Mary Lynne Hedley urges Cypriot scientists to embrace entrepreneurship
Dr Mary Lynne Hedley, a trailblazer in biotechnology and scientific entrepreneurship, recently visited Cyprus to inspire the next generation of life science innovators.
A Senior Scientific Fellow at the Broad Institute of MIT and Harvard and a Venture Partner at Third Rock Ventures, Hedley brought with her a wealth of experience—from co-founding billion-dollar biotech companies like TESARO and ZYCOS, to mentoring entrepreneurs navigating the path from academic research to commercial success.
Invited by Cyprus Seeds and hosted at The Cyprus Institute of Neurology & Genetics, Dr Hedley addressed a packed audience of researchers, entrepreneurs and students in her keynote talk, “A Scientist Stepping into Entrepreneurship.”
Drawing from decades of high-stakes leadership in the life sciences sector, she shared her insights into how grit, humility and teamwork can turn cutting-edge research into life-changing medicines.
In this wide-ranging interview with the Cyprus Mail, Dr Hedley discusses her impressions of Cyprus, the obstacles she overcame as a young founder, and her guidance for Cypriot scientists seeking to launch biotech ventures.
Her advice blends practical strategy with philosophical insight, driven by a deep belief in the power of science and the entrepreneurial spirit to improve human lives.
CM: Why did you visit Cyprus and what are your impressions?
We were invited to Cyprus by a colleague, Anna Protopapas, who is also one of the Cyprus Seeds Board members. She was kind enough to offer her home and hospitality and introduce us to the Cyprus Seeds organisation which is doing critically important work to ensure that the scientific advances and inventions of Cypriot scientists are translated into meaningful products.
Cyprus Seeds selects and supports the best research teams with grants while offering mentoring opportunities and enabling networking with international entrepreneurs and organisations more broadly. I was so impressed by the enthusiasm and work of the young scientists we met and feel certain that working with Cyprus Seeds has been transformational to their experience and willingness to build an entrepreneurial ecosystem for the benefit of all Cypriots.
I also had a chance to explore a bit of the island and its history. Cyprus is a beautiful place, from the pristine waters to the sandy shores, limestone cliffs and cedarwood forests. The 7000 years of history that defines the island has created a special ethos and culture of resilient people, fabulous food and welcoming hospitality. I am grateful to the organisation and to the many people who made my strip one to remember.
CM: You founded your first biotech company during your postdoctoral fellowship. What were the biggest scientific and business challenges you faced as a young entrepreneur?
Our youth and business inexperience were significant hurdles for our team of three founding scientists. Early on we added a team member from the business school (an MBA candidate) to increase our credibility and complement our skill sets. Had we included an individual who had experience or who was recognised as a leader in translating science into new medicines or new companies we would have had an easier time raising that first round of financing. That said, we found a way to get it done!
CM: At Third Rock Ventures, you mentor young entrepreneurs. What qualities do you believe are essential for scientists translating into the world of startups.
Just as a football team does not win with a single player, a newco cannot win with a single entrepreneur. Successful newcos are built by people who recognise their limitations and hire team members who complement and amplify each other’s’ strengths. Self-confidence coupled with humility and the ability to listen and integrate different types of information into a strategic plan are essential qualities and skills. At the core, an entrepreneur is scrappy, they are problem solvers, they find a way to get stuff done despite obstacles. They ask how to make something happen rather than focusing on the many reasons things cannot happen. They have GRIT, as described by Angela Duckworth during her TED talk and in her wonderful book on why GRIT makes people successful in sports, business, science and life.
CM: Given your experience with major biotech exits like the $3.9 billion MGI sale and the $5.1 billion TESARO acquisition, what factors do you think make a biotech company an attractive acquisition target?
We have an adage in the biotech world, companies are bought, not sold. MGI and TESARO were built by a leadership team who believed in their mission and their strategic, long-term plans. They both had strong pipelines which included impactful medicines and were operating efficiently and effectively to deliver medicines to patients.
Several of the factors that compelled shareholders to own the company stock were similar to those that potential acquirers found attractive and relevant in their decision making. Of course, once an offer was officially on the table, it was our responsibility to optimise the sale price by creating competitive tension between suitors and to negotiate effectively. In both of those cases, MGI and TESARO were acquired at a share price significantly higher than both the opening acquisition bids and the price of the stock trading on the open market.
CM: How do you approach translating early-stage research into commercially viable biotech companies at the Broad institute?
Some researchers at the Broad have existing relationships with venture capital firms and a history of newco creation. They work with the tech transfer office to submit patent applications and then rely on existing networks and experience to pitch new ideas to investors. However, just like in Cyprus, the majority of scientists are new to the experience. We work with them to understand their ideas and determine with our patent counsel a patent strategy.
We help them build a pitch deck that explains the problem or unmet need their technology will address, the competitive advantage it has over current approaches, and the changes that will come about if they are successful implementing the technology. We connect them to venture groups via our network of relationships and Broad’s tech transfer group will negotiate either a sponsored research agreement to continue technology development in the Investigator’s lab, and/or a license agreement with newco investors to transfer the technology to the newco. It is rare that a senior investigator will leave academia and join the newco, although they often are considered scientific founders and sit on advisory boards for the newco. They also receive stock or stock options as compensation for their work.
CM: In your view, what are the most critical gaps that still exist between scientific innovation and successful commercialisation?
The first gap is one of bias. In settings where translation is a new concept, there is often a belief that science is the pursuit of truth whereas translating science into products is somehow a lesser thing. In reality, both efforts are worthy and important.
Over time that bias dissipated at Harvard and the Broad and now it is often considered an advantage to partner and license technologies to pharma or newcos. The second gap is in attracting early seed financing. Even in an ecosystem which has a plentiful supply of venture, this remains a challenge for first time entrepreneurial researchers and is even more difficult in today’s biotech market which continues to have headwinds.
CM: What advice would you give to scientists and researchers in Cyprus who are considering entrepreneurship but may lack access to large venture ecosystems?
First time entrepreneurs often do not know where to begin and the effort seems quite daunting. An effective tech transfer office can assist with patenting and negotiations associated with licensing and spinning out companies, but a true entrepreneur will own their destiny and take action that goes beyond familiar academic methods to fill in knowledge gaps. There are free resources online that explain the concepts of financing (seed and venture), licensing, newco formation, communication and storytelling, building a pitch deck and networking.
Many university tech transfer offices and VCs ( http://www.pillar.vc) provide free resources to any entrepreneur. I learned from a Cypriot trainee during my visit here that Linked-in has a community of first-time entrepreneurs looking to network at an international level. Coursera has a free online course in prompt engineering offered by Vanderbilt University that teaches how to effectively use ChatGPT, which when used to your advantage is a goldmine of information.
A successful entrepreneur’s mindset shifts from focusing on the many reasons they cannot succeed to creatively thinking about how they will, despite the seemingly insurmountable barriers. This mindset defines an entrepreneurial journey.
CM: Your passion for nature and exploration is inspiring. How do these personal interests influence your perspective on scientific innovation and leadership?
My sense of curiosity about the world, how things work, and people in general makes it natural and easy to gather new information, explore new ideas, and broaden my perspective. Reflection helps to incorporate those learnings in ways that make me a better scientist and leader.
I only came to these realisations with time, but even early in my journey it was clear that time spent in nature, on a hike in the mountains, a walk on the beach, or sculpting bonsai trees in the garden illuminated solutions to problems I’d been ruminating on for days or weeks.
Our brains are fascinating, why is it that solutions don’t always appear with continual and determined mental focus as fast or efficiently as they do when the mind is liberated for a time? I don’t fully understand it, but am extremely grateful for it!
