Opx Biotechnologies Case Study Solution
VP, Business Development
A partnership with other businesses would mean financial growth for the firm. The strategic partnership would carry the firm from the early-stage into a mature stage. The firm would require technological advancement to carry forward with their business development hence a strong partnership with technological firm was evitable. Eggert needed a person who would have strong marketing skills with great knowledge of technology. An individual with strong negotiating powers would be up for the job.
Frank Friedman
Frank Friedman had 25 years of working experience in the field of environmental, oil and gas industries, alternative energy. This experience was relevant to OPX BIO’s business development requirements. With Vast amount of experience in several different fields Freid man ventured into its own firm by the name of Clean tech Consulting firm. In his previous jobs he developed strong corporate networks which can prove to be substantial for OPX BIO.
General Counsel
As OPX BIO was planning to expand its business development; the company needed counselling in its corporate legal needs. As the company moved towards securing the intellectual property, and make advancements in the field of technology, its legal requirements got more complex. An internal counsellor that could formulate legal strategies for OPX BIO would help the firm make better partnership deals with other firms. Before going for the initial public offering, a compact legal policies were required for the firm. Apart from this, the external legal advisor proved to be costly for the firm hence, an attorney in-house had to be the part of the senior team which would be financially beneficial for the firm.
Jane Geller
Geller had experience in the biotechnological firm as a general counsellor. She looked after the multiple proceedings for IPO hence, the firm would be quite satisfied with the way Geller would work. The firm that she previously worked for was a public biotechnology company hence she would be best for this job.
Chief Financial Officer
As the company was in growing process it had to develop different financing activities to fund its projects and to pay high executive salaries. The company needed a stronger Series C financing to help in the growth process. If the company wanted to be at the next stage it had to hire a capable CFO which had expertise in long range financial planning. Furthermore, the company was eying to gain entry in the equity market which requires a more financial expert that could help the firm in deciding about the level of equity needed to finance the projects.
Albert Dear born
Albert Dear born had previously worked for a biotech company as a CFO. The biotech company had hired him to provide assistance in the initial public offering. He successfully completed his job as the IPO resulted in $100 mm in equity financing. Again, two years back the Dear born was hired as COO in yet another Biotech firm based in Arizona. Therefore, as he had biotech experience he was suitable for this job.
Hiring A VP
Eggert has to make an important decision of hiring the VPs and hence keeping in mind the future prospects of the firm; the task can be mentally pressurizing. To make the task of hiring a much easier he can distribute the responsibility among different leaders of the firm. The people who are directly involved in the hiring decision can make it less intimating for Eggert. They too can ask different set of questions that can be important in the hiring process. Apart from the senior leaders, the CEO can even take the assistance of junior subordinates as what kind of a boss they would enjoy to work with. The junior employees can share their valuable suggestions and may make the search process a lot simpler. It would be easier for Eggert to select from the list of potential candidates. This would also help in building the motivation level of the junior employees as they would enjoy giving their valuable advises to the firm’s CEO. (YSCOUTS, 2015)
The other thing that Eggert can do is hiring a third party recruiting team. The recruiters shortlist the best candidates, takes their interviews as per OPX BIO’s requirement and then give the name of the best candidate for the firm. The recruiters can ask a senior member or someone from the board of directors to assist them in the hiring process.As one of them can join the recruiters in the interview session.
Recommendations
The CEO of OPX BIO looks to hire bunch of professional executives to take the firm at greater heights. Though, he needs to look at the limited cash savings of the firm therefore, the hiring process seems to be a tough job for him. In order to take the company forward, he has to hire senior executives who can support the firm in the long run. He has to fill in seven positions and out of them five are to be appointed as Vice presidents of different departments. Now, he has to make sure they have a good experience at their back. Furthermore, they have to have complete knowledge of the bio-engineering and bio fuel technology. As most of the work done would be on computer the professional need to be an expert in the computer skills as well. The top most important positions are General Counsel, VP, Business Development, VP of Engineering & Operations and Chief Financial Officer. For them to be hired, the CEO can take the help of recruiters that can provide them with the names of suitable candidates. Moreover, it can bring the other leaders of the firm to take the interviews from the potential VPs. By doing this it would release the pressure of the tough task of hiring employees........
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