In today’s biotech job market — where competition for people with in-demand experience is fiercer than ever — it’s become critical for biotech startups and venture capitalists to ensure people have a smooth exit when their companies downsize or go under.
Biotech is a notoriously small world, especially in regions like Boston and the Bay Area. If an employee leaves a job with hard feelings or a bad taste in their mouth, it may not be the last time an executive team will see them. And biotech companies often fail — in one recent analysis, more than half of all the studied biotech startups failed.
Together, that’s forced the industry to recognize that “off-boarding” is just as important a process as onboarding. Companies and investors, especially when startups fail, are dedicating significant time and resources not just to ensuring the process is smooth, but to hiring outplacement firms and helping former employees figure out what’s next. Some are even pitching them to new prospective employers.
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