Lockton’s Justin Warents speaks with Mayer Schreiber about the role that Discovery Park is playing and what lies ahead for the life science sector.
1) Justin: Firstly, can you provide a brief overview of how you came to own one of the flagship science parks in the UK, what your business does and any exciting projects you are currently working on?
Mayer Schreiber, CEO at Discovery Park: Midos Group is a family office that invests in real estate across the UK, specifically in assets where it sees an opportunity to add value in the long term. In 2016, the opportunity to acquire Discovery Park arose, and Midos saw an opportunity to utilise its experience and expertise in enhancing the asset and driving further value.
2) How will Discovery Park remain at the forefront of attracting future occupiers and talent from start-up to full scale production?
Mayer: Discovery Park is focused on building a world-class and world-leading Science Park and providing a great experience to all customers and staff on site. We are committed to investing in companies at every stage of their development, from start-up to full-scale production, in collaboration with our esteemed University partners. Our approach involves fostering growth on-site, ensuring that businesses receive comprehensive support as they progress from initial inception through various stages of expansion. This commitment to supporting companies throughout their journey, coupled with our strategic partnerships, positions Discovery Park as a hub for innovation, collaboration, and sustainable development.
3) Can you tell us what you have done on site to create the best working environment and amenities at Discovery Park?
Mayer: At Discovery Park, we have taken several measures to create the best working environment and amenities for our customers. One significant enhancement is the introduction of a new train service at Thanet Parkway, providing a convenient and efficient commute to and from London in less than 70 minutes. This not only facilitates easy accessibility but also contributes to a smoother and stress-free commute for some of our customers’ visitors and staff who may live away from Kent.
Understanding the diverse needs of our workforce, we have established a Hotel at Discovery Park for individuals requiring overnight accommodation. This ensures that employees and visitors have a comfortable and convenient place to stay, further enhancing their experience at our facility.
Moreover, we are proud to offer a range of on-site amenities to cater to various preferences. The site features a fully-equipped gym, providing opportunities for physical well-being and fostering a healthy work-life balance. Additionally, our diverse array of restaurants offers a range of culinary options, ideal for a quick bite or a leisurely working lunch. For the convenience of our occupiers, we also have a well-stocked on-site shop, ensuring that daily necessities are readily available.
With a multitude of tenants representing various industries, Discovery Park thrives as a dynamic and collaborative community. The mix of businesses creates a vibrant and stimulating work environment, fostering innovation and cooperation.
In summary, our commitment to enhancing the working environment at Discovery Park includes efficient transportation options, comfortable accommodation, and a rich array of on-site amenities. We believe that these initiatives contribute to making Discovery Park an exceptional place for individuals to work, collaborate, and thrive.
4) You launched Discovery Park Ventures last year to invest in novel and disruptive technology. Can you tell us how this initiative has gone one year on from launch?
Mayer: Since the launch of Discovery Park Ventures last year, the initiative has seen significant progress. In the past year, we have successfully made seven strategic investments in novel and disruptive technologies. These investments reflect our commitment to identifying and supporting cutting-edge opportunities that have the potential to make a significant impact on various industries.
In addition to these successful investments, we have also expanded our fund to £3m with expansion plans of £25m in the next three to five years. This increased financial capacity demonstrates our confidence in the venture and our dedication to fostering innovation.
5) What challenges or obstacles have you faced in the last 12 months and would you approach anything differently?
Mayer: One of the major challenges we faced last year was the significant surge in energy prices, particularly impactful given the high energy consumption at our science park (due to the nature of how laboratory spaces operate). This unforeseen circumstance posed a challenge that we hadn't fully prepared for. However, we navigated through this challenge by implementing energy reduction strategies, incorporating various techniques to optimise energy usage across the park.
Despite the challenges, our ability to weather the storm and stabilise the situation showcases our resilience and adaptability in the face of unforeseen obstacles.
We have now learned to approach our energy risk differently on site and will be adopting a more risk-averse approach in regard to our energy procurement and hedging in order to avoid this repeating, notwithstanding the fact that the markets were unprecedented.
6) What challenges do you think the life science sector could face in the next decade?
Mayer: In the next decade, the life science sector faces several challenges, especially around streamlining drug discovery and development utilising AI without compromising safety, and a corporate model that satisfies both pharmaceutical companies and its investors and the government sponsors.
The main challenge is utilising rapid technological advancements effectively, particularly AI, for innovative drug discovery and development while integrating them into existing practices to ensure patient safety.
Another significant obstacle is regulatory compliance and ethics. The sector operates in a heavily regulated environment, and as science becomes more complex, navigating regulations while upholding ethical standards becomes increasingly challenging. Striking a balance between innovation and ethics, especially in areas like data privacy and gene editing, is essential in the face of heightened scrutiny.
Additionally, achieving a pharmaceutical corporate model that aligns the interests of investors and government sponsors is crucial. This requires balancing profitability with public health concerns and ensuring affordable access to pharmaceutical innovations. Collaboration among industry leaders, policymakers, and researchers is essential to address these challenges effectively.
7) What do you think the life science sector needs to do to become more committed to the ESG agenda?
Mayer: To enhance the life science sector's commitment to the ESG agenda, key initiatives include adopting environmentally sustainable practices, evaluating supply chain sustainability, prioritising ethical research, promoting diversity, ensuring transparent governance, fostering innovation for global health, prioritising employee well-being, engaging with communities, and establishing clear metrics for ESG reporting.
It is fair to say that the majority of Pharma companies are heavily focused on the ESG agenda, as are investors and venture capitalists who are looking to invest in small biotech companies.
8) What is the most valuable piece of advice you have received and carried throughout your career?
Mayer: I think the following quotations express what I try to achieve at work and in my career.
Progress not perfection:
“The price of perfection is bankruptcy” - Henry Ford.
“Perfection is the enemy of progress” - Winston Churchill
Keeping things simple:
“Simplicity is the ultimate sophistication” - Leonardo De Vinci
Having a great A* team:
“It doesn't make sense to hire smart people and then tell them what to do. We hire smart people so they can tell us what to do” - Steve Jobs
Access to good data and insights:
“What gets measured gets managed” - Peter Drucker
Thinking creatively:
“We cannot solve our problems with the same thinking we used when we created them” - Albert Einstein
9) I can imagine your job can become quite stressful at certain times. What do you do to relax when away from your desk?
Mayer: I find solace and joy in spending time with my wife and three children. Family provides a source of support and happiness that is invaluable. Additionally, I find relaxation in activities that align with my personal interests. I enjoy reading leadership books, which not only serves as a form of leisure but also contributes to my professional development.
Another interest of mine is following stocks and trends in the financial markets closely. Watching market dynamics provides both entertainment and a chance to stay informed about the ever-evolving business landscape. Balancing work with these personal interests helps me (at times!) recharge and maintain a healthy perspective.
10) If you had a magic wand, what would you fix in your industry?
Mayer: I would streamline and enhance the collaboration between universities and the business sector, fostering a more seamless transfer of knowledge and technology from academic research to practical applications in the market. This could involve creating more effective mechanisms for universities to share their research findings with businesses, facilitating smoother transitions from academic discoveries to real-world solutions. By improving the synergy between academic institutions and industry, we can accelerate the pace of innovation and ensure that groundbreaking research translates into tangible benefits for society more efficiently. This would not only boost economic development but also contribute to solving pressing global challenges through the application of cutting-edge ideas.
Brilliant. Thank you for your time Mayer. One last question: can you tell us something most people don’t know about you?
The list is endless:
I am the baby of 9 siblings.
I haven’t attended university but I keep learning and studying – and still have an ambition to do an MBA degree (when I find the time).
I am fascinated by the financial markets and love trading.
My EA claims that I have a competitive side to my personality and don’t like to be beaten!
For more information, read our Lockton Global Real Estate and Construction Life Sciences Brochure (opens a new window) or visit our Life Sciences (opens a new window) page.
