Janet Chien
Principal
Dyad Systems
Babson MBA Student
Q. Tell us a bit about your entrepreneurial journey starting with when you first recognized this opportunity to where you are today.
My entrepreneurial journey started in the IT consulting industry. I spent several years at a system integration company and then at an information security firm helping to grow the companies into public companies and attractive business acquisitions. Following these experiences, it felt natural when a colleague and I decided to try something on our own.
We created Dyad Systems in 2002 with the general idea of applying our IT expertise to the research and development of medical treatments and devices. We suspected that R&D efficiencies could be achieved by combining information technology with better processes for information sharing. We didn't know how much efficiency could be gained but we knew there was a big opportunity to shorten the R&D lifecycle where companies spend on average 10-15 years to bring a new drug to market. The company had no formal business plan, office space, computers, or monetary investment. What we did have through friends and family contacts were two pharmaceutical companies interested in how we could help them with their clinical research studies (conducting trials with patients to test a drug or medical device for safety and efficacy). The first company was struggling to overcome delays with two multi-million dollar studies and the other company could not keep up with the inflow of data to track the progress of their studies. Here were opportunities to apply large scale project management know-how and IT expertise gained from the high-tech industry to clinical trials that complimented without competing against the companies' scientific and medical expertise. Four years later, the company is focused entirely on improving clinical trial results, specifically in applying operational and technical expertise to enable better decision-making and address time-to-market challenges. We've been profitable since the beginning with a loyal and growing customer base of emerging and established biopharmaceutical and medical device companies.
Q. Looking back, is there anything you wish you did differently?
When I look back, it's hard to pinpoint something specific that I would do differently. I would have to say that without a scientific or medical background, it took a while to develop the credibility in the industry. However it was also an advantage to be an outsider with a fresh perspective. It would have been great to have had a network of scientific advisors in the beginning to provide guidance, but those people are hard to find. Even today, it's still very difficult to find advisors with the right combination of business and clinical experience.
Q. What do you enjoy most about running your own business?
Having worked for venture-backed and public companies, I enjoy and appreciate the freedom and latitude that comes with a self-funded, private model. Without the external pressures, the company was able to make course corrections and tweak the business model which ultimately got us where we are today - in a niche market that directly impacts public health utilizing our core strengths and skillsets.
Q. What is your greatest success?
This is a people business and I'm very proud of the individual impact that we've made on our clients. Not only has our work helped companies as a whole but the individuals we've worked with have personally grown as well. A clinical trial is a complex web consisting of independent parties such as regulatory agencies, medical institutions and service providers - all who have competing objectives. We spend a great deal of time coaching clinicians so they become better business managers of this dynamic ecosystem. We show them what is possible when you raise the bar on trial performance and have the right underlying technologies to support you.
Q. Your greatest challenge?
As an outsider coming into the field of clinical research, it's been important for me to take a hands-on role in our client engagements. It allows me to understand the issues in the field and formulate solutions that are relevant and compelling for companies at different stages of growth. It's been challenging to perform client work while balancing longer-term activities that will help the company grow. For instance, publishing articles, speaking at conferences, and putting together high quality marketing events require time and effort. The marketing efforts to develop our brand awareness and company presence get put on the back burner when there is active client work.
Q. What is your vision for the future of your business and what do you need to get there?
The vision is simple. I want to continue adding clients and projects to our roster each year while providing quality work faster and less expensively than our competitors. We're very focused on increasing our client base and diversifying our portfolio. What we need to get there is talent! We're also always on the lookout for new staff - personable individuals who have an entrepreneurial spirit combined with a consulting, technology, or medical background.
Q. How has your Babson education prepare you for this venture?
The business was on its way to success prior to my coming to Babson. However, the Babson network and business support has been wonderful. The Administration and Center for Women's leadership have been very supportive and the contacts I've made through the college have opened doors to potential partners, advisors, and clients. I'm not sure how many students fully take part in all that Babson has to offer outside of class but that has been by far the most worthwhile part of my Babson education.
Q. Words of advice for aspiring entrepreneurs
I find that a lot of Babson classmates are interested in starting their own businesses but haven't found the right idea. Personally, I've never had to come up with the idea - the best business opportunities have been through invitations from others I've worked with at prior companies. If you're not the idea person, my advice is build a great professional reputation as someone who can get a tough job done. If you can't in your current position or company then find another job where you can make a name for yourself. I always liked taking on tough projects because of the visibility and associated risks. I've found that it's rarely the technology that makes a project dificult but something else - the timeframes, costs, team dynamics, corporate politics, lack of definition of the goals, etc. It takes creativity, finesse with people, and perserverance to tackle these kind of projects and succeed - key entrepreneurial characteristics. If you do that enough times over, management takes notice, and more importantly, liked-minded individuals will be drawn to you and respect you. I've built my network through these key people. They end up seeking you out for new business opportunities. And with that comes the idea pool along with the experience and confidence you need to finally branch on your own.
