What a Chief Financial Officer at Biomerica Wishes They Had Known Before Entering the Biotechnology Industry
Gary acknowledges that at a senior level, one generally knows what to expect going into a role, but emphasizes the importance of thorough research and due diligence, especially when starting out, to avoid surprises and ensure cultural alignment, stating that "everything is as it seems...that's the rare part." Gary also stressed that a leader should act "transparently" to ensure people understand the mission.
Industry Research, Transparency, Leadership, Company Culture, Honesty
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Gary Lu
CFO / NPO Founder
Biomerica and Forge Optima
UCLA
Economics
Biotechnology & Pharmaceutical, Nonprofit, Foundations & Grantmaking
Finance
Worked 20+ Hours in School, Greek Life Member
Video Highlights
1. Importance of Due Diligence: Thoroughly research companies and industries before joining to avoid surprises and ensure a good cultural fit.
2. Transparency and Honesty in Leadership: Leaders should be transparent about the company's mission, progress, and how employees contribute to it.
3. Leveraging Experience for Growth: Joining established companies with potential for innovation can be appealing, offering a blend of stability and new challenges.
Transcript
What have you learned about this role that you wish someone would have told you before you entered the industry?
That's a great question. At a more advanced or senior level, you generally know what you're walking into. Bio America is a 50-year-old company, public for over 30 years, and listed on Nasdaq.
It’s a great story, but why would a tech guy like me join a company like this? It's an interesting question. They had commercialization early on, were profitable, and found success.
Eventually, they decided they could do more. They spent a significant amount of cash on a 10-year R&D cycle, resulting in a brand-new product and category creator that can truly improve people's lives.
This was a key factor that interested me. There was a dynamic between the established, successful aspects of the company and this new, interesting element.
To answer your question, you’ve done your homework, and everything is as it seems, which is rare. That’s why it’s important.
My advice, especially when starting out, is that it's hard. Talking to people, understanding the industry, and doing your own research really helps.
This way, when you get into a role, there aren’t many surprises or hidden issues. If you did a lot of research and were misinformed, I don't know if you'd want to be there culturally.
As a leader, you want to be transparent, ensure people understand the mission, and how their daily work contributes to it. If you're misleading people, I don't know how you can lead that way. Unfortunately, that’s the brutal honesty.