I’m now deep into my new role at Uniqarta. There have been, and continue to be, a bunch of “mechanical” things that needed to be put in place (getting incorporated, establishing various founder/company agreements, opening a bank account, finding an IP lawyer, etc.). While most of this was new to me, it is established ground that many have traveled so was not that big a deal to get through.
The more challenging stuff has revolved around figuring out exactly where this company is going to focus and how we are going to get there. In my previous positions at Analog Devices I’d become well-versed in strategic planning — especially with businesses commercializing new technologies. So I do feel that I know what questions need to get asked, how to formulate and assess options, and how to select from the ones that emerge. What I’m finding more difficult at a startup is getting many of these questions answered so I can map out an appropriate strategy.
I’m cognizant that I will never have all the answers and that we’ll need to make many decisions with incomplete information. But nevertheless I need to be better armed than I am right now to effectively define our path — both for our own benefit of course as well as for potential investors.
My particular difficulties relate to questions about end markets, customer needs and cost structures, alternative solutions, ecosystems, etc. Part of the issue is that I am seeking to learn about industries (paper making or printing, for example) that are far afield from the electronics industry from which I came. But the bigger issue is simply access to key players in these industries. At Analog Devices my efforts were supported by a global sales force that could almost always get me a meeting with whatever customer I wanted and with a strong brand that brought instant credibility. I don’t have this luxury now so if I want to talk to somebody at Paper Company X, Printing Company Y, or Security Document Company Z, I have to work hard to find a way in. I knew this would be the case at a startup but until I actually started experiencing this firsthand I didn’t realize how big an issue this would be.
One thing I’m doing to address this is to find one or more advisors that are knowledgeable about these markets. The right person would be able to both answer many of my basic questions as well as introduce me to contacts in the industry. My co-founder and I have just recently found highly capable individuals who will advise us on manufacturing issues and general startup business advice. Finding the right end-market expert will fill out our initial advisory board nicely.
I don’t want this post to come across as overly negative. From what I have learned elsewhere, what I am experiencing in this early going is typical. In general, I am enjoying the challenge. I am also enjoying the independence I now have to focus entirely on activities that directly help my business move forward. I no longer am distracted by quarterly reports, management reviews, staff meetings, process improvement teams, etc. Yes, many of these activities are important and unavoidable at a large company — but that doesn’t mean I have to miss them!