Being Our Best – Weekend Reflections for Leaders

How do you be your best to deliver over the long term for your people and your company?

As the marketplace continues to grow in complexity and credible competitive threats emerge rapidly, there is a significant challenge for senior leaders to be well positioned to successfully lead a company for the long term.    

Over the last several decades it has been clear that large multi-national companies have been challenged to keep pace with the innovation being driven by the early & middle markets of high growth industries like technology and healthcare. As a result, large multi-national companies have accelerated their business development activities and aggressively funded their own corporate venture capital funds to secure external innovation as a more efficient and effective method of capital allocation compared to funding internally developed programs which have not kept pace with the external environment. 

In the same construct that has driven large companies to go outside to find innovation, senior leaders, in order to remain at the top of their game and be positioned to successfully lead large companies in the future, need to access external support for learning and growth. Leveraging a combination of traditional internal training/development support with elements of external support will help senior leaders keep pace with some of the skills and experiences being gained by leaders in the more innovative, early stage environments of high growth industries.

Below are a few ideas for external support that have been proven helpful to senior leaders maintain their competitive edge in dynamic markets:

Hire an external strategic advisor and/or leadership coach.

In addition to product innovation coming out of venture capital funded start-ups across the world is the attitude that “everyone needs a coach.” Top VC firms often require C-Suite leaders of businesses they fund to have access to an external coach. Over the last 3+ decades of building companies, they have consistently seen the value of leaders having someone external to day to day operations providing insight and support to help leaders be their best. There is a measurable and significant missed opportunity in large companies not assigning independent, one on one, outside advisors to the company’s senior leaders.

Be proactive and intentional in about sitting on the boards of industry trade groups, university tech transfer advisory roles, and participation in early stage industry events.

One of the many challenges faced by senior leaders is that large companies have a tremendous gravitational pull to remain inside the four walls of the organization. To stay current on the corporate vernacular, the political environment, not to mention the day to day activities of getting work done, can create a huge challenge for leaders to get an outside perspective or fresh ideas for the business.

The cost of giving in to the company’s strong gravitational pull and staying too internally focused is leaders will not be well versed in emerging skills and innovations that will be essential to keeping the company growing over the long term. Senior leaders need to be proactive and intentional about gaining exposure to the outside industry world through trade groups, tech transfer departments within universities, and early stage investment forums to ensure they are learning and growing at the pace of their peers on the outside. With current efficient access to various online forums, LinkedIn professional groups, and other industry forums there are opportunities that can be accessed efficiently and cost effectively to broaden a leader’s experience.

Routinely attend traditional one/two-week programs at some of the leading business schools in the US and overseas.

Leading business schools offer some great programs on leadership topics, specific commercial focused programs, and entrepreneurship programs that can result in a step function of growth in leader’s development. These programs are taught by the current thought-leaders of our time and can provide tremendous insight to a leader in a short, focused program format. Quite often, leaders return refreshed and energized with some new ideas to tackle the everyday challenges of leading teams and delivering results. In addition, the connections and networking with other industry leaders that are established in these programs can prove to be fruitful to support the company’s growth initiatives.

Today’s senior leaders are faced with the challenging of leading the business today while preparing to deliver long term growth in a marketplace that is rapidly changing. Today’s operational plans could be obsolete in delivering value in the future. Gaining consistent external experience and outside advice to compliment a company’s internal development plans will best position senior leaders to be successful in the future.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com 

Please download some FREE resources at www.harvesttimepartners.com  I hope you find them helpful in your journey.

An Often Missed Opportunity – Weekend Reflections for Leaders

Over the last decade or so, some of the leading companies in the world have made significant investments in employee wellness programs to support to their people making sustained improvements in wellbeing. It has been demonstrated numerous times in formal studies that employee wellbeing impacts productivity and engagement in the workplace and substantially impacts health and healthcare costs.

As senior executives look to build their leadership effectiveness, one important opportunity that is often missed is how leaders can strengthen routine communications in a way that positively impacts employee wellbeing and inspires teams to continue to deliver on the company’s purpose for existence.

Part of the success of some leading wellness programs in the workplace is the ability to acknowledge and integrate both the professional development (job skills) and the personal development (life coping skills) of individuals. As Gandhi famously said, “Life is one indivisible whole” so it is impossible to view someone in isolation as just a worker or just a parent, etc. Effective company wellness programs address the whole person.

The rhythm of most corporations enables senior executives to provide the customary communication updates on monthly or quarterly performance, annual goal setting, major change initiatives etc. to help keep the teams aligned and working effectively to achieve the company’s near and long-term goals. The most effective senior executives and top talent understand the reality that there is a need to consistently over-communicate to teams about plans, objectives, values of the organization, etc. in order to have industry leading execution.

The one important opportunity that is most often missed by senior executives to improve well-being and reinforce the traditional goals of the business is to take advantage of routine cultural milestones, celebrated national and international events, and real-time situations in the community. Effective communication around these occurrences can help senior executives to further inspire their teams, connect with individuals on a personal level, and gain greater alignment around the company’s objectives and mission. 

Here are a few examples of opportunities often missed to positively impact employee well-being and strengthen the engagement of individuals and teams towards the company’s mission:

  • National holidays like Labor Day, the 4th of July, President’s Day, Martin Luther King Jr Day, etc. provide senior executives with a chance to reinforce the personal side of these celebrated national holidays along with how the company’s mission is aligned to the principles surrounding these events.
  • Various faith-based/religious holidays can be used as platforms to celebrate diversity of cultures and faiths along with how that aligns with the importance of a diverse workplace to succeed in delivering on the company’s mission.
  • Challenging situations in our culture and community also provide opportunities to reinforce the company’s values that not only translate to building a healthy business, but, if these values are lived out in other areas of life could help our communities and home life too. 
  • Many of these events are tied to company designated holidays or people are taking vacation days to be at home. An effective message around these events can enable a senior executive to reinforce the importance of life in the home and community which has been a proven effective component of employee wellness programs which acknowledge people are more than just someone who comes to work each day to give their best.

Numerous studies have demonstrated that employee wellness programs can provide support for people to build resilience to succeed in the workplace, the home front and the community. Senior executives have a significant opportunity in their routine communications to be more effective in positively impacting employee wellbeing and business execution by taken advantage of some of these traditionally “non-business” events to connect with teams and inspire them to reach their full potential. 

When senior executives take intentional action to improve employee wellbeing, they stand a good chance of earning the loyalty and commitment needed to build a long-term healthy business.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com  

Please download some FREE resources at www.harvesttimepartners.com  I hope you find them helpful in your journey.

A Veteran’s Transition – Weekend Reflections for Leaders

With Veteran’s Day occurring yesterday on Friday November 11th, I wanted repost a prior blog on some learnings from Veterans in transition to corporate leadership roles.

There has been a great deal of progress over the years in supporting military veterans as they pursue employment opportunities after transitioning from their active duty service commitments. 

As Senior Executives and the Top Talent on their teams work to build high performing teams with a diverse set of skills, I wanted to share a few thoughts that I provided to a friend who asked me, “What were some of the key learnings that you carried from West Point and the Army into your career in the business world.” My friend is a leadership consultant and he was preparing for a client meeting to discuss the importance of culture.

I thought the principles contained in my response maybe helpful to others as we all continue to build and strengthen our leadership. The below is basically a “cut and paste” of some points from the email:

Set the example

At West Point we all lived the “Follow Me” mindset (US Army Infantry motto is “Follow Me”). You must be willing to stand up and lead when everyone else is scared, tired, confused, and bullets are flying. The simple and courageous act of “modeling the way” by standing up and leading into the fire to accomplish a goal was a day in, day out lesson we all learned by doing and by watching others. The reality is that with the noise, confusion, and extreme chaos on the battlefield, the only effective means of communicating and leading a team is to lead by example and that means moving forward into fire to encourage others to move on to the objective with you.

In terms of transferring that to corporate life, much of the above holds true. People need to see the leader who is leading the way in terms of making principle-based decisions, treating people with dignity and respect, and giving their full, committed effort to accomplishing the objectives. In the corporate world, the inevitable atmosphere of “politics”, “perception”, “turf wars”, etc. will always be there as a potential hindrance to serving customers and getting things done.  However, it has been my experience that the leader who humbly and persistently sets the example by mere day in, day out actions, will ensure the team achieves their objectives more times than not. All the great memos, corporate communications, and employee briefings are important, but it seems the daily actions of a leader will always be the element that will rally a team to deliver.

Continuously learn and grow (remain teachable)

At West Point, there was a tremendous amount of regimented process as you would expect, but inside that regimentation, the situation was always changing and you had to be committed to learn and grow otherwise you would not survive. As a plebe (freshman) you had a constantly changing set of assigned tasks to support your company. As upperclassmen, you were given new leadership assignments constantly so there was always new people and new situations that you had to deal with to accomplish the objectives. In addition, you had a front row seat to constantly observing others in leadership positions so you could be aware of learnings to apply when you were in those positions. Regular Army training and the experience gained after graduation gave additional learnings. Situations in combat can be very fluid and leaders need to be prepared to adjust plans and techniques to accomplish the mission. You are learning in both success and failure. The environment keeps you humble, and humility is critical to remain teachable.

In the corporate world, there is a whole field of study around the “change management process” because it is so difficult for people to understand the need to change, embrace it, and then effectively deliver on the needed change. However, most veterans thrive on change as it became a way of life in the military. The business world continues to grow in uncertainty and intensity. Competitive threats emerge so quickly, business plans can become meaningless in a matter of months, not years like in the past. Leaders must be insatiable in the desire to learn, grow, and adapt to a very fluid marketplace. Without a humble and proactive willingness to learn and grow, one’s leadership effectiveness and one’s business may die a quick death in today’s hypercompetitive and fast-moving global marketplace.

Service to others and a cause greater than oneself

The entire military experience falls under the umbrella of “service” to our nation and very tactically, service to others in our squads, platoons, and companies. There is so much written today about having a “true north” to guide personal growth and organizations. Service to our nation was that “true north” at West Point and it solidified the sense that our entire journey of life is about something bigger and greater than ourselves. Tied very directly to that sense of service was sacrifice. You cannot have one without the other. Sacrifices daily that then ultimately prepared one to give the ultimate sacrifice on the altar of freedom.

In the corporate world, there seems to be a more consistent drumbeat from leaders about the aspect of service to their people, teams, and customers. However, there is still a strong gravitational pull to “my title, my paycheck and my accomplishments” that undergird personal motivation. Some very practical realities like paying bills, supporting personal responsibilities, etc. make those motivations important. However, when leaders place those things above the call of service to their people, customers, and the cause of the organization they lead, they are missing a critical element to achieving a sustainable, high performing business.

The principles of effective leadership transcend industries and markets. Senior Executives and the Top Talent on their teams may utilize various techniques to accomplish business objectives given the many variables in a complex marketplace. However, just like in the military, techniques can change given the situation, but principles should not be violated.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

The Long Game on Key Decisions – Weekend Reflections for Leaders

Senior leadership teams spend a great deal of time and effort on making the big choices for the company. These choices are critical to define the intent of the business, the values that guide behaviors, the products/services being delivered and to efficiently allocate resources to accomplish the desired outcomes. These strategic choices are the key drivers of the business.

Effective communication by leaders is the foundation to ensure there is sustained execution on these key decisions…playing the long game on key decisions is built on effective communication.

Many strategic initiatives like entering a new market, an acquisition, a corporate culture transformation, and the attainment of routine annual growth targets often fail because of an insufficient communication plan and/or the lack of discipline to do the unglamorous work of daily executing on the plan.

The hard work to tactically deliver effective leadership communication often becomes just an after-thought to the really “cool” work of leadership teams pontificating about various strategic choices, debating the choices, and then landing on some decisions.

A crucial component of every leader’s development plan should be to continually raise the bar on their own communication effectiveness. Unfortunately, this crucial component of a leader’s development is rarely emphasized and when it is, it is usually stuck far behind strategic thinking, product development efficiencies, capital allocation effectiveness, etc.

Here are some well-proven reminders to help all of us raise the bar on our communication effectiveness:

  • Clarity: When leaders make decisions, they should be communicated very clearly to their teams. Big decisions like “Mission” “Values” “Priorities” etc. and the “why” behind those decisions should be clearly outlined and practically placed on various communication tools like websites, slide decks, pictures/images etc. so that teams have clear visible reminders of the big decisions made by leadership. Creativity in images and materials can assist leaders to further gain the hearts and minds of teams to remember and successfully execute on these decisions.
  • Consistency: Leaders need to be consistent in verbal and written communications to reinforce these key decisions on a daily, weekly, monthly basis. The opening of a staff meeting, an employee briefing, a routine one on one discussion, and regular email communications are ideal times to consistently reinforce “our mission”, “our priorities for year” etc. Leaders need to maintain the discipline to use these routine touch points with their teams to reinforce the major decisions of the company. Too often leaders fail to use these routine touch points to reinforce the decisions because of the false assumption that people already “get it” and maybe getting tired of the message. It is important that leaders take advantage of every opportunity to communicate and reinforce the major decisions of the company.
  • Progress: Nothing builds momentum like highlighting small steps of progress towards to goals outlined by leaders. Highlighting individual or team behavior that is consistent with “our values” helps to set an example for others to follow. Seeing and hearing about milestones being accomplished as stepping stones towards a product launch or some major initiative is tremendously energizing for teams. By consistently providing clear updates on progress towards goals, leaders can create the necessary energy and commitment from the team to ensure success in hitting objectives and driving towards the key goals of the company.

Today’s leaders need to maintain a strong focus on improving their communication effectiveness. Making major strategic decisions is often the easy part. Ensuring those decisions are effectively communicated with clarity, consistency, and progress updates to ensure successful execution is quite often where leaders fall short.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Feeling Safe to Speak Up in the Workplace – Weekend Reflections for Leaders

There has been slow, steady progress over the years of the industrial revolution to improve the physical safety of workers. At the time, the assessment of company leaders, unions, and government agencies continued to demonstrate the fact that when employees feel physically safe in the workplace, their work improves and operational efficiency of the business increases.

Fast forward a generation or two into our current environment where the pace of change and disruption in the marketplace continues to accelerate, and we see the emergence of a new kind of need for safety in the workplace that can drive improved performance. Academics and business consultants studying leadership effectiveness would document the need for individuals to feel mentally and emotionally safe to share different points of view, raise topics without fear of repercussions, and have difficult conversations in a timely manner as the new, critical area of feeling safe in the workplace that will sustain improved business performance.

There is solid evidence for leaders to ensure team members feel safe to speak up and address key issues head-on without a significant fear of being viewed as “not a team player” or more directly, being labeled as a pain-in-the-ass that slows down the process and who will most likely be passed over at the next talent management review.

The business issues continue to get more complex and leaders can’t be on the front lines in all sectors. It is important for leaders to have people on the ground with a sense of safety to quickly raise key customer challenges, emerging competitive pressures, or indications when the original plan is coming off the rails to ensure the survival of the business. In addition to the marketplace front lines, toxic internal/HQ environments can also disrupt the long-term health of the company as we have witnessed over the years with accounting irregularities that were never surfaced or the revelations that the #MeToo movement has brought to boardrooms in every business sector.  

Ensuring team members feel safe in routine interactions and meetings, operations reviews, strategic planning sessions, talent assessments, etc. is critical to the long-term strength of the business. Here are a few ideas to ensure leaders create an environment where team members feel safe:

  • Set the Example: There is no greater action step than leaders demonstrating the courage to raise key issues and put difficult topics on the table. We must “walk the talk” as leaders if we want others to follow.
  • Different Viewpoints: Leaders need to acknowledge the truth that we all see the world as we are, not as it is. Ensuring we gather a wide, diverse set of viewpoints is critical to making the most effective decisions on complex business challenges. Leadership teams comprised of everyone having the same viewpoint will miss major shifts in the market and the impact of toxic behavior within the larger organization.
  • Recognition: Leaders need to consistently take time “in the moment” to recognize team members who make courageous attempts to speak up on relevant topics. We would all love difficult topics to be raised in a respectful and thoughtful way. However, in the workplace, just like life, things can get messy. Leaders needs to recognize issues being raised even when they are not done in alignment with some “old school” company protocol as there is a greater risk of continuing to sweep critical issues under the rug vs not abiding by a traditional process. Over time, some coaching and training can help team members raise issues in a more effective way, but for now, priority should be given to getting the issue on the table in any format.  

Modeling the above behaviors will help leaders build the healthy culture that companies need to ensure team members feel mentally and emotionally safe to effectively contribute to the long-term success of the business.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Why Lead in the Early Stage of Innovation? – Weekend Reflections for Leaders

Over the last several weeks, we have been sharing some concepts for leaders considering making a transition from a large company to building the next chapter of their career in a smaller, early-stage venture.

Leaders who have built an effective set of skills while working for a large company are needed in the early-stage to help bring innovations forward in the market. The risk of all of us being “Amazoned” in the not-too-distant future is real. Being on the forward edge of innovation in the early-stage is one way to stay ahead of the threat of becoming extinct as marketplaces become more efficient in serving customers.

As we conclude this series of writings, it is important to ask ourselves the question, “Why lead in the early-stage?” Remaining on the career path of leading in a large company has its benefits, along with some challenges, but leading in the early-stage on the forward edge of innovation adds a new level of complexity and intensity to our leadership our journey.

We need excellent leaders to drive the next wave of innovation in the early-stage. Here are a few thoughts to help encourage you to take your leadership to a new level in the early-stage.

  1. Leadership in an early-stage venture helps others: Beyond the pressure of the business, the competition, and the money, leading others in an early-stage venture provides us with a unique opportunity to connect with and make a positive impact into the lives of others. Leaders can make the world a better place, one person at a time. Life is designed to be in community with others and leadership in the early-stage puts us on the forefront of connecting with others to make life better. Our leadership in the early-stage can support a purposeful life as connecting with others to meet a tough challenge like bringing innovation to the market is what gives life meaning. 
  2. Leadership in an early-stage venture is for the long-term: All great innovative ideas, business models, and technologies do not succeed in the market. As a matter of fact, most don’t.  Our leadership in an early-stage venture is not defined by a near term failure or success in the business. Today’s bonus check, exit payout, or write-up in the paper may define the short-term impact, but our leadership is defined by the long-term personal impact we make on others.  When our actions consistently build a foundation based on trust, teamwork, respect, and commitment, we prepare our teams and business for success over the long-term which will define our leadership legacy.  
  3. Leadership in an early-stage venture chooses the hard things: Bringing innovation to the marketplace is not easy. As President John F. Kennedy tried to rally the nation to the cause of going to the moon, he said, “We choose to go to the Moon…and do the other things, not because they are easy, but because they are hard; because that goal will serve to organize and measure the best of our energies and skills…” As leaders in an early-stage venture, we choose to do the hard work in order to set an example for others and lead our teams to reach their full potential. It is the most effective choice and most of us would prefer to be remembered as having done the harder right rather than taking the easy way out.

As our markets grow more intense and complex, leadership in an early-stage venture or a large company will continue to demand our best effort. I wish you all the best to keep moving forward in your leadership journey whether in an early-stage venture or a large company, and count me in to help.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Also, for those leaders in healthcare, the opportunity to be at the forefront of creating and scaling life-changing innovation resides in the early stage. This sector needs strong leaders like yourself to drive innovation in the years to come. I wanted to share a link to a program specifically for leaders in healthcare who are looking for insights into building the next chapter of their career in the early-stage. I was asked to contribute to this program based on my experience of leaving a large healthcare company and building my career in the early-stage. Please take a look at the link below.https://www.wearecomvia.com/next-chapter/

Raising Capital – Weekend Reflections for Leaders

Raising Capital:

Over the last several weeks, we have been sharing some concepts for leaders considering making a transition from a large company to building the next chapter of their career in a smaller, early-stage venture.

Leaders who have built an effective set of skills while working for a large company are needed in the early-stage to help bring innovations forward in the market. The risk of all of us being “Amazoned” in the not-too-distant future is real. Being on the forward edge of innovation in the early-stage is one way to stay ahead of the threat of becoming extinct as marketplaces become more efficient in serving customers.

The focus for today’s topic is on the need to raise capital to support innovation in the early-stage marketplace.

The need to raise capital for early stage, innovative ventures is one of the practical realities of driving innovation and change in many industries. Most, if not all, game changing breakthroughs come because of people and firms risking real money on a venture that may not work, and the statistics say most don’t work. Although it seems like a daunting task for many leaders transitioning from a large company to an early-stage venture, raising capital is part of the routine business plan of companies on the forward edge of innovation.

Raising capital is never easy, but it is a manageable, well-worn process in building the business. It becomes part of the essential elements of the plan like building the operating plan, setting clear milestones tied to capital needs, and the practical aspects of making the pitch and building the funnel of potential targets.

Upon company formation around an innovative idea, especially in capital intensive fields like life science discovery, hardware technology, etc., there is the most likely the need to raise capital to move the innovation forward. These very early-stage businesses are typically funded by friends and family that are likely more interested in supporting the individual’s dream than in the potential of the business, and angel investors who are doing early due diligence on the potential of the business.

I think Jeff Bezos characterized this stage of funding best when he testified before the US Congress in 2020: “The initial start-up capital for Amazon.com came primarily from my parents, who invested a large fraction of their life savings in something they didn’t understand. They weren’t making a bet on Amazon or the concept of a bookstore on the internet. They were making a bet on their son. I told them that I thought there was a 70% chance they would lose their investment, and they did it anyway. It took more than 50 meetings for me to raise $1 million from investors, and over the course of all those meetings, the most common question was, “What’s the internet?”

Subsequent rounds of financing, whether they be Series A, B, and C rounds of venture capital funding, private equity funding to scale the commercial growth of the business or cross-over/IPO funding to get to the public markets all add a degree of complexity and variables that need to be considered. Suffice to say, business books and business school courses are written about these aspects of financing and major finance firms make a living working through process of financing innovative companies at this stage.

Capital raising is just another piece of the business plan, but it is typically one aspect of most concern for leaders transitioning from a large company to one in the early stage.  However, the path is well-worn and like most difficult tasks in building a business, it requires some smarts, but mostly grit and determination to make it all come together.

Strong leadership is needed in the early-stage marketplace and leaders from large companies have the skills and experience to create great value at the forward edge of innovation. As we look to build and strengthen our leadership over a long-term career journey, the early-stage market provides a wonderful environment for leaders to learn, grow, and bring world-leading innovation to the market.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Also, for those leaders in healthcare, the opportunity to be at the forefront of creating and scaling life-changing innovation resides in the early stage. This sector needs strong leaders like yourself to drive innovation in the years to come. I wanted to share a link to a program specifically for leaders in healthcare who are looking for insights into building the next chapter of their career in the early-stage. I was asked to contribute to this program based on my experience of leaving a large healthcare company and building my career in the early-stage. Please take a look at the link below.

Capital Deployment – Weekend Reflections for Leaders

Capital Deployment:

Over the last several weeks, we have been sharing some concepts for leaders considering making a transition from a large company to building the next chapter of their career in a smaller, early-stage venture.

Leaders who have built an effective set of skills while working for a large company are needed in the early-stage to help bring innovations forward in the market. The risk of all of us being “Amazoned” in the not-too-distant future is real. Being on the forward edge of innovation in the early-stage is one way to stay ahead of the threat of becoming extinct as marketplaces become more efficient in serving customers.

The focus for today’s topic is on the effective deployment of capital for a company in the early-stage marketplace.

The effective deployment of capital is a critical need in the early-stage. Many times, these companies are pre-revenue so the importance of thinking about capital deployment to drive activities must always focus on value creation that will support the next capital raise (to keep the company afloat). Like many of the skills and experiences we discussed in the past, large company leaders have good foundational discipline on many aspects of running a business in the early-stage, but most do not have experience in the full extent of deploying capital.

One of the clear learnings around capital deployment in the early-stage is that any deployment of capital must be clearly defined around value creation for the technology, product or service, or some aspect of risk mitigation. These capital deployments are tied to timelines, and are focused on delivering key value inflection points for the company to use in support of the next round of capital.

Effectively managing capital deployment to meet value inflections brings about some healthy tension.  For example, careful consideration is needed when spending on items like a new office or improvements to the work environment, team building trips or retreats that cost real money, and booking decent but not extravagant hotel rooms when traveling, etc. Leaders from large companies typically have budgets to do some of the important team building aspects of growing a company, but sometimes in the early-stage it becomes a more intense discussion given time and money are always in limited supply. Plus, investors want short term value inflection points as a result of their investment and are not necessarily impressed with your desire to build an office environment that will help the team feel great for years to come.

There are also the practical aspects of negotiating contracts, consultant expenditures, etc., that also play into the role of capital deployment in the early-stage marketplace. Leaders from large companies typically have procurement teams hammering out most agreements that will set tight guardrails around any leadership decisions. In leading an early-stage company, leaders have a great deal of responsibility to ensure contracts are negotiated as aggressively and as fairly as possible to ensure dollars are allocated effectively. In addition, oversight of consultant expenditures in relation to the value they are delivering is another important and often unfamiliar area for leaders making the transition from a large company to one in the early-stage.

The effective deployment of capital is a critical need in the early-stage. This is an area that has been generally underappreciated by leaders coming out of large companies and it is one that can have swift and painful consequences (like running out of money) if it is not attended to in a very thoughtful and intentional way.

Strong leadership is needed in the early-stage marketplace and leaders from large companies have the skills and experience to create great value at the forward edge of innovation. As we look to build and strengthen our leadership over a long-term career journey, the early-stage market provides a wonderful environment for leaders to learn, grow, and bring world-leading innovation to the market.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Also, for those leaders in healthcare, the opportunity to be at the forefront of creating and scaling life-changing innovation resides in the early stage. This sector needs strong leaders like yourself to drive innovation in the years to come. I wanted to share a link to a program specifically for leaders in healthcare who are looking for insights into building the next chapter of their career in the early-stage. I was asked to contribute to this program based on my experience of leaving a large healthcare company and building my career in the early-stage. Please take a look at the link below.https://www.wearecomvia.com/next-chapter/

Risk Management in the Early-Stage – Weekend Reflections for Leaders

Risk Management:

Over the last several weeks, we have been sharing some concepts for leaders considering making a transition from a large company to building the next chapter of their career in a smaller, early-stage venture.

Leaders who have built an effective set of skills while working for a large company are needed in the early-stage to help bring innovations forward in the market. The risk of all of us being “Amazoned” in the not-too-distant future is real. Being on the forward edge of innovation in the early-stage is one way to stay ahead of the threat of becoming extinct as marketplaces become more efficient in serving customers.

The focus for today’s topic is on managing risk when leading a business in the early-stage marketplace.

One of the areas of significant change for senior leaders from large companies moving into the early-stage is how to manage risk across a number of parameters. The area of risk management is one of the more critical areas to assess, but it is also one of the least understood and appreciated in planning a career shift into the early-stage.

Defined below are a few broad categories of risk that are important to consider:

Product validation

Senior leaders, especially in commercial roles, in large organizations have little to no experience determining the validation of a product (quality, efficacy, safety, repeatability, etc.) or its market readiness to enter a trial or be sold in the marketplace. These decisions are typically made in silos in R&D teams. In some extreme cases, a decision to withdrawal a product is made by the executive committee of a large company.

In early-stage companies, many times it is a small senior leadership team that is tasked with ultimately making the decision if the product is ready to go to the next stage. Yes, there are regulatory consultants, key opinion leaders, and others that express opinions, but in the end, it is the senior team/C-Suite that is tasked with making the final decision. This is an exciting but also gut-wrenching experience for leaders transitioning into the early-stage world. Even the most seasoned early-stage veterans will often describe this as always being a difficult decision.

Quite often early-stage companies are bringing products to market that meet a clear unmet need. The studies to validate these products are often not as robust as one would typically see coming out of the R&D teams at a large company. There are always trade-offs of time and money in the early development of a product that force early-stage companies to make some difficult trade off decisions to get to market. This is not to say that these are reckless decisions, but the reality is that there is often a bit of gray area where the answers are not crystal clear, and senior leaders are in the position to make a decision and not rely on some other “department” to make the tough call for them.

Legal Risk

This area could be broken down into several areas but principally there are contractual risks, compliance risks, investor risks and patient safety/product risks. Senior leaders in large companies are typically accustomed to having large legal teams provide very clear guardrails on how to operate in the market, sign contracts, and validate product readiness. In the early-stage, senior leaders often obtain legal advice from a small firm or individual lawyers who present risk on a scale from high to low. They ask the business leader to decide, “Where do you want to land on this risk scale?”  This accountability for the legal risk of the business is a new experience for most leaders making the transition from a large company to the early-stage.

Financial Risk

Beyond capital raising to support an early-stage business, many of the financial risks are similar across large and small companies, but the major difference in early-stage companies is that there may not be that much cash runway or financial levers to rely on when plans don’t come together. The financials risks or making trade-offs on product selection, inventory management, IT investment etc., are not new to the business world. However, it is a new experience for leaders transitioning from large companies who now find themselves in the decision-making position of determining what level of financial risk they are comfortably declaring for the entire company.

As leaders contemplate managing risks in both large and small companies, the reality is that there are risks in managing any business. Leaders in the early-stage are simply much more exposed to those risks and much more responsible for the outcome of decisions they make in managing the risks.

Strong leadership is needed in the early-stage marketplace and leaders from large companies have the skills and experience to create great value at the forward edge of innovation. As we look to build and strengthen our leadership over a long-term career journey, the early-stage market provides a wonderful environment for leaders to learn, grow, and bring world-leading innovation to the market.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Also, for those leaders in healthcare, the opportunity to be at the forefront of creating and scaling life-changing innovation resides in the early stage. This sector needs strong leaders like yourself to drive innovation in the years to come. I wanted to share a link to a program specifically for leaders in healthcare who are looking for insights into building the next chapter of their career in the early-stage. I was asked to contribute to this program based on my experience of leaving a large healthcare company and building my career in the early-stage. Please take a look at the link below.

The Network Impact in the Early-Stage – Weekend Reflections for Leaders

The Network:

Over the last several weeks, we have been sharing some concepts for leaders considering making a transition from a large company to building the next chapter of their career in a smaller, early-stage venture.

Leaders who have built an effective set of skills while working for a large company are needed in the early-stage to help bring innovations forward in the market. The risk of all of us being “Amazoned” in the not-too-distant future is real. Being on the forward edge of innovation in the early-stage is one way to stay ahead of the threat of becoming extinct as marketplaces become more efficient in serving customers.

The focus for today’s topic is on the importance of building a strong network of leaders and mentors who are active in the early-stage marketplace.

Successful leaders in large companies have often spent considerable time throughout their careers navigating internal power and political networks as an essential component of managing a career. We all would like to think that performance alone can support a thriving career but the reality within large companies is that there are often a few power struggles and some politics that can be a part of even the best talent management programs.

The typical large company leaders thinking about making a transition into the early-stage have been so focused on managing the internal machine of their large company that they have spent little time cultivating a broad network beyond the four walls of their current business unit.

As leaders desire to make an effective transition from large companies to early-stage companies, they need to be much more intentional and proactive about getting well networked in targeted areas of interest. They must do the homework to understand what leading venture capital firms are funding to see some early trends on the next wave of innovation. Leaders can follow the flow of money into these early-stage ventures to find the major trends. To be direct, this means spending time tracking the large venture capital companies and their investments, not the latest leadership guru’s advice on how to be a more “authentic” leader.

There are numerous ways for large company leaders to take some small, but meaning steps to expand their networks.

  1. Most of the world’s leading venture capital companies publish regularly on emerging trends and growing companies that can be a great source of learning. Firms like A16Z , RA Capital and NEA are just a few.
  2. Leveraging a platform like LinkedIn to follow and build a network of leaders in early-stage companies of interest is an efficient way to start expanding networks.
  3. Spending one’s own time and money to attend conferences geared towards early-stage innovation is another way to build a relevant network outside of a large company.

Strong leadership is needed in the early-stage marketplace and leaders from large companies have the skills and experience to create great value at the forward edge of innovation. As we look to build and strengthen our leadership over a long-term career journey, the early-stage market provides a wonderful environment for leaders to learn, grow, and bring world-leading innovation to the market.

How can I help you today? My mobile is 269-370-9275 and my email is david@harvesttimepartners.com

Please download some FREE resources at www.harvesttimepartners.com I hope you find them helpful in your journey.

Also, for those leaders in healthcare, the opportunity to be at the forefront of creating and scaling life-changing innovation resides in the early stage. This sector needs strong leaders like yourself to drive innovation in the years to come. I wanted to share a link to a program specifically for leaders in healthcare who are looking for insights into building the next chapter of their career in the early-stage. I was asked to contribute to this program based on my experience of leaving a large healthcare company and building my career in the early-stage. Please take a look at the link below.