Why leadership talent should be a priority for VC-backed fintech businesses
by Rachel Turner, leadership advisor, co-founder of VC Talent Lab
Summary: Starting a fintech business is no easy feat, and even if you secure funding, the odds are against you. As many as four in five start-ups will fail in their first three years, according to Noam Wasserman's book, The Founder's Dilemma. However, data from CB Insights suggests that up to a quarter of VC-backed start-ups fail for reasons of leadership. Leaders burn out, lose focus, or fail to attract and retain the right team.
As a fintech founder, developing your own leadership talent needs to be a priority. The things that made you successful at the start-up phase are not the same things that will make you successful at scale-up. You need to develop a 'minimally viable' set of operational leadership skills as the business grows, and then shift from being a doer-in-chief to business-builder-in-chief to CEO. By developing your leadership talent, you can give your business the best chance of success.