Team dynamics are crucial when building your start-up. That’s why it’s so important to create a group of people that suits your project’s needs the best. Of course, expertise is vital, but don’t forget things like diversity, leadership, chemistry, and the ability to ask for support. René Brama (Invest.NL), Arjan Goudsblom (Techleap), and Madelon Strijbos (Robert Walters) have had so many founders, potential co-founders, and team members at their desks that their advice is a precious resource for the start-up ecosystem.
LUMO Labs asked the three experts to share their views on a sideline of the Draper Pitch Prize Competition finals, Thursday afternoon at the High Tech Campus Eindhoven.
It’s all about the second phase of your start-up, René Brama says. “It’s when you realize that you may have this brilliant idea, but without someone to sell it, without an audience that’s interested in it, it’s still nothing. So you have to find a salesperson to work next to you.” And you’d better choose this person – and all the others in your team – wisely, Arjan Goudsblom adds. “You have got to be aware that you will have to work together for many years. The average journey of a deep tech founder is 10 to 15 years before an exit. So don’t rush into finding new team members. You need to have chemistry, be on the same page, and have the same ambition. I often see that a choice is made based on a paper resume. That’s a recipe for disappointment.”
The three agree that enthusiasm and passion among the founding team members are crucial. A potential investor will immediately recognize a lack of passion, so it’s a necessity if you want to survive as a company. “But beware, passion can be killed”, Madelon Strijbos warns. “You have to be mindful of nurturing and harnessing that passion. Show your drive to your people, be in the office with them, and ensure they are heard by you. You lose good people – and the bad ones will stay – if you’re not there to take care of it.”
Involve them
There’s something else every founder needs to take care of: think as a proper business. Brama: “Spend enough energy with your investors. Share your successes and failures with them, and involve them in your business. Good or bad, ensure they will never be surprised by your financials.” Also, when looking for new investors, be aware that this will cost time and effort. “Keep talking to them”, adds Strijbos. “Especially now, when investing in deep tech start-ups has become less evident than before.”
By the way, Goudsblom says, “finding the right co-founder can sometimes also be a road to new money. Because of their network, or simply because they can invest themselves.” Strijbos agrees: “You need a business-driven person as a co-founder if you want to properly spin out of the university setting. Those people can give you money and extra runway. A co-founder with cash can really help.”
Finally, there’s the need to ask for support. Brama: “Build a support force around your start-up; use your seasoned advisors.” And although it’s not “rocket science or heart surgery”, hiring people is still more than a hobby, Strijbos says. “Writing job profiles, answering emails from applicants, talking to people. That’s something we can do for a start-up. It all starts with asking for support.” With a smile: “I promise all of you: a phone call to us won’t cost you anything.”
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