D G N A N E A I D R I Y E ” E E B T V H R M T O A E “ D P M K E N Y R IA OO AS R B B S E E I H TH IS Rita McGrath | Thought Sparks
EW VI ER OV N SIO US SC DI
I was deeply saddened to learn of the sudden passing of Brian Dovey, a partner at Domain Associates and a family friend on August 27. Imagine my surprise at receiving a signed copy of his new book, synthesizing so much of what he had learned in decades of investing in young entrepreneurs and nurturing companies that have made a material improvement in human health and flourishing.
YEARS-LONG OPPORTUNITIES TO EXCHANGE IDEAS I first met Brian Dovey, a venture capitalist and entrepreneur, through Eileen Galton, a dear friend of mine who worked with Brian and his partner, Jim Blair, at their investment firm Domain Associates. Unlike a lot of firms operating in this space, Domain partners always sought to form win-win relationships with their investors, entrepreneurs, and other business partners. As Jim puts it, “We started Domain to create new companies that could translate scientific and technological breakthroughs into new, innovative medicines and medical products that make a difference in people’s lives.”
THE TEACHING SIDE OF THINGS I was introduced to Brian when he had the idea and the opportunity to teach young entrepreneurs and MBA students and wanted to know what teaching was like. We had a great – if somewhat grounding – conversation about the rigors of teaching and the time it takes for class preparation and grading and he decided to take the plunge, becoming one of the most popular instructors at San Diego State University leading a course called, “Managing the Growing Firm.”
OF RISK, CORPORATE AND ENTREPRENEURIAL
One of my favorite conversations with Brian was about the nature of entrepreneurial risk, and why he had decided to go the entrepreneurial, venture capital route. He related his experiences at Rorer, then a leading pharmaceutical and medical device company. He was promoted to Executive Vice President for all of Rorer’s strategic planning, plus pharmaceutical R&D as well as running his own division. As he notes in his book, “Office politics started wearing me down.” Not only could he not avoid them, the countless hours on trivia were grinding and his role seemed to be to perpetuate them, not eliminate them. As he puts it, “My attempts to say, “Who cares, let’s focus on what’s important were not appreciated.”
THE FIVE CRITERIA FOR INVESTING IN A STARTUP Brian lists five criteria that he used to judge startup proposals. 1. Market: Are you addressing a true unmet need, or is it just nice to have? 2. Competition: Who will be threatened by your idea, and how will they respond? 3. Technology: Do you have the technical capacity to execute your idea at scale? 4. Proprietary position: What’s your unfair advantage that will stop others from copying your idea? 5. Financial requirements: Can you generate enough cash before going broke or before your investors bail out?
A PERSONAL NOTE
Brian died unexpectedly on August 27, 2023, with his wife of 60 years, Betty, at his side. As he doubtless would have wished, he was hard at work on the tasks of getting his wonderful, personal, and deeply wise book into the world, and had already begun to sign copies for friends and influencers as part of the planned October 3 book launch. Much to my astonishment and delight, he had signed a book for me before his death, which his family kindly forwarded to me.
WANT TO SPARK SOME THINKING IN YOUR OWN ORGANIZATION? Book Now
https://thoughtsparks.substack.com/