What are Seed/Series A hard tech companies looking for when they make their first business hires?
Business and commercialization folks often ask us this question because they want to be a great first business hire for startups in the space. The answer has two parts.
First you need to meet the “table stakes” criteria for working at a super early-stage startup:
- Require no hand-holding. Be ready to assess the situation and dive right in, bringing solutions and plans to the leadership team.
- Be thrilled by the fact that company infrastructure has not yet been built. You roll up those sleeves and make things happen.
- Thrive in an environment where priorities can change on a weekly basis.
- Enjoy evangelizing the company and attracting people to the team. At this stage, everyone on the team is a recruiter. Internalize the culture and speak to it in a compelling way. Know what the team is hiring for and how to recognize great folks. Network constantly for the company.
Second, the objective is getting a system functional enough for the prospective customer to be able to evaluate whether or not they want it. If you do that, you can land initial customers or LOIs and raise the next round. Here are a few key functions Seed/A CEOs typically need from their first business/commercialization hire:
Build out the pilot project portfolio: The first business hires are instrumental in landing strategic relationships for pilot programs and managing a portfolio of pilot projects that showcase the potential of the technology in different situations/applications.
Help the team define the product and commercialization path: Work closely with technical teams to refine the product, ensuring it aligns with market needs, and charting a couple potential paths that could get the technology into product form and out into the world.
Develop and manage the capital strategy across different sources: Securing the right funding is critical. The first commercialization hire is usually responsible for devising and executing a robust capital strategy, leveraging the right funding sources (govt grants, VC, strategic partnerships, debt) to fuel growth to the next stage with as little dilution as possible.
Be a ‘wing-person’ for relationships with VCs: Building and maintaining strong relationships with the VC ecosystem is essential. Early business hires can act as the right-hand person to the founders, investing time and focus on getting to know who would be the right partners for the next round and letting those relationships grow authentically.
The impact of the first business/commercialization hire can be huge. They lay the groundwork for the strategy and resource acquisition that makes sure the technology can become a product and get out into the world. If you’re looking to define business or commercialization (or really any role), reach out. We love helping founders articulate what they are looking for and develop the strategy and materials to land the right person.
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