Rapid Response: How mission fuels risk-taking, with Illumina CEO Francis deSouza
Masters of Scale
WaitWhat
4.6 • 4.4K Ratings
🗓️ 19 August 2021
⏱️ 33 minutes
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Summary
Facing off with the FTC isn't for the timid. But when your mission and your business model are aligned, the hard decisions – about risk, about investment, about priorities – become clearer. Francis deSouza is CEO of Illumina, the world’s dominant maker of gene sequencing technology. After playing a key role in the creation of Covid vaccines, Illumina is trying to acquire a company with a breakthrough cancer screening test, over the FTC's objections. DeSouza offers a personal reflection on the lessons and reality of grappling with regulators, highlighting levers that can help to accelerate scale. What underscores his entrepreneurial efforts is a passion for Illumina’s mission: improving human health by unlocking the power of the genome.
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Transcript
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| 0:00.0 | I remember clearly the meeting at Illumina and I still get goosebumps when I think about it, |
| 0:05.2 | where we realized that we could be seeing the signals of cancer in a blood test. |
| 0:10.8 | We were processing samples from pregnant mothers. |
| 0:14.4 | One of our scientists noticed that there was something unusual about the maternal DNA, |
| 0:20.3 | and in all of those cases the mothers went on to find that they had cancer and didn't |
| 0:24.5 | know it. |
| 0:25.5 | What the FTC is saying is that by us getting into this space, we will reduce innovation |
| 0:32.1 | in the cancer screening space. |
| 0:34.1 | Now that's just fundamentally not correct. |
| 0:36.9 | Our team was actually called into Wuhan at the end of 2019, and the first viral genome |
| 0:43.3 | of SARS-CoV-2 that was published on Jan 10th was done on Illumina sequencers. |
| 0:48.3 | We worked with Moderna and BioNTech. |
| 0:51.0 | Their entire vaccine development program is based on the data that comes off Illumina |
| 0:54.9 | machines. |
| 0:56.6 | We know if we acquire Grille, tens of thousands of lives will be saved. |
| 1:01.4 | That wouldn't be saved if we don't acquire Grille. |
| 1:04.6 | That motivates us deeply. |
| 1:07.5 | That's Francis de Suza, CEO of Illumina, the world's dominant maker of gene sequencing |
| 1:12.5 | technology. |
| 1:13.9 | De Suza is locked in a battle with the FTC over the re-acquisition of a company Illumina |
| 1:18.6 | previously spun out, called Grille, that has a breakthrough cancer screening test. |
| 1:23.7 | Ambobsaffian, former editor of Fast Company, founder of the Flutch Group and host of |
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