Business Results - Top 10 Most Important Aspects

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Arron Tate
5 years ago
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1 The (very personal and totally biased) view of a multi-entrepreneur Slide 0

2 Agenda 1. Personal introduction 2. Theoretical and technical background: the good mix 3. The weight of learning 4. and of experience 5. Use your gut feelings wisely 6. The superceo TM 7. Different times, different profiles 8. Conclusions: What should we do with it? Slide 1

3 Personal introduction Master in Biology, PhD in Immunology, post-doc at Harvard, Master in Management of Technology Two years within NestlØ First start-up experiences: Vacctex (Harvard) and DictagŁne Then, CEO: Cytion (instrumentation, trade sale), Apoxis (oncologie, trade sale) and picodrill (nanotech, on-going) Co-founder: DermaQuest (cosmeceuticals, sold) and Diagnoplex (cancer diagnostic, on-going) Raised more than 60 MCHF Slide 2

Cytion (instrumentation, trade sale), Apoxis (oncologie, trade sale) and picodrill (nanotech, on-going)

4 picodrill: nanotechnology PicoDrill technology enables to drill holes in all type of materials, faster, cheaper and with unique performances µm in diameter, depth up to 400x the diameter Alos developed, a chamfering technique that will revolutionize glass manufacturing Slide 3

0.1-2000 µm in diameter, depth up to 400x the diameter Alos developed,

5 Theoretical and technical background: the good mix A scientific backrground allows to understand the need and the potential of the R&D A commercial education allows to think product A MBA (or alike) gives the management tools More and more CEOs have a double training, scientific and MBA (or alike), validation aspects? A corporate experience allows to feel and understand the universe of multinational companies (beware of potential contamination) Some things, such as leadership, are not school material Slide 4

double training, scientific and MBA (or alike), validation aspects?

6 The weight of learning It is not enough to dare to jump, a stepwise evolution may be preferable. It will potentially minimize mistakes at later stage One or more mentor(s) may add tremendous value, sometimes they may be board members. Think of think-tank! A lot of critical things are taught at schools but can not be easily mastered, such as SHA, SPA negotiations Humility and capability to ask for help are rare virtues, but so helpful Experience and learning are not the same things. You can know and be very, very naive Patience allows to build a carreer Slide 5

7 and of experience Board members selection and nurturing of relationship with board member is ESSENTIAL Allows for faster decisions, more efficacy and will enable you to avoid traps and to better control the company Experience can be broad (how to build a company, general path to follow for success) or focused (company incorporation, trade sale) Is a plus (often) but can be a handicap (been here before, done it before) Not always in your favor, especially when a unavoidable partner has less experience Also helps in validating your leadership Slide 6

path to follow for success) or focused (company incorporation, trade sale) Is a plus (often) but can be a handicap (been here before, done

8 Use your gut feelings wisely It allows you to be different and inventive It will differentiate you from the pack and establish your leadership The more the CEO uses its gut feelings and instincts, the more the support and trust of its board will be needed; and the more difficulties he will encounter in explaining his decisions A gut-feelings driven CEO is probably more adequate for the entrepreneurial phase than for the day-to-day management phase Ideal is to tamper instinct by experience and always take some time to cool off before final decisions Slide 7

difficulties he will encounter in explaining his decisions A gut-feelings driven CEO is probably more adequate for the entrepreneurial phase

9 The superceo To last for ever within the same company, the CEO should be: Scientific, entrepreneurial, good communicator, charming, stubborn, hard-working, visionary, good planner, very human but cold blooded, instinctive (but not too much), political (a bit), a born-leader, transparent, charismatic, money and success driven but altruistic Also knowing: How to identify strength and weaknesses (in men and in projects), how to generate trust, how to raise money (through privates, business angels, local VCs, international VCs and banks) How to make deals (small, then big), trade-sales (potentially IPOs) And aware: Of the law, of the tricks of in- and out-licensing, accounting and budget issues, of markets and, especially, of his limits Slide 8

strength and weaknesses (in men and in projects), how to generate trust, how to raise money (through privates, business angels, local VCs, international VCs and banks) How to make deals

10 Different times, different profiles This being said, it is fairly uncommon to keep the same CEO through the complete life of a company (especially if the company lst for long). superceos (with a few exception) are theoretical There will be a time for entrepreneurship, money raising, consolidation, project management, deal making, exit etc rare to find all required qualities within the same individuals This is even more acute in difficult times, when specialized skills are required in-house. Is there a trend? Going from generalistic to specialized CEOs? The common good should take over the personal aspects. Facing the facts is also part of the job Slide 9

superceos (with a few exception) are theoretical There will be a time for entrepreneurship, money raising, consolidation, project management, deal making, exit etc

11 Conclusion: What should we do? Get the best tools as feasible, be patient Nurture your relationship with the board, seek advice and be fully transparent Do not hide your weaknesses, seek special competences around you, complementarity is key. Mentors are very useful Be humble, while confident of your skills, no shame in transitionning out if needed. What is good for the company, is good for the investment and very likely good for you Realize that at the end, it is a challenging and difficult job. If you choose to do it, do not complain and be PROFESSIONAL Slide 10

weaknesses, seek special competences around you, complementarity is key.

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