“When you’re building a team today, you need to have people with enough former company T-shirts to knit together a quilt in a nursing home,” quipped Bruce Montgomery, the founder and CEO of Seattle-based Cardeas Pharma.
It's also another way of saying that we have created a multi-billion dollar quilt pieced together by failed biotechnology companies.That’s one way of saying biotech startups now need teams of highly skilled, highly experienced people who can go a long way on a little bit of money. That was one of the main themes that came out yesterday at our big Xconomy event, “Reinventing Biotech’s Business Model.“
Quip: A witty or funny observation or response usually made on the spur of the moment.
The main theme seems to be that failure is no big deal. Make a quilt and move on using the same people. Perhaps to reinvent biotech we should replace certain people. If you have made a fortune in the process of losing a fortune... you need to be replaced.
We should think about making another quilt in ten years. This quilt will be built from success.