The title above is a quote by the famous management guru Peter Drucker.

If this is true, how does someone win in an “information industry”:

First of all, what Drucker meant was that the pill you get may cost a few cents to make but its real value is in the years of R&D, the IP, all the failed attempts before it, etc.

Now, if information is the currency in this industry, to me, a biotech team must be good at:

• generating information

• extracting information from others

• sharing information internally

• sharing information externally

1. To generate information, you have to be willing to innovate.

To innovate, you have to deal with your fear of failure.

To deal with your fear of failure, you need a strong purpose.

2. To extract information from others (advisors, investors, pharma, partners) you need to develop strong relationships.

And strong relationships are built on trust and integrity.

3. To share information internally—and do it well—the team members have to manage their egos and put the team and the mission first.

4. To share information externally with partners means that you are aware of your limitations (self-awareness) and you acknowledge that you can’t realise your vision on your own.