How do you bottle a DREAM and SELL it?
John Anthony Hartman
Coming from a profound greenfield R&D role and stepping into the CEO role has made me feel like a black hole doing a 180. My North Star had to radically shift as I moved from the shifting priorities and decision-making criteria.
In a research role, the primary focus is exploring new ideas, advancing scientific knowledge, and solving complex technical problems.
As a CEO, the priorities shift towards commercial viability, profitability, and aligning R&D efforts with market demands and business objectives.
The move from CRO to CEO is a significant adjustment, as the decision-making criteria move from purely technical considerations to a balance of technical feasibility and financial implications.
©2024
From the Latin Praxis
referring to the practical application of a skill, theory, or concept. It emphasizes the act of putting knowledge into practice.
This is my practice a.k.a
There are a few typical paths that individuals can take when transitioning from a deep research position to becoming a CEO:
1. Entrepreneurial Route
2. Corporate Ladder Climb
3. Transition through Mergers and Acquisitions
4. Shift from Academic to Corporate Leadership
5. Recruitment of Technical Experts
I am in the first group with PRAXI.
In the glory days of R&D, when product and price were distant memories, we could gorge ourselves on the what-ifs—breaking things to see what else they could do. The only pursuit of knowledge and a framework of targets in VR and telemedicine. The crazy days when COVID had us up to our eyeballs in AI, no pun intended. Research's open-ended, curiosity-driven nature gave way to funding realities, and the chief research officer dropped the middle and added an executive.
First, you have to recognize the change in decision-making criteria.
a. Balancing technical feasibility with commercial viability.
b. Prioritizing projects based on their potential for revenue and growth.
Second, you start developing a strategic mindset.
a. Understanding the competitive landscape and market dynamics.
b. Aligning R&D efforts with the company's overall business objectives.
Thirdly, you must build effective communication and stakeholder management.
a. Translating technical concepts into business language.
b. Gaining buy-in from investors, shareholders, and cross-functional teams.
Once you productize your dream, you begin to feel like it has so much more to offer, and customers are only using it this way. PRO tip that took me forever to learn. Let the customer create feature creep. You WIN when they ask for more things. You can lose if you try to push too many features at once, and oh, too much data makes people's eyes cross, so great UX/UI with data is worth its weight in gold.
At its core, the shift is about balancing innovation and financial responsibility. Researchers are often able to pursue ambitious, long-term projects with uncertain outcomes. As a CEO, you must balance the desire for innovation with the financial realities of the business, such as investor expectations, budgetary constraints, and the need to generate revenue. Striking the right balance between providing the necessary resources for R&D and ensuring financial sustainability can be challenging.
Oh, the other change is the PROMOTIONAL nature of your role. You go from If we are under NDA, I can talk to you to IS THIS THING ON into every microphone you can find and shout the information about your products to the rooftops!
