Small diversified businesses that made their way to success – Part 2

OncoMed Pharmaceuticals, based in Redwood City, California, focuses on medical breakthroughs that “target the pathways critical to cancer stem cells.” According to Paul J. Hastings, President and CEO of OncoMed Pharmaceuticals, the company’s founders were native-born as well as its most important patent holder/drug discoverer (Austin Gurney). Four foreign nationals are listed on company patents. All of these foreign nationals are in senior positions in other biotech star-ups now, all in the area of cancer, noted Hastings. “Our little company has been the seed of many startups, and we are proud, as a startup of that.”

Hastings believes combining American-born and foreign-born talent is likely to continue to work well for OncoMed. “We have many new foreign nationals at OncoMed, and I am sure they will be major inventors on our newly filed or soon-to- be filed patents.” The company has an internship with a university in France. “We spend lots of time and money getting talented folks visas to work here from India, China, and Europe,” said Hastings.

Another example of a company with native-born founders but where foreign-born talent has played an important contributing role is ExteNet Systems, which provides network infrastructure for wireless providers. Eric Lekacz, a co-founder of the company and vice-president of business development and strategy, said although he was born in Detroit, he lived in London and other members of the management have spent significant time abroad. Although a relatively small company, with 86 employees, it is striking how ExteNet’s leaders think globally in the same manner as companies on the Fortune 500 list.

“We have worked internationally and developed contacts, so we might be just as likely to find the critical person we need is working in Europe as in the U.S.,” he said. “And if it’s a foreign national, we will go through the pain” of the immigration process.

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Posted by Usman Khalid on Jan 30 2012. Filed under Business. You can follow any responses to this entry through the RSS 2.0. You can skip to the end and leave a response. Pinging is currently not allowed.