CBOs must be able to build and lead teams of employees with strong communication and collaboration skills. They work in a fast-paced environment and often require flexible hours to meet deadlines.
The career path to becoming a CBO is varied, but generally requires an advanced degree in business management, finance, or a similar field and significant leadership experience in commercialization or technology development. Professional certifications, such as the Certified Management Accountant (CMA), may be required by some organizations. In commercial biotechnology, information technology, and emerging innovation companies, a CBO usually reports to the CEO with ultimate transactional responsibility for new business and pipeline strategy.
Other key qualifications include the ability to develop and execute business strategies, the ability to work with a wide variety of people across departments, and excellent financial planning and organizational skills. The role is heavily data-driven, and CBOs must be able to effectively analyze market trends and customer data to guide their decisions. Additionally, they must be able to respond quickly to changing business conditions and market dynamics. A few current trends in the role of a CBO include a focus on data analytics, digital transformation, and customer experience, as well as a desire to implement sustainable business practices. CBOs should be familiar with the latest developments in their field and stay abreast of industry-wide best practices. CBOs should also be able to think outside the box and find innovative ways to grow their organization.