J.R asks:
Today, I came across a CEO position at a deep-tech startup in life sciences and I found the job profile incredibly compelling. I have a background in engineering and business and for the main part of my career, I’ve been involved in leading the early stages of technology development in energy and sensor technology. This journey has taken me from ideas and working principles on paper to functional systems. It’s been exhilarating but not without risks. In my next role, I aspire to lead a company where the technology and initial product are already established, with my focus being on scaling up production, organization and sales, along with the crucial challenge of securing financing for these entrepreneurial activities.
For the past ten years, I managed a company that developed technology to detect substances. Last year, unfortunately, it had to close its doors. After several setbacks in commercializing our technology, investors were unwilling to commit further funds. Unable to attract new capital, we were forced to sell our intellectual property to a third party, a deeply disappointing outcome.
In hindsight, we should have made earlier decisions regarding which products to bring to market. The diverse array of substances detectable by our technology led to constant modifications in our product architecture, causing budget overruns. We justified these changes by pointing to the social relevance of our offering, the promising applications and our connections with leading customers. During the COVID-19 pandemic, there was increased interest in adapting our technology for virus detection, further delaying development.
The initial enthusiasm of our investors gradually waned, culminating in the decision to terminate the company. Reflecting on the situation, we’ve had some in-depth discussions about what went wrong, in which I faced considerable criticism for the lack of success. It’s my firm belief that the COVID-19 period proved detrimental to us. Had we adhered to our original strategy, our product might have already been on the market.
I’m now seeking to move forward and ensure that these past challenges don’t overshadow my future endeavors. How can I effectively convey this in my next role and prevent my past experiences from continuing to haunt me?
The headhunter answers:
There’s no elevator to success; you have to take the stairs. Events like a pandemic, stock market crash, tsunami, war or geopolitical turmoil can have a major impact on business operations. Recently, I spoke with the CEO of a startup that had secured its first major client in Taiwan. The contract, worth tens of millions, was set to be signed in March 2020. Unfortunately, the COVID-19 pandemic threw a wrench into the works.
I have mixed feelings about these kinds of ‘excuses.’ I’d prefer to hear about how the company managed to achieve a positive outcome despite the setback and what actions were taken to make the best of the situation. And if the desired result isn’t achieved, it’s important not to ignore that either. Learning from mistakes is crucial.
Managers who don’t make mistakes simply don’t exist. What matters is having the right mindset and being able to translate past experiences into a positive outlook for the future. In the US, bankruptcy is often seen as a lesson rather than a stigma. Many successful entrepreneurs have faced bankruptcies and other failures in their careers and have used these setbacks as opportunities to come back stronger.
So, instead of letting your past haunt you, turn it into a benefit.
