The previous blog spoke in general terms of how we create value. This blog provides a specific example of how we approach value by describing a new venture that we are beginning.
This venture derives from the intersection of three factors:
- ABS is expanding and we are looking for new laboratory and office space to more effectively and efficiently meet our needs and those of our clients. In the course of this search, we came across an ideal site. However, it was much larger than we needed.
- The Delaware BioScience Association, the Delaware Prosperity Partnership, and the State of Delaware have identified need for laboratory space in Delaware for growing bioscience companies. The local economy is missing opportunities because of this lack of infrastructure.
- ABS has excellent business systems (Production, Quality, IT, etc.) that we have developed over 30 years in business. Internally, we derive great value from these systems. These systems improve service quality and streamline processes, which benefits our clients and ABS. For example, I have often said that even with twice the staff it would be difficult to accomplish half as much without our comprehensive IT and business systems. We know these systems would greatly benefit other organizations, but there was no immediate way to share this knowledge in a way that would benefit ABS and others.
Putting all of this together, we saw how ABS can continue to grow and benefit the local economy. As we sought a new facility, it became evident that other organizations have similar needs. We could provide space to these organization by leasing out excess space to them. In addition to providing laboratory and office space, we could also help by extending our 30+ years of operational expertise to some of these organizations. By looking for compatible companies that offer complementary products and services, we also hope to benefit our clients who are looking for these offerings. Our initial investigations indicate that this approach will be successful for ABS, our tenant partners, our clients, and the Delaware economy by providing an ecosystem for jobs and economic growth.
This venture is still in the early stages. Often, an analysis of how a project succeeds or fails (to the extent that trying and learning new things is ever a failure) comes at the end of a project. Rarely does one see the beginnings of a new endeavor. Because of this, the stumbles along the way may be smoothed out.
In upcoming blogs, we will describe how our plans move forward, how we handle challenges, and how we hold ourselves accountable. This is only the beginning and we will update you as we move along this path.