Stephon needed new bar to agree to before he said yes to marderna. "I've never raised a penny, so i hope i'l raise the money" He was taking on a huge risk in terms of funding for medurna. But it's one of the reasons you need to pro actively construct your board and take differences in risk tolerance into account.
If you're launching a moonshot, success depends on how you manage the trajectory of risk. When Stéphane Bancel became Moderna's first CEO, the biotech start-up was chasing a way-out idea many experts thought was impossible. Stéphane built a culture of calculated risk-taking to create a platform for extraordinary leaps — one that enabled life-saving mRNA vaccines when Covid-19 struck.
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