Reporting directly to the President of Macmillan New Ventures, the President/GM will drive strategy for the i>clicker division of MNV and have direct P&L responsibility and accountability for execution of that strategy. He or she will be responsible for assessing market and competitive trends, educational trends, and customer needs, and translates these into product and service solution strategies that drive educational improvements and strong business growth. In addition, this executive will expand and operationalize an international strategy for i>clicker.
Just a paragraph break here, not a non-breaking space.
MacMillan’s Higher Education Group is a leading publisher of textbooks, educational software, homework and assessment, and other content and tools for the post-secondary education market. The group is made up of Bedford/St. Martins, W.H. Freeman, Worth Publishers, Hayden-McNeil, and several small educational technology companies.
The Company has recently emerged as a leader in the delivery of digital tools and platforms. They established Macmillan New Ventures, a group dedicated to finding and exploiting emerging opportunities in education using digital technologies and disruptive business models. Today, New Ventures includes innovations such as Prep-U, an adaptive learning system; and i>clicker, a market-leading classroom response system business.
i>clicker began as an independent open wireless radio frequency system developed by members of the Physics Department at the University of Illinois, who wanted to reform their introductory classes. Their mission was to create an intuitive student response system that focused on formative assessment and pedagogy. Today their business is currently more than 90% higher education. Since the i>clicker response devices are compatible with any brand of interactive whiteboard and any software application, it is the perfect audience response system for the growing number of K-12 customers, corporate training environments, and tradeshows.
In 2005, Macmillan acquired i>clicker, allowing for significant investment in the company’s hardware and software. The inventors have remained active every step of the way, and every decision made at the company is based on what works in the learning environment, feedback from the user company, and ever-illuminating pedagogical research.
Our client lets people parking at the airport and rent their vehicles out to other travelers. Every rental is insured up to $1 million, and every renter is pre-screened. Depending on the type and model year of the vehicle, the owner can also make up to $20/day. The company will pick the vehicle owner up and drop them off curbside and give the owner a free car wash. Benefits for the renter include free GPS and free insurance.
With premier venture capital behind them and a long list of famous and connected angel investors, the company is poised for serious growth beyond the traction they have already established at San Francisco and Boston Logan International Airports.
The company is headquartered in Northeastern United States.
The Chief Operating Officer will play a senior leadership role, both strategically and day-to-day, overseeing both the external and internal service delivery functions for the company, with principal accountabilities for operations, business development, and ongoing customer service.
The COO will help build a profitable model that can be duplicated/expanded rapidly into other cities, implement rapid expansion locally both via organic growth and new city expansion, and participate in raising additional venture capital as needed.
In the immediate term, this role will assist the CEO/Co-Founder in building out the multi-city test bed that will serve as the foundation for additional expansion in their next phase of growth. This requires proving the model in current metro markets, and readying the firm for a national roll-out. Creating processes that scale is critical, including standard operating procedures, best practices, and operating manuals for all service-related components.
Detail of Responsibilities
The FlightCar COO’s core responsibilities will include:
Ensure that operations are scalable, documented, & transferable to other cities
Establish relationships with suppliers
Understand, be able to work with, and communicate effectively to both FlightCar markets: car owners looking to park and rent their vehicles while traveling, and renters looking to rent a vehicle while they’re in town
This executive search is for a private equity-backed, revenue-generating, 7-year-old high-growth company that represents the next generation in healthcare innovation—PatientsLikeMe brings together patients in e-communities who create insights on their diseases and treatments by sharing information that improve their conditions. At the same time, these insights bring value to large pharma and biotech companies, influencing the way they develop and deploy drugs. With more than 100,000 registered consumer patients, PatientsLikeMe re-balances the healthcare system, ultimately returning power to the patient.
BSG Team Ventures is retained to identify the VP of Client Services.
Reporting directly to the CEO, the Vice President of Client Services will play a senior leadership role within the management team, overseeing all client project scoping, management and delivery.
MORE COMPANY DETAIL:
The roots of the company are anchored in one of three brothers who developed ALS, a neuromuscular disease that ultimately proves fatal. Ben and Jamie wanted to do all they could to help their brother Stephen, and—leveraging their prior career experience and entrepreneurial leanings—decided to try to help their brother gain insights from other patients with ALS in order to improve the understanding of how the disease progresses and what might be done to ease and improve one’s condition. And so was born PatientsLikeMe, a health data-sharing platform. The Heywood family’s fight to save Stephen has been chronicled in the book His Brother’s Keeper as well as the documentary “So Much So Fast.” For more, preview an interesting short video piece on their story athttp://www.patientslikeme.com/about.
This position will be responsible for the overall success of all commercial client engagements including those with pharma, payers, providers, and other related healthcare NGOs.
In addition, as the key liaison between PatientsLikeMe and the business customer, the VP of Client Services will be responsible for driving key account relationship development, deepening the understanding of the customer’s needs with an eye to expanding PatientsLikeMe’s strategic role in providing data and analytics to further the customer’s knowledge of patients, conditions, outcomes, and insights.
Below is a bubble diagram outlining key career & functional attributes critical to success for this role:
Drive PatientsLikeMe project scoping during project definition and contract development and execution phases.
Manage the engagement estimating function in order to drive , pricing consistency, accuracy, and profitability from engagement to engagement.
Coordinate overall internal project management across R&D, analytics, and technology development
Create and manage internal and external delivery timelines.
Communicate, in tandem with PatientsLikeMe business development staff, project progress against timeline, scope changes, and other periodic updates.
As necessary, build and lead client services function by hiring, motivating, and managing internal teams assigned to specific projects.
Lead the budgeting and execution of all client services-related activities.
Manage external third-party partnerships engaged to help deliver on PatientsLikeMe client related projects, including consulting firms, valued-added resellers, or other strategic engagement or delivery partners.
Work closely with internal business development, leadership & engineering resources, knitting together collaborative and energized cross-functional project teams.
Qualifications & Experience
Prior successful experience in a client engagement and delivery leadership role in the broadly defined healthcare consulting and/or healthcare data & analytics industry.
A strong understanding of the overall business frameworks of PatientsLikeMe customers, including pharma, biotech, healthcare payers & providers, and government & medical & health research and academic organizations.
Successful experience in an entrepreneurial, growth-stage corporate environment of less than 100 employees.
Success in scaling organizational and functional processes related to client engagement management that balance the drive for efficiency, innovation and creativity.
An unusual combination of proven analytical ability with strategic business savvy
B.A. or B.S. required; M.B.A. or other advanced degree strongly preferred
Skills & Personal Characteristics
Defined by others as smart, capable, hands-on, energetic, and someone who possess a strong entrepreneurial spirit.
A client ombudsman with outstanding strategic and conceptual thinking skills. Someone who is able to adjust rapidly to changing market conditions and new opportunities.
A strong, assertive personality, able to make a creative contribution and build buy-in for ideas, as well as integrating with the ideas of others
As executive recruiters, we often get asked about executive compensation.
So often—after we finish up a search—we aggregate the compensation data we’ve collected across the search, and share it back with the innovation community. In this case, we recently finished a CFO search for a profitable SaaS software client located here in New England in September, 2011.
Here is the snapshot of compensation from our search—
The footnote at the bottom of the image above articulates the following criteria for the majority of companies in this data set:
SaaS software companies (virtually all B2B)
Venture capital/externally funded
Series A-D in funding, usually between $5M and $20M raised
All companies located in greater Boston area
There are many variables to consider that influence where to pinpoint one’s own compensation vis-a-vis the above:
The closer toward Boston/Cambridge and the urban locations these represent, the more likely compensation will be higher
The later the stage of company development, the higher the CFO compensation, the earlier the lower
The more money raised, usually the higher the compensation is in the above range
Once a company reaches consistent profitability, executive compensation increases across the functional spectrum
If a non-founder CFO vs. founder-CFO, cash compensation is likely higher (and equity lower in the range)
Cooley LLP, Ernst & Young LLP and BMO Capital Markets invite you to an exclusive gathering of leading executives, investors, entrepreneurs and thought leaders in the medical device industry for the second annual Cooley Medical Device Growth Conference in Boston. This event will focus on the key drivers affecting the medical device industry and explore growth strategies for medical device companies.
Dr. Michael J. Cima – Professor of Materials Science and Engineering, Massachusetts Institute of Technology
Reporting directly to the CEO, the Vice President of Marketing will play a senior leadership role within the management team, overseeing all branding, customer acquisition, public relations, and channel marketing efforts.
Core Responsibilities: This position will be responsible for the overall success of the Company’s consumer offering, including user acquisition/adoption/retention and general management of the brand. The VP Marketing will build a business-to-consumer marketing function focused on the customer experience. He/she will also identify opportunities for increasing value and optimizing revenue growth and will ensure consistency in messaging across integrated marketing channels.
The VP Marketing will lead the Company’s strategic and tactical consumer marketing initiatives and will assist with the development of the overall corporate strategy, vision, messaging, and product direction. He/she will be responsible for the creation of an innovative marketing strategy and outreach program for the Company. He/she will also act as a key external evangelist for the company when called upon.
Specific responsibilities include:
Drive the Company’s market research and segmentation, brand strategy, demand creation, channel definition and affiliate marketing programs, marketing communications, advertising, public relations, events, web presence, and sales support efforts
Driving quantitative marketing metrics and dashboard that support a real-time feedback loop and test-and-learn marketing approach
Digital Marketing – eg, social media, blog marketing, SEO, SEM, etc.
Linear Marketing – e.g., radio, TV, etc.
Brand – Define and integrate a unified corporate message, image, and brand across the Company’s product, its website, its presentations, and its marketing collateral. Positioning, messaging, and the managing of any agency or design resources.
Lead the budgeting and execution of marketing plans encompassing all products and consumer channels, driving a very cost-effective program that is appropriate to the company’s stage and funding
Work with supply-side partners to define and drive programs that increase the leverage effect of their brand involvement and reach
Be the leading advocate for the evolution of the end user experience that is enabled by the Company’s products
Lead participation within relevant industry forums
Working closely with internal engineering resources, and in particular with the VP of Customer Analytics and Pricing, and VP Product
Qualifications & Experience
Prior successful experience as a consumer oriented marketing executive focused on the delivery of a shopping experience to consumers via the web and mobile devices that significantly and positively impact business results and revenue
A strong understanding of the overall business models used in the sale of consumer focused e-commerce
Extensive understanding of U.S. consumer markets with the ability to sense and adapt to consumer requirements at this time and in the future
Current relationships with key executives at consumer applications and content providers, and media and entertainment companies
Prior experience and recognition as a market and brand creator
A successful, hands-on track record managing all marketing functions in a dynamic, start-up environment
Proven ability to developing and implementing creative and resourceful guerilla marketing strategies and programs
A smart and decisive executive with proven analytical ability and strategic business and product development/management skills
B.A. or B.S. is required. An M.B.A. or other advanced degree is desired.
Skills & Personal Characteristics
Defined by others as smart, capable, hands-on, energetic, and someone who possess a strong entrepreneurial spirit.
A product and corporate evangelist with outstanding strategic and conceptual thinking skills. Someone who is able to adjust rapidly to changing market conditions and new opportunities.
A strong, assertive personality, able to make a creative contribution and build buy-in for ideas as well as integrate with the ideas of others.
Ideal Candidate Profile
The following diagram illustrates the intersection of competencies critical in the VP Marketing position:
September in New England is all about Fall, football, and at least for the last 4 years, philanthropy. On September 23rd, 2010, venture capitalists, entrepreneurs and professional services providers celebrated the 4th consecutive year putting this tournament on.
1) Sweat doing one of my favorite sports on one of its most challenging surfaces–
chasing a white ball around a grass lawn where the verb “to bounce” is used only in a relative sense. Imagine a super-high gravity environment where what goes down, stays down. A bit more like dropping a plate, versus bouncing a ball.
2) Compete in teams, with venture capitalists comprising one team, pitted against entrepreneurs, the other team. This brings together the two key stakeholders in the business ecosystem in which our firm operates. OK, so the entrepreneurs always get a bit feisty because they often feel the perceived chafe of the unspoken universal order, “those who have the gold make the rules.” But in this format, spicy works. Feisty is good. For further flavor, see video mash-up of the tournament highlights below.
3) Give to charity, and create a collaborative giving engine that may at some point outstrip at least this author’s individual efforts.
The supplemental benefits of combining these three above?
1) Sweating couldn’t be in a lovelier setting. The Longwood Cricket Club is just a spectacular venue, and again this year we were graced with perfect early Fall weather–blue sky highlighted by brilliant reds of the autumn maple trees ringing the club house and the courts. Sweating somehow is also a whole lot more fun on a tennis court if you play barefoot. Don’t try this on hard courts or clay folks. But at Longwood, all 40+ players doffed their togs and got back to nature (photos and video for up close and personals).
2) Competing with VC and entrepreneur teams brings out… well… a prime opportunity for trash talking in the safety of numbers let us say. It’s great to get both sides out in a friendly face off, united at the end for a good cause.
3) Giving to charity is something that seems easier the more perceived value is generated (for the altruist), or we receive (for those solipsists). This year’s charity was again the Tenacity program, founded by Ned Eames. We heard from some of the at-risk urban middle school children who have found Tenacity a backbone for discipline and achievement in an often keelless school environment. Hearing some of their stories made us all reflect on our paths to relative success, and how those challenges compared to what these children face. The goal was to raise $5,000 or more, and although the P&L is still being cyphered, we either met or came close to the target.
Who won this year? Technically, the Entrepreneurs won when toting up the total games score. However, the VCs took it in a hotly contested 10-game pro set finals match [see score card below]
The VC team was represented by Michael Balmuth of Edison Ventures and Michael Quinn of sponsor Silicon Valley Bank. This fearsome duo faced off against entrepreneurs Bill Stone, co-founder of OutsideGC and Dean Bogdanovic of CounterPath .
No doubt however that all players won in the larger sense what with the weather, the setting, and the collegiality.
To Sung Parkwho– as the poster-child for entrepreneurial ideation– decided years ago to innovate the fundraising process for his son’s school. To do this, he cooked up the first VC vs. Entrepreneurs golf tournament we took part in some 6 or more years ago. I asked him if he had the IP locked up on the idea or could I port the concept to the tennis court, and being the philanthropist that he is, he said heck no, it was “open source.” Thanks Sung.
To Longwood Cricket Club, who has been a supporter of the event from the beginning, and Larry, the head tennis pro, who makes it a pleasure to orchestrate.
Tenacity’s Ned Eames, who’s vision and personal tenacity has grown a philanthropic organization that touches thousands of inner-city youth with a caring and purpose driven mission. See www.tenacity.org for more.
Senator Markey addresses the formal-wear only crowd at the JFK Library during Clean Energy Week in November.
An annual event in Boston punches up the fact that we have an incredible cleantech cluster-New England Clean Energy Council’s annual Green Tie Gala.
Although this event took place back during Clean Energy Week in November, I was reminded of it when out in Denver recently. Denver has some great stuff going for it. NREL (National Renewable Energy Lab), University of Colorado with multiple campuses in Denver and Boulder that have significant funding from both Federal and State agencies, and a history of technology oriented companies, albeit with a heavy emphasis on telecom (Qwest, Level 3).
However, what there isn’t as much of in Denver is what some call the “ecosystem.” Others call it the “cluster.” This is a body of people who hold different but overlapping responsibilities in the entrepreneurial ecosystem and whose fusion is its wellspring–
Academics: These are those most often with the new disruptive technology or science breakthrough that serves as the seed of a new company
Business entrepreneurs: those who have experience taking the seed of an idea, and building a company around it
Investors: The first friends & family, then angel investors, and often venture capitalists or corporate strategic investors who pour money into these new ideas to fund the business entrepreneurs scale the disruptive idea
Professional services providers: These are often the “connectors” in the ecosystem. They’re comprised of lawyers, accountants, executive search consultants, and start-up advisors. They act as the glue between the prior three categories, more often than not introducing one to another, supporting the growth of these companies with their area of specialty
[Footnote: If you compare Boston to Silicon Valley however, Boston is shallower in large technology and sciences companies that serve to spawn "runners" to new start-up companies. The biotech industry is perhaps better in Boston at doing this than the pure technology industry in the last decade, with a growing base of larger biotech and pharma companies including Genzyme, Cubist, Biogen and Sepracor. Medical devices companies also fair better in many ways to large tech, with Boston Scientific, ThermoFisher, and Perkin Elmer. In technology hardware and software, beyond EMC, there are precious few large technology companies left in Massachusetts. ]
Details on the Gala? This year’s Green Tie Gala was held at the JFK Memorial Library in Boston (last year was held at the Museum of Science). There are many organizations in the innovation sector here in Massachusetts that have done a good job at galvanizing a broad cross section of constituents, including the Mass Biotech Council, as well as MITX (formerly MIMC), and the Massachusetts Technology Leadership Council, or TiE Boston (Indus Entrepreneurs). However, we’ve had yet to participate in a gathering of any that approaches that of the cleantech cluster here in New England.
Senator Markey gave the opening address to punctuate the cocktail hour. To a person it seemed, everyone knew everyone. Yes there were a few outsiders (a small contingent from the UK had come over as part of a trade mission coordinated with Clean Energy Week in Massachusetts because of its target rich calendar), yet all of these were welcomed by the larger fold, and the gathering seemed to virtually breathe together as some sort of larger unified body, a cluster with so few degrees of separation that walking from group to group or table to table was akin to going back to your high school reunion…. You knew at least half those sitting at every table. For those who have experienced the annual Nantucket Conference, it is this atmosphere if intimacy and familiarity that presides.
To cap the night off, venture capitalist Chuck McDermott of Rockport Capital led his band in an after-hours session that continued the beat of familiarity both given its leader as well as in its musical selection (Chuck stating that the band only plays “songs popularized before 1960″).
Chuck McDermott, leading cleantech venture capitalist at Rockport, moonlighting as 50's music band leader
Scott Kirsner recently penned an article in the Boston Globe on interviewing tips, what not to do. Great compendium (our contributions excepted perhaps but for you to judge in the article sidebar on page 2) of what some might think intuitively as “faux pas”, but many simply may not think of at all, and are at risk of committing.
Periodically, we make an effort to pull together executive compensation trends and analysis focusing on venture capital backed companies in the United States. The last executive compensation report we put out was in September 2009 (see prior blog post http://www.bostonsearchgroup.com/blog/ceo-compensation-analysis-west-east-founder/), and focused on C-level compensation, with a further contrasting of founder versus non-founder CEO compensation, both West Coast and East Coast.
This report is similarly focuses on West Coast and East Coast differences in executive compensation, however this time looking at the VP level across the functional organizational structure. For purposes of this report, only companies who broadly fit the definition of “information technology” were used in the analysis, not including biotech, medical device/medical technology, or cleantech.
The titles looked at include the following–
Vice President Business Development
Vice President Engineering
Vice President Marketing
Vice President Sales
Vice President Sales & Marketing
VP Software Development
VP Product Management
Note that below we’ve only included the analysis of the executive compensation data, in other words the deltas. If you’d like more detail and the information on which we based the analysis, please email email@example.com with your name, title, company and business email address, and we can provide you with the baseline full report.
Do keep in mind that this is only one set of data. To draw the best comparables, it’s important to do all three data-grabs listed above. Also, this is a “blended” sample set of multiple venture-backed industry sub-sectors in the information technology category. Some industry sub-segments may pay more or less than others with further parsing.
West Coast Early vs. Later-stage Venture Capital-backed Companies
Cash compensation is almost always higher in later stage companies, and this is reflected in all 3 quartiles of data analyzed. For West Coast venture-backed companies, the differences are $15,000 to $50,000 in most roles, with an average different of about $25,000. The only exception is for the VP Sales/Sales Marketing role, where cash was significantly higher in later stage companies for these roles, ranging between $75,000 to more than $125,000 in the top quartile companies.
Conversely, equity is almost always higher in early-stage companies to offset the lower salaries referred to above. For these West Coast companies, regardless of quartile, earlier-stage companies received on average ¼% to ½% more equity, with the biggest jump in VP Sales/Marketing, and lowest in the VP Engineering function.
East Coast, Early vs. Later-stage
East Coast compensation tells a different story from their West Coast counterparts. Although cash compensation was similarly lower in early versus later-stage companies, East Coast executives of venture-backed companies didn’t see the “make-up” effect in equity. In fact, equity appears lower in many of the quartiles compared, by as much as ½% comparing East Coast early versus East Coast later-stage.
East Coast vs. West Coast, Early-stage
Cash compensation, East versus West, shows that West Coast executives of early-stage companies more often than not earn more in base . West Coast Engineering is $10,000-20,000 more in base, VP Marketing is up West over East by $10,000 to $50,000. VP Sales/Sales & Marketing is actually the one notably lower cash category where East Coasters are better off than West in the higher quartiles (but not the lowest). As noted above, West Coast early-stage executives are compensated more favorably when it comes to equity than their East Coast brethren virtually across the board.
East Coast vs. West Coast, later-stage Venture Capital-backed Companies
As for cash compensation for later-stage companies East vs. West, a similar pattern existed being mostly lower than their West Coast counterparts, than its West Coast peers. However, when looking at equity stakes in later stage companies East vs. West, the East Coast did better, often by ¼% to as much as ½%.