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Considerations for the Business of Early Stage Biotech

Blog Post by: Lawrence Jones, Ph.D.

In the business of early-stage biotech perhaps“competing is no longer about creating dominance in scale-intensive industries; it’s about producing elegant, refined products and services in imagination-intensive Industries” (Martin, 2004, p.7). Dean Roger Martin, from the Rotman School of Business at the University of Toronto, published this statement over a decade ago was echoing new strategy to competing in the global economy.Martin (2004) adds that competition will be evaluated more during this era of post-2004 by the design revolution in business (p.7).The design revolution views the market through the lens of the application of design thinking (p.7). Martin mentions that the conversion of heuristics to algorithms mainly defined value creation in the 20th century.

Jones (2016) adds that an algorithm is a process or set of rules to be followed in calculations or other problem-solving operations. Martin (2004) posits that business people need to become more like designers that are masters of heuristics rather than managers of algorithms (p.7).This thought may not work well for biotechnology scientists conducting laboratory research. However, this may suggest that in the 21st century, design skills and business skills are converging. Heuristics play essential roles in both problem-solving and decision-making.

Brown and Wyatt (2010) explain how design thinking evolved from the merger of David Kelley Design and ID Two, which formed IDEO in 1991 (p.33).Within a decade, IDEO began consulting for organizational design and essentially began to design more consumer experiences than consumer products (p.33).David Kelly, the founder of Stanford’s design school, coined the phrase design thinking when explaining what designers do (p.33).Overall design thinking draws from overlapping life experiences by general problem-solving.

According to Brown and Wyatt (2010), “design thinking process is the best thought of a system of overlapping spaces rather than a sequence of orderly steps” (p.33). “There are three spaces to keep in mind: inspiration, ideation, and implementation”.“Inspiration is a problem or opportunity that motivates the search for solutions” (p.33). “Ideation is the process of generating, developing, and testing ideas and implementation as the path that leads from the project stage into people’s lives” (p. 33).

Berkun (2007) advises in the book “The Myth of Innovation,” that there are challenges to innovation such as finding an idea, developing a solution, sponsorship and funding, reproduction, reaching potential customers, beating competitors, timing, and keeping the lights on are hurdles to overcome (pp. 44-45).Design thinking applied to each of these challenges will provide potential options.Design thinking, according to Silvers (2013),is scalable and flexible.The thought is that this process, particularly for any non-profit, has the potential to be cost-effective regardless of the operation.As a human-centered process of innovation, design thinking can reveal a multitude of methods and talent amongst the design team, which can create change unimaginable until the process launches.

The pace of innovation can produce fears and uncertainties for the general consumer, but new approaches to reduce the anxieties for consumers are great ways to design thinking to play pivotal roles.Design thinking is disruptive, and it may be an enabler to grasp the pace of innovation.The future holds that people must come first. The way to design will start by observing the people.

References

Berkun, S. (2007). The Myths of Innovation. Canada.

Brown, T., & Wyatt, J. (2010). Design thinking for social innovation. Stanford Social Innovation Review. 29-35

Jones, L. (November 10, 2016). Rethinking and Refining Business Thinking. The Transcript. Hopkinsbio.org. Hopkins Biotech Network, Baltimore, Maryland

Martin, R. (2004, Winter). The design of business. Rotman Management, 5(1), 6-10.

Silvers, D.M. (December 10, 2013). Design Thinking: A Powerful Tool for Your Non-profit. NTEN.org

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