Effective Outsourcing for Start Up Companies
On March 11, 30 people—a mix of service providers and entrepreneurs—gathered at the Pennsylvania College of Optometry to hear Ed Richman, Ph.D., President of Richman Chemical Inc., talk about the benefits that early-stage companies can achieve with effective outsourcing.
Following a networking breakfast, BioStrategy Partners’ President, Karen Hanson, Ph.D., welcomed everyone and thanked Event Sponsor, Richman Chemical, along with Gold Sponsor, Fox Rothschild LLP, and Sliver Sponsors, the Pennsylvania College of Optometry, and Synnestvedt & Lechner LLP.
Richman began by posing the question “What is outsourcing?”
His answer: “If you can specify it, you can outsource it.” He outlined how proper use of outsourcing is cost-effective for start up companies not only because it avoids making long-term commitments, but also because it frees them up to focus on their core activity. In other words, “Price is not the only cost.”
The main theme of the morning was the “Richman Rules”—rules his company has devised for dealing with outsourcing. Richman illustrated these rules with examples of real-life case studies and even a video clip from “The Pink Panther” in which Peter Sellers shows the importance of asking the right question!
Throughout the event, Richman engaged his audience in the discussion, with topics ranging from how to deal with cultural differences—both work ethos and international cultural differences--to the importance of communication, including how critical it is to be specific and not withhold information.
Karen Hanson wrapped up the morning with a description of BioStrategy Partners’ own role in the outsourcing arena, acting as an intermediary between academic institutions, entrepreneurs, and commerce. She noted the continuing challenge young enterprises face of finding the right business model to commercialize science.
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