Challenges for Emerging Virtual Companies
Many companies today are structured on the virtual model for their business. The principle is to keep the infrastructure and staff to essentials and then identify and use outside expertise and resources as needed to move the company forward and develop a drug candidate. This is opposed to the pharma model that builds buildings and hires people to create a massive overhead structure that we see in peril today in so many large branded companies.
However, there are just as many challenges in the virtual model as there are in the more traditional structure, just different challenges. Managing a virtual structure means knowing what outside expertise you need, when you need it and exactly what those resources need to do and communicating effectively with them. If a virtual company does not manage this dynamic structure they will rapidly be "behind the curve", under resourced, without the right expertise, not focusing on the right priorities and moving too slowly to take advantage of their seemingly adaptive business model. "Virtual" is not synonymous with "adaptive".
Effective communications are absolutely essential to a successful virtual company. Everyone in the company is communicating across the core team and with a wide range of outside groups to accomplish the goals and objectives set forth by executive management. Recognizing how important these communications are should lead company executives to train their staff in effective communications skills.
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