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Mind-Sets & Motivations Tales from a Life Science Entrepreneur

Mind-Sets & Motivations Tales from a Life Science Entrepreneur 4
MindSets Motivations Tales from a Life Science Entrepreneur Dr Darrin M. Disley Mindsets Mindset: A fixed mental attitude or disposition that predetermines a person's responses to and interpretations of situations In a fixed mindset, people believe their basic qualities, like their intelligence or talent, are simply fixed traits. They spend their time documenting their intelligence or talent instead of developing them. They also believe that talent alone creates success. In a growth mindset, people believe that their most basic abilities can be developed through dedication and hard work—brains and talent are just the starting point. This view creates a love of learning and a resilience that is essential for great accomplishment. Professor Carol Dweck., Stanford University 2 Motivations Motivation: a course of action driven by a purpose Energizes behaviours and directs that energy toward a goal Behaviours are directed by physiological and psychological needs/wants • Need for connection • Need for stimulation • Need for independence • Need to improve self • Need to prove ones self • Need to help others • Need to be recognised • Need to have monetary reward Hedonic Principle: we are all motivated to maximize pleasure and minimize pain “it can be argued that mindsets become fixed for life at an early age but motivations (whilst influenced by mindsets) are more situational” 3 The entrepreneurial mindset “the vast majority of small businesses remain today what they were when they were started – does this type of business owner demonstrate an entrepreneurial mindset or is the business driven by a motivation to be independent” “when you start your company, you must think of it as though you were about to write a book. What would your book say What would you, as the author of your book, wish to impart to your reader that would hopefully transform the way they think about their life, about their success, about their future” “As you go to work on your business, you must think beyond what the daytoday reality of what your business calls you to do. As an entrepreneur, you must rise above the task of doing it, doing it, doing it. You must ask meaningful questions about your role in the world, your community, and how you can institutionalize your newfound perspective into the genes of your company, so that it lives, speaks, and demonstrates it in every action your company takes” Michael E. Gerber author of EMyth 4 My Entrepreneurial MindSet and Motivations Mindset: a journey of selfdiscovery driven by education of oneself / others Motivations: my physiological and psychological needs/wants • Need for independence • Need to prove myself • Need to help others • Need to be recognised • Need to have monetary reward Hedonic Principle: I am motivated to maximize pleasure and minimize pain “nearly everything I have achieved in my life has been driven by mindsets motivations that are a direct consequence of influences that occurred in childhood” 5 It Really Helps if you can Put Life into Perspective “the positive side of being influenced by a growth mindset is that you tend to be able to put any past experience (no matter how traumatic) into perspective. For me, coming from an impoverished and abusive family situation enabled me to put any situation into perspective (and provided me with intrinsic motivations) and I have been able to overcome and then thrive in adverse personal and business environments. All of my successful businesses were built in recessions” 6 My startup history: the good, the bad, the ugly 1998 (TTP LabTech) 2000 – 2002 2002 2004 2008 2004 2006 £47.5M Investment £100M+ Sales 2007 2010 7 Case study: Horizon Discovery Limited, UK “Translating Genomes Personalizing Medicine" 8 Founder MindSet and Motivations MindSet: to enjoy the journey of discovery together and demonstrate what can be achieved when likeminded people come together. We took it on trust that the destination (success) would take care of itself if we told our story well. Motivation: You can build a UK life science company in a recession that: (a) imported technology from the USA; (b) could be profitable immediately; (c) would grow via the export of products/services; (d) would maintain enterprise control for founders; (e) would provide liquidity to private shareholders; (f) Blended the best traits of academia and industry (g) Would make a difference to cancer patients “Horizon Discovery Limited, a worldleading translational genomics company and one of the fastest growing Biotech companies in Europe. Since a seed investment of £150k in March 2008 the company has experienced four year of 100 top line revenue growth and a 364 increase in exports which makeup 90 of all revenues. These achievements have led to the company being recently named the East of England’s Business of the Year and being conferred with a Queens Award for Enterprise in International Trade.” 9 what can be achieved: horizon’s history and growth through 200812 recession Horizon Discovery Ltd. IQ Cambridge, Cambridge, UK e Year End 2008 2009 2010 2011 2012 FTEs 8 18 40 65 90 IPR Rx (WW, Ex) All (WW, Ex) AAV+ hES Targeting Targets/Drugs Patents / Pub’s 7 / 75 8 / 90 10 / 50 11 / 180 15/400 Cum. Invest. (£000) 185 2,605 6,738 14,394 31,894 Valuation (£000) 800 12,605 21,000 35,814 70,000 Cum. Orders (£000) 900 1,575 4,500 11,000 20,000 Revenue (£000) 345 1,100 2,200 3,600 6,2007,200 Awards MFIA (x2) iawards (x2) EOE Tech / Yr EOE Yng. Co. QA Export Grants (£000) 150 350 2,000 750 1500 New Business Units n/a n/a HDx, HDS Bioproduction SyntheTx 10 Your Horizon Contact: Dr Darrin M. Disley CEO Serial Entrepreneur 01223 655 580 Horizon Discovery Ltd, 7100 Cambridge Research Park, Waterbeach, Cambridge, CB25 9TL, United Kingdom Tel: +44 (0) 1223 655 580 (Reception / Front desk) Fax: +44 (0) 1223 655 581 Email: Web:
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