In recent years, Kansas City has seen increases in entrepreneurship and investments from outside the region, particularly pertaining to life sciences. While that’s good news for the area, we continue to face a significant challenge: the need to attract and retain life sciences professionals.
According to a national venture capital MoneyTree report, biotechnology, medical devices and equipment accounted for a combined 22.6 percent of the national share of venture capital investments in 2013. When factoring in technology, they account for 67 percent of venture capital investment over the last 10 years.
MoneyTree reported that Missouri and Kansas ranked 27th and 31st respectively for amounts invested in 2013. Both states’ results exhibit growth in investments which have occurred right here at home. When it comes to making deals, Kansas City is making a name for itself as a great location for startup life sciences companies. Unfortunately, in recent years, Kansas City has also struggled with losing talented professionals to other entrepreneurial locations, such as Boston and Seattle.
Our thriving metro, with its easy access to anywhere in the country, array of higher education institutions, and affordable cost of living offers many advantages for skilled scientists and business professionals in the industry. The success of the Kansas City Area Development Council, and its ability to attract numerous companies to the Kansas City metro, shows that companies seeking a new home are realizing the benefits Kansas City has to offer. Our community has to not only attract companies, but also retain and empower the best local talent while protecting its most valuable assets. A few tips to consider:
Regularly Communicate Value to Your Team
Remind your professionals why they joined this industry and your organization. Make sure the values that originally attracted employees are ingrained into your culture. Emphasize how the business will accelerate from collaborative efforts, and the key role each person plays in the organization’s long-term vision. Put as much effort into retaining team members as you did hiring them.
Life sciences companies should regularly communicate their own stability and engage employees through frequent company updates. Authority should be delegated to skilled and trustworthy partners, while clearly defining team member roles along with their individual potential for growth.
Establish the Proper Controls
To uphold their unique competitive advantage in the marketplace, life sciences companies depend on valuable intangible asset portfolios rather than physical assets. Noteworthy assets include trade secrets and patents as well as communications-related properties such as media, brand and reputation.
Theft and misuse of intangible assets are significant problems in the industry with no signs of going away any time soon. Intellectual property protection is more important than ever, given today’s focus on research and development through data analytics and technology implementation.
Companies invest billions of dollars annually in protection measures. While some remedies are available to victims, the discovery, investigation and prosecution quickly become an expensive, time-consuming and distracting process with uncertain recoveries.
Mitigating the risk of loss while maximizing intangible assets is key to demonstrating value to your most important audiences: clients, investors, employees and peers. Therefore, an organization should establish the appropriate documentation, registration and monitoring processes. Ensure that retention of and access to critical documentation is safely monitored, and require employees to sign nondisclosure and limitations-of-use agreements. To most effectively educate and engage employees, provide continuous training on company policies and procedures.
If left unchecked, misappropriation, infringement, loss of rights and reputation damage can discredit a business in the blink of an eye. Don’t fall victim to any of these by making the establishment of both preventative controls and recovery plans a key priority.
Take Advantage of Available Programs
A number of programs and incentives are available to companies considering relocating to, expanding in or starting up in the Kansas City area. By taking advantage of incentives and other resources, companies can free up funds to invest in the company and its employees.
For startups and early-stage companies, consider aligning with one or more of the business incubators and accelerators existing throughout the region. Incubators can provide reduced rents, access to equipment and services, and formal and informal opportunities for collaboration and financing. Established companies and later-stage startups should consider the many incentive programs available offering financing through tax credits, savings through tax abatement, and other financial incentives to invest and grow in the region.
Today’s professionals want a clear understanding of their opportunities, ongoing knowledge of the state of the organization, empowerment and the ability to see how they fit into the vision and purpose of the organization. Establishing the right culture and protocols, and tying employees’ passions to the organization’s goals creates a solid foundation for attracting and retaining talent, expanding capital investment and continuing to advance the life sciences industry in Kansas City.
