There is rarely a foolproof method for finding the right management for biotech companies, concluded a panel at the Anglo-Nordic biotech conference last month at the London Stick Exchange. And it can be equally tricky for scientists wanting to become managers to pick a route to leadership. Geography, too, can complicate things: European companies wonder if they should consider experienced candidates from the United States, or less experienced individuals from Europe. There is a lot riding on these decisions — for individuals it's their careers, and for companies it is money from venture capitalists.

For scientists seeking management training, there are two traditional routes (see page 124). They could take some formal training, such as an MBA, a certificate programme or even just a few courses from a business school. Or they could adopt the ‘just do it’ attitude and plunge right into a company (assuming, of course, that they can convince someone to hire them).

At the London meeting, Anki Forsberg, a partner with the Stockholm-based venture-capital company HealthCap, explained that intangibles may be at least as important as tangibles when she considers whether HealthCap should put its money into a company. And the quality of the management is often a deciding factor.

Forsberg recommends picking companies that have chief executives she'd be comfortable inviting home for dinner. Those people aren't always the scientists whose discoveries are the basis for a star-up. “He's brilliant in the Lab. Let him stay in the lab,” is a refrain she uses when a scientist wants to become a chief executive of his own company, she said at the London meeting.

In the end, there are no guidelines guaranteeing success, just many possible routes and a leap of faith.