Happy 8th Birthday to Matchbook
This week marked the eighth (official) anniversary of Matchbook, my procurement and sourcing consulting firm and my first entrepreneurial endeavor. I received hundreds of personal messages of congratulations and best wishes. Thank you!
The idea for Matchbook came from my own experience on both the supplier and client sides of this business. I couldn’t believe how much time was spent searching for and meeting with suppliers when there was so much to do, and surely a more productive way to get things done.
Like everyone else, I did it because I wanted to keep up with changing trends and ensure that I partnered with the best companies based on my needs. But I knew that there was not enough time to expand my network. And I was also aware that my knowledge of suppliers was likely slanted – influenced by what existing suppliers told me or informed by limited knowledge and opinions of one or two peers. I was being measured on ROI and not for my supplier selection skills.
Nine years ago
With a lot of positive feedback from peers about the value of offering an efficient sourcing process to companies with limited or no procurement resources, I launched Matchbook. Luck and timing, I waited a short four hours to receive my first call from a product manager looking for an innovative digital agency to develop a patient and caregiver platform. With fingers and toes crossed, I set about to give this first client a fantastic experience and successful outcome, based on an efficient process I personally found incredibly valuable:
- Talk to someone that completely understands my needs (maybe even more than I did).
- Receive a comprehensive brief that includes a deep dive into my needs, requirements and expectations, with questions to prompt thoughtful review of my needs.
- Search the industry for the strongest potential candidates and quickly expand my network.
- Provide insight into the industry landscape and potential candidates.
- Assess capabilities and experience as well as ensure alignment, resources and desire for the business.
- Score candidates based on my specific requirements and debrief as a team to select 3 or 4 candidates to present live.
- Manage the entire process efficiently, and set presentation format and expectations to ensure a productive presentation.
- Help the team navigate through the options and personal preferences to help them make a thoughtful and united decision.
- Complete all of this work in four to six weeks.
With a happy client and proof of concept under my belt, I started reaching out to my network. Within days other companies started contacted me for various different searches such as gaming, speaker programs, AOR, digital, public relations, medical communications, and the list grew fast.
Since then, Matchbook has managed more than 300 RFPs across 35+ companies and we expended into full-service strategic procurement. As our business and team grew, our process has become more efficient and we expanded our services category expertise to include all functions. I have built a senior commercial, sourcing and procurement team to support our fast growing biotech clients with limited time and resources. Our clients are looking to stretch their funding dollars further so they can do more with their budget. I have seen first-hand the enormous value of having good procurement involved early.
Our team strongly believe our clients should:
- Spent their time more efficiently (they usually have no choice).
- Expand their network and consider all strong potential supplier options.
- Assess and validate the best partner selection based on their specific requirements.
- Get the best value for their budget (our clients are more focused on quality than pricing, but we ensure that they are getting the most competitive pricing).
- Mitigate their risks.
- Receive transparent statements of work.
- Start with a strong foundation for long-term partnerships.
- Continue to optimize budget and partnerships.
Matchbook has a healthy and fast growing biotech client portfolio spread between the East and West Coast. We offer full service strategic procurement services to help fast growing biotech companies build a strong foundation for success as well as support projects and supplier searches with the most attention to details and customer service.
No matter what level of service we provide, we do it with passion and integrity. We manage the process and provide guidance, but let our clients make the important decisions. We want our clients to LOVE working with procurement and transfer that sentiment as their company grows.
It is extraordinarily rewarding to celebrate eight years in business and live through the kind of momentum we are experiencing. For this and many other reasons, I am extremely thankful.
To learn more about the difference between Matchbook (consulting) and tealbook (cloud based supplier intelligence platform), I welcome you to read a previous blog How one inspired the other or visit our websites www.matchbookinc.com and www.tealbook.com.