By: Tanishtha Nath and Devika Rao
When most people think of biotech, they probably think of a lab-heavy, research-driven field. And yes, research is a major part, but biotech companies wouldn't exist without the business leaders behind them. BiotechTalk had the amazing opportunity to interview Karen Wright, the senior Vice President of Finance at ShouTi. She gave us all the tips and tricks necessary to grow in the business world, and today, we will be sharing them with you.
Upon finishing high school and 2 years at University of California, Santa Barbara, Karen transferred to University of California, Berkeley’s business school. After graduating, Karen decided to join a startup company, and in relation to this said “startups are a risk, and if you don't like that, it's not for you.” However, she wanted to take that risk and find different opportunities to grow in her field.
How did she get into the field of biotech? “Things are constantly changing and evolving,” she said. Karen is enthusiastic about learning new things and her love for the subject is what drew her in. Karen also had a unique way of entering the biotechnology field, as she came from a finance background.
Karen initially went into public accounting and became a CPA. After leaving her job as a public accountant, she joined Syntex, a pharmaceutical company. Eventually, Syntex downsized and was acquired by Roche, a European healthcare company. Karen said she got very lucky when she was offered a job at Genentech, a biotechnology company. At that job, Karen was working alongside a female CFO. “Biotech is a man's world,” she said, and having a woman there to support her was beneficial because there was someone there helping her improve, rather than putting her down. Three years ago, Karen got a call from a colleague to join another startup, that is when she acquired her current job at the biotechnology company ShouTi.
At ShouTi, Karen has many responsibilities. She is in charge of daily financial operations, communications with investors, ensuring sure employees are paid and everything is ready for an audit, managing the company's finances, and much more. Since ShouTi is still a startup, Karen must dedicate many hours to her job. She works 12 hours a day, sometimes even on the weekends. She also mentioned that the ideal amount of work is 8-10 hours and in the corporate world it’s between 7-8 hours.
As for income, there is no set amount for each position, and not every company offers the same pay, but there are a few baselines. The income for Admin is normally around $90K, CFOs are paid $450K, and the Scientists are paid anywhere from $130K to $450K. That being said, there are other aspects that get included in your pay: the benefits you get, stock options, 401k, etc.
Closing off the interview, we asked Karen what advice she would give to people entering or aspiring to enter the field of biotechnology. She said that getting a mentor, someone who is going to help you get up the ladder is beneficial. Her mentor was the CFO at Genentech who helped her grow in her field. She emphasized the importance of making connections and not being afraid to fight for what you want. Nobody should be allowed to push you around except yourself and it is important to remember that. “Limitations you have are the only limitations you put on yourself.” Nothing is easy, but you always need to try your hardest.
We were extremely honored that Karen agreed to share her journey and the lessons she has learned with us. All of her words were extremely inspiring and we appreciate her for coming on and sharing her knowledge with us!
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