🤖 #9: Vivian's Deeptech Insider: Defining success

Jobs at Open Cosmos, Qantev, Bold Ventures and Alumni Ventures

Author

Vivian Chan, PhD
October 24, 2024

Hello and welcome to #9 edition of the monthly Vivian’s Deeptech Insider.

It’s founder series this edition! If you've been following our newsletters, you know we alternate between founder and investor perspectives. Last time, we explored Exclusive Insights from Top Investors, so now it’s time to focus on founder insights.

We also track jobs to monitor market momentum, this time outlining opportunities at Open Cosmos, Qantev, Bold Ventures and Alumni Ventures (scroll down for details).

Before we dive into this edition’s topic & roles, I have 1 small ask.

Ask

  • Which content have you found most engaging? We’ve published eight short pieces so far, and I’d love your feedback!

    A. Both - alternating Founder & Investor series (keep as is)

    B. Founder series (more of this)
    C. Investor series (more of this)
    D. Jobs listings (only the bottom section)

Deep Dive (Founder Series):

What Does Success Look Like? 🚀

Following up on our recent Founder Series about the 4Ps (a huge thanks for all the global support and positive feedback!), I often ask founders this key question to gauge whether they’ve effectively defined each P: What does success look like in [timeframe]?

Why is this question so important?

No matter where you are in your journey of defining the 4Ps, articulating your end goal is crucial for several reasons:

  1. Alignment Across the Team: A well-defined success metric ensures that everyone is on the same page, working toward the same "north star." When your team understands what success looks like, they can prioritise their efforts and stay motivated.

  2. Enhanced Decision-Making: Clarity around your goals helps eliminate confusion when making decisions. Whether it’s evaluating new opportunities, setting priorities, or adjusting strategies, a clear definition of success serves as a reliable reference point.

  3. Focus on What Matters: The clearer the goal, the better your chances of achieving it—whether that's a milestone for the quarter, a weekly target, or a specific project outcome. It allows your team to focus on the most impactful tasks that drive results.

How does this tie into OKRs?

This concept ties directly into the use of OKRs (Objectives and Key Results). I always recommend leveraging quantifiable metrics because they eliminate ambiguity and provide a tangible measure of success. For example, if you’re setting a 3-month goal, you can tie it directly to your quarterly OKRs. This way, your team can see the direct impact of their work on the company's overall objectives.

However, it's important to recognise that not every goal needs to be long-term. Sometimes, a simpler, short-term goal can be just as valuable. For instance, establishing a clear objective for the week helps keep the team focused on immediate priorities and ensures that everyone knows exactly what they’re working toward. Regular check-ins can also facilitate discussions on progress and adjustments, keeping everyone accountable and engaged.

Saying "No" Is Just as Important

One of the toughest lessons for first-time founders is learning the power of saying no. With so many opportunities and distractions, it’s easy to get sidetracked if you’re not clear on what success truly looks like. When your goals are well-defined, though, you can build a focused roadmap, hire the right people, and set key milestones that align with your vision. Tools like OKRs and KPIs can help track progress and keep everyone accountable.

Having a clear plan doesn’t mean everything will go perfectly—but it provides a guiding framework for the team, especially when it’s time to pivot or make adjustments. Saying no to distractions becomes much easier when the entire team knows where they’re headed and can make decisions aligned with that bigger picture.

Examples of Good vs. Bad Success Definitions

Bad:

  • "Our goal is to grow our user base." 

    • Why it’s bad: It’s vague and lacks specificity. What does "grow" mean? By how much? Over what time period? What does success look like here?

  • "We need to increase revenue." 

    • Why it’s bad: It’s too broad. This statement doesn’t give direction on how to increase revenue, by how much, or through which channels.

Good:

  • We aim to grow our user base by 25% over the next quarter, focusing on increasing retention from 40% to 60%." 

    • Why it’s good: This is specific, measurable, and tied to both growth and retention, which gives the team a clear target and a way to measure progress.

  • "We aim to increase revenue by 15% by the end of Q4, primarily through upselling to existing customers and launching our new pricing model." 

    • Why it’s good: It provides clarity on both the target and the strategy, making it easier to track progress and adjust as needed.

In short, defining what success looks like—whether it's for the next week, month, or year—helps you stay focused and aligned. Having a clear and measurable outcome in mind makes it easier to prioritise, avoid distractions, and rally your team around a shared vision.

Now, onto the jobs - Vivian

P.S. Move my emails to your primary inbox so you see the next edition!

Jobs at Deeptech startups:

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