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Interviews at The Entrepreneur Center @NVTC

An Interview with Gary Pan, President and CEO, Panacea Consulting, Inc.

Entrepreneurship

What is your definition of "entrepreneur"?
Someone who possesses the courage to make ideas happen.

What type of entrepreneur are you?
A Systematic Opportunist. One who canvasses the field and puts opportunities in my path. As I am also pursuing my doctorate in Management and Organizational Leadership at the University of Phoenix, focusing on Entrepreneurship, I would add that I am an entrepreneur who knows that there is so much more to learn.

What moment or experience made you realize that you wanted to be an entrepreneur?
I was born to do what I do. I knew that I wanted to start a business when I was in grade school and I was always on the look-out for lessons to learn from and to hone my experience. In high school I participated in Junior Achievement where I served as the president of two companies that we ran from cradle to grave. We issued stock, manufactured products, sold them, and finally liquated the company at the end of the school year. We even made profits and paid our investors dividends. I had a plan for my pathway to entrepreneurship: study the hardest curriculum in college (I attended Lehigh University where I earned my BS in Electrical Engineering with a minor in legal studies), and then get some real world experience (I came down from Boston to work).

What qualities have helped you to find success as an entrepreneur?
Invest in yourself with education and experience. (Engineering, Legal Studies, MBA, DM, JA, jobs!) And, two important characteristics that I value for entrepreneurship include puzzle solving and emotional intelligence.

More on puzzle solving: Thomas S. Kuhn (The Structures of Scientific Revolution, 1996)
I subscribe to the ideas of Thomas Kuhn of Puzzle Solving being a critical ability to understand the evolution of ideas and shifts. Puzzle solving to me is the ability to perceive and navigate through paradigm shifts and is particularly acute in the field of leadership.

More on emotional intelligence: Daniel Goleman's five emotional competencies extending Gardner's multiple intelligence. Salovey proposed five categories when defining emotional intelligence. And Goleman (1995) adopted Salovey's definition which divides emotional intelligence into the following five emotional competencies:

The ability to identify and name one's emotional states and to understand the link between emotions, thought and action.

The capacity to manage one's emotional states - to control emotions or to shift undesirable emotional states to more adequate ones.

The ability to enter into emotional states (at will) associated with a drive to achieve and be successful.

The capacity to read, be sensitive to, and influence other people's emotions.

The ability to enter and sustain satisfactory interpersonal relationships.

Are you a businessperson or an innovator, or both?
I see myself as a businessperson who aspires to be an innovator - always pushing for a better solution.

What is your belief on what can be done to improve the environment in the Greater Washington region to better support entrepreneurs?
Better promotion of academic and non-profit organizations. Leveraging the vast experience base of successful regional entrepreneurs.

Building a business

What was the biggest challenge in starting your business?
Finally taking the plunge. I had been in preparation mode for so long. Initially, looking young translated to "inexperienced" despite the contrary.

What role has teamwork and collaboration played in building your company?
Teamwork and strong corporate players are core to our success and foster a 'winning' culture.

Did you establish your business as a bootstrap, through VC or did you use other funding sources? Why did you choose that route?
Bootstrap. Always enjoyed the challenging route; makes life more interesting. I didn't want to miss the opportunity to learn through the hardships.

How do you measure the success of your current enterprise?
While Panacea has achieved success as marked by financial growth and industry recognition, I still view the organization from the vantage of being full of potential and poised for further success.

The Greater Washington technology industry and working with the government

As a consultant, you work with a variety of businesses and government agencies. How do you think that a business or government entity should measure its success?
Repeat Business. Mature metrics of performance as dictated through adhering to best practices such as PMI, CMM-I. I have a saying that if we "focus on performance, the rest will follow."

What can be done to better foster innovation in the government?
Accountability in government and the vendor community; the application of industry best practices; and, leveraging the strengths of the business community.

What big changes do you foresee for government consulting over the next 5 years?
Performance-based contracting: the infusion of commercial best practices such as (PMI, SEI-CMM, ITIL, Scorecards), and the increased accountability and reliance on responsible and successful organizations.

What can be done to improve the business environment for high-tech companies?
Small businesses are the bedrock of the entrepreneurial component of the high-tech business environment. We need to foster an environment so that small entrepreneurial companies can flourish, become competitive, and are encouraged to grow. Specifically in federal IT contracting, small businesses need to establish an equal footing in order to compete with larger behemoth IT firms. This may entail refining and promoting unique offerings or securing specific competitive advantages.

Where do you see the Greater Washington region technology industry headed?
Local GMU economist Steven Fuller recently indicated that the region will begin to feel the tapering off of the post 9-11 federal spending highs, which will compel the region's technology industry to focus on working smarter, increasing innovation, and promoting creativity in their solutions to their federal clients. The competitive need to stay alert and being ahead of the curve will become even more imperative.

And I believe the Janelia Farms at Howard Hughes Medical Institute will reinforce yet another leg of technology (BioMedical) in the area besides federal IT and telecommunications.

Lessons Learned

What are the interesting lessons you've learned in launching your business?
Stay close to your clients and your associates. Trust your instincts but reinforce your decisions through a disciplined approach. Hire the best people possible and put them into position where they will be successful.

What one piece of advice would you give to someone thinking about starting his or her own business?
Do your homework; learn from others in the industry; and have fun doing something that you love.

On Giving Back

Do you have or are you considering adding a social entrepreneurship component to your business? What responsibility does business have in giving back to the community at large? By doing so, what do companies get back in return?
As part of the "Panacea Difference," Panacea includes giving back to the community in which we work a critical component of our corporate core values. We support such organizations as Junior Achievement and the National MS Society through our charitable contributions, our volunteerism, and our leadership involvement. In addition, we support programs that inspire leadership such as the Boy Scouts. In fact, I serve as an Assistant Scout Master for a local troop. Others within the Panacea staff demonstrate their commitment to the community as leaders in local PMI Chapters, as athletic coaches, and as civic and religious leaders. While we don't generate financial benefits from these activities as an organization, our collective and individual commitment makes a difference within the communities we serve. It's all about being responsible and sharing our compassion.

As far as charitable activities, we have been a mid-tier sponsor of the annual MS 150 Bike Tour for years. I have personally led a team of riders, for about 15 years, biking typically 150 miles over two days to raise funds for this worthy cause. I will begin a three-year term of service on the board of the National MS Society this winter. In addition, even though Panacea is a smaller firm, we have committed to a three-year premier sponsorship for the MS 150 Bike Tour. We are excited about this opportunity to continue to help this community effort.

Another way that we are involved with helping our community is through funding a charity in the name of one of one of our associates who passed away after a short fight against Leukemia - The Curtis J. Rettke Leadership Scholarship. This scholarship supports select athletic scholars who demonstrate leadership commitment.

Your Reading and Information-Gathering Preferences

What books are you currently reading and why?
The Tipping Point: How Little Things Can Make a Big Difference (Gladwell, 2002). I appreciate the idea that a lot of little things contribute to the big results that we seek.

Man's Search for Meaning (Frankl, 1992). Re-reading for perspective.

The Power of Positive Thinking (Peale, 1952). Re-reading for inspiration.

An array of entrepreneurial peer-reviewed journal articles. For my Doctorate!!

Where do you get your information? What are your must-read publications?
NVTC Titans & other NVTC networking events (local tech community); Washington Technology (local industry view); Washington Post (local community view); The Wall Street Journal (global view); and, www.cnn.com.