When it comes to hiring a CEO for a startup, I’ve seen many boards make suboptimal choices, often focusing too much on “experience in the space” rather than finding the right leader for a startup’s unique needs.
Here’s my distilled approach to identifying the ideal CEO:
1. Define the Ideal Candidate Through Real Examples
Rather than drafting a generic job spec that reads like a wish list, start by examining top resumes. Annotate these with positive and negative traits to create a more realistic candidate profile. This approach is far more effective than relying on overly broad recruiter specs.
2. Choose the Right Search Firm
Opt for smaller search firms with a strong network and instinct for finding entrepreneurial candidates. Large firms often excel at filling roles in established companies but may miss the mark when it comes to startups and growth-stage companies.
3. The Technical Athlete, Not the “Expert”
Seek candidates with some experience in the industry but avoid those too entrenched in the old ways of doing things. For instance, in an orthopedic startup, look for someone with a background in complex engineering who can bring fresh perspectives rather than someone with decades of orthopedic experience.
4. The Golden Goose, Not the Golden Egg
Prioritize finding a top-notch team builder and leader. The ability to assemble and lead a high-performing team is more valuable than narrow domain expertise. This adaptability is crucial for navigating the ever-changing landscape of a startup.
5. Growth Velocity Over Experience
Focus on candidates who demonstrate rapid learning and critical thinking over those with extensive CEO experience. A great thinker, learner, and team builder can adapt and grow with the company, making them ideal for dynamic, evolving fields.
6. Synthesize Diverse Information
A CEO must effectively integrate feedback from all stakeholders and communicate it to the team. This requires a deep understanding of various workflows and the ability to address diverse needs, often requiring sufficient technical or scientific background to make informed decisions.
7. Prioritize Effectively and Make Trade-offs Wisely
Critical thinking and clear prioritization are often more important than experience. A smart individual who can break down complex issues and make informed decisions will thrive in new technical areas.
8. Raise Funds
Fundraising is a critical skill for sustaining and growing a startup. The ability to sell a vision to investors, employees, and partners is essential for building a successful company.
In conclusion, when hiring a CEO for a startup, look beyond conventional metrics of experience. Focus on finding a dynamic leader who can build and lead a high-performing team, adapt to new challenges, and effectively communicate and execute the company’s vision.