Liu Idea Lab's Carol Tyger shares her experience on product managing for a tech startup. Getty Images

Consider planning a wedding. An impossible task of delivering a grand, completely personal event for all sorts of guests at a minimal cost.

At first, my fiance and I were freaking out because we heard that wedding planning is full of hidden costs and impossible expectations. But then the light bulb went off: that sounds a lot like my job as a product manager (PM). I can be the PM of my own wedding! I knew I wanted to provide a kick-ass party (great experience) for every guest (users) with limited resources (efficiently maximizing value).

Relying on my product manager skills, my fiancé and I started off by considering our goals and removing assumptions. I even conducted some user interviews by asking my friends what they value in weddings. Then we defined the "Wedding Minimum Viable Product (MVP)" and organized ourselves like a software team with a backlog and kanban board.

In the end, the wedding was a huge success. It felt just like a major software product release…from the planning to the execution. Product management is all about making a great user experience, maximizing value and working efficiently. In other words, it is a foundation for getting things done that can be applied to almost any situation.

Ultimately, as a product manager, you build an entrepreneurial mindset that can be applied to any future role. At the bare minimum, the PM is responsible for providing detailed requests for the tech team to build. But to be a great PM, it takes a lot more.

You rely on empathy. Product managers are the voice of the user for both the business and the tech team. To understand the user, you conduct user interviews, gather market analysis and collaborate with internal groups – exploring all corners of the organization – to determine user needs. Skilled product managers don't directly ask users what they want, but instead, understand through observation. You will be using various types of user data before and after software releases to forecast and measure the impact of innovations made.

You strengthen soft skills. It doesn't matter how technical you are if you don't have good rapport within the organization. The basics begin with communicating effectively, remaining flexible, acknowledging bad decisions and being comfortable with the unknown. The best product managers have built enough trust throughout the organization to lead at a senior level despite not having direct authority.

You strategize. You must understand the users, software cycle, and business needs well enough to plan months – even years – ahead while listening to and setting expectations with everyone involved. You will be blazing trails and solving new problems. The company will rely on you to operate with integrity while continuously innovating. Your entrepreneurial mindset will make setting the strategy second nature.

The entrepreneurial mindset and product management responsibilities hone skills that are not only transferable to future roles, but to your life in general. Whether you are preparing for a major software release or planning a fantastic party, your entrepreneurial mindset and product management skills will help you succeed.

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Carol Tyger is Lilie's product management expert-in-residence and was head of product at Spruce, a Houston-founded managed marketplace for apartment residents to book services such as housekeeping.

This article originally appeared on Liu Idea Lab for Innovation & Entrepreneurship's blog.

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Axiom Space-tested cancer drug advances to clinical trials

mission critical

A cancer-fighting drug tested aboard several Axiom Space missions is moving forward to clinical trials.

Rebecsinib, which targets a cancer cloning and immune evasion gene, ADAR1, has received FDA approval to enter clinical trials under active Investigational New Drug (IND) status, according to a news release. The drug was tested aboard Axiom Mission 2 (Ax-2) and Axiom Mission 3 (Ax-3). It was developed by Aspera Biomedicine, led by Dr. Catriona Jamieson, director of the UC San Diego Sanford Stem Cell Institute (SSCI).

The San Diego-based Aspera team and Houston-based Axiom partnered to allow Rebecsinib to be tested in microgravity. Tumors have been shown to grow more rapidly in microgravity and even mimic how aggressive cancers can develop in patients.

“In terms of tumor growth, we see a doubling in growth of these little mini-tumors in just 10 days,” Jamieson explained in the release.

Rebecsinib took part in the patient-derived tumor organoid testing aboard the International Space Station. Similar testing is planned to continue on Axiom Station, the company's commercial space station that's currently under development.

Additionally, the drug will be tested aboard Ax-4 under its active IND status, which was targeted to launch June 25.

“We anticipate that this monumental mission will inform the expanded development of the first ADAR1 inhibitory cancer stem cell targeting drug for a broad array of cancers," Jamieson added.

According to Axiom, the milestone represents the potential for commercial space collaborations.

“We’re proud to work with Aspera Biomedicines and the UC San Diego Sanford Stem Cell Institute, as together we have achieved a historic milestone, and we’re even more excited for what’s to come,” Tejpaul Bhatia, the new CEO of Axiom Space, said in the release. “This is how we crack the code of the space economy – uniting public and private partners to turn microgravity into a launchpad for breakthroughs.”

Chevron enters the lithium market with major Texas land acquisition

to market

Chevron U.S.A., a subsidiary of Houston-based energy company Chevron, has taken its first big step toward establishing a commercial-scale lithium business.

Chevron acquired leaseholds totaling about 125,000 acres in Northeast Texas and southwest Arkansas from TerraVolta Resources and East Texas Natural Resources. The acreage contains a high amount of lithium, which Chevron plans to extract from brines produced from the subsurface.

Lithium-ion batteries are used in an array of technologies, such as smartwatches, e-bikes, pacemakers, and batteries for electric vehicles, according to Chevron. The International Energy Agency estimates lithium demand could grow more than 400 percent by 2040.

“This acquisition represents a strategic investment to support energy manufacturing and expand U.S.-based critical mineral supplies,” Jeff Gustavson, president of Chevron New Energies, said in a news release. “Establishing domestic and resilient lithium supply chains is essential not only to maintaining U.S. energy leadership but also to meeting the growing demand from customers.”

Rania Yacoub, corporate business development manager at Chevron New Energies, said that amid heightening demand, lithium is “one of the world’s most sought-after natural resources.”

“Chevron is looking to help meet that demand and drive U.S. energy competitiveness by sourcing lithium domestically,” Yacoub said.

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This article originally appeared on EnergyCapital.