For high-tech startups, one of the most serious problems that has structurally plagued these companies has been the inability to successfully diversify into different means of revenue generation. Few people outside of the business world have any idea the extent to which this is a serious problem among newer high-tech firms. Even companies such as Google, which many people perceive to be highly diversify in its business lines, relies almost exclusively on one source of revenue alone – that of advertising. The same can be said for almost all major companies that have been started within the last 20 years. Every firm from Facebook to Uber has one stream of primary revenue, with all others paling in comparison.
However, this has not been the case for biotech giant Seattle Genetics. After having been founded in 1998 by Clay Siegall, one of the leading biotech researchers in the country, Seattle Genetics was able to continue to diversify its revenue stream successfully, eventually leading to the position it is now currently in. With more than 25 drugs in the development pipeline and dozens more being licensed out for production to other biotech firms, Seattle Genetics is heavily diversified, just in its core business line alone.
But the firm is not just relegated to producing drugs and licensing intellectual property thereof derived. Under Dr. Siegall’s sagacious and visionary leadership, the company has ventured out into licensing the intellectual property of processes and other means by which fundamental biotech-crucial elements are produced. This includes Seattle Genetics’ licensing of its proprietary synthetic antibody creation process as well as many other elements that are imperative in the production of biochemical end products.
Under the sagacious and visionary leadership of Dr. Siegall, the firm has been able to successfully spread its revenue streams out over this large tract of different business lines, ensuring that it will be financially solid through a downturn in any one of these individual businesses. What’s remarkable about all this is the incredible natural versatility and talent of Dr. Siegall, who has proven to be as adept as CEO as he has been a medical researcher.