(Photo above: Former CEO of Bend Research, Dr. Rod Ray and Former Cooperate Vice President, Lori Ray | Photo by Krystal Marie Collins)
Looking to seasoned, local leaders poised to mentor Central Oregon through its current economic climate of growth and change.
Sitting in the Principals of Leadership class, offered through a partnership with OSU-Cascades and Opportunity Knocks, it became apparent that the instructor, Rod Ray, PhD in chemical engineering was a seasoned vet in Central Oregon commerce.
Not surprisingly, the focus of Dr. Ray’s leadership class was change, change management, operational excellence and leadership. Having over 40 years’ experience with the inter-workings of one of Bend’s oldest and landmark technology companies, welcoming and transitioning through change has been the foundation to Dr. Ray’s success as a leader.
Dr. Ray started at Bend Research in 1975 in his late teens and departed occasionally during his tenure for educational endeavors. Dr. Ray saw the company grow from four employees to 135, at which time he became CEO. Dr. Ray brought the company to 250 employees by 2014 when the company was acquired by Capsugel in one of Bend’s largest acquisitions to-date.
Currently, he remains on the scientific and business advisory board for Capsugel and freelances as a local, iconic business consultant.
Sharing his thoughts on the startup scene in Bend, Dr. Ray points to companies like VR Analytical as a good idea and business model executed locally. He says, “Don’t get lost in the startup game. People forget that just starting a company that does well as a financial play for a few people isn’t enough to sustain the Central Oregon high tech business environment. Business endeavors with sustainability need credit, because they are actually what builds the community.
“It’s a challenge and a skill to raise money to start a tech company,” continues Dr. Ray, “and then to deliver value. It’s easy to oversell. It’s important not to do that. You see this in science all the time, people raising money on some gadget or technology that won’t deliver value. You’ve got to keep working the idea, study it, make sure it has been vetted and thought through enough. Especially in Central Oregon where there is a fair amount of investment funds available.”
Dr. Ray cautions startups to consider whether they have a company or an extension to a product line. He says folks at Bend Research have made the mistake of investing in spin-off companies that should have just been licensing deals. The ideas were always good ones but inevitably, revenue wasn’t forthcoming as a result of products meant to be a part of a company, not the entire company.
“Having a clear end game plan is also advisable,” says Dr. Ray. “As the startup, you should ask yourself, how is the investor going to get back out? A savvy investor should ask that.”
Traits Dr. Ray believes will aid aspiring entrepreneurs in finding success amid the many changes happening in Central Oregon include hard work and strong values. “Working hard will outweigh a lot of other assets,” he explains, “My son is a cross country and track runner. He isn’t the fastest, but he is a hard worker and that has paid off for him. I felt the same way about the PhD qualifier exam. I wasn’t the smartest, but I worked very hard and I got a better score than some of the smartest folks in the class.”
Regarding values, Dr. Ray explains, “My grandfather in the 1940s believed in hiring the best person for the job regardless of demographics. I worked closely with him surveying and we would talk the entire time. I have benefited from his many stories of doing the right thing in engineering and business. I didn’t know it then, but I absorbed that attitude and it became a baseline for me. My grandfather lost bids for jobs over that principal.”
To close the interview, Dr. Ray reminisces, “Growing up in what was a mill town, with 120 log trucks a day coming into Bend and the only other occupations being lawyers, teachers and health professionals, things have changed a lot. When I look at Bend now I see a startup mecca, breweries, venture capital and that the business of science can now be accomplished in Bend. We have all the components. Above all else, we have OSU-Cascades.”
