Giles Shih - The importance of education

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Giles Shih - The importance of education발음듣기

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Giles: My name is Giles Shih.발음듣기

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I'm President and CEO of BioResource International.발음듣기

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People ask me, "Does your PhD help you as you grow your business?"발음듣기

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I think more than anything, the persistence, and perseverance, the discipline of just day in, day out going after something, and setting goals and achieving them.발음듣기

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I think a lot of people that go through that PhD process, will tell you, you have to really be driven, and have to be detail-oriented, and you have to deliver a product, a dissertation at the end, and defend it in front of your professors and your peers.발음듣기

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I think the training has helped me, to develop more of a long term view, in being persistent and diligent.발음듣기

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I'm not the first one to say this, but usually when you start a business, there's three elements that need to happen.발음듣기

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We call it the three legs of the stool.발음듣기

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You have to have good technology.발음듣기

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That typically is the research institute, or a academic or government research institute.발음듣기

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The second is, good people. I work with a great team, and everybody's got a great vibe and spirit and culture.발음듣기

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Initially we saw people as just kind of a list of skills and experiences.발음듣기

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At least for me, that's how I looked at it.발음듣기

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Realizing there's a lot of other issues, and things and fit and culture and drive and those non tangibles.발음듣기

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I much rather hire somebody that I feel, is willing to learn and has a energy and spirit, rather than someone that is fully trained, but doesn't have those qualities.발음듣기

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Those are things that I've learned about, in terms of hiring people and letting people go then, or putting them in different positions or spots, so they can perform better.발음듣기

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People told me this and I didn't believe it, until I started the business is, the people are what makes the business.발음듣기

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You could have a mediocre technology, but you have a great team, you can really build a good business around it.발음듣기

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As opposed to if you have a great technology, and a mediocre team. It doesn't amount to much.발음듣기

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The people are really key.발음듣기

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Then, thirdly, you have to have capital.발음듣기

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That is in form of venture capital or angel investors, or uncles with deep pockets, that can help support the business.발음듣기

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Especially in life science ventures, those first few years are money losing entitites.발음듣기

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We had to burn through a lot of cash, to get to a point where we had a product that we could take to market.발음듣기

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For life sciences companies, there's just a lot of upfront investment necessary.발음듣기

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To fund a research lab to do the research, to fund the scientists to do the work.발음듣기

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Typically it takes several years, just to get even a prototype out there.발음듣기

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I think that is a real challenge now, in terms of funding.발음듣기

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Early stage companies to become middle and then late stage companies, that are successful.발음듣기

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A good company is only as good, as the last problem that they've been able to solve.발음듣기

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If you can't solve some problem, then you're going to be constrained by that.발음듣기

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There will always been challenges and problems.발음듣기

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Your success will be tied to how you solve those.발음듣기

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I would encourage folks that are in the sciences, "Why are we doing this?"발음듣기

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What impact does it have? Ask, "Why?"발음듣기

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Then, if there's something that really gets you going, something that becomes personal and a cause for you, pursue that and harness that and go with it.발음듣기

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I think that will get you through a lot of the difficulties and challenges.발음듣기

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I think that helped me, knowing that what we were going to do at the end of the day, would help the industry and help feed the world.발음듣기

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