Strategy and Project Management in the Academic Setting What best practices from industry can be applied within the academic setting?

Industry and Academia Have Differing Goals and Metrics of Success Industry focuses on translation and products - scientists pursue tangible entities (validated targets, novel molecules, biomarker assays) Measure of success : $$$ Academia focus basic research knowledge creation though basic research and dissemination of knowledge Measure of success : Tenure Principles of effectiveness in managing project progression apply equally in both settings – project advancement is fundamental to both

Science is a Team Sport in Industry Many disciplines and functions are need to move projects forward (eg. Chemists, biologists, toxicologist, pharmacologists, engineers, manufacturers, lawyers, marketers) Highly effective use of multiple resources serves the purpose of translation In contrast there are incentives (getting tenure) for academics to lean towards individual research in order to substantiate significant impact

A Multidisciplinary Approach Can Be Dilutive to Your Perceived Impact Consider how to bring additional expertise to your project (collaborators, consultants, contractors) especially If you are translationally-oriented

Principles of Project Management Phases of Project Management Cornerstones of Effective Project Management Initiation Planning Execution Monitoring Closing Milestone-basedAccountabilityManaging Risk

Initiation & Planning of Projects Assemble team (think about external experts!) Identify goals, establish milestones/aims Create a project plan (simple or detailed) – Specific project activities & tasks – Timing of activities – Interdependencies among work streams – Cost – Important milestones

Detailed Project Plan and Timeline: Microscoft Gantt Chart is an Industry Standard

Simplified Project Plan and Timeline Modeled After Gantt Chart (NIH)

Coulter Project Activities Prototype Pacemaker Design and Manufacture Rabbit implant technique piloted Fetal sheep model study with optimized device (without recharging) (Coulter) Quality System Development Patents Prosecuted in US and Canada & new IP under review Reports <Q2 12Q3 12Q4 12Q1 13Q2 13Q4 13Q1 14 NIH R01 Application 8 8 HUD Designation Obtained Electrical output tested Publication Design and fabrication of external recharging system (CTSI Funding) Design and fabrication of external recharging system (CTSI Funding) Build device with internal charging coil (Coulter) Fetal sheep studies incorporating external recharging system (R01) Go/ No Go Go/ No Go Funding conversion AHA Meeting Press Release Press Release + oral High Level Project Plan and Timeline

Accountability Regularly scheduled team meetings Create agendas for team meetings and follow them Team meeting minutes with ACTION ITEMS assigned to team members Review ACTION ITEMS at next team meeting to ensure they have been completed Careful tracking of documentation/data

Managing Risks Identify risks and have some form of mitigation for these risks Supplement your team with complementary skill sets Formulate endpoints and pivot if necessary Build optionality into your project plans and make adjustments to your research direction as you build your information base Build optionality into your project plans and make adjustments to your research direction as you build your information base

Some Important Issues for Academic Laboratories You Need to Think About Research data retention Research data organization and storage Industry utilizes electronic laboratory notebooks and has extensive infrastructure to support capturing work product, data, and inventions Problem: data walking out the door Solution: centralized data management

Central Desktop Electronic Filing System for Documents & Data Functionality for Tracking Project Plans & Timelines Reporting and Monitoring A Collaboration Tool Data Management Tools

Central Desktop Dashboard

Best Practices from Industry that Can Be Leveraged by Academia in Managing Your Projects Defined milestones Defined project needs / resources Mapping of timelines Team building with complementary team skills Data management and storage Defined milestones Defined project needs / resources Mapping of timelines Team building with complementary team skills Data management and storage Principles of effectiveness in managing project progression should apply equally in both settings – project advancement is fundamental to both