I spent a day in a situation-room session with a CEO of an early-stage biotech. While I was solely concentrated on the outcomes, the CEO was anxious and overwhelmed with “all the decisions he had to make.” The boldest move on the table was not a new program. It was the decision to narrow focus.
Early companies never own the luxury of excess. Every person you hire, a dime you spend, and scientific pursuit you say yes to must point at milestones that contribute positively to valuation.
Anything else wastes oxygen – and becomes a distraction to your people and business strategy.
We listed every single program on the whiteboard, circled the ones with near-term data catalysts, and crossed out the rest. Many of these programs were attempts at AI that distracted (and expressly frustrated) the team.
When resources are thin, keeping optional programs alive only starves those that can carry the story forward.
If the founding team feels torn and debates between A and B, ask three questions:
— Why must we do this?
— Why must we not?
— What costs will we pay if we throttle this program?
Then socialize the answers with your science, operations leads, and the board. Challenge every assumption, pressure-test against all possible variables, write down risks.
In the end, if you can’t reach a consensus as a team, the CEO has to make that final call, that final decision.
It’s like in a clinic — you can consult your peers, but the ultimate decision is yours.
At the time when financing is dry, direct your scarce energy to the path that compounds value fastest.