Dr. Sujatha Ramanujan is the Managing Director of the Luminate Accelerator. With over 50 patents to her name, she stands out as a distinguished senior C-Suite executive and entrepreneur. Her impressive career includes a robust background in portfolio and investment development, mentorship of tech start-ups, and the successful conception and growth of multiple tech companies and business lines.
Ramanujan’s academic prowess is underscored by her PhD, complemented by her extensive expertise in research and development, engineering management, and strategic planning. She has been instrumental in introducing Class 3 FDA-regulated medical devices on every continent, effectively managing global teams and contributing to over $50 million in EBITDA.
We recently had her as a guest on Circle Optics‘ 360 Pulse Podcast. You can hear the entire program anywhere you get your podcasts. Our most popular channels are Spotify, Apple Podcasts and Spreaker. Below are a few insights in her own words that we think are very important for technology leaders.
From Startups to Innovation Hubs
My journey hasn’t been a linear one, nor was it a well-charted series of events. I joined my first startup during my senior year in college as part of a project. The business, which focused on cardiology equipment, sold quickly and successfully, giving me my first taste of the startup world. After graduating, I worked for General Electric in the aerospace division, where I realized my true passion for research science. To pursue this, I returned to school for my doctoral degree. Post-graduation, I helped my husband with his tech startup, which we also sold, and then started working at Kodak Research Labs. It was an incredible experience, surrounded by brilliant minds like Circle Optics’ Chief Research Officer Andy Kurtz and Barry Silverstein, who are now leaders in the field.
At Kodak Research Labs, I was part of the Engineering Physics Lab, which was a hub of innovation. The team’s relentless drive resulted in numerous patents and inventions across various disciplines. As Kodak evolved, I transitioned to the Health Group and later managed the Printed Electronics Lab. This period was marked by intense learning and growth as I navigated different areas of research and development. Eventually, I moved into marketing, business development, and analytics, gaining insights into what makes a business financially successful and the intricacies of mergers and acquisitions.
My career further advanced as I took on the role of Chief Technical Officer for a mammography software group, facing the challenges of global product release and regulatory hurdles. Managing non-research personnel and understanding the costs of launching a business were significant learning experiences. After taking maternity leave, I became a product line manager, overseeing the incorporation of pediatrics and global business launches. Many of my former colleagues from Kodak are now with Mosaic Microsystems (in the Luminate portfolio) continuing our legacy of innovation. This journey taught me the complexities of commercialization and the crucial balance between innovative science and effective business strategies.
Business Insight
I’ve rarely seen startups fail because the science is bad; it almost always fails because the business side doesn’t work out and they run out of cash before they can commercialize. I learned a lot about launching a business, especially the costs involved, which many research scientists don’t initially grasp. It’s not just about inventing something and selling it; there’s a lot more complexity. I had to understand marketing, sales, manufacturing, and regulatory aspects, which was an eye-opening growth experience.
When launching a business, whether it’s a complex tech product or something simple, you must know your client. Understand the industry, their pain points, and what they are willing to pay before launching. Have commitments from people that they want your product at the price you’re selling. Additionally, use insights from your supply chain and clients to create accurate projections. Hoping and wishing is not a marketing plan; you need a constructed plan to avoid running out of inventory or having unsold stock that ties up your cash.
Lastly, business is not about ego. Know your strengths and do what you’re good at. If you’re not strong in a certain area, hire someone who is. Don’t let your ego push you to take on roles you’re not suited for. In the end, everyone is happier and more successful when they get paid for their expertise. Many people love their technology and would work on it even if they didn’t get paid, but they are part of teams that need financial success.
Advisory Insight
Switching from an operating board to an advisory board involves understanding the different types of advisory boards and their roles. Advisory boards can either advise you on your technology or on how to grow your business. It is essential to recognize that you need advice in both areas, as it is not within everyone’s skill set to handle every single aspect. Begin by mapping out the key aspects of your business, such as technological and growth areas. Ensure that the skills needed in these areas are well-represented and balanced within your advisory board. You don’t want all scientists with only one person focused on financial matters, nor do you want all business people who might not grasp specific scientific issues.
Balance is critical when selecting advisory board members. You need expertise in science, manufacturing, product launch, marketing, and financial growth. Consider the regions your business operates in and ensure your board understands your client space, whether you are an American company or growing internationally. Make sure your board meetings are well-structured, with materials sent out ahead of time for review, to avoid contradictory advice. Managing an advisory board effectively is not an afterthought; it requires active engagement and organization.
Organizational growth and team management are complex tasks. I always ask for help from experts and map the skills of my team members honestly. Playing to people’s strengths and celebrating small victories are crucial. Building relationships through fun and positive interactions makes it easier to have difficult conversations when necessary. Just like in life, we take direction better from those who have also given us compliments. This approach has been fundamental to my strategy for effective team management and organizational growth.
WOMEN in Technology Leadership
I am thrilled to see an increasing number of women graduating with STEM degrees. Although we have not yet reached our ideal goal, the progress is evident. From being the only woman in the class to now seeing graduating classes with 20-30% women, it’s a significant improvement. At my alma mater, the University of Michigan, the electrical engineering classes are now nearly 50% women. This growing representation of women in tech is vital for fostering innovation. However, there are still specific challenges at every level, from encouraging girls to pursue science to supporting them through graduation.
One significant challenge is the financial and personal support needed to start businesses. Women and underrepresented minorities often lack the resources that make it easier to launch a startup. Unlike their counterparts who may have access to family wealth or networks of affluent connections, many women must figure out how to sustain themselves financially while growing their businesses. They might not have the luxury to forego earning an income to focus on their startup. This disparity makes the initial stages of entrepreneurship particularly tough. It’s crucial for organizations like mine to recognize these obstacles and provide the necessary support to level the playing field.
Luminate Accelerator
I’m really proud to say that Luminate is the leading accelerator in the industry worldwide. We routinely host visits from foreign government contingencies who want to learn how we’ve achieved our success. Our influence is global because we accept companies from all over the world, even though our goal is to have them grow in New York. Our motto is Dream It Anywhere, Build It Here. We have leveraged the region’s capabilities, including its educational infrastructure and 150 optics companies, to create a thriving ecosystem. This integration into a robust ecosystem is crucial for startups, as it allows them to avoid the isolation of trying to build everything from scratch.
Luminate embeds companies into our ecosystem, teaching them about supply chain management and running an optics business. We provide the right introductions and help them meet investors who are specifically interested in optics and the Upstate New York area. This targeted support helps prevent startups from running out of cash before they can commercialize their innovations. We have taken approximately 75 companies through our program.
There are a couple of Luminate companies I would like to highlight. Obviously, Circle Optics. It’s really great that Zak Niazi brought the 360-degree panoramic view concept to Rochester. He was able to pivot into the defense sector and build a business here, steadily growing and becoming an asset to the nation.
The other company I’d like to highlight is Neurescence Inc. I highlight them because they’re not actually one of our biggest investments. They were in the same cohort as Circle Optics. Yasaman Soudagar, the CEO, grew a neurological tool to map the brain for pharmaceutical research. She steadily grew it and sold it to Bruker Corporation two years ago for a solid profit. She’s a good example of taking really good science, growing it steadily, and catching the eye of the industry. Although it was a Canadian company, it was bought by a US company. There are many ways to grow a business: one is organically, and another is through acquisitions.
Organizational growth and team management are complex tasks. I always ask for help from experts and map the skills of my team members honestly. Playing to people’s strengths and celebrating small victories are crucial. Building relationships through fun and positive interactions makes it easier to have difficult conversations when necessary. Just like in life, we take direction better from those who have also given us compliments. This approach has been fundamental to my strategy for effective team management and organizational growth.
Register for the Luminate Accelerator Finals
Don’t miss your chance to witness Boundless Potential at Luminate 2024, sponsored by Optica. Register to join in person or online from September 26 4:00 PM to 6:00 PM EDT to see startups pitch for millions, vote for your favorite team to help them take home cash, and hear a panel on the ethical use of data in AI.
