Another key is coachability. Entrepreneurs must be willing to listen to advice. However, that has to be balanced with the ability to make decisions and commit to action. Different experts may give conflicting opinions because nothing is certain. I鈥檝e seen a lot of companies get into a 鈥減aralysis by analysis鈥� state because of conflicting or unclear data. At some point, they have to make a hypothesis and test it. They might be able to pivot later if the need arises, but not if they never do anything.
A third important trait is the ability to focus. It鈥檚 too easy to get distracted. Founders must be flexible but ultimately they must focus on the tasks that add the most value.
Not every key to success, however, has to do with personal traits. Timing is critical. Take the 鈥渋nternet of things.鈥� Ten years ago, it was being widely hyped but the infrastructure wasn鈥檛 yet there. If you were trying to get into it then, you were probably too early. Now, however, it鈥檚 probably too late to jump in because a lot of other companies have gotten there first. It can be hard to gauge when you鈥檙e in the right place at the right time, so you have to put yourself into position to get going when an industry takes off. Sometimes that means going outside your comfort zone.
In many ways, though, now is a great time for tech companies to grow in New Zealand. There has never been so much early-stage capital available. In the past, it used to be very hard to get companies through what was called the 鈥渧alley of death鈥� and to the point where they were deemed investable. Now a lot of universities are setting up funds like ours. KiwiNet is bringing together organisations to turn science into business. This is encouraging private investors to get in earlier too, often through co-investment.
The culture is shifting as well. People used to do PhDs with the sole goal of getting into academia, though there have long been many more PhD graduates than academic jobs. Now more doctoral students and postdoctoral fellows are seeing start-ups as a viable option. This, together with the fact that there has never been more early-stage investment in New Zealand, presents fantastic opportunities for both founders and investors.
