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Bio bust? Not according to these bio billionaires

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Bio bust? Not according to these bio billionaires

Is biotech in Boston about to go bust?
 
Not according to some of the region’s top bio billionaires interviewed by Bloomberg.
 
  • Yes, the industry is heading towards lean times as stock values dip and layoffs hit some employers.
 
  • Yes, IPOs have dropped dramatically – from 120 two years ago to just 26 last year.
 
  • And, yes, there will be a real pain for property owners who’ve leaned into converting offices into labs or are building new facilities against multiple headwinds.
 
But, the Bloomberg authors suggest, the roots of Greater Boston’s biotech community are “steeped in a culture that has long seen profit as secondary to science” and will ultimately supersede market swings.
 
They point to “incidental billionaires,” such as Harvard Medical School immunologist-turned-billionaire Tim Springer, who said he’s too busy with research to think about his portfolio.
 
Same story with two famous, and very prolific MIT professors -- Phillip Sharp (A Nobel prize winner) and Bob Langer (a Moderna founder with more than 1,000 patents to his name) -- who also prioritize science over stocks.
 
“Whatever wealth I have that you may be referring to is on paper,” said Langer, a Newton resident when asked about the fortune he's made from Moderna. “I have not sold a single share of Moderna.”
 
“Even if their newfound wealth were wiped out, biotech moguls have said it wouldn’t matter much in the long run — the sector will keep expanding,” added Springer because there’s enough talent in the region that remains committed to the work.
 
Wondering where a bio billionaire does lunch?
 
It's a safe bet that Bob Langer (real-time net worth: $2.1 billion) wasn't particularly bothered by news of Noma's closing yesterday.
 
Here's where Langer told us he likes to dine during our virtual Fall Business Breakfast in 2021.
 
Wellesley lawyer to lead state’s Latino advocacy group
The advocacy organization Amplify Latinx has selected Wellesley attorney Eneida Román to be its first CEO.
 
Román grew up in Puerto Rico and came to Boston to attend New England Law in Boston. She is putting her Wellesley legal practice on hold as she takes the helm of Amplify full-time.
 
“We want to be the go-to organization when anyone thinks of Latino prosperity,” Román, one of Amplify’s original cofounders, told the BBJ.
 
Román was named one of our “50 Most Influential Business People of Color Color" in the western suburbs in 2020.
 
We’ll be producing an updated leaders list this spring in partnership with Colette Phillips Communications.
 
Recommended reading for our nonprofits
 
In her final days as attorney general, Maura Healey released an updated Guide for Board Members of Charitable Organizations 
 
Last published in 2015, the guide serves as a road map for members of governing boards of Massachusetts charitable organizations with a heightened emphasis on board members’ duties to (1) be educated and informed, (2) carry out the organization’s charitable mission, and (3) pay close attention to the organization’s financial matters, according to this summary from Nutter.
 
The revised guide also emphasizes the importance of diversity and inclusion in all of the organization’s actions – from board member recruitment and selection to the conduct of the organization’s activities.
 
Speaking of nonprofits
 
The chamber’s Nonprofit Committee will discuss ways to engage and build donor relationships with Social Impact Consultant Susanne Salerno from SE Salerno Consulting at its monthly meeting this Thursday at noon. 
 
The virtual meeting is open to all chamber member nonprofits (limit one attendee per nonprofit) or nonprofits thinking about becoming a member. Email Tracey Antaya if you’d like to attend.
 
New deputy in Watertown
Watertown City Manager George Proakis has appointed Emily Monea to be the city’s new deputy city manager.
 
Monea most recently served as acting chief of staff to Mayor Luengo-Koehn in Medford. She previously spent eight years in Somerville (where Proakis also worked for a dozen years), first as Chief of Staff to Mayor Curtatone and later as transitional director for Mayor Ballantyne.
 
Monea starts Jan. 17.
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Other need to knows
 
  • We’re forming a new networking group for chamber members who identify as part of the LGBTQIA+ community. The inaugural event, at the Biltmore Bar & Grille in Newton, is on Jan. 19. Details.
 
  • Avenue Deli (which once was located in Watertown and currently has a location in Lexington) has opened in the strip mall just west of Four Corners at 1134 Beacon Street in Newton Highlands. (All Over Newton)
 
  • Alexandria Real Estate Equities hosts a virtual meeting exploring a proposed garage at 480 Arsenal Way (as part of ARE’s larger Watertown Mall project) Thursday (Jan. 12) at 6:30 p.m. Meeting documents here.
 
  • The Watertown Business Coalition hosts a networking event at Eastern Clothing on Wednesday, Jan. 18 from 8:30 a.m. to 9:30 a.m. RSVP
 
  • Every five years, the Census Bureau conducts an economic census designed to measure U.S. businesses and their economic impact. The Census will be conducted beginning in Jan. 31, response is due by March 15 and is required by law. Details.
 
Window closing on this small biz tax credit
 
If your business hasn’t applied for the federal Employee Retention Credit, you should stop procrastinating and look into this potentially lucrative opportunity before it’s too late.
 
Andy Medici at the Business Journals explains the program and its expiring deadlines. Yahoo! Finance has more.
 
At the same time, the IRS is warning business owners to scrutinize vendors offering to help with their ERC.
 
Here are five other tax credits that may be helpful to your small business 
 
Employees are from Mars, employers are from Venus
 
New Harvard Business Review research has identified a difference between how managers and employees feel about remote work.
 
Turns out it may come down to your definition of productivity.
 
“Employees tend to include commuting time in their mental calculation, and so they think not having to commute when they work from home counts as an increase in productivity.
 
"Managers tend to ignore commuting time when they think about productivity: They just care about how much work is getting done each day.”  
 
In theory, both sides could be right, the authors conclude, while suggesting both sides need to get on the same page.
 
Hello, new members!
 
Please join us in giving a big Charles River Regional Chamber welcome to
our most recent new, or reinstated after a long absence, members
 
 
 
Ready to add your company's name to this list? Learn why you should belong here or email membership@charlesriverchamber.com
 
 
 
That’s your Need to Knows for today, unless you need to know that what you think you know about skimming stones across a pond, or at the beach, is wrong.
 
Be back Friday.
Greg Reibman (he, him)
President
617.244.1688
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