Coaching New CEOs
The Opportunity
When a first time CEO of a new biotech company wanted guidance with commercialization strategy, he turned to Ashton Tweed. The new CEO, a former scientific business development expert, was instrumental in leading the efforts of a small group of investors to acquire the platform technology and commercialization rights from a larger healthcare company. The CEO had completed the initial fundraising and wanted to keep the company virtual in the early-stage of clinical development. He now needed advice on how to best build the business.
The Ashton Tweed Solution
Ashton Tweed partners met with the CEO and teamed him with a seasoned commercialization expert who assisted him in identifying and prioritizing the critical business issues that would need to be resolved before product launch.
The executive coach had significant industry experience with a strong background in marketing, sales and business development. Additionally, he proved to be a good match because of his close proximity to the business and his personality fit with the CEO.
The CEO’s executive coach kicked off the relationship by getting to know the CEO, gaining understanding of the new business opportunities and establishing himself as an available resource. He attended all strategic planning meetings and advised on the meeting content, process and how the CEO could best structure his role. After the meetings, the executive coach provided additional guidance and often supplied relevant commercialization business aids including charts, templates and checklists that the CEO could utilize to address specific business issues.
The executive coach made himself available to answer specific questions as they arose. When the CEO wanted advice on how he could get professionals from divergent backgrounds to communicate using the same terminology, the executive coach provided a useful framework for facilitating the use of standard language. The wealth of experience the executive coach offered allowed the CEO to accelerate his business without having to invent all processes from scratch.
The Benefit
The coach advised the CEO on core strategies and creative options to develop and strengthen the new business. This included advice on staffing, clinical trial program selection and the appropriate expenditures and timing for a second round of fundraising.
The coach augmented the CEO’s own base of experience and is available to him as a trusted reference, mentor, consultant and friend. Due to the depth of the relationship, the client was able to leverage lessons learned from the coach to avoid making key business mistakes.
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