Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Sam Santhosh, Founder, Chairman and Global CEO at MedGenome:
What does your company do?
MedGenome is a genomics research and diagnostics company with a mission to improve global health by decoding the genetic information contained in an individual's genome. Its unique access to Indian genomics data with clinical and phenotypic details provides insights into the biology of complex diseases to facilitate research leading to personalized health care. MedGenome is the market leader for genomic diagnostics in South Asia and a leading provider of genomics research services globally. MedGenome is also a founding member of GenomeAsia 100K initiative to sequence 100,000 Genomes in South, North and East Asia.
What is your role? What do you enjoy most about your role?
I am the founder, chairman and global CEO of MedGenome. I coordinate the activities of the company across our locations in the U.S, India and Singapore. I love science; what I enjoy most about the role is getting the opportunity to translate scientific breakthroughs to solutions that benefit society, while growing a successful company at the same time.
What are the biggest challenges in your business right now?
Genomics is an area that generates some of the largest amounts of data in the world now. For example, MedGenome’s DNA sequencing output is about 1 petabyte of data a year. The biggest challenge is to analyze this data in a timely and efficient manner. The lack of skilled bioinformatics resources, computing infrastructure and tools are a major problem.
If you could go back in time, what business advice would you give to a younger version of yourself?
When I became an entrepreneur 25 years ago, I never really thought about my personal stake in the companies that I created. This led to major problems later in driving the company’s vision, as well as in raising adequate funds for growth. The advice I would give to young entrepreneurs would be to ensure that all founding members keep significant equity of the company, at least for the first few years.