Advice for Leaders in their First Startup

After years of contemplation, the right startup with the mission, market and investors,?has given you reason to accept a new role. ?You have transitioned into this new company with a renewed invigoration for your career and the value you can bring. ??What now?

How can you avoid the pitfalls of other first time startup leaders, and maximize your opportunity for success? ?

Over three decades, our team has been involved with hundreds of young companies taking ideas from the early stage and building towards success.?With this experience, today I share four truisms for those entering their first startup in a leadership role.?

1. Understand the North Star, and get behind it.?What is the value the company is bringing to the market, and why??In the Medtech industry, the value may be to patients, clinicians, payers, others or a combination thereof.?The sooner you get up to speed on every aspect of the market opportunity, the better you will perform.?The biggest career asset gained in a startup is the build of a company in its infancy.?You will unite in a strong way when you and other early team members are laser focused. ?
2. Mind your spend.?If you are in a life science startup, whether medical devices, biotech, or heath technology, it is a safe assumption that you will need to live a frugal business existence.?This is harder than it appears for some transitioning from profitable large companies where resources are readily available.?Time and resources are the currency, use where you can make the greatest impact. ?
3. Do whatever it takes.? Your goal is to make this company successful, and in a startup, there is no shortage of work to be done. The old adage “closest to the broom sweeps” rings true in a startup.?If something is needed, do it.? Keep in mind these contributions can equate to broader, more marketable experience in your next career move. ?
4. Hire"Force multipliers".?Each early hire needs to be a serious problem solver that will add value in addition to the required experience.?If a company is going from 4-5 employees, this 5th hire makes the company 25% bigger.? Early leaders in a start up are important for recruitment, retention, marketing and branding, investor facing credibility, in addition to his/her other specific role and responsibilities. ?
5. Expect the unexpected. No matter how well prepared you think you are, expect surprises. For example, FDA can push back timelines, vendors can make delay production, market insight may require a pivot. Agility in a startup up is powerful. You will need to pivot and drive forward.

The experience gained in a startup is unlike any other, and the takeaway lessons will be tremendous. Focus early on the actions you can control to set you, and your team, up for success. These actions lift you and your team towards early successes, and pay dividends for you in your future career opportunities.