Tag Archives: entrepreneur

My second application was rejected too! WTF.

So I have now submitted two rounds of the same applications for funding from Horizon 2020 to prove how surgical confidence has an impact on outcome.

Both got rejected.

And interestingly enough, the SECOND application was deemed WORSE than the first one!!

The rating was much worse specifically in the area of proving the market potential for the final product despite me adding further detail and markets. I believe (from the notes in the feedback) that they simply thought the numbers are too good, versus what I was asking for. And that, exactly that, is an entrepreneurs weakness. You see, we are consistently asking for less money than others, if my theory is true.

Entrepreneurs ask for less money because we are used to doing more with less.

The Dark Side of Delegation

There is a short list of things that I am really, really good at:

  • Parallel parking
  • Hiring good people and seeing their talents
  • Delegation
  • Play with kids

Can’t cook for the life of me and would happily survive on bread for the rest of my life. Luckily my kids are getting nutritious and varying meals from both their father and our excellent nanny.

Delegation is one of those things that are usually hailed as a cornerstone of good leadership. People are usually not keen on micromanagement, and universally we hate when someone stands over our shoulder checking our work. As an entrepreneur in a startup, this is a challenging one. Coming from a background where there is just you, and your brilliant idea, all by your very self, getting to where you have to let other people into that sacred relationship is tough!

Delegating certain aspects of that startup is even harder. Few entrepreneurs I know think they are the expert on every little bits of running a company, but there is a lot of comfort in knowing

  1. a) It has been done
  2. b) Knowing HOW it was done

It is not that we mistrust others, not at all. It is simply an emotional aspect of growth. Sort of like when your child thinks another mummy “is really cool” and “can even do the splits!” You think it is great that your daughter has another grown up role model, at the same time as your heart secretly bleed a little and you spend the next month stretching on the bedroom floor before you tear a muscle and decide that you can be cool in other ways.

Back to delegation.

What people rarely mention is that delegation travels with two unwanted cousins:

“Risk” and “Cost”.

Risk, because when you start letting go of control, there is a couple of things that have to happen before. You have to establish an understanding of Purpose, Vision, Ethics and Values. Otherwise your carefully created baby may be taking off in a direction that you didn’t intend. Or worse, someone you delegate to may do something that is unethical or even criminal.

And then there is Cost.

The perception is often that as a business owner you have a fat salary, a fancy car and always fly business class. I am sure that is true for some, but most of us actually surviving on peanuts, foregoing shopping and flying economy to Santiago Chile with an 8 hour stopover in Miami Airport to save money is more accurate, cash is a highly guarded asset. So to delegate, one has to have someone to delegate TO. Cost. And that someone needs training. Cost. And that someone must be allowed to learn and make mistakes. Cost. (Sometimes high.)

So the big question: is it worth it? Don’t know, but it is necessary.

Just make sure you do the prework well, and have a plan for contingency when it doesn’t work they way you hoped.

And Arnica works like a charm btw.

frontsplits

How Lack Of Ego Drives Growth

It helps growth tremendously to not have to be right. I find it intersting that when new people join the team, it takes  a couple of months until they realise that there is absolutely nothing wrong with having a different view than me.

It may be because I deliberately hire people who I think can do a better job than me. But if that is the case, I am either wrong about the individual (has happened, obviously) or they have worked for a long time without realising their full potential. So let’s for arguments sake say that everyone in the team has worked at 75% before they Image result for people growingcome here, and I employ 10 people. That is me theoretically adding 0.25 x 10 people to the team, just by making sure each person gets the space and support they need to spread their wings and fully contribute to the best of their abilities.

And the best thing? Those 2,5 extra people doesn’t cost me a thing — quite the opposite. Employees love not being told to swim in their lane, and the environment we have is tremendously encouraging. I couldn’t ask for a more dedicated team.

This is working really well for us, and I wonder what else I can do to further improve it? Any ideas or suggestions are welcome!

Packing bags, moving to Ireland?

The CEO of an award winning Medical Device company is considering expanding to Ireland or Germany after the EU referendum

Angela Spang, CEO of medical device provider JUNE MEDICAL, is contemplating a move from London to somewhere else in Europe following Britain’s decision to leave the EU.

Spang is concerned that Brexit will make it harder for her to obtain innovative products from across the continent for her company. Fast paced and award winning JUNE MEDICAL has already grown over 100% since it was founded in 2013.

“There is a huge demand for high-quality medical device and any advantage a company has in accessing innovative products is a huge factor,” she told XXXX. “Mutual recognition for regulatory approval provided access to European wide launches — this is a powerful engine for growth that may now be removed.”

Access to European funding and access to European markets for her own new products will also influence Spang’s decision, she said.

Potential new office locations for JUNE MEDICAL include Ireland and Germany but the company won’t be making any hasty decisions. “We’re monitoring what impact this has over the next 1-2 quarters. If we see a big change in the availability of products or dramatically changed terms, then we will consider alternative geography for investment and growth.

She added: “It doesn’t change our current commitment to the UK, but could change our growth plans significantly.”

When Idea Meet Market, Magic Happens

I frequently meet people who, wbig eyeshen finding out I have three companies, widen their eyes slightly. I have learned that it usually means one of three things:

  1. You think I am a workaholic
  2. You want one too
  3. You think I am really rich

I am going to leave 1 and 3 out. Neither is true. More on that later (that is a different post entirely). Continue reading When Idea Meet Market, Magic Happens

While I know JUNE Medical has been growing…

…at an accelerated pace, I was delightfully surprised my company won Best New Business in Bucks last year.

Growth – personal, financial, career or otherwise – has always been an integral driver in my life. I consistently search for new ways to expand my experience and knowledge to stay in a perpetual place of forward motion (I like developing and learning new things). This state of being has become second nature, and I have to watch myself; I am very comfortable with change (actually seeking it, getting uncomfortable when things are too stable) and I need to always make sure others are happy with the pace.

With this award for the business, I couldn’t help but take a moment to reflect on what helped JUNE Medical get to where it is so quickly in only two years. We’ve gone from a company of three to an international organization with more than 10 team members and we have brought on several new partners like Carbon Medical, Astora and LamidayNoury. We have diversified the line of JUNE Medical products to increase stability – and we have taken tremendous market share in the last two years.

 

What is it that we’ve done right to receive such recognition?

For me, the foundation of any company is its team. You have to know (or at least figure out by trial and error) what experience and skills you need and when to bring it in. For the first couple of months, the team was small: focused on getting set up in the right way and exercising our strategy of Act Big. We were working out of a Regus office close to my house, getting the business off the ground with a mix of passion, financial expertise and sheer gumption. I have brought on hand selected people, some of whom I have worked before, knowing they had the right make to be successful in this environment. Together, we further defined our business needs to forge a larger path forward. I remain in charge of strategy and big picture finance, but have delegated the daily responsibility of the business to those who are better skilled than me to make it a success.

I approached building my team conservatively, hiring people who were passionate about our mission, understood our vision and were capable of wearing multiple hats. Not only were we building a team of JUNE Medical believers, but also a diverse team of complementary skills that could do more, with fewer bodies. This allowed us to shape the team smartly, not necessarily rapidly, with a long-term vision of sustainable growth in mind. We run circles around our competitors, and people are shocked when they hear how few we actually are.

I have known for a long time that I wanted to run my own company. Both my parents ran their own companies when I grew up, so VAT and balance sheets were as familiar to me as cookies and milk. Every role I have had, every meeting I have attended and every leader I have seen has taught me something valuable. I knew what I was preparing for, and I just needed to be patient enough to wait for the right opportunity, in the right environment, at the right time.

Because I knew who I was, what was important to me and how I wanted JUNE Medical to be operating, it allowed me to have a clear view on what worked and what didn’t from the outset. My vision was to create a business that would support my values, and that would allow me to do good, but would allow me to work a “mainstream” job shortly after its founding. By not adding the pressure of “how do I make JUNE Medical my full-time career that will pay me lots of money,” I inevitably gave myself the space to build a solid foundation for long term growth, based on the right values. With that clear in everybody’s mind, making the right decisions are easy. Customers come first. Always.

 I also had the freedom to think about what the brand stood for in the moment and what it could stand for five years down the road. This helped solidify the core values (that still exist today) and put us on a faster trajectory because we weren’t constantly questioning the fundamentals of the business. We knew what we stood for as we started to reach critical mass and what our customers wanted to keep us moving in the right direction. We’ve been able to use this awareness to guide each decision, creating efficiencies and movement with every step forward.

Could JUNE Medical have grown faster or continue to grow faster?

The short answer – yes. But this would most likely take bringing on financial investors to fund new growth initiatives. Opportunities that we know we’ll be able to deliver on our own, on a slightly different timeline.

Was it scary when I invested my savings into JUNE Medical to get it off the ground? Yes. Is it sometimes unsettling to know that 10 people depend on me for their livelihood? Yes. Do I wish I had extra cushion from another source? Not ever.

I’m sure there is a time and a place to contemplate investors, but for now I love knowing that each decision isn’t always driven by the bottom line. It enables us to be more creative, take more risks and grow substantially more quickly by freeing us of the chains (and quotas) that financial investors would create.

There is a way with smart decision-making and tenacity to win independently. It just takes some patience, the right team, a sense of purpose, a solid strategy and the discipline to execute it well.

 

Angela Spang

Founder, Owner and Managing Director JUNE MEDICAL