Written by Abe Maingi, Senior Analyst, Kineticos
Let me share a personal example of dealing with failure. After I fulfill my duties as a senior analyst for Kineticos, I moonlight as an assistant varsity basketball coach for a local high school.
We had a remarkable season – undefeated regular season, holiday tournament champions, and top seed in the state playoffs. Headed into the playoffs, we were ranked as the top team in the state, and among the top 50 in the entire country.
The magical season ended abruptly on our home court in the third round of the state playoffs when our opponent ran a clever play to score as time expired, ending our season in dramatic fashion.
While I was driving home that night, I was reminded of something someone much wiser than me had said: when dealing with failure, remember your purpose.
The purpose of high school basketball isn’t to win games. Don’t get me wrong – we still do our best to compete every night. The purpose is to instill off-the-court skills in the players, such as work ethic, sacrificing self for the team, persistence in face of obstacles, and comradeship amongst teammates. Time will tell whether those lessons stick.
From a biotech perspective, the risk of drug development is well known. There are an innumerable amount of challenges that can derail a molecule from advancing. For any given molecule, failure is a much more likely outcome than commercialization.
So, what happens when your potentially lucrative molecule fails before it can become a moneymaking machine for your firm?
While solid profit margins are crucial ingredients to the health of an organization, they are not the purpose of the organization.
We must never forget: our purpose is to help patients live healthier, better lives.
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Abe Maingi, Senior Analyst, is responsible for the delivery of customized solutions to clients across the life science ecosystem. Mr. Maingi’s analytical mindset and problem solving skills help him execute on client engagements ranging from market research, strategy, and operational excellence.