Streamlining employee onboardings during ad post COVID-19

Amit Raizada

December 10, 2020

Employee onboarding strategies have become a peculiarity of the COVID-era office place. Hired and trained over Zoom while the rest of the office works from home, these employees are now commonplace on work teams across the country. While many have quickly become impactful members of their organizations—and many others deeply embedded into their companies’ workflow and ethos—challenges exist in integrating these employees into extant company processes and cultures.

For many firms, employee onboarding strategies take up a significant degree of time and energy. Many companies’ internal processes, procedures, and software were not designed to be taught over Zoom, leaving virtual employees feeling frustrated and demotivated during their first few weeks at work. For teams, it often feels paradoxical despite being in contact with new hires every day over Zoom and email, they remain relative strangers.

With COVID-19 cases increasing in states across the country, these challenges will likely persist well into the new year. Below, based on my experience running Spectrum Business Ventures, I’ll share insights and employee onboarding strategies businesses can use to smooth the process and improve new hire experiences.

Enhanced Onboarding

When it comes to onboarding employees during the work-from-home era, the traditional “sink or swim” model is simply obsolete.

“Working from home, while necessary to reduce the spread of COVID-19, effectively places your entire team into silos”. “To effectively onboard a new employee, management must first acknowledge this fact and accept that, without a proactive and integrative onboarding process, new hires will struggle to learn your company’s ethos.”

One of the most effective employee onboarding strategies is to frontload onboarding sessions into the new hire’s first few days with the company. By doing so, hires will be presented with their full range of responsibilities up-front, affording them time to learn and follow up with inquiries.

Most importantly, management should cut new hires some slack.

“Joining a new company, even one that you love, always involves a period of transition and adaptation. The pandemic makes this markedly more difficult,” he said. “But incorporating new hires into your team is as much a mental game as it is a logistical one. Reassure your new team members that they are adapting well. Be amiable and generous with your time—they will respect you immensely for it.”

Utilize your team

Effective employee onboarding strategies do not need to rely solely on management. Instead, experienced employees should also play a role in helping new hires integrate. Often, these employees already handle myriad tasks for their companies, and leaning on them for support with onboarding can be helpful to all parties involved.

I recommend asking key members of your team to block out “office hours” for new hires, in which they can pose any questions, comments, or observations they may have.

“This builds an important sense of camaraderie between teammates, which is integral to running a successful venture. For one, it gives your team an opportunity to interact and to build trust and connections. It also helps your new, virtual hires learn more about the company from the individuals conducting its day-to-day business.”

The best way to learn about a company, Raizada said, is to speak directly with those who have the most experience driving forward daily tasks in a safe, non-judgmental setting.

“Many of your veteran teammates are experienced in navigating onboarding processes and can answer specific questions—work-related or otherwise—that the new hire may have,” he said. “It’s a win-win.”

Chartering a Luxury Yacht in SoCal this Winter

Amit Raizada

December 1, 2020

Believe it or not, the period spanning from autumn through early winter is one of the best times to explore the California coast and the many treasures the majestic Pacific Ocean has to offer. With water temperatures still relatively warm and high-pressure systems ensuring plenty of sunshine, spending a day on the Pacific is seemingly inseparable from the Southern California holiday season experience.

This year, the water will carry special resonance for many. After nearly eight months of various degrees of quarantine, the ocean offers the perfect opportunity to get outside the house and indulge in the great outdoors, all while still accommodating social distancing requirements. After all we have experienced over the last year, there’s nothing more liberating than sailing full speed across the water with the wind in your hair and the sea spray lapping across the deck.

One of the best ways to fully experience the California coast is to charter a yacht. These outings offer myriad ways to build lasting family memories all while closely complying with COVID-19 social distancing guidelines.

Amit Raizada, the proprietor of Veloce Yacht, a more than 100-foot vessel based in Newport Harbor, said that many Americans—both Californians and tourists—have been especially eager to hit the water this year.

“For much of this past year, we’ve all been cooped up,” he said. “The ocean is, in so many different ways, therapeutic. It offers individuals the opportunity to, both literally and figuratively, chart their own course—a stark contrast from everything we have experienced this year. With the beautiful weather and the holidays coming up, chartering a yacht is a great way to have some safe fun amid this challenging year.”

Raizada said that families can charter Veloce Yacht to captain their own personal adventures around the California coast. Whether racing from Orange County up to Malibu or enjoying the vessel’s state-of-the-art sound system off the OC coast, Veloce Yacht offers endless possibilities for adventure, he said.

“A popular destination has always been Catalina,” Raizada said. “Located less than an hour off the Los Angeles coast, Catalina is a Mediterranean paradise replete with dramatic contours, hidden lagoons, and untouched nature. Circumnavigating the island is a holiday adventure that families won’t soon forget.”

Raizada said, however, that charting a yacht offers innumerable possibilities, including those for individuals and families who prefer leisure to action. One of the industry’s most popular services is harbor tours, he said. Whether in Santa Barbara, Ventura, or Orange County, harbor tours allow groups to host dinners and parties while gently navigating the harbors, usually at sunset. This service offers unforgettable views and an unbeatable atmosphere. In the age of COVID-19, harbor tours can even accommodate social distancing.

“During this difficult time, safety is more important than anything,” Raizada said. “Harbor tours limited to individual households offer an outdoor opportunity to have a holiday dinner with an incredible atmosphere. Christmas dinner on the deck of a yacht sailing smoothly through a harbor is such a California way to spend the holiday.”

Biomedical Research Is Our Ticket to Normalcy

Amit Raizada

September 26, 2020

Last month, Russia made international headlines after claiming that researchers in Moscow had found the Holy Grail of our present moment—a successful COVID-19 vaccination. The announcement sent shockwaves around the world. At a moment when millions remain out of work, international travel has come to a grinding halt, social unrest has proliferated and daily lives continue inexorably interrupted, a COVID-19 vaccination could be our golden ticket back to normalcy.

Health authorities from around the world, though, were quick to cast doubt on Russia’s purported breakthrough. Dr. Anthony Fauci, America’s top infectious disease expert, said that he “highly doubts” the Russians had truly developed a cure—a refrain repeated in media across the globe. It later came to light that Russian researches had foregone critical phase 3 clinical trials, a crucial set of large-scale human trials regarded as the final—and most onerous—stage before a drug is approved.

While now more than a month in retrospect Russia’s vaccine looks far more like a publicity stunt than a medical breakthrough, the false sense of hope it elicited placed the FDA’s clinical trial procedure into the limelight.

I’ve written before about the hurdles investors and researchers must overcome to get new drugs approved in the United States. As the CEO of Spectrum Business Ventures, I know all too well the frustrations that accompany biomedical investments. In my time at SBV, we’ve backed a firm that pioneered a groundbreaking new cancer treatment that weaponizes the body’s immune system against tumors, eating them away from the inside. We’ve also helped back Dalent Medical, whose trailblazing SinuSleeve has changed the way medical professionals approach ear, nose, and throat treatment.

When approaching a venture within the biomedical sphere, investors should consider the lengthy FDA approval process that could significantly delay returns.

To get a drug off the ground, firms must conduct pre-clinical research. After having procured the necessary data, properly functioning treatments are sent through three rounds of clinical trials. During Phase I clinical trials, the drug is administered to healthy patients. If successful, it will advance to Phase II trials, in which the drug is tested on a small group of individuals who have the condition it was designed to treat. Phase III trials vastly expand the size of this treatment group, garnering critical information needed before taking the drug to market.

This is an arduous process that often disincentivizes investment in biomedical technology and novel treatments. But despite these difficulties, the FDA approval process is a critical mechanism that ensures the products being sent to market are able to effectively carry out their intended function without inflicting any significant side effects.

I urge aspiring investors to continue to look for innovative biomedical research ventures, despite some of the hurdles associated with investing in pharmaceuticals. Investors should look for opportunities that both deliver returns to their firms and partners and life-changing innovations to those desperate for new treatments and procedures.

Venture capitalists are uniquely positioned to push the medical industry to new heights. Plenty of innovative firms are developing the kinds of drugs and firms many of use once regarded as science fiction—they just need entrepreneurial investors to help get them off the ground. While the Russians’ faux COVID vaccine may be little more than a publicity stunt, the hope it elicited has shown just how desperate our world is for a vaccine.

Investing in Health Care: A Once in a Lifetime Opportunity

Amit Raizada

August 21, 2020

The COVID-19 pandemic has prompted a healthcare revolution that could usher in the next wave of biomedical innovation and redefined healthcare investment opportunities. This shift has created a unique opportunity for investors to align capital with transformative medical advancements, ensuring a healthier and more resilient future.

As the CEO of Spectrum Business Ventures —a private equity firm that has been at the forefront of revolutionary trends in biotech, payment processing, real estate, and many other industries—I’ve always sought to use capital as a tool to improve people’s lives.

With more than 150,000 Americans dead at the hands of this virus, healthcare and medical technology are now the sectors in which this philosophy can be most effectively applied.

I urge venture capitalists to seek out innovative and entrepreneurial ventures in two healthcare subfields: preventative health and biotech. Now, more than ever, we need large scale private investment in medical technology to help build a healthcare apparatus capable of withstanding future shocks like the novel coronavirus.

Preventive Health

At one moment, we are witnessing both the most significant stress test our healthcare infrastructure has ever endured, and an unprecedented leap forward in technological innovations. The intersection of these two defining moments will inevitably lead to exponential growth in the healthcare sector.

As we embrace this new reality—a reality in which we understand the true impact a novel virus can have on our world—we are also hyper-aware of the need to establish resources that keep us healthy.

That’s where preventative health comes into play.

Telehealth companies are an interesting new vertical within this field that fit well within the COVID and post-COVID reality. One telehealth company, Livongo (who is now in talks to merge with industry titan Teladoc), is leading the way with a revolutionary platform that helps people with chronic conditions reduce their risk for future diseases with alerts and lifestyle tips based on user data. It also helps organize health reports for doctors, streamline the purchasing of supplies, and connect patients with live coaches.

Companies like Livongo make prudent investments in the post-COVID paradigm, deliver key services to those hungry for innovation, and help mitigate public health concerns before reaching crisis-level proportions.

Biotech

COVID-19 has shown us all just how disruptive a public health emergency can be to our lives and institutions. We must place an emphasis on staying healthy now if we wish to hedge against an unpredictable future. At the same time, biotech companies like Gilead, Moderna, Abbvie, and many others are in a race for what has the potential to be the most profitable vaccine ever created. While the winner of this race has not yet been determined, other companies are undeniably looking toward the next virus, investing in R&D for new drugs that we don’t even know we need yet.

Any time there is an opportunity to invest in, and in turn, catalyze life-changing innovations, I jump at the chance. That’s why I have sought out biotech companies making innovative strides. The COVID-19 virus has awakened a newfound, widespread interest in what these incredible companies do. When a new industry becomes inundated with demand, we can expect an unprecedented influx of capital into that sector. As we saw with tech at the onset of our century, healthcare could very well be the industry that defines the next decade. Don’t miss the chance—this could be the only one in our lifetimes.