Debra Young, PHR Executive Vice President DHR International, Inc.

Transcription

1 Debra Young, PHR Executive Vice President DHR International, Inc.

2 Debra s Background DU graduate with BM and MA degrees PHR Certified Human Resources Management Certification, Villanova University Paralegal Degree from Carthage College 8 years in recruiting from corporate to executive search Executive Vice President at DHR International, a Top 5 executive search firm

3 Who is DHR International? A Top 5 retained executive search firm Services Executive Search: Retained JobPlex: Retingent Most global reach of any search firm Specialty Practice Groups in every industry including Life Sciences Smallest of the large and largest of the small

4 Representative Life Sciences Clients

5 Why do most entrepreneurs fail? The Recipe for Success Technology Money PEOPLE!! Common Leadership Mistakes Thinking they know it all Expert in one area: Science vs. Business Undercapitalization Leadership selection

6 CEO Duties and Operating Models General CEO Duties Setting Strategy and Vision Building Culture Hiring and Leading the Senior Team Capital Raising and Allocating Different Types of Operational Models CEO is SF CEO brought on board to partner with SF Structure, strategic plan, fundraising, establishing culture Founder/Chief Scientific Officer working with CEO

7 C-Level Compensation Early Stage/Development Bare minimum with upside of stock $150, $250,000 Equity 3-6% which may be diluted through subsequent financing rounds Bonuses anywhere from 0-30% in both early and development stages Additional stock bonuses Commercialization $250, $500,000 depending on size of company 35-50% bonus

8 Pre-Company: Pure Research Stage 8 out of 10 companies are a creation of a scientific founder Basic research stage needs more time in R&D Shops around the product to VC s, Angels Research stage startup Several years away from testing therapy/device on humans Looking for funding Organization size is usually one or small group of persons

9 Research & Development Stage Animal testing & clinical trials Expensive Need to expand the leadership pool Need preclinical & regulatory background, manufacturing experience Cannot afford to do this internally Outsource to Contract Research Organizations CRO do regulatory affairs work, clinical trials, minimize fixed costs Retirees looking for consulting and work virtually

10 Pre-commercialization Stage Looking to be sold to big device company like Medtronic or large pharma company like Pfizer Can vary on how long it takes to sell based on the technology type and market conditions IF GOING ON YOUR OWN: Hire VP Sales/Marketing and sales force Need approval from FDA Organization size is 4-75 employees and growing Requires BEST IN CLASS TALENT!

11 Talent Hurdles Not in a pharma/biotechnology/medical device hub location Pharma Northeast Biotech California, Boston Medical Device Minneapolis, Boston Recruiting outside talent is huge challenge for non-hub locations like Denver Could have best technology & funding but candidates are risk averse to moving to non-hub location in the event the company doesn t make it

12 Talent Hurdles Relocation to hubs is a lot easier Housing market Denver needs to gear up for a war for talent Dose of reality to be prepared for the challenge Many ideal candidates come from hub locations

13 Successful Recruiting Strategies Recruiting is a sales and marketing function Statistics show the vast majority of candidates for early stage are found through networking Downside cost of a bad hire which can put your company at risk Quantifiable cost for not using Search Quantifiable cost of hiring wrong person could cost your not getting FDA approved

14 Sources of Hiring Network Friends Colleagues Web-based job sources LinkedIn Facebook Twitter Professional Search Retained Retingent Contingent