Following the tenets of Radical Transparency, LifeSciHub is an open-source business case study in real time. What is more important to a business than its income and expenses? As a member of the community you are welcome to join LifeSciHub’s Radical Transparency Annual Report coming on April 26, 2023 at 12 noon ET, just in time for after we complete y2022 taxes! In this report, we will provide a full accounting of LifeSciHub’s income and expenses, even our Quickbooks file! By being a LifeSciHub User in whatever way, you get a full accounting of how your contribution is being utilized.
LifeSciHub believes in being a better third party, one whose fees are in alignment with the value we provide- vendor vetting, introductions, contracting and payment processing. We ensure both supply and demand know each others’ prices and payments in full, along with LifeSciHub’s flat rate fees. We do this because, as a community of independent small businesses, we have seen too many research dollars being spent on inefficient intermediaries who oftentimes charge upwards of 50 to 100% markups whilst delivering relatively little value.
LifeSciHub feels its fees are very much in alignment with the value the platform provides, especially in relation to all other third parties we have seen and, as independent consultants ourselves, worked with. We know this because we’ve all been there- both on the sponsor side, hiring non full time expertise, and then as independent consultants ourselves, finding work either directly, or third parties. Therefore we are willing to expose that income to the community, and the world, if the world is interested!
If you are not a User yet (either get a project or hire an independent small business via the LifeSciHub platform) we hope our message of Radical Transparency encourages you to be one in the future. LifeSciHub believes that small businesses, whether a business of 1 or several, have everything to gain by strategic collaboration. Radical Transparency is the only foundation upon which such innovative collaborations can be built.
Furthermore, it is fascinating to see the inner workings of someone else’s business- a viewpoint we, as business owners, rarely, if ever, get. LifeSciHub invites you to see it all- business lessons we’ve learned, business challenges we’ve faced, and use those learnings to elevate your own businesses.
Even outside of the Annual Report, please consider LifeSciHub an open case study, available to you at any time throughout the year. No question is off the table! LifeSciHub exists to support the small business owner, because being a business owner is much, much different from being an employee. LifeSciHub Current Administrator, Sheila Mahoney: “it’s been 8 years since I made the leap and I am still constantly amazed at both the agony and ecstasy. That’s what makes it so darn interesting!”
Watch the Annual Report, recorded April 26, 2022, Here:
The Problem LifeSciHub Solves
LifeSciHub is intended to address and solve for the drug sponsored talent shortage. And according to pretty much everyone, access to highly specialized R&D talent in particular, is a very significant risk. So much so that investors in life sciences are actually looking at talent solutions because their portfolio companies are experiencing so much risk associated with not being able to find the people that they need.
I attended the BioNJ Human Resources conference last September and heard a pretty incredible presentation from Edward Speidel, Partner, Radford Aon Hewitt (minute mark (MM) 01:17). He addressed how challenging it is to find R&D talent- trends and barriers that LifeSciHub has emerged to address:
- Worker trends “gig economy” is alive and well in life sciences. There are many highly skilled experts who have 10, 20 or more years working at a drug sponsor, practicing their subject matter expertise, but they are leaving the full-time employee workforce in order to become independent consultants, which is essentially small businesses. They do this for a variety of reasons: M&A related (merges and acquisitions), work-life balance and flexibility. These folks are characterized by a strong preference to manage their own businesses, own their own utility rates (workflow peaks, valleys and revenue stream), juggle their own clients and do their own taxes.
That means being paid by 1099 only, not by W2, and to not be taxed