March 2022

Hi Gang,

Soooo… we’ve rounded the 2-year mark and counting with this thing. And ‘this thing’ is now much more than a virus. It’s anxiety about losing flexibility. Anxiety about wasting time commuting. Anxiety about wearing pants… with buttons… Anxiety about the public markets. Anxiety about massive geopolitical chaos that takes us back to the Boris and Natasha days. Lots of anxiety.

There’s excitement, too. With mask mandates lifted, we can smile with our eyes and mouths again. Offices are gradually coming back to life. We’re taking airplanes to meetings. (An amazing group of female CEOs gathered last week to network and help support the next generation of female CEOs. And at a recent biotech partnering conference, attendance was more than double pre-COVID levels – even with the option to attend virtually.) We want to see each other.

The question we’re asking now, at home and among colleagues, is: How do we thread the needle between flexibility and connectivity? Now that external factors aren’t forcing non-essential workers to stay home, how do we navigate the WFH -> RTO transition? What do we ask of our teams, our families – gasp – our dogs and cats!?

If the RRA team can help gather insights on these or other questions, please let us know. What are you interested in learning from your peers?

A few observations on the market from where we sit:

• We predicted the rise of the COO, and it is real. While investors often index on fundraising ability when selecting a CEO, the internal day-to-day is a heavy lift. A strong co-pilot to the CEO helps fill gaps on the management team and/or simply increases the number of arms, legs and brains focused on the business.

• People who show up have an advantage. At work. At events. In interviews. In life.

• While many public companies are in a world of pain, it’s not like candidates are running for the door (sorry!). This will take some time… and there are still plenty of newcos trying to build. Unfortunately, the talent wars are by no means over.

• Managing the board remains the No. 1 challenge for first-time CEOs, and navigating the interests of early-stage investors along with those of later-stage investors and public board members adds further complexity.

• Remember that you are NOT alone – someone out there has faced the challenges you’re navigating right now! If the RRA team can help as thought-partners and/or in connecting you with others, please consider having a confidential conversation with an objective, ‘been there myself’ colleague. (Maybe even in person!)

Hang in there, everyone! Stay nimble!

Jackie