LDC Top 50 2024
Dr Olga Kubassova
Founder and President
Image Analysis Group
“My only job has been running this company,” says mathematician turned entrepreneur Dr Olga Kubassova. “I created Image Analysis Group (IAG) to commercialise the technology I developed in my PhD, and 15 years later, we’re a global player in clinical development.”
IAG helps pharmaceutical companies to test new drugs for effectiveness and safety using cutting edge tools and algorithms. “We allow clients to clearly and objectively see if a drug is working,” explains Dr Kubassova, who has worked on breakthrough drugs for auto-immune diseases and cancer. “The government awarded me £20,000 to start this business, and now we’re conquering the world. There are no limits to what we could achieve.”
I’m conquering the world, one continent at a time. There are no limits to what this business could achieve.”
Q&A
Talk me through your international strategy:
Right now, more than 90% of our revenue comes from outside the UK. We are working with hospitals and clients on every continent, from China to Europe. We are an agile company, employing 100 people around the world and we are now seen as a scientific powerhouse. We expect to see very strong growth in the US and Asia, taking us to £100m in revenue within five years.
What have you sacrificed to build this business?
I live in a constant state of stress, but you get used to it. I travel constantly too; there was a year when I didn’t sleep in the same bed for more than three consecutive nights. But I’m doing something I love so it doesn’t feel like sacrifice. I am making my dream come true, and making the dreams of others a reality at the same time.
How did you find the transition from academic to entrepreneur?
In this industry, it helps to have a strong scientific background because everyone you talk to is a top-level specialist or holds an advanced degree of PhD or MD. This is an industry that is constantly evolving, and one must constantly grow with it. I am still writing papers and publishing research. The reason I have been successful is that I’m passionate about what we do.
Why did you start IAG?
I was frustrated that as an academic you invent a lot of stuff that ends up on a library shelf, no use to anyone. While I was doing my PhD, I presented a paper at a conference and, by chance, someone came up to me and said they had MRI images and wanted to use my algorithms. I was terrified of the idea that my invention would be used to look at real diseases but it also showed me that our theories can have real-world applications. Every time we get new clinical trial I think, “If we get this right, we will make someone’s life better, or save their life. It’s incredibly motivating.
