Soft factors for BioEntrepreneurs Dr. Carole Ackermannb14f52c2-2ba9-488d... · 3.8 Five stages of...

BioEntrepreneurship & Innovation (BEI)

Life Science Zurich Graduate School

Institute for Regenerative Medicine � IREM

Soft factors for BioEntrepreneursDr. Carole Ackermann

BioEntrepreneurship & Innovation (BEI) Program Modul B: Fundamentals

Campus Schlieren / October 22, 2018

CEO / Board Member / Senior Lecturer / BA- CEO: Diamondscull AG

- Non-executive board member: Allianz Suisse, CAP Rechtsschutz, BKW, BVZ Holding, Plaston Holding, Swiss TXT

- Non-executive board member: be-advanced, SVC Risikomanagement, Fotostiftung Winterthur, Griffith Club

- Senior lecturer: HSG, UniBe, STS, ZFU

- Investor: New Business Models, Building up new markets, Marketing/ Digitization, Industry, China

• My claim: «He who makes other people great, becomes great himself.»

24.10.2017 BioEntrepreneurship & Innovation (BEI)

Which soft factors do you connect with an effective start-up? What supports/prevents you in becoming effective?

Support- …….- ……..- ……


Prevent- …….- ……..- ……

High-performance in a team – three steps


Situation,

Roles

ProcessCultureEffective

Team

Purpose &

Meaning

Competence

(Know-how

and

Experience)

Behavior

Effective

Team

Member

Elements of a high-performance team


Questions to be answered1. How does the situation look like?

2. Which roles are needed? Which persons and groups do we need and how do we collaborate?

3. Which processes and subjects are relevant? Which tasks do we have to fulfill and how do we approach them?

4. Culture of a start-up – how can we make sure that the performance of the team is more then the sum of its single parts?


1. Situation External Context- Country and Culture- Sector (Biotec, Retail, Industry, ICT, …)- Legal Framework (CH vs. Germany vs. USA)

Internal Context- Form of organization- Structure (board, sounding board, university, any other?)- Shareholder (founders, FFF, ETH Transfer, others, ..)- Lifecycle (idea, project, first product, first customers, ..)


2. Roles and team in a start-upHow to build the right team?• Define roles you need to become successful (professional competences,

skills, personality and behavioral characteristics)• Assess existing members and new members based on a matrix• Define overall composition of the team• Define how to collaborate – what are norms of behavior?• Review and continuously learn


Bruce Truckmann 1965

2. Roles and relevant competences in start-up- Changeability, Adaptability, “ability to pivot”- Behave and act as an entrepreneur- Teamwork / Collaboration- Conflict Management- Ability to work under pressure- Target-oriented leadership- Integrity


2. Example: How to measure a team


3. Important processes for start-ups1. Product development and patent filing2. Business modelling and strategy3. Hiring and team building √4. Budgeting, cash flow planning5. Funding and securing resources - > negotiation6. Housekeeping (legal; ownership, HR, procurement, corp.

governance, …)7. Reviewing of performance (figures & talent) and adjusting 8. Conflict management9. Continuous improvement10. …..


Bias

Ambiguity

Tell and Orders

Rigidity

Artifice, Pretense

Consistency in the approach and processes

(Independent of person and time)

Clarity / TransparencyExplanation of the decision making process and

logic behind

Involvement of all relevant

Involve different views, be able to haven an impact

Changeability

Correct if new information are relevant

Culture

fits to values

Meaning of fairness in collaboration


Fair behaviour Lack of fairness

Following Lenventhal 1980

3.5. Negotiation process in start-ups- No fixed pie, be open (build trust, share information, ask questions,

make multiple offers)- Don’t overvalue your assets/company (think about next round) – put

yourself in others shoes - Never use power (take it or leave it), it’s a process …- Know, what you want and where the limits are (be ready to walk away)- Be open for news solution (liquidation preference, price adjustment

when missing targets, board seat, …)- Prepare for the cultural context

- India – let the other feel that he has the best deal- China – make sure nobody looses face, first eat then talk- Germany – be clear of what you want- USA – go for big numbers

- Investors want winner mentalities and hate surprise


3.8. Conflicts management – conflicts in start-ups- Lack of clarity of roles and responsibility (you have 2-3 roles)- Inadequate organizational structure (you do what is needed) - Poor communication (no office, spread over different countries)- Lack of teamwork (faster alone)

- Disagreement on needs, goals, priorities, interests (how much do you work, how fast do you want to be)

- Scarcity of resources (finance, facilities, ..)

- Different attitude, values, perceptions (how much compromise)- Tension and stress (study and work and family)- Information deficiency (slack? trust building event)


Situation, Roles

Process

Culture

3.8. Conflict management - steps to conflict resolutionStyles of conflict management:Forcing, Avoiding, Accommodating, Compromising, Collaborating

Solving the problem is the goal … not winning!!!Don’t’ let it go!1. Step: What is the problem – What has happened?2. Step: How do you feel about it?3. Step: How would you like it to happen? What do your want?4. Step: What could be done? Define how to get what you want


3.8 Five stages of conflict management

Stages Outcome for conflict management

1. Define the question Clarify the problem (4 steps)

2. Planning and structuring Generate and evaluate possible solutions

3. Decision and explanation Decide together which is the best solutions

4. Implementation, control, reward Plan how to implement the solution

5. Review results, adjustments Evaluate the solution


4. Culture in companies and start-upsCulture = The way we interact with each other, our daily life

Common goal and same level of information is fundamental for success!

Examples of a bad culture:- Different way of handling risks (surprise for members and stakeholders)- Hidden information- Discussions after the meeting- Decision taken already before the meeting

Examples of a good culture:- Don’t hide behind realities (“accept the brutal reality”)- Allow “what if … devils advocate”- Be open, honest, fast, …- Establish a culture of failure


Components of a high-performing teamIngredient of a successful team according to Csikaszentmihaly:

IQ - Intelligence QuotientRational: clear roles/process, target, know-how, resources, …EQ – Emotional QuotientInteraction: trust, respect, constructive feedback, humor, teamMQ – Meaning QuotientExcitement, purpose, make a difference

Reflection:What is my personal purpose for becoming a BioEntrepreneur?Is it inspiration, prestige, personal development, influence, network, money, …?


Summary – soft skills as a basis for success!

Roles + Process + Culture = Effective teamsIQ + EQ + MQ = High-performance teams

- Clear roles are the basis to build and motivate a team- Negotiation is an important process for funding, buying, hiring- A culture of mutual respect and trust and a shared vision reduces

conflict


Groupwork

1. Which roles are relevant for your start-up and how do you want to collaborate (Hipster, Hacker, Hustler, Hacker, …)? Describe the roles as clear as possible (competences, skills, personality behavioral characteristics)

2. How do you plan to distribute shares? What would be fair?


Soft factors for BioEntrepreneurs Dr. Carole Ackermannb14f52c2-2ba9-488d... · 3.8 Five stages of...

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