Lay out a strategic plan for improvement that nets measurable results (Reprint from Indy Star)

By Jim Pearson
President, Suros Surgical Systems
June 27, 2004

Being an entrepreneur in Indiana is much like being an entrepreneur anywhere -- challenging and with ample opportunity to make a difference. Suros Surgical Systems is doing just that by offering professional challenges to the local work force and making noticeable differences in medical technology advances, improved patient care and the image of Indiana as a life science leader.

While the state's BioCrossroads initiative has made significant progress during the past two years, hardly a week goes by that we don't hear about yet another exodus of business or industry. Clearly, our state's business and legislative leaders have a long road ahead in anchoring our position as a national model for life sciences success. Hoosier handicaps yet to be conquered are well documented:

"Brain drain" of key talent; Midwest conservatism; lack of identified opportunity to create business; limited regional venture capital; limited success stories to serve as inspiration and real-life examples for entrepreneurs; a disproportionate number of advisory groups versus results-oriented, day-to-day workers; no comprehensive statewide plan to increase professional opportunities.

The obvious first step for growing business ventures in a state challenged by stagnating opportunity: Face the facts. Indiana's handicaps have been used as a crutch to limp through years of moderate success in entrepreneurial opportunities. At a time when entrepreneurial companies are creating nearly two-thirds of all new jobs in the country, economic benefit to Indiana has been absent.

Now we have a choice -- fold the tent and return to a state driven by dwindling manufacturing jobs, or lay out a strategic plan for improvement that nets measurable results over short- and long-term business cycles. Ironically, identifying our shortcomings will inevitably improve our strategic position.

How do we improve the existing entrepreneurial environment in Indiana? Measure against pre-set statewide goals at six-month intervals. Criteria include job creation; revenue growth and return on investment; in-state production contracts and raw material purchases; hiring in-state MBA and undergraduate students; state-backed incentives such as the 21st Century Fund; individual key metrics tied to measurable results.

Avenues for continued improvement:

• An outline from key leaders of what success looks like in 12-, 36- and 60-month intervals with progress measurement at six-month interludes. Great growth will never occur until we concur on the definition of success.

• An alignment of financial and human resources with appropriate business opportunities that are adequately backed by state incentives. We can start by identifying specific business stages that align organizations with appropriate solutions -- a business development mentoring of sorts. I envision five stages:

1. Companies with ideas, but no money, product, management team or manufacturing.

2. Companies with a working prototype or product but limited funds, management and manufacturing ability.

3. Companies with market promise and some success but that need a management team, infusion of capital and manufacturing support to prepare for growth.

4. Companies expanding their staff and product pipeline. They require qualified employee options, capital and production facilities.

5. Mature companies with a successful business model, seeking creative ideas, new product possibilities and personnel who integrate with corporate culture. Positioned to identify merger and acquisition targets to promote growth.

Until we define what success looks like and agree on a road map to attain it, we will struggle to understand why programs and marketing initiatives are not retaining and attracting promising new business. And we will tread water in gaining access to a global network of venture capitalists.

We should look to other cities for working examples of success. (In life sciences, San Diego and Minneapolis have proven results). We should not be creating the wheel, but recreating it. While it is motivating to think we can do better than other national examples, it is also arrogant and a waste of time -- critical if we want to take immediate advantage of the valuable talent in our own backyard.

In the end, being an entrepreneur in Indiana, much like anywhere else, is about overcoming obstacles and producing daily results. We must not let obstacles become excuses for why it can't be done in the Midwest. The success of Suros offers tangible evidence that "bio-entrepreneurship" works in Indiana, despite the obstacles. If you find it easier to lean on the embedded stereotype that Indiana is fighting to change, I recommend moving to Mississippi, Alabama or Louisiana. Because Indiana is going to grow and succeed -- at least that's how one entrepreneur sees it.

Pearson is president and CEO of Suros Surgical Systems in Indianapolis, a medical device manufacturer that uses minimally invasive methods of tissue excision and biopsy within multiple surgical specialties.