182 S. Bailey

 "This second phase can be particularly stressful. We've seen that finance
strategy usually will dictate business strategies-not vice versa, as many
think. It also requires focusing on short-term investor expectations rather
than long-term business needs."
 3. Management and control
 "These milestones can cause leadership crisis. The company's founders
and senior managers may now be burdened with unwanted or unfamiliar
management responsibilities, yet they may be reluctant to step aside. To
resolve this crisis, the company frequently needs to bring in capable busi-
ness operational managers familiar with these new demands."
 "Rapid growth requires the rapid development of a corporate structure.
But as this structure takes shape, communication between management
and staff must be maintained."
 4. The move toward delegation
 "As companies become larger they often encounter an autonomy-related
crisis, launching them into their fourth growth phase."
 "Obtaining the right people to lead the company becomes a balancing
act. The company wants to attract talented entrepreneurial people who
would not work for conventional corporations (where incentives are too
indirect), but matching large organizational skills with incentive-driven
people is difficult."
 5. Growth through coordination
 "Inherent at this time is a crisis of control...A management tier strong in
personal leadership skills-the ability to get things done through other
people-is of greater importance than executive management experience."
 6. The collaborative approach
 "Biotech companies at this point can become buried in red tape...This
can be overcome by an approach based on collaboration: mature compan-
ies use team approaches to problem solving."


THE ENTREPRENEUR

 We have examined the phases of a biotech company's development in
the preceding section. Are biotech firms different from other venture-capi-
tal backed firms? They are not. Biotech firms need the vision of an entre-
preneur to get things rolling.