How One Inspired the Other
Many years ago, I sat in my clients’ shoes. I was a marketer that dreaded initiating an RFP, because this incredibly time consuming process took me away from more important things: spending time with my customers and thinking about our long-term strategy.
I yearned for someone to not only take this administrative workload off my back, but understand my needs, offer deep insight into the supplier landscape, and quickly present me with strong and suitable options. I couldn’t find that person within my own company, because sourcing was not available to me, so my options were either 1. revert back to suppliers I had used before (sigh) or 2) spend my time inefficiently searching for better options (double sigh).
This personal experience – and witnessing my friends and colleagues endure a similar pain – eventually sprouted an idea. In 2007, I launched Matchbook, a sourcing service to biotech companies. Matchbook quickly became a hub for customers that had limited or no internal sourcing resources. Over the course of nine years, Matchbook supported more than 300 RFPs for 30-plus pharma and biotech companies.
During this time, I noticed substantial changes to the sourcing function. It became increasingly formalized and strategic amongst medium-to-large companies. In response, I built a senior commercial, sourcing and procurement team and shifted our focus to offer strategic sourcing and procurement services to small, fast-growing biotech companies with limited resources, tight timelines and extensive outsourcing requirements. Our model has proven to be successful as Matchbook is following the rapidly growing number of recently funded emerging biotech companies.
Matchbook has been a gift. Not only am I incredibly passionate about supporting our clients, it has also given me the opportunity to experience firsthand the challenges of accessing good supplier information (internal and external) to make faster and better recommendations for our clients. Matchbook made me realize that there was an opportunity to improve the process and give procurement a much more intuitive way to build and access their supplier networks and use collective knowledge to make better supplier recommendations. Matchbook inspired tealbook, an idea that has turned my life upside down…with no regrets!
People often ask me what are the differences between the two companies. There would be no tealbook without Matchbook. Being so close to the challenges ultimately led me to find a solution. Matchbook keeps us in the forefront of our customers’ daily challenges, allows us to interact with tealbook’s procurement customers as peers and adds insights that makes tealbook more relevant, valuable and integrated. But they are separate businesses all together, with different ownership structures and purposes.
While Matchbook offers sourcing and procurement services to small biotech companies, tealbook is a tool that is licensed, used and managed by pharma and biotech companies of all sizes and procurement structure. tealbook has gained tremendous momentum and is steadily building its own brand, founded on a mission to empower sourcing professionals as indispensable internal partners.
Differences set these companies apart, but their biggest commonality? My deep passion for both.
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Matchbook offers strategic and procurement services to fast growing biotech companies with limited resources, tight timelines and extensive commercial outsourcing requirements. Matchbook includes a senior commercial, sourcing and procurement team that brings a wealth of knowledge and category expertise across all functions. Matchbook believes that biotech employees should spend their time more productively, partner with suppliers that can best meet their business goals, receive competitive pricing and get the most value out of their growing partnerships. Matchbook clients are able to stretch their funding dollars further while building a strong strategic foundation for success. For more information and to view a sample of our client portfolio, visit www.matchbookinc.com.
tealbook is an exciting online platform that empowers sourcing and procurement professionals’ interactions with internal stakeholders. By quickly providing all of the information necessary to make an informed decision, including supplier details and status, industry recommendations, and existing connections to colleagues, tealbook helps identify the most suitable supplier options and facilitates collaboration on supplier needs. Through its robust yet streamlined approach to initiating the RFP process, tealbook empowers sourcing and procurement departments to enable collaboration and efficiency with internal stakeholders and suppliers. Similarly, tealbook offers suppliers a unique and powerful way to generate new business by increasing visibility and collaboration with sourcing and procurement – for the ultimate benefit of internal stakeholders. For more information, visit www.tealbook.com.