a market, but those situations are very rare. 3. Are we willing to realize that a chosen path might be the wrong one and adapt?  This is best done early in the process, and recognizing such errors is part of a company’s growth and success [...] [...] 1. What makes us different? In the late 90’s there were so many companies offering similar, genomics-based target discovery services, that it was difficult to tell one apart from the other. I think easy VC money and the failure to look outward, i.e. an emphasis on the technology itself, rather than focusing on customer impact was a big reason for many of the failures that were seen. 2. Do we have a long term growth strategy? At some point a company’s core technology is not going to be sustainable and organic growth will no longer be sufficient. Rather than following a predictable path, a company should look at providing unique solutions/products. This requires keeping a finger on the pulse of the customer, recognizing needs, and filling a new or expanded niche. In other words, the growth strategy should include the ability to innovate and satisfy market needs. Sometimes company can be so innovative as to define a market, but those situations are very rare. 3. Are we willing to realize that a chosen path might be the wrong one and adapt?  This is best done early in the process, and recognizing such errors is part of a company’s growth and success [...]

]]> http://mndoci.com/2006/07/14/its-all-about-the-mistakes-stupid/comment-page-1/#comment-269828 Arunn Sat, 15 Jul 2006 05:51:19 +0000 http://mndoci.com/blog/2006/07/14/its-all-about-the-mistakes-stupid/#comment-269828 yes, one should fail as early as possible to make the necessary course correction that comes out of understanding. And this requires the ability and courage (sometimes, bull headed) to take decisions quickly - another trait that makes scientists suitable for industry head posts. yes, one should fail as early as possible to make the necessary course correction that comes out of understanding. And this requires the ability and courage (sometimes, bull headed) to take decisions quickly – another trait that makes scientists suitable for industry head posts.

]]> http://mndoci.com/2006/07/14/its-all-about-the-mistakes-stupid/comment-page-1/#comment-416 Arunn Sat, 15 Jul 2006 04:51:19 +0000 http://mndoci.com/blog/2006/07/14/its-all-about-the-mistakes-stupid/#comment-416 yes, one should fail as early as possible to make the necessary course correction that comes out of understanding. And this requires the ability and courage (sometimes, bull headed) to take decisions quickly - another trait that makes scientists suitable for industry head posts. yes, one should fail as early as possible to make the necessary course correction that comes out of understanding. And this requires the ability and courage (sometimes, bull headed) to take decisions quickly – another trait that makes scientists suitable for industry head posts.

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