I worked for a tech startup 1999-2000. We had the best conditions a startup could hope for…multiple rounds of series B & C investment, multiple Defense Dept. contracts, great facilities, and amazing, excited, super-committed talent. With all these conditions set for success, you would expect great things right? It didn’t happen.
The company is still around with stock price hovering around $3/share, struggling not to get de-listed. I shake my head every time I see a new press announcement and how this company is just trying to survive. Why? Because it should have been a huge success.
About 75% of the mid level managers with whom I worked with at that startup and I went on to run successful companies. Our OWN companies. I often wonder, “Were we too independent as individuals? Too many chiefs, not enough workers?” But I don’t believe that was the case. The real reason the startup failed, but the same people later succeeded, has to do with strategy.
The startup’s leadership team didn’t have a cohesive strategy. In fact, the leadership team members all had different strategies, and agendas, and alliances. The group of vastly talented mid-level managers, engineers, developers, and designs spent more time trying to figure out the next steps, and with whom they should align, then execute to a plan and product launches. The leadership was eventually thrown out and investors took over. In the tech startup world, it’s a far too familiar story.
So how did my colleagues and I eventually rise to success in a far more difficult environment for starting our own companies? We each had a well-articulated vision and strategy for our business. I’m not talking about a standard, boring Vision and Mission statement that you throw up on a white board. I mean a real blueprint for what success looks like:
- Goals
- Strategies
- Measurable Success Criteria
And these were supported by accountability, great marketing, motivated sales reps, competitive positioning, supportive leaders, and unique value propositions.
As I head to the #HIMSS14 health IT conference today, I’m wondering how many companies spent $500K+ on their booth and parties, but with no clear marketing plan, marketing strategy, or measurable goals. Those that do articulate the strategy, will certainly have more than a leg up on their competitors. And they will be poised for success instead of just spending precious marketing dollars.
Author: +Chris Slocumb
