The second key factor in making my decision was the tremendous promise of the underlying technology, the sci- ence itself. I saw a deep layer of exper- tise in lasers at OptiMedica that was truly world-class, and game changing. And third was the team. OptiMedica was a team of passionate, rock star talent. For a start-up to succeed, you need all three — experienced, engaged and supportive investors, a core tech- nology second to none, and a team passionately driven to succeed.
“ I saw a deep layer of expertise in lasers at OptiMedica that was truly world-class, and game-changing, ” said Mark Forchette.
Finally, the opportunity epitomized exactly the kind of challenge I enjoy. I thrive on turning projects around, finding diamonds in the rough, and driving commercial success. OptiMedica was exactly that — it was “a well-defined problem nearly solved.” I love that expression. HCOB: You spent six and a half years building OptiMed- ica into an extremely successful company in the ophthal- mology industry before selling it to Abbott Labs, right? But the story isn’t that simple, is it? Forchette : No, not at all. There were a number of shifts in strategy and market focus along the way, including a difficult decision about half way through my tenure to sell off our retina product line and reinvest all the proceeds from that sale into the development of a laser cataract system for a market that didn’t even exist at the time. HCOB: What was so difficult about the decision to pivot products and markets? Forchette: The decision to shift product focus was auda- cious, because one of our founders was a world class retina surgeon, and we were transacting away something very meaningful to him. But the breakthrough potential of laser cataract technology and the huge market potential was ob- vious. What was unique about the decision was that instead of returning any of the proceeds from the sale to investors as is typically the case, we reinvested that money immediately into the laser cataract development effort. In essence, we went from a revenue generating company back to a start-up with no commercial products and no revenue stream. And that’s where the backing of the Board of Directors — especially Brook’s credibility and leadership — came in. Some of the investors weren’t happy to start at square one again, but it ultimately proved to be a clever — and im- portantly, non-dilutive — self-financing that allowed us to seize the opportunity. The strategy and allocation of capital
HCOB: You began your career in the medical technology industry as a sales representative for Grieshaber & Company, Inc., where you ultimately became vice president of U.S. sales and marketing. You then led the company through its acquisition by Alcon. How did that experience shape the next step in your professional career? Forchette: I learned a lot about strategy and tactical exe- cution during the sale and integration of Grieshaber into Alcon. The entire process was like drinking from a fire hose, a master class in finance, sales, management and leadership. We totally transformed the surgical market with a string of disruptive innovations and a team that could run through walls. I stayed nine years before being approached by the legendary venture capital firm Kleiner, Perkins, Caufield & Byers, an investor in OptiMedica. The OptiMedica experi- ence exposed me to venture capital backed entrepreneurship and four critical components of start-up success: a team that functions like a well-oiled machine, a dynamite technology that does what you say it does, sophisticated investor sup- port and insightful board engagement. HCOB: So, you decided to make the move — your first into a CEO position. What was it you saw at OptiMedica that convinced you that this struggling company was worth taking on the challenge? Forchette: This was a big leap for me, so the quality and expertise of the investors — Brook Byers, in particular — stood out. We connected immediately. We had similar backgrounds and interests, not to mention it was clear from the start that he was committed — not only to the prospects of the company but to me personally and professionally. That support proved to be critical a few years down the road, when we experienced the rollercoaster ride of progress, prospects and pivots every start-up faces.
3
Powered by FlippingBook