Thomas Farb-Horch, the CEO of Thrive Bioscience, has founded 18 companies. Seven of those have become unicorns, selling at a value exceeding one billion dollars. Such a feat begs the question: how could he correctly identify so many lucrative opportunities? For the record, Tom is neither a scientist nor possesses any advanced degrees. A recent podcast looked at the challenges and opportunities of creating companies in life sciences,
Tom attributes his successes to keen observation and curiosity, readily identifying problems and investigating how they emerge. The most enticing of these problems relates to suboptimal longstanding practices, especially those amenable to digitization. More processes are expected to fall within reach with the increasing availability of greater computing power and storage capacity.
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However, simply proposing good ideas and clever solutions is not enough. Tom revealed that each of his successful endeavors came perilously close to failure on multiple occasions.
So, how did Tom manage to consistently avert disaster? Tom highlights that one area where data and computing power are ineffective is human interactions. Succeeding as an entrepreneur requires resolving technical hurdles and managing relationships with customers, investors, and board members. While reproducibility poses a challenge in science, no amount of data or computing power can make humans more predictable.
Convincing people to change decades-old habits is difficult. First, individuals must recognize the value of changing and adopting new behaviors. Early and late adopters respond differently, so a successful solution must appeal to both groups.
At another level, while investors may be unified in seeking returns on investments, they may diverge in their expectations regarding how and when these returns materialize. Given the likelihood of pivoting, it is prudent to consider how to maintain alignment with investors on new approaches.
The board's composition is critical, and Tom offers some essential advice on negotiating their selection with investors. Further details can be gleaned by listening to the episode, though one example regarding aspects to look out for can be found below.
Board members may be selected for their name recognition rather than their domain expertise. A case in point could be Alexander Haig, the former NATO Commander and Secretary of State. Nevertheless, he brings value to the table in other ways. Tom describes his exceptional skill in observing people and ensuring that everyone is heard. Given the roles mentioned above, this may come as little surprise. Such skills are universally applicable.
Board of directors is one of my favorite topics. It's so incredibly important. Many entrepreneurs don't spend enough time focusing on compatibility across the board. And kind of the profile of what they want."
Every founder is bound to confront a moment of existential doubt. According to Tom, “Fear is a terrible advisor.” The wisdom of selecting the right investors and board members will pay off in these moments.
While science is complicated, human behavior proves to be more so. In science, even without answers, the certainty of their existence provides solace. It may be judicious to spend more time thinking about how the people around us will affect our success and who we choose to work with.
As an example of how humans can impact our interactions, Tom asked, more than once over several conversations, “How can I make this podcast successful for you?” The response came, “That mindset alone is all I need.”
Listen to the Podcast Here
Acknowledgments
Produced from materials originally authored by Chris Conner from cc: Life Science.
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