February 2015 Designing & Leading a Business 1

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1 Building and Growing Entrepreneurial Teams the most important predictor of success Arthur A. Boni, Ph. D. John R. Thorne Dis4nguished Career Professor of Entrepreneurship Designing & Leading a Business 1

2 Cliffs Notes Version Building, Managing, and Mo4va4ng Great Teams Boni, Weingart, Todorova, Chapter 7 in Biotechnology Entrepreneurship (Ed. By Simasaki, 2014) Building Teams in Entrepreneurial Companies Boni and Weingart, J. Commercial Biotechnology, Vol 18, April 2012 Designing & Leading a Business 2

3 From Idea to Opportunity CreaBng, Delivering & Capturing Value Designing & Leading a Business 3

4 Entrepreneurial Process Model Key Elements of Value CreaBon Opportunity Resources Team Leader Designing & Leading a Business 4 4!

5 Innovation/Company Life Cycle Technology, Traction, Team Build a Product/Market Add Value/Reduce Risk Seed Funding Bootstrapping, Angel, Government & public-private partnerships Startup & Development Implementation Stage Market Entry & Growth Matura4on Growth Funding VC, Corporate Investing Concep4on Inspiration & Ideation Stages Build a Team Add Value/Reduce Risk Designing & Leading a Business 5

6 startups are not versions of larger companies Steve Blank a startup is a temporary organiza4on in search of a scalable, repeatable, profitable business model Requires different rules, roadmaps, skill sets, and tools to minimize risk and op4mize chances for success Experimenta4on over elaborate planning Customer feedback over intui4on Itera4ve design over tradi4onal development Product/service market business model Designing & Leading a Business 6

7 Startup Scalable Startup The Scalable Startup From Steve Blank Development/market entry Transi4on Company Growth Business Model found Product/Market fit Repeatable sales model Manager hired Cash- flow breakeven Profitable Rapid scale New Sr. Management people Designing & Leading a Business 7

8 Se#ng the context for building and growing a team Evolu8on and Revolu8on as Organiza8ons Grow (from Greiner, HBS 98308) Designing & Leading a Business 8

9 Greiner s Message Companies go through development and growth phases Each phase begins with a period of evolu4on (steady growth and stability) Each phase ends with revolu4on (turmoil and change) What led to growth then triggers instability? Designing & Leading a Business 9

10 Five Phases of Company Life Cycle EvoluBon/ RevoluBon Size DirecBon/ Autonomy CreaBvity/Leadership CoordinaBon/ Red Tape DelegaBon/Control CollaboraBon/? Age Stage Designing & Leading a Business 10

11 Size/Market TracBon Collabora4on Coordina4on Crea4vity Market need Business Model Direc4on Market Entry MVP Autonomy Delega4on Market Growth Control Market Expansion Bureaucracy (red tape) Repeatable Innova4on Leadership Age/Stage Leading Change Across the Company Life Cycle Designing & Leading a Business 11

12 leading change across the company life cycle Consider some early stage and growth companies where changes have been made in the team Who leads change? What are the effects on the organiza:on? What does change do to corporate culture? What about founders? Designing & Leading a Business 12

13 Building an Organizational Culture Collaborative Interdisciplinary Reward Contri- bu:on Auto- nomy Market Focus; Close to Customer Open Innovation Leadership throughout Adaptive Learning Lean and agile Designing & Leading a Business 13

14 Key Considerations for Team Building Understand the importance of will, skill and fit Work Tasks to be Performed People Skills Needed Customer need Processes MVP Market development development Fund raising Product development Team and advisor collabora:on Change management Designing & Leading a Business 14

15 Extended Teams (important at all stages) The Team is the most important predictor for company success Failure rates attributed to technology, market, team? The Team consists of Founders Leaders for technology, business, design à 2(3) Advisors (for technology, business, etc.) Service providers (accounting, legal) Directors (including investors) Designing & Leading a Business 15

16 What do you need from the team? Expertise, Networks, Perspective Access to people, capital, partners, market/customers Access to counsel and expertise for IP, regulatory, reimbursement, clinical trials Advice, experienced perspective, mentoring Adherence to plan, changes to plan, fiduciary responsibility Designing & Leading a Business 16

17 Team Member Characteristics Knowledge/Skills/Experience Market/Industry/Domain specific experience Previous experience in building entrepreneurial companies Interpersonal Characteristics Team oriented; works well with people in cross functional teams à diversity Good communication skills Shared value system Can be trusted A sense of common purpose and vision Check egos at the door! Good sense of humor Designing & Leading a Business 17

18 Diversity is Good Many skill sets will be required to build a successful company Don t hire everyone who has similar skill sets and experiences! Encourages associative thinking Hire those who come from big company backgrounds for industry knowledge But, can they integrate into entrepreneurial company? Actively manage the diversity don t leave synergy to chance Designing & Leading a Business 18

19 Motivation (Will) Hire infected people Passion and commitment Then create an environment where people know that their contributions are valued Working conditions, interpersonal relations, compensation, status, security, policies, supervision, honest performance evaluation and feedback Designing & Leading a Business 19

20 Some Motivating Factors Recognition The challenge of the work itself Achievement of goals Responsibility Personal growth Contributions Making a difference Changing the world Designing & Leading a Business 20

21 The Three EssenBals of an EffecBve Team Ref. Jim Billington, HBS U9701A (1997) Commitment Competence Common goal Designing & Leading a Business 21

22 Commitment/Common Goal Shared dedication to achievement of specific performance goals Shaping a purpose owned by all Shared ownership Designing & Leading a Business 22

23 Issues for Discussion Building the team CEO, CSO/CTO + key team members Part-time members (university ties and conflicts) Building and working with your BOD and SAB Managing through transitions Evolution & revolution Growing the team, subtracting from the team Balancing science/technology vs. commercialization Role of the CSO or CTO Team dynamics and process Creating a productive work environment and company culture Compensation Issues and Equity Incentives Founders, later key hires - vesting and option pools Designing & Leading a Business 23

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