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Luke Restorick

Global Executive - Strategy & Innovation

 

Phone:

+61 438 503 458

 

Email:

luke.restorick@gmail.com 

Citizenship:

Australia and UK

INTRODUCTION

 

WHO: ​ Over the last ~25 years I have had the good fortune of a diverse, but complimentary career, ranging from strategic management (and technology) consulting to early-stage venture capital, and most recently multinational corporate innovation & strategy leadership. Working across many industries, although predominantly in life science, medical devices, and diagnostics over the last decade and building extensive global networks with KOLs, consultants & commercial leaders. My passion and future career aspirations relate to working on breakthrough innovation and venture creation in combination with building strong, positive culture and engaged, motived individuals and teams.

 

WHAT: At the front end of innovation, I am used to collaborating with research organizations, start-ups, and established organizations to drive business breakthroughs & growth. In larger organizations, I am used to leading high impact teams responsible for optimizing existing growth vectors and identifying strategically relevant adjacent and transformational opportunities to accelerate growth, with a balanced risk-taking mindset. 

 

WHY: As science and technology advances at a tremendous pace, I believe the need to embrace internal and open innovation is as important as ever. Exploring new markets and technologies is to everyone’s benefit, especially in domains like life sciences, allowing start-ups, academic institutions, biotech, pharma, and industry players to explore new breakthrough technologies that may one day make it into the clinic, with the potential to impact patient lives.

 

HOW: As a thought partner and leader, I work to build conviction on areas for innovation & strategic development, utilising my strong ability to influence via dialogue and visual presentations to compel stakeholders to act on multi-million-dollar investments. I push for breakthroughs by moving strategy into action and have an acute awareness of the need to deliver growth and profitability with a sustainable competitive advantage, resulting in long-term, strong returns for shareholders.

 

Some specific, personal capabilities relate to:

  • Developing & leading high performing teams (5-10 associates), aligned to strategic and business objectives

  • Building innovation culture, utilizing psychological safety, intellectual honesty & balanced risk taking

  • Developing strategy & innovation models, then operationalising focussing on people, process & planning

  • Mergers & acquisitions, market work, cultivation, diligence, valuations, term sheets & deal closure

  • Venture creation & investment, concept to execution (start-ups or new business in an existing orgs)

  • Focusing on the customer perspective, uncovering unique, valuable opportunities in attractive markets

  • Establishing & managing complex, global portfolios (enabling tech & products), solving difficult problems

  • Driving products from concept to revenue. Product ideation, definition, IP strategy, financials & GTM

  • Stakeholder management, internal and external (KOLs, consultants & partners both large and small)

  • Clear communication to create organisation, investor, or partner buy-in to strategy, innovation, and new business initiatives/investments.

EXPERIENCE

2022 - 2023

VP of Global Strategy

CEPHEID (2022 - 2023)

A Danaher Company

Silicon Valley molecular diagnostics (PCR) company, with revenues circa $3B ‘23. Provides easy to use, fast & accurate PCR testing, delivering actionable results where they are needed most – from central laboratories & hospitals to near-patient settings. #1 COVID PCR test provider during the pandemic and today.

Brought into the business to help refactor the corporate strategy, post the unprecedented growth experienced during the pandemic. Partner to the executive M&A and strategy lead, with responsibility for the delivery of the annual strategic plan, from hypothesis generation, to facilitating workshops, leading initiative teams, and developing associated financials and winning metrics. Thought partner to innovation, R&D and product management to define technology runways, product roadmaps and open innovation partnerships, as well as drive process improvements.

2016-2022

Global Executive

Global VP of Strategy & Innovation

LEICA BIOSYSTEMS (2010 - 2022)

A Danaher Company

A tissue-based cancer diagnostic company, with revenues circa $1B. Leica offers a comprehensive portfolio of products ranging from biopsy processing to antibody staining & imaging, including the use of AI to diagnosis cancer.

Member of the executive leadership team, reporting to President, responsible for the development of company growth strategies via the annual strategic planning process and leadership of innovation programs. Activities include leading the development and management of the company’s technology and product road maps and associated efforts to access technology and capabilities through licensing, partnerships and M&A. Managed a team of ten direct reports that closely collaborate across a matrixed organization, with four business units, global marketing and commercial units. Also held the role of acting CTO for the entire period.

2013-2016

Global Head

Product Management & Innovation

Responsible for the portfolio management of the Advanced Staining business for instrumentation & software platform, covering current and future platforms, worth circa $100m annual revenue. Consistently achieved double digit growth during my tenure, with a talented team of 6 direct and 4 indirect reports, covering roles in innovation, technical writing, business analysis, global product management, global brand design and global marketing. The team was recognised as the best-in-class Product Management Group in Leica and frequently benchmarked by DHR. 

2010-2013

Program Innovation Manager

Global Product Manager

For Innovation: Hired specifically as the third member of a new project team to lead innovation for Leica’s Next Gen Advanced Staining Platform (circa $100m total R&D).  Lead the early innovation process to develop multiple concepts using the Strategyn Outcome Driven Innovation Process and multiple ideations workshops to reach final concept that is now in commercialization.  As part of the development, also established a new Intellectual Property management process, setting precedent across Leica.

For Product Management: Researched, identified and launched a new product line, the BOND RX Platform for the Life sciences sector. Globally managed upstream and downstream teams, growing business from $1m to what is now a ~$50m business (GM = 80%), contributing cumulatively well over $200m+ to the business to date.  A key driver to success was the establishment of a new Open Innovation “Engine” methodology, with standard contracts and engagement models that have led to multiple open innovation partnership deals that have transitioned to OEM deals in the clinic and one purchased via M&A. Market share transitioned from 5% market share to >50%, beating Roche and achieving a product ANSP of $250k (2.5X the clinical product).

2002-2010

Portfolio Manager

Venture Capital

SCIVENTURES INVESTMENTS

An early stage venture capital company, specialising in creating spin-outs from Australian Commonwealth funded organisations and universities. Funds under management were $30m and approx. $10M raised in grants and through private placements during the financing phases.

Responsible for identifying investment opportunities, performing due diligence, negotiating deal terms, execution of new portfolio investments and managing portfolio companies. The role included a heavy operational focus, working closely with CEOs. Interim roles held as CEO, VP of Business Development and Strategy (after leading the merger of one of our businesses in Australia with another in the USA) and Commercial Operations Manager. See Highlights section for various Portfolio Company Achievements.

 

Sector Experience: Biotech; Diagnostics; Water Quality; Aesthetic Medicine; Semi-conductor; Agriculture; Wireless Communications - Vehicle to X

2000-2002

Consultant

INVETECH PTY LTD

Invetech is a consultancy that specialises in innovative design, engineering and manufacturing that provides solutions for clients across medical, industrial & consumer markets.

Part of the Innovation and Technology Strategy Group. Focused on technology commercialisation, as well as technology and business valuations. Invetech was part of the Vision Systems Group that was acquired by Danaher.

1998-2000

Consultant

MARS & CO

Mars & Co is a global strategy consulting firm with a focus on business and operational strategy, as well as strategic advisory.  It consists of ~250 Consultants worldwide spread across 7 offices and prides itself on being the only firm of global scale to offer industry exclusivity to its clients

Worked out of both the London and New York offices in teams consulting predominantly to blue chip companies, advising them on how to leverage their market positions through the development of strategic initiatives and long term business plans. The position was project orientated and required detailed business understanding and modelling. This was built up through in-depth client interviewing, rigorous analytical analysis of financial and market data, as well as on-site interviewing.

 

Sector Experience: Worked in Food & Beverage, Auctioneering and Various Private Equity transactions.

EXPERIENCE

EXPERTISE

EXPERTISE

LEADERSHIP

STRATEGIC DEVELOPMENT

INNOVATION

DISRUPTIVE TECHNOLOGY

VENTURE CREATION

PRODUCT MANAGEMENT

EDUCATION

EDUCATION
June/July 2021

Executive Education

Harvard.png

HARVARD BUSINESS SCHOOL

Competing in the Age of Artificial Intelligence

1995 - 1997

Master's Degree

UNIVERSITY OF CALIFORNIA,BERKELEY

Master of Science (MSc) in Materials Science & Engineering

Management of Technology Certificate, Haas Business School

1991 - 1994

Bachelor's Degree

UNIVERSITY OF NOTTINGHAM, UK

Bachelor of Science (BSc) in Mining & Environmental Engineering

AWARDS - PROFESSIONAL & ACADEMIC

AWARDS

 

 

  • President’s Award – Driving Innovation and Growth. Leica Biosystems. Awarded in 2017.

  • Recognised in Top 5% of business leaders for the two consecutive years of 2015 & 16. Leica Biosystems.

  • President’s Award – Outstanding M&A Work. Leica Biosystems. Awarded in 2014.

  • Earl Parker Prize for outstanding student technical paper ‐ American Society of Materials Award 1996

  • Outstanding student teacher award (student vote). Awarded in 1996.

  • Full scholarship to UC, Berkeley and Jane Lewis Fellowship recipient. US$10,000. Awarded in 1995.

PROFESSIONAL TRAINING

  • Strategic Development & Innovation, Danaher

    • Segmentation

    • Persona Development

    • Innovation Model

    • Problem to Portfolio

    • Price & Performance Mapping

    • Portfolio Mapping

    • UX DNA

    • Product Development Toll Gate Management

    • Transformative Marketing

    • Launch Excellence

 

  • Competing in the Age of AI: Harvard Business School

  • Leading Through Influence: Vital Smarts

  • Strategic Negotiation, Wharton Business School

  • Business Development Process, Danaher

  • Kaizen: Process for business or process improvement

  • Maximising Leadership Potential: General Manager Program, Danaher

  • Crucial Conversations, by Al Switzler, Joseph Grenny, and Ron McMillan

  • Emotional Intelligence for Business, by Daniel Goleman

  • Problem Solving Process, Danaher

  • Daily Management: Action Plans, Visual Management, Danaher

  • Agile Software Methodology including MVP and MMP – Scrum Master Training

  • Situational leadership, Ken Blanchard

PERSONAL INTERESTS
PROFESSIONAL TRAINING

SUCCESS STORIES & HIGHLIGHTS

HIGHLIGHTS

Cepheid: Corporate strategic planning 2023

  • Despite a meaningful drop in revenues post-pandemic, the team was able to chart a course back to double digit growth over the next 5 years ($3b to $5b). Feedback from Danaher corporate was that this was the clearest strategic plan since the company was purchased in 2016.

Cepheid: Franchise strategy development

  • Designed & facilitated workshop with product mgt leaders to clearly articulate portfolio strategies, focusing on strategic position, external drivers & competitive dynamics.  Very positive feedback.

Cepheid: Open innovation (OI) governance

  • Appointed as Chair of the OI Governance Committee to better align our activities with corporate strategy. Held workshop with stakeholders, developed an operating charter and ran monthly meetings. Cleaned up engagements and initiated new highly strategic engagements, one of which halted a large M&A deal.

 

Cepheid: War gaming

  • Architected a workshop to help commercial, product management, innovation, and IP stakeholders assess and develop countermeasures to a competitive product launch. Output was extremely valuable for strategic planning considerations and used in the development of commercial “battle cards”.

Cepheid: Open innovation (OI) governance

  • Appointed as Chair of the OI Governance Committee to better align our activities with corporate strategy. Held workshop with stakeholders, developed an operating charter and ran monthly meetings. Cleaned up engagements and initiated new highly strategic engagements, one of which halted a large M&A deal.

 

Cepheid: Technology roadmap development

  • Planned, facilitated, and participated in technology roadmap, establishing near, medium and long-term plans for respiratory, GI & Sepsis disease areas. Orientated around current and future customer needs and what product attributes, technology & capability are needed to be successful.

 

Cepheid: External partnership

  • Commercial and IP lead in successful partnership execution with Oxford University, UK to establish Host Response signature to better predict and subtype Sepsis.

 

Leica: Strategic Development

  • Led five full strategic planning cycles with the President, including ownership of specific initiatives.

  • Significantly revised our Digital Pathology strategy to include a major AI/ML component. Convinced corporate to agree to the establishment of AI/ML Strategic Business Unit (SBU) with $5m of funding. Shortly afterwards, secured a major deal with PaigeAI, the leading AI company in Pathology, to distribute computer added AI for prostate diagnosis.

  • Post strategy development, led the establishment of the AI/ML SBU, change management, hiring team of 25 associates, new processes establishment, annotated image pipeline creation and early AI model development.

  • Secured first of a kind outsourced research collaboration agreement with Verily (Google), for highly disruptive technology, called virtual staining. $2.5m deal, funding a powered study to assess if virtual (chemistry free) methods are non-inferior for prostate cancer.

  • Worked with corporate to establish a quarterly strategic review for ongoing strategic dialogue with foundational and mature elements for all Danaher operating companies. Standing member of Danaher Diagnostics Innovation Counsel.

  • Selected to be part of a small Danaher corporate team tasked with the development of data and analytic strategic frameworks. Subsequently used by all operating companies in the 2021 strategic planning process. Presented content to EVPs and Operating Company Presidents.

Leica: Building a Culture of Innovation.

  • Executive sponsor for rolling out the Innovators DNA – Culture of Innovation. Working with teams on Psychological Safety, Intellectual Honesty & Smart Risk Taking

 

Leica: Innovation Process:

  • Developed a new breakthrough process for Innovation Programs. After significant benchmarking, my team established, tested and refined the process to a point where it is standard work and had a very healthy funnel.

 

Leica: New Product and Business Model Innovation:

  • Launched APiQ software solutions, as a truly disruptive Internet of Things (IoT) product using cloud computing to deliver productivity tools both internally and to our customers – the first in our business and the industry.  This really focused in implicit versus explicit customer needs. Unfortunately, the business venture failed, as it was too early for the market.

 

Leica: New Product Launch and Open Innovation Model

  • In addition to the commercial success of the BOND RX product line, mentioned above, my team also introduced a new Open Innovation model with gates and standard contracts that allows us to partner with technology / clinical companies to “test” assays using our installed base of world class researchers in Pharma and Academic research.

  • In 2022 this led to the close of a $20m “technology” acquisition of an OI partner, Cell IDx.

 

Portfolio Manager of Start-up Aqua Diagnostic Pty Ltd, a water diagnostic company based on technology developed at Griffith University:

  • Intricately involved from the initial investment negotiation to working closely with the CEO and Board on growth strategies and funding ($5m in total). Also, seconded into the role of Commercial and Operations manager, where I established contract manufacturing in China, set up contracts with distributors and worked on multiple OEM deals.

 

Portfolio Manager of Start-up Lighthouse Technologies Pty Ltd, an aesthetic medicine company based on innovative laser technology from Macquarie University, NSW.

  • Seconded to Acting CEO while successfully leading a capital raising and merger with a US company that offered complimentary technology and had very valuable channel access. Then transitioned to VP Strategic Business Development to help drive growth. The business was very successful up until the financial crisis when credit became very hard for new laser clinics to access.

 

Portfolio Manager of Start-up Cohda Wireless Pty Ltd, a wireless telecommunications company, using advanced digital signalling process technology from the Institute for Telecommunications Research at the University of Southern Australia.

  • Co-led the opportunity identification, investment and acted as portfolio manager, strategic advisor and alternate company director. Cohda Wireless is currently the leader in Connected Autonomous Vehicles (CAV) technology, with proven applications for connecting vehicles, infrastructure and pedestrians that will make our streets safer, smarter and greener. The company has secured ~$10m in funding to date.

HIGHLIGHTS

ARTICLES

RELATED ARTICLES OF INTEREST

PERSONAL INTERESTS

SPORTS
  • TRIATHLON: Completed 15+ in last 5 years, including 3 corporate triathlons

  • HALF MARATHON: Completed Melbourne event in 2021, 2022 & 2023

  • SOCCER: Transitioned playing competitively to coaching juniors

  • SNOWBOARDING: All over the world

COOKING
  • Enjoy cooking for relaxation and friends

  • Focus on healthy (and tasty) eating
TRAVEL & OUTDOORS
  • Goal: Family adventure holiday every 1-2 years

  • Camp every year on the Peninsula

CONTACT
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