MODULE 4 WORKBOOK 2 HOW TO SUCCEED AS A ......Module 2 Workook Managing Projects In Industry Module 4 HO T SUCCEED AS A EW POJECT MANAGE I INDUSTRY well if you decide to become a CES

MODULE 4 WORKBOOK 2 HOW TO SUCCEED AS A NEW

PROJECT MANAGER IN INDUSTRY

Module 2 Workbook 1

Managing Projects

In IndustryModule 4 Workbook 2

HOW TO SUCCEED AS A NEWPROJECT MANAGER IN INDUSTRY

CAREER TRAJECTORIES FOR PROJECT MANAGERSProject management is a great occupation, but it is very demanding and might not be the perfect career for many people, especially in the long run. However, one of the great things about being a project manager is that it is an excellent starting point for many other industry roles. Project managers can have many career trajectories and they can move both laterally and vertically in the business world.

Figure 1: Career lattice showing the differences between vertical and lateral career moves

Module 2 Workbook 1

Managing Projects



Vertical Career Growth For Project Managers

Figure 2: Possible vertical career moves for project managers

As you gain experience as a project manager, you will get promoted and start climbing the vertical ladder. Many companies have a standard process to determine who will get promoted. During a routine monthly evaluation, your employer will ask you to report your measurable achievements, planned tasks that are not completed, and plans for the next month. Constantly meeting your goals shows that you know how to plan ahead and get things done. Being able to set ambitious goals and achieve them will significantly improve your chances of getting promoted.

Measures Of Success For A Project Manager

Module 2 Workbook 1

Managing Projects



Senior Project Managers

Becoming a senior project manager is the next step of the natural progression. Senior project managers are in charge of several projects, and they train and mentor other project managers and teams. Senior project managers are often involved with more conceptual aspects of the company’s projects, a role that can be similar to business development. Senior project managers can later become directors or vice presidents of operations. These people manage bigger portions of the company, such as entire departments, or even the whole company.

C-suite Roles

After gathering some experience, project managers can move to C-suite roles. This is especially common if you work at a small company or a startup. The natural progression for project managers is to become Chief Operating Officers (COO). However, stem PhDs can also become Chief Scientist or Chief Technology Officer (CTO).

Lateral Moves For Project Managers

Teamwork

Skills You Can Leverage During Lateral Moves

Leadership Negotiation

Adaptability

Entrepreneurship

Communication

Conflict Management

Time Management

Project Management

Stratigic Thinking

Figure 3: Highly desirable soft skills you will develop as a project manager. These skills will make you the perfect candidate for lateral career moves.

A project manager position is a great starting point for many different roles. As a project manager who has successfully managed projects in industry, you have what it takes to succeed in the following roles.

Module 2 Workbook 1

Managing Projects



Business Development

Business development can be defined as the creation of long-term values for an organization. Frequently, project managers take part in the company’s business development, so those attracted to this side of the business can transition and work full time in business development. These roles involve a lot more business, commerce, and organizational theories than they do science, data, and conceptual work.

Business Development Manager

A Business Development Manager (BDM) ensures long-term business growth. At first glance, it might appear that these duties do not require any technical knowledge. While this might be true in the finance or banking sector, it does not hold true for technology-based industries. Efficient BDMs working in biotechnology or software organizations must thoroughly understand the main technical aspects.

Although MBAs are preferred over other degree holders in most management roles, owing to its multifunctional nature, there are no specific qualifications to become a BDM. If you are a science PhD with industry project management experience, you have the right combination of scientific knowledge, analytical skills, interpersonal skills, and basic business knowledge to be a successful BDM.

A BDM’s key responsibilities include developing new business opportunities, managing existing products, developing market strategy, and building new business partnerships. As a BDM, you will have to decide which innovation among those in the pipeline should receive priority based on market needs and the positioning of competitors. Therefore, thorough knowledge of a company’s culture, its products, and the sector is critical. You will need a combination of technical knowledge, analytical skills, and an understanding of current developments in the market to forecast ways to increase sales and compete with the main competitors in the sector.

The presentation and teaching skills you developed during your PhD will also be valuable in a BDM role, as they are expected to train new members of the BD and marketing teams. Like project management, this role requires frequent collaboration, especially with those in marketing and sales, so it is essential to have a cooperative attitude. Besides technical knowledge, understanding business strategies, marketing, and commercialization is necessary for both project management and business development.

Science PhDs sometimes miss out on these positions due to their lack of business skills. However, you can learn basic BD knowledge and make yourself more attractive to prospective employers. For example, you can take business courses offered by a university or an online course. There are also short BD certifications designed for people who wish to transition into this role.

If you are a project manager who wants to become a BDM, you can create connections with the business department in your company and inquire what skills you need to develop to transition into the BD team. According to a career survey made by CNN Money, business development was among the top 100 careers, with a projected growth rate of 16.4%. You must keep in mind

Module 2 Workbook 1

Managing Projects



that this is a multifunctional position, and the exact role will vary depending on the size of the company and what stage of growth it is at.

Marketing And Sales

In many companies, project managers interact with customers and work on deliverables that will go to sales or marketing. Thus, they are often geared towards sales and can move from project management into sales or marketing roles.

Marketing Professional

It is rare to see project managers, especially those with a PhD, transition into the marketing department. However, bear in mind that marketing also needs project management. If, at some point, you find yourself fascinated by the marketing world, transferring into a marketing project management role can be a valid option.

Technical Sales Specialist

Many companies manufacture and sell highly sophisticated equipment or lab materials. While traditional salespeople know about marketing, their lack of scientific expertise limits their ability to understand—and thus properly explain—the value of these technologies to prospective clients. Therefore, technology-based companies require people with advanced science degrees who can also function as part of the sales team. This specific niche is filled by technical sales specialists (TSS). TSSs bridge the gap between technical know-how and sales skills. The exact role of a TSS might vary from one organization to another, but the main task is to use scientific knowledge to support the larger sales team and help the clients. As a TSS, you might be required to understand a client’s needs and suggest the equipment ideal for solving their specific needs.

Depending on the structure of the sales division, TSS can have one of two main roles. Some TSSs initiate contact with prospective clients and act as the primary point of contact. They are tasked with assisting the customer in choosing the right technical equipment, closing the sale, and placing the order. Other TSSs work in partnership with one or several traditional salespeople who are responsible for business building and getting new clients. If, as a project manager, you work in close proximity with one of such sales teams, you can transition to a TSS role, as you already have the technical know-how and can apply your managing skills.

Capital Equipment Specialist

The responsibilities of a capital equipment specialist (CES) are similar to those of TSSs. Still, CESs primarily deal with capital equipment – pieces of equipment with an individual cost over $5,000 and a useful lifespan of at least one year, which are commonly used in industry and academic research laboratories.

The communication and interpersonal skills you developed as a project manager will serve you

Module 2 Workbook 1

Managing Projects



well if you decide to become a CES because you will be dealing with clients and cross-functional teams daily. You will also need to convince your clients of the advantageous qualities of equipment you are trying to sell.

Besides selling capital equipment, CESs also show the equipment to potential clients, manage major accounts, and train other members of the sales team. Therefore, the ability to do technical presentations and teach and explain difficult concepts, which you learned during your PhD and honed as a project manager, will be key transferable skills.

A CES often acts as the account manager for a region or territory, meaning that she is responsible for territory penetration, boosting sales to existing customers, planning to increase their customer base, scheduling training workshops, and managing a team. This implies that CESs generally have higher accountability than traditional sales staff.

It is essential for CESs to fully understand the technology that their company and the competition offer and to keep up to date with recent developments in the market. This will enable you to properly explain the benefits of your equipment when compared to that of your competitors. This detailed knowledge of the field will help you perform accurate forecasts of possible changes in this sector and adequately modify your plans in advance. Another major responsibility of a CES is answering technical questions from clients. You will be expected to be efficient in assisting clients in troubleshooting while maintaining a high level of customer satisfaction.

As an advanced science degree holder in a project management role, you will already have the skills necessary to perform a CES role. This role will allow you to build an extensive network and learn about the industry. This can help you progress into other higher positions within equipment sales or transition into a higher position in a different division within the same company.

Innovation

Project management is a platform for innovation. Creative project managers who are interested in the ideation phases of projects can transfer to the innovation part of the company.

Technology Assessment and Alliance Manager

More and more academic research institutes are becoming interested in translational research, and private companies are putting more value on novel innovation. As a result, the number of academia-industry partnerships is growing. This is beneficial for both parties, and most importantly, for the overall growth of any technology-based sector. Since funding from traditional sources is becoming scarce, funding from industry has proven to be a reliable source of financial support for academic researchers. In return, industries get access to top-quality cutting-edge innovation coming from academia. In order to make this partnership successful, industries require

Module 2 Workbook 1

Managing Projects



professionals with strong scientific academic backgrounds who can work as a bridge between industry and academia. This unique and relatively new role is called technology assessment and alliance manager – a position where your cross-functional communication skills and business acumen will shine.

It is evident from the title that the key responsibilities of this position are to assess new technologies and facilitate academia/industry collaboration leading to the commercialization of new inventions. A technology assessment manager must have an excellent understanding of the scientific area she is dealing with so that she can identify and prioritize technologies of interest. In this position, you will need to compare several research projects and predict which of those have the most potential for commercial success.

Among all the career options for a science PhD, this is definitely one of the most collaborative and multifunctional ones. Once you have identified the technology, you will communicate with academic researchers and licensing managers in the technology transfer office to facilitate further collaboration. You will also interact with key opinion leaders and people from the R&D and legal departments in your company. This way, you will bridge the corporate world with academia and play a key role in the success of both. If you have worked as a project manager, you have demonstrated that you possess the communication skills and the ability to function well in a team environment, which are very important for this position.

The presentation skills that you honed as a project manager and PhD will be a great transferable skill, as you will be presenting your assessments to the decision-makers of your company regularly. Other valuable skills you probably already possess are scientific and intellectual property-related knowledge, and budgeting and business development skills.

This role will offer you the opportunity to be exposed to a number of exciting projects and interact with many intelligent people from all over the world. Consequently, if you become a technology assessment and alliance manager, you will have to travel both domestically and internationally. Being professional while interacting with people from culturally diverse environments will prove to be a valuable attribute for this role.

Owing to the collaborative nature of this position, you will be growing your network in the scientific community and industry. This can be a great profession for those who do not want to remain in project management and want to be associated with academic research.

Business Analyst

Business analysts make conclusions based on research, explain it to clients, and identify gaps. They work to improve the efficiency of a particular department within an organization. A seasoned project manager with an organizational attitude and a business-oriented vision can excel as a business analyst with relatively little training.

Business Intelligence Analyst

Module 2 Workbook 1

Managing Projects



Business Intelligence Analysts (BIA) look into large amounts of information and analyze it to determine the strengths and weaknesses of an organization. This helps the organization plan for its future success.

The basic educational requirement for a BIA is a bachelor’s degree related to computer science, but most organizations prefer a graduate degree. The most sought after candidates for this position have a computer science degree and business certifications.

With continuous change affecting all sectors and organizations dealing with organizing and analyzing an ever-increasing volume of data, this role is predicted to have a very promising job outlook for the coming decade. According to the Bureau of Labor Statistics (BLS), BIA hiring is projected to grow by 22 percent between 2010 and 2020. As businesses adapt to handling more business intelligence-related data, the position of BIA will be in more demand. The increasing demand for this role is also expected to result in steady growth in average salary.

If you have some database management experience and specific expertise related to a field (for example, finance or healthcare), this will significantly improve your chances of securing a job as a BIA. You can also take some online courses on business analysis and business intelligence to improve your skillset.

One of the most important personality traits for being successful in this role is to be meticulous. Sifting through huge volumes of data and extracting actionable information is essential for this position. As a project manager, you’ve shown that you have outstanding attention to detail, so you have the skills necessary for this role. Additionally, holding a graduate degree will increase your chances of being promoted to a senior position.

Job opportunities for BIAs tend to concentrate in areas where there are many business organizations. According to a recent Forbes report, Houston, Washington D.C., Boston, and Philadelphia are some of the best cities to find business intelligence-related jobs. The sectors most likely to hire BIAs are healthcare and finance.

Careers within business intelligence are rapidly evolving. Therefore, there are multiple ways to enter the field and various opportunities for career growth once employed. Currently, BIAs tend to specialize in one of three fields. They can go into consulting and contracting, get involved in customized software development, or work in government or non-profit sectors. Each has its own pros and cons, but as a PhD with project management experience, you have the potential to not only excel at any of them but to get promoted to business intelligence project manager in a relatively short time.

Market Research Analyst

The title “market research analyst” may lead science PhDs to assume that this is a traditional marketing role, not suitable for someone with a scientific, academic background. However, this is not the case. Market Research requires a lot of analytical and quantitative skills as well as

Module 2 Workbook 1

Managing Projects



technical knowledge of the sector, so this position can be a great fit for science PhDs.

This role is available in almost every industry, but it is especially significant in innovation-based sectors such as electronics, IT, or biotechnology. You can work as a market research analyst in major technical organizations or market research firms whose sole purpose is to conduct market research for their clients.

As a market research analyst, you will be expected to gain a thorough understanding of the commercial landscape associated with a specific technology or sector. The main goal of a market research analyst is to analyze the market data and help decision-makers estimate the degree of commercial success they can expect from a specific product or sector.

Responsibilities will include gaining information about the market and evaluating the key advantages and disadvantages of a product when compared to existing, similar products. You will apply this information and your technical expertise to create reports outlining the key niches for commercialization, estimate the market size, identify current major players in the sector, and recognize possible future competitors. Your findings will act as an essential tool for the administrative team to design the ideal pathway for the commercialization of a product, estimate commercial success (revenue), and avoid pitfalls in the process.

This is a rapidly evolving profession. As innovation-based industries grow and competition becomes global, there will be an increasing need for people with technical backgrounds capable of analyzing competing technologies.

The technical and scientific knowledge and the ability to analyze large volumes of information, and identify the advantages or drawbacks of one method versus another that you mastered during your PhD, will be valuable skills if you decide to transition into market research analysis. Since you will also present your findings in both oral and written format, the communication skills you developed in grad school and as a project manager will also prove to be valuable transferable skills.

As market research analysts influence the business strategies and work in collaboration with strategic decision-makers, you will be constantly communicating with the main decision-makers of the organization. Hence, this role can open up doors to higher management positions.

Management Consulting

Not too long ago, consulting firms employed only MBAs as consultants, but in recent years—with the steady rise in innovation-based business—the number of PhDs hired by consulting firms has increased significantly. As a PhD, you are already proficient in identifying specific issues and solving complex problems through critical thinking. In the consulting world, science PhDs are increasingly in demand for their ability to utilize technical knowledge to troubleshoot problems and help companies develop better strategies for success.

According to a Bloomberg report (2013), the consulting market is expected to experience an

Module 2 Workbook 1

Managing Projects



overall annual growth of 3.7%. The same report stated that in 2013, the management consulting market grew by 8.5% to a total value of $39.3 billion.

There is a myth that you must possess prior business experience to get into consulting. Although some business knowledge may be an extra help, even the most reputed global consulting firms have specialized job opportunities for advanced science degree holders such as PhDs and MDs. As a project manager, you already have prior business and strategy experience. In addition, some of the major consulting firms offer consulting workshops or short internships – often referred to as “mini-MBAs” – to newly-hired PhDs, Post-docs, and MDs.

The ability to solve challenging problems and design strategies is crucial for success as a management consultant. As you will be working in a collaborative environment, prospective employers are looking for teamwork and communication skills, and leadership capabilities, which you have demonstrated during your project management experience. The ability to present your findings both as oral presentations and through writing are also valuable skills. Brainstorming in groups, being analytical, and delivering solutions to technical problems are key requirements to be a successful consultant.

One of the main obstacles faced by scientists transitioning to consulting is that they must provide solutions in a relatively short time frame compared to academic research. They also need to keep the big picture in mind, rather than taking a long time analyzing a highly specific problem. This shouldn’t be a problem for you since project managers also need to make timely decisions and keep the big picture in mind.

A significant advantage of consulting is that it can open doors to a variety of opportunities. After leaving consulting firms, successful consultants have gone on to become entrepreneurs, advisors for startups, teachers in business schools, and even to hold management positions in the technology-based industry.

Venture Capital (VC)

This profession is one of the least known career paths available to science PhDs, probably because it is not easy to break into the VC world. However, a project manager with a PhD can transition into this field without having an MBA. VCs sometimes look for specific specialty expertise. If you have the expertise, along with your project management, business, and research skills, you might be able to provide a great value.

VC firms are organizations that use capital provided by a group of investors to finance startups or small businesses. They offer much needed financial support to early-stage businesses. In return, they benefit from their long-term growth and financial success. VC investors profit once a startup they have funded is acquired by a larger company or goes public.

You may be wondering how someone with an advanced scientific degree can fit into an organization involved in investing capital. Well, some VC firms are focused on investing in

Module 2 Workbook 1

Managing Projects



technology-based sectors such as pharmaceuticals, IT, and biotechnology and hire professionals with advanced degrees in science as research analysts.

The goal of technology-oriented VC firms is to invest in and facilitate the growth of small businesses dealing with the commercialization of new technologies. This might sound straightforward, but it carries substantial financial risk because, in a competitive market, return on investment is not always guaranteed. So before smart investors put money into a new business, they’ll seek assurance about the likelihood of making a profit. Every idea pitched to VC firms goes through rigorous due diligence, and professionals with detailed technological knowledge play an essential role at this stage.

The main responsibilities of a VC research analyst are to identify new investment opportunities, evaluate new inventions, and determine if they are worth investing in. You will conduct deep analyses of the new technology, identify its competitive advantages, and predict its chances of being successful. In short, you will provide research support to the investors and help them select the best possible investment opportunities. As a research analyst, you should also be aware of the current technological and commercial developments in your firm’s sector. Besides scientific knowledge, you must be an efficient networker, possess excellent presentation skills, and have the ability to recognize the potential of commercial success of new technologies to be successful in this field. In order to find leads, you might have to make cold calls, attend scientific conferences, and go to networking events. As a project manager, you already have the skills and personality for this role.

Besides specialized VC firms that invest in technology-based industries, you can also work in large private companies that are involved in corporate venture capital. These are mostly large pharma or software companies that offer seed funding or growth-stage capital to smaller organizations in their own sector with the prospect of a merger, acquisition, or other future commercial partnership.

This role offers a great learning opportunity for those who have entrepreneurial aspirations. According to a National Venture Capital Association report, investments by VC firms resulted in $3 trillion worth in revenue and supported 12 million jobs. You may also find it fulfilling to know that you are directly contributing to job creation and helping society by bringing beneficial innovations to the market.

Product Manager

Products are frequently a collection of projects. If a project manager prefers to work in more conceptual or more creative roles and can juggle many balls, they may enjoy transitioning to a product manager role.

In today’s society, it is hard to find an aspect of life that has not been influenced by technology. This might indicate that the success of any company is primarily dependent on the engineers and scientists who invent these products. However, before the technology experts can start R&D,

Module 2 Workbook 1

Managing Projects



someone needs to determine which new products are demanded by the market. This is the role of a product manager. To put it very concisely, a product manager is responsible for managing the entire life cycle of a product.

Like project management, product management is a multifunctional role that demands collaboration across multiple divisions of the organization. You will advise scientists and engineers on where to focus their expertise. But even before that, as a product manager, you must communicate with your marketing team and find innovative solutions to existing problems. Your interaction with marketing or other divisions won’t stop with product creation. You will continue collaborating to develop the ideal go-to-market strategy, identify target customer demographics, and plan product branding.

Technical knowledge of your specific sector is essential for product management positions. In addition, you must possess a unique blend of business acumen, a creative outlook to envision new products, and an understanding of the competitive landscape. Above all, you should have a big-picture mentality and the drive to take an initial idea and transform it into a commercially successful reality. As a project manager, you are already comfortable interacting with people outside the technical field and have a big picture mentality, so you should enjoy this role.

A science PhD aspiring to be a product manager must know the entire sector—not just their specific product or topic. A product manager has to collaborate with almost every department to fulfill her or his vision. So, it is very important to have excellent interpersonal, communication, and persuasion skills. Without this, you may struggle to convince others – from the CEO to the scientists – about the potential of your novel idea.

Your work as a product manager continues after the product is developed and marketed. A product manager also oversees the management of a product after its launch, analyzes market performance, looks for possible commercialization partnerships, determines ways to boost commercial success, and helps determine how to terminate an older version of a product. As mentioned previously, a product manager plays a strategic role across the entire life cycle of a product.

One can find this career opportunity in almost all major organizations. However, for science PhDs, it is logical to target innovation-based sectors, such as the electronics, IT and software, biotechnology, and pharmaceutical industries. Advanced degree holders can often enter a company in a technical or project management role and then transition into product management within the same organization.

PhDs with good communication skills, business insight, a creative outlook, and industry knowledge are highly sought-after in this role. There is no doubt that a product manager’s responsibilities can be demanding. However, it is also one of the most fulfilling roles as it offers you a platform to bring a new invention to market and make a tangible positive impact on people’s lives by solving real-world problems using the power of innovation.

Entrepreneurship

Module 2 Workbook 1

Managing Projects



After gaining some years of experience, many project managers tend to venture out and start their own business. They have management skills, knowledge, and connections. If they can combine that with a unique vision, they can be successful entrepreneurs.

QUIZ:

1. Identify a horizontal move you would like to make after working as a project manager. Which transferable skills do you already have, and which do you need to work on before transitioning to this role?

Module 2 Workbook 1

Managing Projects



2. What are the key differences between a product manager (or any other alternative career) and a project manager’s duties?

3. Which aspects of your project management role do you like the most? In which of the alternative career paths explored in this module are those aspects prominent?

Module 2 Workbook 1

Managing Projects



Documents

MODULE 4 WORKBOOK 2 HOW TO SUCCEED AS A ......Module 2 Workook Managing Projects In Industry Module 4 HO T SUCCEED AS A EW POJECT MANAGE I INDUSTRY well if you decide to become a CES