Ep. 258, Chapter 5: Procurement Pitfalls in Funding and Sourcing with Tom Wells

37:44 – 50:33

Wells emphasizes that poor procurement practices in early-stage biotech can significantly damage future fundraising efforts, as investors increasingly prioritize a company's operational efficiency and responsible use of funds. He states that a cutting-edge approach to sourcing involves a combination of "innovative innovation" and supplier diversity — moving beyond traditional RFPs to Requests for Outcome (RFOs). Wells cites as an example a major pharma company that used an open innovation platform to crowdsource novel solutions for assessing cognitive performance, yielding workable ideas from individuals completely outside their traditional supplier network. He explains that RFOs, while not universally applicable, encourage broader, more creative solutions.