High Tech to Biotech Lessons Learned EPPIC Meeting September 26, 2000

My Background IITK/EE, MSEE, MBA IITK/EE, MSEE, MBA After 2 IIT knew didn’t want to be an engineer After 2 IIT knew didn’t want to be an engineer Targeted general mangement – could tell others what to do and sit back and watch cricket, play golf Targeted general mangement – could tell others what to do and sit back and watch cricket, play golf Diverse industries – airlines, can mfg, computers (HW and SW), and now drug delivery Diverse industries – airlines, can mfg, computers (HW and SW), and now drug delivery Diverse functions – manufacturing, finance, business dev, marketing, R&D mgmt, general management Diverse functions – manufacturing, finance, business dev, marketing, R&D mgmt, general management So ….. Know a little about some things, less about many things, nothing about the rest So ….. Know a little about some things, less about many things, nothing about the rest

Lessons Learned The Hard Way What you know What you know Who you know Who you know Where you are Where you are Hard work and being good are just not enough Hard work and being good are just not enough

What You Know Technical skills – thisi is the easy part Technical skills – thisi is the easy part Communications skills – written AND verbal Communications skills – written AND verbal Negotiating skills – everything is a negotiation Negotiating skills – everything is a negotiation Sales & Marketing – personal Sales & Marketing – personal –Hard work is not enough –Need to sell ideas –The best technology is not enough –Know your audience/customer

Who You Know Networking – personal and professional Networking – personal and professional Not just getting together with friends you are comfortable with Not just getting together with friends you are comfortable with Identifying and targeting specific people Identifying and targeting specific people

Where You Are You made the right decision here by living in the Bay Area You made the right decision here by living in the Bay Area

Lessons Learned at Inhale Key factors in building a technology company Key factors in building a technology company –Fairness – to the employee and the company –Teamwork – increasing in importance –Openness – makes employees feel they belong –Customer orientation – know your audience –Leadership – personal and market –Work environment – probably #1 factor in retention –Challenging work – probably #1A –Success – can’t beat it

Random Other Lessons Best technology is developed by small groups of very smart people Best technology is developed by small groups of very smart people Work hard to recruit – it is not easy finding really good people Work hard to recruit – it is not easy finding really good people Work even harder to keep them Work even harder to keep them Who owns the problem Who owns the problem Be direct Be direct Confront issues Confront issues

In Conclusion Don’t underestimate the value of luck/serendipity Don’t underestimate the value of luck/serendipity Be wary of people who tell you that their successful start-up went exactly as originally planned Be wary of people who tell you that their successful start-up went exactly as originally planned Work on products you care about that make a difference Work on products you care about that make a difference Remember to have fun Remember to have fun