March 19, 2020

Hello All,

I started this communication for a group of ~50 C-level executives who intended get together (in person) to learn from one another and share leadership challenges. The plan was derailed… or was it? While virtual, we now have an active community of leaders sharing everything from video-conferencing recommendations to requests for reagents in labs. Some of you are getting this correspondence for the first time – I’ve broadened the list and attempted a clever name. We also have a separate thread going for those who aren’t afraid to “reply all.” It’s a minimal back/forth that gives people a chance to talk directly. Please let me know if you’d like to join that thread.

I hope everyone’s maintaining some level of sanity during these unprecedented times. It is a difficult atmosphere for recruiting, but we at RRA are also extremely fortunate to have an ongoing, direct line to CEOs, investors and business leaders to get a pulse on what’s happening in the market.

A few insights from ‘the field’ to share with you, in no particular order:

• Most investors will sit on the sidelines until they can meet management teams in person. Funding will be delayed as a result.

• It is hard to imagine companies will hire leaders they’ve never met in person.

• Public, clinical-stage biotechs are getting hit the hardest given the disruption in clinical studies and unanticipated runway needed as a result.

• Pre-clinical companies, on the other hand, have an advantage. It’s as close to ‘business as usual’ as possible, and they can (generally) afford to ride this out.

• Digital health companies faced major headwinds in the past; suddenly, the value of telehealth, digital therapeutics, virtual trials, and virtual data collection has never been more pronounced. This may accelerate adoption across the board.

• We’ve experienced a MASSIVE talent shortage for years. That will shift, but candidates are more risk-adverse than ever before.

• Virtual happy hours are the new black.

The most common word I hear on a daily basis is: Distracted. Leaders are also parents and caretakers and friends. We are worried about our families, our teams, our businesses, and our financial security. Put all of that in the pressure cooker of home confinement, add the Chinese water torture of headlines, and…well, it’s just a LOT. I was moved by a quote from Brandon Stanton, the photojournalist behind Humans of New York: “Each of us will be remembered by our behavior during this time. What instinct did we embrace? The instinct of self-preservation? Or the instinct of compassion? During our World War — did you make things better? Or did you make things worse?”

What are you hearing? What are you wondering about?

Jackie