Women in Bio Events

What’s my Worth?

Feats of strength can substitute for negotiations

When negotiations fail: arm wrestle (Boston College Festivus 2010, Me and Megan Kelly).

For many of us, evaluating our worth in the professional world is daunting. This intimidation keeps us from negotiating and then leaves us asking, “what if…,” long after sealing the deal. For women, there may even be guilt associated with mishandling negotiations since no one wants to perpetuate the ominous “salary gap.” Women in Bio, San Francisco, offered a negotiation helping hand February 26th at Nektar to remove some of the fear from getting what you are worth.

First, let’s take away some of the pressure. We have all heard the statistic that women make $0.77 for every $1 that a man makes. Early in 2014 Christina Hoff Sommers addressed this misleading statistic in U.S. News and then revisited the the idea as Feminist Myth 5 in TIME later that year. The statistic is based on average income for men and women and when you control for specific jobs, the gap nearly vanishes. Based on the career adjusted statistics, the real emphasis should be on choosing more profitable college majors if women want to earn more, not more aggressive negotiating.

Mary Haak-Frendscho, the event’s moderator, did bring up an interesting statistic from a Pew Research Center article. According to the article, women, on average, earn 93 percent of what men earn until they are 35. After 35, the average earnings shift to the 77 percent statistic. What happens at 35? It is something to consider and I guess I will find out this year.

Now that we are able to negotiate guilt-free since the future of women-kind is not on our shoulders, how do we prepare to come to the table? BioCentury Executive Editor, Simone Fishburn’s advice to do extensive, “soul searching before you walk into a negotiation,” is the lynchpin of preparation. We have to know our priorities.

When I first went on the job market after my postdoc, I had a long and detailed list of “priorities.” After some soul searching, and some experience, it was clear everything fit in four points: 1) a professional environment; 2) a collaborative, supportive, and respectful team; 3) a flexible schedule; and 4) part of my job is something I would do as a hobby. Number 4 may sound unusual, but examples for me are roles with a writing component (this blog is for fun) or forming partnerships (I enjoy networking and talking shop). A simple set of priorities helps with evaluation of and negotiation of roles.

Dilbert on the art of negotiation

There is always something to negotiate.

We should also enter a negotiation with realistic goals. Startups are going to be very different then Pfizer, which is different than non-profits. Dorian Hirth, Senior Vice President of human resources at Nektar, and Mimi Hancock, Partner at Spencer Stuart, both emphasized reasonable expectations several times. As far as salary, there are some online resources like Salary.com, Glassdoor, and SimplyHired, but much of their information is self-reported and they tend to inflate industry standards. In biotech, I have not found them to be very useful. The Radford guidance is ideal and what human resource professionals consult, but it is a pay service. “Your network is one of the most important things you can do,” according to Hirth. Your network is ultimately your best tool for industry information and advice on setting expectations around your priority list.

A few negotiables that I had not considered that came up in the panel discussion were promotion schedule, conference attendance, and opportunities to interact with higher management or partners. It is a phenomenal idea to use negotiation time to secure opportunities and emphasize priorities. It may give you more leeway than the typical salary/vacation/equity route. For me, since a flexible schedule is important, negotiating early mornings in exchange for free evenings and conference attendance to keep me talking shop and networking are options.

With our priorities and a realistic plan, it is time to go to the table. Here our greatest asset is, “confidence in your skill set,” says Hirth. We should not be afraid to ask as the worst they can say is no. However, avoid being obnoxious. Emphasize your desire for things to work out and put forth solutions suggests Fishburn. Hancock advises to, “look for cues and clues,” that you may be souring the relationship and to be open, honest, and transparent.

Realism and practicality in negotiations

Stay true to your priorities and be prepared to walk away.

Finally, Fishburn reminds us that negotiations are still part of the interview process so, “listen to the things they are not telling you.” This will provide important insight into what the working environment will be like and the personality of the future boss. If you feel you are not being valued or that you will have to compromise on your priorities, walk away. The situation will not improve when you are with them 40+ hours every week.

The take away is: in a negotiation be informed, relaxed, and confident and get what you are worth, or walk away, something else will come along.

Too hot to hold?: “Hot Trends in Life Science Tools” event reflects competition in biotech

Biotech is on fire with new tools

The October 1, 2014 “Hot Trends in Life Science Tools” event at Bio-Rad hosted by the Women in Bio San Francisco chapter highlighted the excitement of emerging biotech resources and profiled some of the women that are pioneering these technologies. However, each of the panelists has challenging competition to consider, as the scary side of great ideas is that they rarely come from only one source. The approaches these companies are taking, or will take, to carver out their niche in the rapidly growing biotech market should provide good parables for anyone considering entering the biotech startup world.

Dr Rachel Haurwitz, President and CEO of Caribou Biosciences, was the panelist that most represented how a hot idea in biotech spreads like wildfire and how focusing on a specific application of your tool can keep you relevant.

Caribou is in the CRISPR system genome editing game. When the CRISPR system was first described in Science in 2007 it was esoteric and best left to PhD molecular biologists. However, people wanted it and the demand sparked a race to simplify the system into a tool for anyone. Today, a search on Science Exchange brings up ten providers offering CRISPR contract services. To do-it-yourself, Addgene provides extensive resources and kits are available from Clonetech, OriGene, System Biosciences, Life Technologies, and more.

As a small startup, Caribou is avoiding being engulfed by the CRISPR blaze by focusing on a narrow market in a sexy field: epigenetics. Modifying epigenetic markers adds additional complexity to genome editing that the large kit makers are not ready to address, but that academic and industrial researchers need. This niche is giving Caribou time to grow and evolve. It also may make them attractive to those big companies.

Jessica Richman, President and CEO of uBiome, may face a similar challenge. uBiome is in the hot field of microbiomics and companies are popping up all over to stake early claims. Microbiomics is so nascent that the majority of these companies are in extreme stealth-mode; however all biotech startup expositions and competitions seem to include at least one, if not several. Watch closely, the microbiomics explosion will soon provide plenty of marketing and business development lessons.

Microbiomics and Dr Natalie Wisniewski’s PROFUSA, Inc., which is focused on implantable devices for monitoring tissue oxygen levels, also brought to mind the issues with “quantified self” product competition. Quantified self is commonly associated with “wearable” devices, like FitBit, Nike Fuel, and old-fashioned pedometers, but it can encompass any type of self-monitoring. Buy-in for these products is extremely low outside of tech bubbles like San Francisco according to TechnologyAdvice but more and more continue to flood into the market. Furthermore, NBC News reports consumers bore of them quickly with 40 percent of owners abandoning the product. This does not bode well for products that rely on a consumers attention span.

As an implantable device, PROFUSA is, according to Wisniewski, “what comes after wearables.” It has a medical application, but they will still face the wearable challenge of making continuous monitoring records useful to doctors. A The Daily Beast article highlights how these devices can be valuable tools, but concedes that most doctors have no interest in the data, which can come in an indigestible deluge. Without the acceptance of the medical community, and until doctors and insurance providers start requesting this information, self-monitoring devices may struggle.

As the title “Hot Trends in Life Science Tools” suggests, biotech is full of scorching new ideas; but it never hurts to remember that to keep a company vibrant takes as much innovation as that first idea.

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Women in Bio help others at Pivotal Changes event

On October 29th in South San Francisco, Amgen hosted the San Francisco Bay Area chapter’s Pivotal Changes event, which provided guidance for evolving your career through every stage of life. Christine Fera of Lighthouse Capital Partners moderated a panel of invited speakers including Lyn Christenson, a leadership coach with the Linkage Group; Gerry Hansen, founder of Hansen Coaching and Consulting; and Deanna Kosaraju, founder and CEO of Global Tech Women. Though all three speakers addressed the topic from different, yet complementary, angles, the value of strong sponsorship, the necessity of establishing a solid network, and the importance of asserting yourself were common themes of the evening. The enthusiastic and engaged audience of over 100 attendees had enough questions that the event could have lasted double the scheduled time, and all the panelist stayed late into the evening to answer many of the questions that could not be accommodated in the question and answer session. The presentation was bookended by lively networking amongst the attendees over delicious food and drinks.

The event, which was co-sponsored by King and Spalding LLP, also included a successful clothing drive for Dress for Success organized by Brooke Anderson-White and Fiore Cattaruzza. Dress for Success is an international not-for-profit that provides disadvantaged women with the clothing and counseling necessary to launch a career. The attendees donated their extra business clothing and money was raised through a raffle for several beautiful pieces of Lia Sophia jewelry donated by Lia Sophia. According to Anderson-White, “The volunteers at Dress for Success were thrilled at the amount and quality of clothing collected and amazed to learn that all the raffle tickets were sold within an hour.” 


Advertising an event: emails and social media

My first responsibility as part of the Women in Bio planning committee has been to advertise for an exciting upcoming entrepreneurial event, “Beyond Financing: From Incorporation to Exit”. This is the second in WiB’s “Meet the Experts” series and has an impressive panel of venture capitalists, innovation center members, and corporate attorneys to answer questions. What has really struck me is how responsive people have been to my cold-call emails asking for help getting the word out. Despite how busy everyone is and the triaging of inboxes to optimize their time, the vast majority of people I have contacted have replied and sent out mass emails with the event information. In addition to emails, I’ve asked many of them to tweet the event or comment on their LinkedIn sites as I’m curious how many registrants we can get from these social media outlets. In my own tweets about the event I’ve mentioned several women-focused entrepreneurial groups and all of them have retweeted the information, showing just how quickly and unobtrusively you can spread the word using social media. The event will be great and I’m certain it will be a full house.  

Event Info:

Wednesday September 18, 2013
6:00pm – 9:00pm
UCSF Mission Bay Campus
Byers Auditorium – Genentech Hall
600 16th St., San Francisco, CA 94158-2517