How do you know when changes in the market help you pivot to a better solution?
Ask Jamie Grooms. He is the CEO of the Florida Institute for the Commercialization of Public Research, a non-profit organization that assists new companies during their creation process. The institute leverages $2 billion of research funding to assist companies that will impact the global marketplace with scientific breakthroughs.
A major innovator in the biotech field, Jaime moved from a position of middle management at the Tissue Bank of the University of Florida, to become the CEO of Regeneration Technologies virtually overnight. That company, now known as RTI Biologics, is a global leader in implants from donor tissue.
“It’s not what you plan; it’s what you can see as an opportunity,” Jamie notes. His original plan was to use advanced bone implant technology in the sports medicine market, but sales weren’t matching expectations. So he re-examined his assumptions and pivoted into the spinal implant market, where his product was greeted enthusiastically on the basis of a strong pre-existing. This allowed him to make a greater impact on the market, which led to huge profits for Jamie and his team.
Success and expansion come with their own challenges. Jamie admits that at first he had trouble adapting to his sudden CEO status, (a position he defines as “the ultimate middle management service provider.”) He sought recommendations for an executive coach who taught to trust and develop his own brand of leadership. His ability to learn and adapt keeps Jamie at the frontline of the biotech field. What challenges are you facing as your brand expands?
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