Don't get high on your own supply
Don't get high on your own supply
Is there a right time for the founder to step down as CEO? If yes, when? If exits, investments, hiring and acquisitions are part of the vocabulary and history of startups, so is the moment when the founder steps down from being CEO. In the last year alone, several news reports have led us to reflect on the subject - Jeff Bezos from Amazon, Jack Dorsey from Twitter and Kendra Scott are some of the household names that have recently taken this decision.
But what drives the entrepreneur who created the business to step away from the CEO role? We asked the community to comment on this phenomenon, and most concluded that it will happen sooner or later. But participation shows that the focus is on the 'later' rather than the sooner. If so, it is urgent to define the time when it will happen and the strategy to be integrated when the moment comes.
During the survey, there were many comments about how the founders are the base of a startup, "who builds and who lays the first brick", but with the growth of the team, the product or service, the markets where it operates and many other factors, the startup gains a new dimension and even a new strategy. At this point, and after the roles have been delegated, hiring other C-level employees may be the wisest - but why? In our research, we've noted that some of the factors that lead a founder to step down from the CEO role (many even when the business is making millions) are mental health. The effort to make an idea succeed is high and, after years of "doing their best", it's time to delegate and, above all, to rest.
On the other hand, a CEO of an early-stage startup does not have the same functions as a CEO of a scaleup. This is where the creativity, the entrepreneurial spirit and the taste for new beginnings - so characteristic of a founder - may be lost.
But this situation is not a sine qua non condition in the life of a startup. It may not even make sense for the business nor the team. But it should be taken into account and prepared for if, and when, the time comes, be a considered and smooth passage, for the sake of its growth.
We also want to hear from those who read us, so we leave the door open for you to share your opinion with us, here.
WHAT IS HAPPENING
🏆 zoomguide, a startup that, through an app, allows tourism spaces to offer interactive experiences to their visitors, was the winner of the World Summit Awards 2022 in the "Culture & Tourism" category. Congratulations to the whole team!
🖱 The Prémio Arquivo.pt 2022 aims to reward innovative work based on information collected in Arquivo.pt. Applications are running and will offer 15 thousand euros to the three winners.
🌊 The Indico Blue Fund, a €50 million venture capital fund to invest in Portugal's blue economy, has already raised €36 million to do so and aims to allocate between €100,000 and €5 million to national exporting startups and SMEs.
EVENTS
16TH FEBRUARY
PITCH PLEASE
The first edition of Pitch Please, an event promoted by Build Up Labs and Draper Startup House, will feature the pitch of eleven startups to a panel of investors and partners, followed by a networking session.
24TH FEBRUARY
FROM BLOCKCHAIN TO WEB3
The six finalist startups of the third edition of the BlockStart acceleration programme will present the work they have developed over six months. The demo day will showcase promising blockchain products and solutions.
JOBS
🔍 Cloudoki, a technology group focused on building software, is looking for a PRODUCT FRONTEND DEVELOPER from Belgium, Portugal or Spain to join the team.
🔎 Cosmos Pics is looking for a SALES INTERN to join the mission of analysing and preventing forest fires.
STARTUP OF THE WEEK
CycleAI wins WSA European Young Innovators!
CycleAI, a startup that aims to improve cyclists' lives through a tool that identifies, using artificial intelligence, risk and safety points within cities, is the winner of the WSA European Young Innovators! This competition aims to reward young entrepreneurs in the genesis of products with impact on the community and aligned with the Sustainable Goals of the United Nations. Congratulations! 👏
FOOD FOR THOUGHT
📍 The latest edition of the Iberian Startup Scene Newsletter is out now. This newsletter, written by Armilar's investor Pedro Almeida, summarises the December tech scene and the whole year of 2021. Subscribe here.
