A LOOK AT FEBRUARY'S MEETING

Showing Some Spine and Regrowing It

Negotiation and a Case of Unique Regeneration

by RICHARD O'BRIEN,
Nagog Hill Partners

Bruce Horwitz of Tech Roadmap, Inc. won a dozen roses at the Valentine's Day meeting.
Bruce Horwitz of Tech Roadmap, Inc. won a dozen roses at the Valentine's Day meeting.

Genuine excitement filled the WPI Odeum meeting room as members welcomed an impressive cast of presenters. President of the Massachusetts Biotechnology Council and former House speaker Thomas M. Finneran first shared his very practical, lively and lucid thoughts about the essential process of leadership and negotiations - applicable to all phases of business and life.

A practiced and devoted leader and negotiator, Finneran eloquently accepted his introduction from his old friend and confidant Kevin O'Sullivan, President, Mass Biotech Council (MBC). Finneran proceeded to offer the audience a "lessons learned" dialogue excerpted from the multitude of his life's experiences in both public and business leadership roles.

In an articulate and energetic delivery, Finneran announced, "Everything in the end is a negotiation." Weaving his practiced understanding of leaders, their conduct and makeup with the salient message of work and preparation, he left these important points:

  • Exude curiosity, take intelligent risks, and be prepared because you will make mistakes
  • Guts and confidence work hand in hand.
  • Choices can be lousy, but go for it even if it is risky.

The responsibility for all leaders, he said, "is to leave a company in an improved condition."

To illustrate his concept of how leaders grow, Finneran suggested they read, read, read - conversations are not enough - to acquire the breadth and awareness to lead. Surround yourself with smart people, ask for help and respect others' opinions, he advised. Remember to keep your word, keep your sense of humor, and honor your family. He advocated using your imagination and being yourself.

Always the accomplished negotiator, Finneran certainly recognized the principle of understanding the balance of power in any situation. He suggested:

  • Use parables as an easy way to convey an understanding of your points
  • Keep it simple, let the opposition "direct you," stay focused, and know more (get the knowledge yourself or from advisors, or, if you do not know - say so!)
WPI students listen to Tom Finneran's advice on leadership and negotiation.
WPI students listen to Tom Finneran's advice on leadership and negotiation.

Try to transform competitive situations with perceived common ground and be alert for verbal and other clues from your opponent. Brainstorm, lead discussion, but stop talking and listen intently. Finneran pointed out you learn very little when speaking. Rather, look for a personal bond and find the interests of your opposition. Remember, every negotiation is unique.

In answering questions from WPI Venture Forum attendees after his presentation, Finneran suggested stalemates may require taking a break, and coming back with what might work. Come back with a "downstream item" from your list of issues to find some common ground to return to the table. Final advice: Be prepared to walk away.

Keynote speaker Tom Finneran gives a lively presentation to a full house with Program Committee Chair Ricky Berger moderating from the podium.
Keynote speaker Tom Finneran gives a lively presentation to a full house with Program Committee Chair Ricky Berger moderating from the podium.

Case Presenter

Moderator Ricky Berger kept the evening's content in perspective as he ably connected the keynote speaker with the case presenter, who seemed to have already taken much of Finneran's leadership advice to heart. Jan-Eric Ahlfors '02, MS/MBA '04, Founder and CEO, Total ReCord, Inc. continued the dramatic evening of presentations by presenting his company and its progress with a moving video of animal and human research confirmation of his initial Regeneration Matrix (RM) products to regenerate nerves.

Initially focused on the neurogeneration of the central nervous system (CNS), the company has a potential market of a staggering size - almost $500 billion. He asked the expert panel, selected by moderator and WPI Forum Program Chairman, Ricky Berger, to answer three questions.

Brian Dingman, Patent Attorney/Partner, Intellectual Property Practice Group, Mirick O'Connell, addressed the question of IP strategy. He defined it, and offered a range of U.S. and global patent law considerations and alternatives to educate the audience. He then pointed out the company might want to add value by aggressively patenting its discoveries to bring potential cash into the company from royalties, perhaps prevent encroachment, and to present a stronger venture investment incentive.

Pamela Hochman Norton, Principal, Product & Portfolio Development at IMS, a well regarded biotech industry investment advisor, offered a range of approaches to funding promising enterprises - and Total ReCord, Inc., in particular. She suggested the entrepreneur should ask, "What do I have?" using as a litmus test the question, "If I were hit by a bus, what would be left?" IP is critical to an investor. She also asked, "Is it a drug or a device?" This question permits judgments regarding critical issues of validation of the time line and pricing. She pointed out all investors ask for "skin in the game"-personal investment - to assess entrepreneur commitment.

State Senator Ed Augustus offered a sense of how an entrepreneur might engage public advocacy groups to support the growth of his solution. He pointed out that there are two very important issues for advocacy groups and public support: cost savings for healthcare (insurance companies, disease organizations, in particular), a difficult and important public discussion critical to the future of all healthcare; and hope for the public debate, particularly in Massachusetts, where research and development to harvest embryonic versus adult stem cells poses many questions for future solutions in life sciences.

Richard O'Brien, Nagog Hill Partners, works with emerging and growth companies to develop new business. He can be reached via email: nagoghill@aol.com.