Adaptive Excellence Talent at Technology Startups Friday, April 19, 13
Adaptive excellence presentation
Jun 23, 2015
Adaptive Excellence is a phrase that describes a set of behavioral characteristics that I believe are essential for success as an entrepreneur, or even an employee at a startup. More and more, I also believe that anyone entering the global, technology-driven, chaotic business world will require a certain level of adaptability to survive.
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Adaptive Excellence
Talent at Technology Startups
Friday, April 19, 13
Startups with better management teams...Perform Better, attract more capital, get to revenues faster, create more jobs and have better odds of creating maximum wealth at exit
Hiring mistakes for startups can have disastrous results.
Why Does Talent Matter?
Friday, April 19, 13While this may seem obvious, most startup founders (and even investors) focus on the product/technology way more than the team/org.
So, What Does It Look Like?
Friday, April 19, 13
At JumpStart, we conducted a 6-month research project to learn…1. What are the common characteristics of successful high-growth/tech entrepreneurs/teams2. What are talent/HR best practices specific to high-growth/tech companies
Interviewed 60 people – successful tech entrepreneurs, VC investors, HR/Recruiting experts
Previous Success Matters MostEntrepreneurs who have lead a previous startup to an IPO have a 30% chance of repeat success (vs. 18% with first-timers and 20% for teams with previous startup experience but no exit)
Series-B VC investors replace the founding CEO 50% of the time
What We Learned
Friday, April 19, 13
No Idea? No Problem.
Friday, April 19, 13So much so that VCs will back established entrepreneurs who don’t have a business idea.VCs will incubate successful entrepreneurs who don’t have a business (EIR).
What About Rookies?
Friday, April 19, 13What if both the idea AND the entrepreneur are unproven?Most NEO entrepreneurs are first-time founders, and even first-time managers of any sort.
What do we look for in rookie founders (as well as employees at startups)?
Adaptive Excellence
Friday, April 19, 13Dissecting previously successful entrepreneurs, we found a pattern of rapid adaptation in new situations as demonstrated by 3 DISTINCT examples of stand-out achievement.• Not always professional in nature
A demonstrated pattern of achieving excellent results across distinct, varied pursuits:Distinct/Varied shows that the person steps outside of their comfort zone, takes risks, tries new things
Excellent results demonstrates rapid learning in novel environments
At least 3 instances demonstrates a pattern
What is Adaptive Excellence?
Friday, April 19, 13While this may seem obvious, most startup founders (and even investors) focus on the product/technology way more than the team/org.
Kevin BernerWestpoint Graduate
Retired at rank of Major
PhD in Economics MIT
Partner at Mckinsey
Founded Logos Energy, raised $60 M +
What It Looks Like
Friday, April 19, 13Doesn’t need to have previous entrepreneurial experience…
John KnificAccepted into CWRU Med School as undergrad
International jazz pianist
Founded CG in college
Raised $1.3M
Now has over 60 customers, including 6 of the top 10 performing arts schools
What It Looks Like
Friday, April 19, 13Doesn’t need to come with ANY experience
What Adaptive Excellence Is NOT
Friday, April 19, 13Adaptive Mediocrity – adaptability with mediocre results = ADD
What Adaptive Excellence Is NOT
Friday, April 19, 13Linear ExcellenceWhat happens when the rules of the game change or assumptions prove to be wrong?
Adaptive Excellence in Action
Friday, April 19, 13http://www.jumpstartinc.org/Blog/peyton-manning-would-make-a-great-starup-ceo.aspx.
Adeo Ressi and Jordan Peterson, PhD of The Founder Institute:Fluid Intelligence – novel context + rapid pattern recognition, decision, execution
Openness – curiosity, willingness to pursue new experiences
What’s Going On Here?
Friday, April 19, 13http://money.cnn.com/2010/07/28/technology/patzer_entrepreneurs/index.htmhttp://www.techcrunch.com/2011/05/28/peak-age-entrepreneurship/
Believes that FI can predict to 75% accuracy based on entrance exam
The Punchline
Friday, April 19, 13Only 2% of the population has these qualities in high concentration according to Ressi.
Kinda makes sense. 1% of startups get funded by VCs and only 10% of those achieve desired results.
Mo’ money. Mo’ customers.Startups with helpful mentors, who track metrics effectively and learn from startup thought leaders raise 7x more money and have 3.5x better user growth
Startups that pivot once or twice raise (but not three times) 2.5x more money, have 3.6x better user growth
More Support for AE
Friday, April 19, 13http://blog.startupcompass.co/
Friday, April 19, 13
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