🤖 #5: Vivian's Deeptech Insider: 5 Roles to Master as a Startup Founder

Jobs at Emesent, Q-CTRL, Arc Ventures, Flex Capital

Author

Vivian Chan, PhD
August 29, 2024

Hey there! Welcome to the 5th edition of our fortnightly Vivian’s Deeptech Insider.

In this issue, we’re diving deep into insights specifically for founders. If you've been following our newsletters, you know we alternate between founder and investor perspectives. Last time, we explored the broad investment landscape of Deeptech, so now it’s time to focus on founder insights. Plus, we’ve got some job opportunities from Emesent, Q-CTRL, Arc Ventures, Flex Capital (scroll down).

Before we dive in, I have 1 ask:

Ask

  • Unique Venues: I’m on the hunt for standout venues with a twist for our Deeptech investor dinners. If you have a unique office space or a venue with a Deeptech flair, let me know! It's also a great way to get involved in the dinners if you're not an investor. Reach out if you have suggestions!

Deep Dive (Founder Series):  

5 Roles to Master as a Startup Founder: A Checklist

As a founder, you're more than just an idea person; you're the problem solver, executor, and innovator. When I launched my second startup in 2013, I was surprised by the sheer number of roles I had to juggle. Initially, I was too excited to realise the potential conflicts of interest and confusion that can arise from wearing multiple hats. To provide clarity, I've broken down these roles based on my personal experience. Remember, each startup operates uniquely, and my experience is just one perspective. Every startup operates differently, and the roles and challenges may vary.

  • Founder(s): As a founder, you’re the visionary and the driver behind the startup. In a way the founder(s) are pretty much the creators of the startup family, which means that naturally your first hires will look to you for leadership, guidance, and support. I personally recall the early days of my startup when I wore multiple hats, serving as the CEO, COO, CFO, product, marketer, and customer support representative. It was exhausting but incredibly rewarding, providing valuable insights into the business and fostering a deep understanding of our customers' needs.

    If you’re part of a co-founding team, then the relationship with between the co-founders are one of the most if not the most crucial relationship to build, maintain and grow. Co-founding relationships are often referred or resemble as a marriage just minus the romance. The rest stands and as important - trust, integrity, and extremely good communication. You’d need it to embrace failure (lots of it) as a team and learn to motivate, pick each other up as part of the journey and keep moving forward. Make sure you are aligned on vision, mission, strategy, culture and values of the company and hold each other accountable.

    • Who do you answer to: Shareholders, board, customers, employees but most importantly I personally reckon is to each other (co-founders)

  • Director: When you register your company (e.g., with Companies House in the UK), you'll automatically take on the role of Director with associated responsibilities. It's crucial to understand your legal obligations to both shareholders and creditors. This role requires you to act in the best interests of shareholders and creditors, maintaining transparency and compliance with legal requirements. Your responsibility extends to both the company’s financial health and its legal standing. At times, you’ll need to disclose specific information and seek their opinions or votes, independent of day-to-day employees.

    • Who you answer to: Shareholders & laws of the country or state where your business is registered

  • CEO: As the CEO, I've learned firsthand that the role is constantly evolving. In the early days, I was deep in the trenches, coding (yes python!) and troubleshooting. Overtime, with the right funding and people in place, I spend more time strategising, fundraising, and building relationships with partners. It's been a challenging but rewarding journey, and I've learned the importance of adaptability and a long-term vision. A successful CEO can inspire and motivate the team, build strong relationships with investors, and navigate the challenges of a rapidly changing business environment. They must be able to make tough decisions, adapt to new circumstances, and maintain a clear focus on the company's long-term goals.

    • Who you answer to: Board of Directors & shareholders

  • Manager: Managing a team can be one of the toughest challenges for founders, especially those with limited managerial experience. Key skills such as listening, coaching, and motivating your team are essential, yet often overlooked by analytical or technical founders. Many learn these skills on the job, sometimes at the expense of valuable employees. I’ve found mentorship invaluable in developing these soft skills; my CEO coach, for example, has been instrumental in improving my managerial abilities, despite his broader expertise in strategy and fundraising. I personally know that effective management is crucial for business success, as strong relationships with your team drive performance. Understanding the importance of people management is vital as it is one of the key pillars of the 4P’s: Problem, People, Product, and Profit (I can dive into this further in a future edition).

    • Who you answer to: Your team

  • Leader: While not always a formal role, leadership is essential for a successful founder. Inspiring your team and navigating the challenges of a startup is no easy feat. Great leaders possess strong communication skills and the ability to inspire others, whether it's a vision or a strategy. This is especially important in the early days when you're trying to attract investors and top talent. You might also find that earlier stage CEOs (often founders) would have worked on their leadership skills or a natural as they’re passionate about the problem they’ve solving. Later stage CEOs would be great managers, process driven operators as they need to scale and answer to Board and shareholders. Ultimately no matter what stage, I believe being a leader is one every founder needs to aspire to or even if you're not the primary leader, fostering a leadership culture within your team can be incredibly beneficial.

    • Who you answer to: Yourself & your team

Actionable Takeaways

1. Level Up: Understand the expectations of each role you’ll take on. Connect with other founders by joining online communities, attending local meetups, or taking a structured leadership course.

2. Prioritise Self-Care: Remember, burnout is real. I personally found meditation and regular exercise to be invaluable. Find what works for you and make it a priority.

3. Seek Mentorship: Surround yourself with experienced mentors / advisors who can guide you through challenges. I’d especially recommend connecting with those who have started their own businesses, as their insights will be most relevant to your daily struggles. I found my CEO coach through an angel investor, so consider tapping into your investor and entrepreneur network.

The journey of a startup founder is complex and multifaceted. These 5 roles are just the beginning. In our upcoming Founder Series, I'll uncover even more challenges, opportunities, and lessons learned. Stay tuned, and let me know if there's a specific aspect of the startup journey you'd like me to explore next.

Now, onto the jobs - Vivian

P.S. If you have any relevant job openings to share, let me know!

Jobs at Deeptech startups:

Jobs with Deeptech investors:

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