Life Sciences

Blog written by Harry Gonso and Jennifer Rhodes.

In the fifth in a series of life science distinguished speakers luncheons we were honored to have Jim Pearson who is the president and CEO of NICO Corporation, a medical device company providing patented technology for minimally invasive neuro, skull base and spinal surgeries.

Pearson, who is the former president and CEO of Suros Surgical Systems, discussed the successful internally-focused model he has used to grow two thriving life sciences companies.

One of his key discussion points was that to have a successful life sciences company you need a relevant innovation which can lead to intellectual property clearances which in turn can lead to sustainability and new markets.  He later mentioned that one of the pitfalls that companies or individuals may face is not truly understanding the reality of their ideas; a realistic evaluation to determine if the idea is a product, a company or is still in the idea stage.

Pearson's presentation also focused on the key ingredients that led to success at both Suros and NICO.  Companies, and in particular life science companies, need to have a several components in place in order to achieve and sustain growth – some key factors he mentioned were communicating and measuring progress, establishing cultural norms, and making sure every team member has "a win" (ownership, cash, and personal and professional growth).  NICO is run with a deep-rooted belief in the company's top 5 principals: execution, team work, unity, rewards system and balance.  The same philosophy was employed at Suros.

Potential business traps that entrepreneurial companies can fall prey to were also outlined.  Of particular focus was not assembling a strong management and board that can appropriately guide a company through its many phases.  Some of the other key pitfalls he discussed were related to staff.  One of which was not understanding the true power (or potential) of human capital and the other was not staying in touch with what is happening in the field on a weekly basis.

It was an interesting and informative luncheon.  We look forward to watching the progress of NICO and the impact it will have on Indiana's growing life sciences industry.