The document discusses building effective teams for startups. It emphasizes that investors consider the management team a major risk factor, with most failures due to team problems. Effective teams have members with relevant experience and skills, established relationships with investors, and a track record of prior success together. As startups progress, they require teams with expertise in different functional areas like product development, clinical, regulatory, manufacturing, and commercialization. High performing teams demonstrate characteristics like participative leadership, clear goals, trust, and psychological safety.
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Building teams that Deliver Results & Investors
1. What matters most and when you
need each member
BUILDING TEAMS THAT
DELIVER RESULTS & INVESTORS
2. ROLES AND NORMS: WHO THE TEAM IS AND
HOW THEY BEHAVE
Job Skills and Experience
SocialBehaviors
Strong skills and
experience + works
well with others
3. ROLES AND NORMS: WHO THE TEAM IS AND
HOW THEY BEHAVE
• Roles = responsibilities for deliverables divided among team
members, usually correlated to expertise and experience of
individuals
• Norms = behaviors and dynamics governing interaction of team
members
4. DEFINITIONS
• Team = people contributing to product and its interface with
customers
• Investors = people / organizations supplying capital to
enterprise in return for ownership
5. WHO IS YOUR TEAM?
Founder
/ CEO
Employees
Management
TeamBOD
Advisors
Consultants
Investors
Suppliers
Legal
(Corp. &
IP)
Insurance
6. SPECTRUM OF INVESTORS
Seed /
Angels
(F&F)
Series A Series B
Series C…
/ IPO/ M&A
Private / Family office
Venture Fund
Strategic
7. TOP 5 THINGS INVESTORS CONSIDER
• Need
• Solution
• Protection
• Market, Investment and Return
• Team
8. INVESTORS KNOW THAT THE MANAGEMENT
TEAM IS MAJOR SOURCE OF RISK AND FAILURE
• VC survey: 65% of failures within their portfolio companies due
to problems with the startup’s management team.
• Investors report 61% of problems in their portfolio companies
involved issue within the team.
9. INVESTOR TEAM RISK MITIGATION
• Work with people and teams with whom they had success (exits)
• Work with people and teams they know
• Work with people and teams that had success (exits) for others
• Work with teams that have worked together before
• Work with teams with lots of experience
12. TEAM YOU NEED DEPENDS ON:
Seed / Angels
(F&F)
Series A Series B
Series C… /
IPO/ M&A
Where you are in product development
Where you are in fund raising
Concept
generation
Proof-of-
concept
First-in-
man
Filing/
Approval
Market
Launch
13. TEAM NEEDS BASED ON PRODUCT
DEVELOPMENT STAGE
Concept
generation
Proof-of-
concept
First-in-
man
Filing/
Approval
Market
Launch
Medical need
Technology solution expertise
Market recognition
Product engineering
Preclinical expertise
Regulatory expertise
Market understanding
Clinical expertise
Manufacturing
Quality
Supply chain
Marketing
Reimbursement
Pipeline
Sales
Finance
14. TEAM NEEDS BASED ON FUNDING STAGE
Medical expert*
Technology expert*
Market expert*
IP attorney*
*can be
consultants,
advisors,
Board members,
contractors…
CMO
CTO
CEO
Engineering/
science team
Preclinical*
Regulatory*
IP*
CMO
CTO
CEO
Engineering/
science team
Clinical team
Regulatory
IP*
Manufacturing*
CFO
Quality
Supply chain
Marketing
Reimbursement*
CMO
CTO
CEO
Engineering/
science team
Clinical team
Regulatory
IP*
VP Manufacturing
CFO
Quality
Supply chain
Marketing
Reimbursement*
VP Sales
Seed / Angels
(F&F)
Series A Series B
Series C… /
IPO/ M&A
15. TEAM TAKE-HOMES FOR INVESTORS
• Experience matters
• Industry/ devices, investors, startups, covering all the bases
• Network matters
• Co-founders/team, investors, Board and advisors
• Success matters
• Prior marketed products, prior startup successes, prior exits
17. RELATIVE MINIMUM TEAM STRENGTH FOR
DIFFERENT INVESTORS & INVESTMENT STAGES
Seed /
Angels (F&F)
Series A Series B
Series C… /
IPO/ M&A
Private /
Family office
Strategic
Venture Fund
12 36 48 80
16 40 60 88
24 52 72 100
19. START WITH FOUNDER CEO
• Pick one as CEO:
• King
• Famous
• Rich
If you didn’t pick Rich, don’t seek funding
You don’t have investors’ priorities
20. SCORING THE EARLY TEAM
Founder
experience
First time
2nd
3 or more cos.
0
8
16
Operating experience or
MD experience
12
8
Investor
relationship
Strangers
Introduced
Known – v. positive
0
4
12
Made money for an investor before
For this investor before
12
20
Other team
members
Regulatory
Clinical (CMO)
Consultants known
8
8
4
Product Development
Commercial/ Market
Advisor(s) known to investors
Board members known to investors
8
8
4
8/ea
21. • MD - idea from practice experience (8)
• Does not know investors or angels (0)
• Other team members not from medical
device industry (0)
• No well known advisors (0)
• GOING TO HAVE A DIFFICULT TIME
• Usual Solutions:
• Raise money from friends & family (12)
• Others:
• Outside advisors or Board members (4-8)
• Co-founders with industry experience (12)
• Executive with idea from industry
experience (12)
• Knows investors (12)
• Other team members with clinical (8) and
regulatory (8) medical device industry
experience (tot = 16)
• Highly credible outside Board member (8)
• TEAM WILL MAKE FINANCING MUCH
EASIER
HYPOTHETICAL FIRST TIME FOUNDERS
23. SCORING THE “A” TEAM
Founder
experience
First time
2nd
3 or more cos.
0
8
16
Operating experience or
MD experience
12
8
Investor
relationship
Strangers
Introduced
Known – v. positive
0
4
12
Made money for an investor before
For this investor before
12
20
Other team
members
Regulatory
Clinical (CMO)
Consultants known
8
8
4
Product Development
Commercial/ Market
Advisors known to investors
Board members known to investors
8
8
4
8
Series A
24. SCORING THE “B” TEAM
Founder
experience
First time
2nd
3 or more cos.
0
8
16
Operating experience or
MD experience
12
8
Investor
relationship
Strangers
Introduced
Known – v. positive
0
4
12
Made money for an investor before
For this investor before
12
20
Other team
members
Regulatory
Clinical (CMO)
Consultants known
Sales & Marketing
Quality (QA)
8
8
4
8
8
Product Development
Commercial/ Market
Advisors known to investors
Board members known to investors
Manufacturing/ Supply Chain
8
8
4
8
8
Prior investor(s) Unknown 4 Highly credible/ well known 16
Series B
25. SCORING THE “C” TEAM
Founder
experience
First time
2nd
3 or more cos.
0
8
16
Operating experience or
MD experience
12
8
Investor
relationship
Strangers
Introduced
Known – v. positive
0
4
12
Made money for an investor before
For this investor before
12
20
Other team
members
Regulatory
Clinical (CMO)
Consultants known
Sales & Marketing
Quality (QA)
8
8
4
8
8
Product Development
Commercial/ Market
Advisors known to investors
Board members known to investors
Manufacturing/ Supply Chain
8
8
4
8
8
Prior investor(s) Unknown 4 Highly credible/ well known 16
Series C… /
IPO/ M&A
27. HOW THE TEAM BEHAVES
Job Skills and Experience
SocialBehaviors
Strong skills and
experience + works
well with others
28. GETTING YOUR INNOVATION TO THE MARKET
Who do you need to get the job done?
Can you work together synergistically?
Can you inspire confidence in investors?
31. TOP 10 CHARACTERISTICS OF
HIGH PERFORMANCE TEAMS
1. Participative leadership
2. Effective decision-making
3. Open and clear communication
4. Valued diversity
5. Mutual trust
6. Managing conflict
7. Clear goals
8. Defined roles and responsibilities
9. Coordinative relationship
10. Positive atmosphere
31
32. INTELLIGENCE OF GROUPS
Best teams have…
• Members who speak in roughly the same proportion
• Members are skilled at intuiting how others felt based on their
tone of voice, their expressions and other nonverbal cues
(Woolley et al, Science 2010).
33. PSYCHOLOGICAL SAFETY
• A group culture with a ‘‘shared belief held by members of a team
that the team is safe for interpersonal risk-taking.’’
• Psychological safety is ‘‘a sense of confidence that the team will
not embarrass, reject or punish someone for speaking up.’’
• ‘‘It describes a team climate characterized by interpersonal trust
and mutual respect in which people are comfortable being
themselves.’’
Amy Edmondson (Harvard Business School)
34. WHAT GOOGLE LEARNED FROM ITS QUEST TO
BUILD THE PERFECT TEAM
• Google’s data indicated that psychological safety, more than
anything else, was critical to making a team work.
• Other important behaviors:
• making sure teams had clear goals and
• creating a culture of dependability
New York Times, 2/25/2016
35. “Google’s intense data collection and number crunching have led it
to the same conclusions that good managers have always known.
In the best teams, members listen to one another and show
sensitivity to feelings and needs.”
New York Times, 2/25/2016
36. HOW TO HIRE FOR TEAM BEHAVIOR?
• Behavioral interviewing
• Ask for stories about past challenges and how they approached them
• Examples of past behavior as part of a management team
• Present hypothetical questions about scenarios that involve team
dynamics
• References
• Make sure reference checks review teamwork and managerial
experiences, especially challenges when things did not go right
• Include people who worked with candidate but they did not provide
37. TEAM TAKE-HOMES FOR ENTREPRENEUR
• Experience matters
• Network matters
• Success matters
Trust and respect matter most
38. MICHAEL J. WEICKERT
632 Sylvan Way
Emerald Hills, CA 94062
Phone (650) 568-6125
Cell (650) 218-1840
mweickert@gmail.com
www.witcreek.com