Jay Goth is the co-founder and CEO of Murrieta Genomics, a genomic sequencing business incubator located in Murrieta, California. His focus is on launching new companies that are changing the life science, agriculture, veterinary and forensic industries by developing new applications based on sequencing DNA and RNA. He is a serial entrepreneur who has been involved in many different industries including technology, energy, hospitality, real estate and finance. His passion is building new companies and making a positive impact on people’s lives. He currently serves as a board director for several nonprofit and for profit companies and in 2016 was named SBA’s Small Business Champion of the Year.
Where did you grow up? How did your upbringing influence your career?
I am a Colorado native, but grew up in Illinois, France and Connecticut. My dad was a mining engineer who became an executive and we moved around a little. Getting to experience different cultures and meeting new people gave me a broad perspective. I was taught at an early age that you earn what you get, so I got a paper route when I was young and started working under the table when I was 14. I was able to buy my own car when I turned 16, and was always looking for new ways to make money. I didn’t do well in college, I left after my first year at the University of Colorado and started working again. I didn’t see the value of a college education at the time and started my first company in construction with a friend that did not go very far. After a stint on cargo ships, building houses, drilling in the oil patch and other ventures, I began to focus on something I loved – making food. I wanted to own my own restaurant so started as a fry cook, then worked all of the food stations, became kitchen manager then executive chef. Next I started at the front of the house as a bouncer, worked my way through tending bar and waiting tables, got into management and became general manager of some restaurants in Boulder. The last few years I realized I’d need a degree to be taken seriously by bankers, so I went back to school full time while working 50+ hours a week. I liked the pressure which helps when you are an entrepreneur!
What do you see as the biggest challenge in your market?
The genomics industry is really young. It’s the wild west out here. It took ten years and billions of dollars to sequence the first human genome. Now it can be done in days for under $1,000. DNA is the instruction manual for every living thing. We are just beginning to understand how to read it. The biggest challenge to me is the fact that most of the brilliant scientists who understand this stuff are in academic labs making great discoveries, but their whole focus is on research. Getting these discoveries into the world where they can make an impact requires business acumen and contacts. That’s why I am excited about what we do – we’re trying to help move the science into the market. It’s not easy. We are only the second incubator focused on this in the entire U.S.
How do you continue to educate yourself?
It’s never ending. I get dozens of newsletters every morning about genomics and business development. I spend the first hours every morning reading them. I will never be an expert on genomics, but I try to see what’s new. Before COVID-19 I was attending a lot of conferences and talking to much smarter people than me. I can’t wait until I can start doing that again! Precision medicine is going to change our world in ways we can’t even imagine, and talking to the people who are making it happen is inspirational and fuels my hunger for more information.
What role do partnerships and relationships play in your career?
Relationships are huge. I have had great and extremely horrible experiences and try to learn from them all. I think that the key is when you find those people that you really mesh with and that earn your trust, hold on to them and never let them down. I have been blessed by having several incredible mentors along the way. I try to pay attention to what they tell me and live up to the faith they have in me. I really hate letting people down and that’s probably the biggest stress factor in my life. Whether it’s my partners, my customers or my friends, I can’t bear to disappoint. My partners in Murrieta Genomics have my complete and total trust and I’d rather be water boarded than let them down. After so many years, I now can fully value how important strong relationships are in life.
True or false? Hard work solves almost anything. Tell us why you feel this way.
False. I am a big believer in hard work, but you can work your butt off and if you are not doing the right things it won’t matter. I subscribe to the “the harder you work the luckier you get” cliche, but make sure you are doing the correct work. I have been guilty of wasting a lot of time working hard when I should have stepped back, looked at the problem or challenge and taken a different approach. It would have saved me a lot of time, money and sanity. My wife is great at pointing out when I am working too hard at something and need to reassess what I’m doing.
What achievement are you most proud of?
I was one of the first employees and founding executive of a company that grew from zero to $100 million in revenue in less than three years. What I am most proud of is that I was running the marketing department of that company and recruited seven wonderful people to my team. Once the company became too big, I got antsy and had to go my own way. The day I left my crew gave me a present. It was a framed copy of a speech attributed to Nelson Mandela about our deepest fear not being about failure but about success. What still brings tears to my eyes is what the team wrote on the back: “What you have done for us we hope we can do for others.” and it was signed by everyone in my crew. It’s my most treasured possession. Getting that from the people I led is my greatest achievement.
What’s next in your career?
I want to launch as many great sequencing companies as we can. Not only can we make a great impact on the world, fostering innovation and entrepreneurship is so satisfying. I want to do this until my dying day.
What advice do you have for our readers?
If you don’t love what you do, stop doing it. Life is too short to work for a paycheck. Believe me, I have been at the bottom. I have lost almost everything several times. But the juice is worth the squeeze.
Is it possible for our readers to hire you or work with your team?
We are always looking for the next great startup. If you have an idea related to genomic sequencing, let’s talk!