To build an enterprise that can surely go the distance, Pacific Biosciences' Chairman and CEO Hugh Martin suggests a short list of strategies. Among them, the board must have confidence in a strong management team uniquely qualified to make the decision to sell. In addition, don't staff your board with young VC's, as they are self-centeredly building a reputation and seeking quick and profitable hits. Also, the enterprise should strive to take money from funds that are stable and flush, else the firm backing them will be more likely to sell. This combination, advises Martin, will make a board less likely to cave.
Jan 14, 2009