News and Features
Secrets of Success
Stephen S. Tang, CEO, University City Science Center
By Robert J. Bannar
When Stephen S. Tang, Ph.D., joined the University City Science Center as President and CEO in February 2008, he brought leadership experience from both the entrepreneurial and executive levels. He views his new position as a way to bring the best of those two experiences together for the benefit of new ventures across the region.
“I¹ve had some unique experiences,” Tang says. “I’ve had the benefit of leading a startup company through an IPO, so I know the world of the entrepreneur. I’ve also sat on the other side of the table, where I’ve been a corporate executive who’s acquired and integrated small companies, small startup technology companies, as well. So I hope that those combined perspectives give me a fairly holistic view of the world of business big and small, and having it come together.”
The Science Center, which is now in its 45th year, was the first urban research park in the United States, and it’s still one of the largest. It serves the needs of universities and technology development companies within the region by providing affordable, state-of-the-art laboratory facilities; flexible office space; and access to industry expertise and funding sources.
The Science Center began as a collaboration among several local academic institutions, and now counts 32 colleges, universities and research institutions among its shareholders.
It has been instrumental in ensuring the success of over 400 companies, among them Centocor, Neose Technologies, SEI, Bentley Systems, 3-D Pharmaceuticals, BioRexis, Acuity and Morphotek. As a first-of-its-kind world model, the Science Center has assisted the development and the building of technology parks throughout the world, including those in Kyoto, Japan; Sydney, Australia; Oxford, England; and Bangkok, Thailand.
Tang recognizes that the Science Center enjoys a unusual position in the Philadelphia region. “We have a very unique place because we’re independent, we’re non-profit and we’re overall self-sustaining. So we can assist entrepreneur and established companies in the region, particularly the life sciences industries, and support economic development from local, state and federal government, respectively. So there’s a very unique platform we can build on.”
Tang also said that the Science Center has recently initiated a new strategy, which calls for the implementation of several key targeted, research-based initiatives to support and expedite innovation and technology commercialization in the region.
“One of our new initiatives responds to gaps in venture financing in the region that’s been confirmed by a recent Greater Philadelphia Chamber of Commerce study and my conversations with more than 300 individual
stakeholders since taking on this job,” Tang explains. “The Science Center’s new Q.E.D. Program specifically addresses the significant gap in funding needed to move very early stage technology, primarily those at the
university level, onto the commercialization pathway.
“By establishing what we believe is the region’s first multi-institution Œproof of concept’ effort through the Q.E.D. Program, we collectively can provide compelling university-based technologies and ideas with the funds and business support they need to be ready for further development and investment by angel investors or state funding, or to be licensed by larger companies.
“I think that situation will become more
desperate with the lack of venture capital and, of course, the crises in the financial system,” Tang says. “Through the Q.E.D. Program, the Science Center essentially leverages its financial health to better assist universities and industry within our region. The crises demand entrepreneurial approaches to arresting and reversing the region’s economic decline. And hopefully that’s what we’re bringing to the table with the Q.E.D. Program.”
When asked about the derivation of the Q.E.D. Program’s name, Tang explained, “Mathematicians and scientists often use Q.E.D., which translates to quod erat demonstrandum in Latin, to mean ‘that which was
to be demonstrated is demonstrated.’ In any proof-of-concept process, getting to the Q.E.D. or the completion of the proof is the goal. And that would be the goal of the Science Center and our strategic partners in providing the critical funds and business support to the very early-stage, university-based technologies.”
Tang’s portfolio of experiences includes, among others: Group Vice President and General Manager with Olympus America Inc., where he led operations for the company’s $1-billion global life sciences businesses; President and CEO of Millennium Cell Inc., an energy technology firm which he led through its initial public offering in 2000; Vice President and Managing Director of the global pharmaceutical and healthcare practice of A.T. Kearney, Inc.; Vice President and Co-Managing Director of the global chemical and environmental practice for Gemini Consulting, Inc. (now known as Cap Gemini); and Assistant Director and Senior Research Engineer at the Lehigh University Center for Molecular Bioscience and Biotechnology (in Bethlehem, Pa).
Tang earned a doctorate in Chemical Engineering from Lehigh University, an M.B.A. from the Wharton School of Business, and a B.S. in chemistry from the College of William & Mary.
What do you think makes or drives an entrepreneur to be successful?
It’s like the quest of the ancient alchemists; there’s a little of that in every entrepreneur. They’re looking for the Œelixir of life,’ the sorcerer’s stone. But they’re looking at it, not in creating magic, but applying the elements of science, art and philosophy all together into sort of a life’s mission. That’s particularly important in technology-based entrepreneurship, to realize that it’s not just about the science, it’s not just about the business, it’s about everything that goes into it to make a venture successful.
And what is it that drives you, personally?
Targeting success in a way that is lasting and positive. At the Science Center, my job is really to transcend organizational boundaries to make a positive, lasting impact on the region. That’s a significant challenge and there are quite a few stakeholders involved with it. I’m energized by the spirit of achievement and collaboration that I feel in the region, the leadership that I see here in the city, and in the state, and in the sister counties within New Jersey and Delaware. That gets me up early in the morning and ready to face a world of opportunities.
What are the three most important characteristics of successful entrepreneurs?
They have to have a solid sense of moral fortitude, and I mean that broadly speaking. They have to firmly believe in what they’re doing, and be principled enough to execute on it. Clearly, determination is another. And the last one, is self-awareness ‹ having a sense of what you know and what you don’t know, and being resourceful enough to capitalize on what you know and to seek advice and resources for things that you don’t know.
Your definition of career success?
I’m the son of Chinese immigrants, so I was born with high expectations from parents who sought the American dream. I think of success as building on the shoulders of my parents’ and ancestors’ accomplishments. That makes me quite humble about success.
Then do you consider your self to be successful? By your own definition?
For me it’s been a journey. I’ve had success in various stops along the way, but at every stop I’ve tried to address the complexities of the challenge differently. It’s an ongoing process with many peaks and valleys.
Has your definition of success remained the same, or do you keep raising the bar?
The entrepreneur’s and immigrant’s sensibility means that you have to constantly raise the bar. You can’t be satisfied with the way things are today, particularly in this environment where things and crises emerge almost daily and weekly right now.
What do you think is your particular competitive edge?
It’s the preparation, a significant investment in preparing for challenges big and small, and the hard work that goes into that. And as I said before, knowing what you don’t know.
What is the key needed to keep your edge, or to stay ahead of the curve?
I would say resourcefulness. In other words, connecting with the
people who know more than you do, listening to them, critically thinking about issues and situations, and applying good judgment.
What advice might you offer to aspiring entrepreneurs or CEOs?
Anyone in an entrepreneurial venture ‹ that could be professional, personal, vocational or avocational ‹ has to find mentors who are brutally honest. Listen to them and make adjustments based on what they’re telling you.
The challenge in the region here is we need more entrepreneurs. We need more ‘serial entrepreneurs,’ people who consistently innovate and develop and launch successful companies. And we need to connect these people with those who are just thinking about entrepreneurship, or thinking that they may have a role as an entrepreneur. That’s the biggest challenge right now.
Investors often say that they are more willing to fund someone on the second try than on the first because they’ve learned things from failure. Do you agree?
Absolutely ‹ particularly within the investment environment today, where dollars are very scarce and people are becoming more risk averse. You really do want someone who has learned before spending your time and money.
Entrepreneurship always requires a degree of on-the-job training. But you have to be willing to put it on the line … and you have to be willing to fail and then pick yourself up and look for the next opportunity.
What do you think causes entrepreneurs or CEOs to fail?
Those who don’t succeed as much as they like to, in my estimation, tend to overplay their strengths and under-estimate their weaknesses. I think failure is about their inability to see the big and small pictures and fill in the gaps where their strengths don’t exist.
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