Will You Achieve First-Mover Advantage?
Nanotechnology firms have formidable impediments to achieve successful product commercialization. Though revenue potential is vast, financial barriers to entry can paralyze. The balance between technical excellence and executive skill is hard to achieve. And yet is the key to winning the global race, to achieving First-Mover Advantage.
Technical Skill No Longer Sufficient
For an organization that attempts to develop breakthrough products and technologies, what is the pathway to building an effective and viable executive team? Many nanotechnology companies are established as founder-based, R&D-centric organizations, placing their total focus and commitment into technology development.
Some of these nanotech companies will evolve, adapt and adjust their technology to fulfill development goals. But just as a products goes through their life cycle, so does a growing organization. The necessity of new skills emerges when a once academic endeavor blossoms into a fully fledged business entity. Technical skill and scientific achievement are insufficient to carry the organization to commercial success.
Boards and investors seeking to advance the company’s strategic goals, improve valuation and move closer to an exit point succeed when they look to expand the organization’s executive skill base beyond the R&D/product development silo.