After 10 years at Incyte, Randy Scott is starting over from scratch. But that’s easier to do when you can foot your own bill.
Scott, the 42-year old cofounder, longtime CSO, and president of Incyte Genomics has resigned. He says he’s spending his own money to fund an “e-health entity” that will based on the application of Incyte’s technology and databases.
While keeping connected with Incyte, “helping coordinate revisions and strategy” as chairman of its board, Scott plans to launch a company that will link individuals with genomics information to help them understand their disease and participate in the search for a cure.
“I’m going to take all the technologies that have been built up around genomics, such as gene and protein expression profiling technologies, and link that and the benefits of research directly to patients,” Scott says.
Scott notes that patients are deluged with health information on the Web. “It’s a common phenomenon of the Internet world—people on average spend 11 out of the first 72 hours after finding out [they have a health condition] scouring the Internet for information,” Scott says. His company will help patients winnow down the data and understand what’s going on.
Asked how he intends to make money doing that, Scott says he isn’t ready to reveal much about his business plan, but promises he has “novel concepts that will have an impact.” He adds that, while the company will “cross over and do genomic analysis” its focus is on helping people understand data.
Who’s on his team is still a secret too. He’s just getting his founders together now. Asked whether he’ll be poaching from the Incyte staff, Scott says, “It’s a big universe, and we’ve always had an open door policy.” He adds that most people at Incyte who have stock options have seen them rise. Joining him would be a risky venture. Still, he’s not talking about a dinky operation: “This idea is not small. It will take a very substantial effort.”
Scott says he will keep an office at Incyte, but that his new venture will operate off site in classic startup style. “I’m starting up out of my garage at home,” he says. With a chuckle he admits, it’s a pretty nice garage.