Celebrating the founders.

December 18, 2024

This month marks nine years since I joined Callaghan Innovation, where I now have the privilege of leading the Commercialisation Group. Throughout this time, our group has supported many hundreds of founders, helping them through the complex and demanding process of building successful technology-driven enterprises.

These founders are creating the high-value jobs and economic growth of tomorrow. As I said, it is a privilege.

This is a personal message of thanks to all the founders and entrepreneurs out there grinding through the challenges, carrying the weight of expectations from staff, investors, families, and even (or especially) themselves.

This is also for those considering the founder / entrepreneurial path, offering some insights that might make your journey a little smoother.

Disclaimer: What follows are my personal observations only, this is not an exhaustive list nor a blueprint for guaranteed success. Obviously.

Founders come from all corners of society - most are just regular people who have identified a problem that needs solving and are motivated to do something about it (these are not keyboard warriors), some are scientists and engineers with a passion for turning research into ‘real-world’ impact, there are the back shed inventors, students, and more. Despite this diversity, successful founders share common traits that set them apart:

• Courage: They willingly step into uncertainty every day. This isn’t recklessness; but the bravery and belief that the reward of success outweighs the risk of failure (I’ll come back to the idea of failure shortly).

• Curiosity: They never stop learning. They ask questions, challenge assumptions, and remain open to new ideas.

• Humility: Despite often being experts in their field, they know they don’t have all the answers and seek out help and advice.

• Generosity: Even with packed schedules, they are often willing to share their experiences, helping others learn from their journey.

Maybe "regular people" was a poor choice of words.

For you aspiring entrepreneurs, I've distilled nine years of experience into the following twelve insights that, I hope, will help you navigate the challenging and rewarding path ahead of you:

1. Failure Is a Stepping Stone

Most founders fail - sometimes repeatedly - before finding success. But failure isn’t the end; it’s a stepping stone that gets you closer to your goals.

Even Scott Galloway – a professor, podcaster and wildly successful entrepreneur I admire (okay, I’m a proper fanboy) candidly shares that seven of his nine ventures failed. What mattered was his persistence. Founders who succeed embrace rejection, learn from it, and keep going.

2. No One Is Truly ‘Self-Made’

The idea of the ‘self-made entrepreneur’ is a myth. Your success will depend as much on the support you receive from others - family, friends, employees, mentors, support organisations etc. - as it does on your grit and determination.

This won’t detract from your accomplishments. It highlights the importance of knowing when to ask for help and how to make the most of any opportunities presented to you.

3. Take All the Advice You Can Get

Engage experts, especially on critical things like intellectual property and capital raising.

You may find yourself bombarded with advice (what you are reading right now is a case in point), sometimes conflicting. Your job is to take it all onboard, filter it, identify the most critical questions to answer, challenge assumptions and then you decide what’s right for your business.

4. Focus on the Problem, Not Your Solution

What problem are you solving, and for whom? The best founders are laser-focused on this question. It’s easy to fall in love with your first idea, but sometimes the better opportunity is staring you in the face.

If customers aren't biting, the problem most likely lies with your product. Don't let sunk costs blind you to necessary course-corrections. While changing direction incurs costs, persisting with an unviable strategy can be catastrophic for your business. Adapt swiftly and decisively.

5. Talk About Your Idea

While protecting sensitive intellectual property is essential, don’t let it stop you from sharing your vision. Conversations lead to insights, connections, and opportunities. If people’s eyes glaze over when you're talking, refine your pitch.

6. Curiosity Drives Success

Relentlessly question assumptions, even when it’s uncomfortable. Replace guesses with knowledge wherever possible. The more you learn, the stronger your foundation becomes.

7. Learn to Say ‘No’

Not every opportunity is worth pursuing. Focus is a multiplier. Carefully consider when and why to say ‘yes’ or ‘no’ to the next shiny thing. Staying focused on your core mission is critical to success.

As Confucius said, “The man who chases two rabbits, catches neither”.

8. Find Balance

Being a founder is demanding, but burnout can derail even the best ideas. Pursue hobbies or activities that engage other parts of your brain. You’ll be amazed at the insights that come when you step away.

9. Seek Honest Feedback

Find someone you can trust to always give you the unvarnished truth. As your business grows and you achieve more success, you’ll encounter more people who tell you what they think you want to hear.

10. Connect With Other Founders

The founder’s journey can certainly be rewarding, and it can also be lonely. Build a network of peers who understand what you’re going through. Their support and perspective are invaluable.

11. Get Into Your market

Spend time with potential customers. Go to conferences and events where you’ll find concentrations of customers, investors, and partners. International opportunities are particularly valuable.

And if you can join a group of Kiwi innovators, do it—there’s nothing like a team of New Zealanders showcasing their ideas to draw a crowd.

12. Know Your Strengths

Find a co-founder(s) that complement your strengths, recruit wisely, and know when it’s time to onboard a professional CEO.

Earlier this year, I sat down with a handful of founders my team had recently worked with (did I mention generosity?). Those conversations reinforced the lessons above, and when I asked what advice they would give their younger selves as they embarked on their entrepreneurial journey, here’s what they had to say:

• Find yourself a mentor: Someone who’s been there before can help you avoid common pitfalls and navigate challenges.

• Be bold: Think globally from day one, and don’t undervalue yourself when raising capital.

• Talk to customers early: Understand their problems before building a product.

• Don’t let fear hold you back: Failure is part of the process. Learn and keep moving forward.

• Network, even if it’s uncomfortable: The more you do it, the easier it gets.

• Taking a product to market takes more than R&D: Getting it to customers, profitably, is a whole other challenge—seek advice early.

• Leverage support networks: New Zealand’s innovation ecosystem is full of resources—use them.

• Focus on the problem: If it’s a real problem and you solve it well, the odds of success will swing in your favour.

Founders are the backbone of innovation. They are not only the dreamers, but they are more importantly the doers, building solutions that shape or even create industries and drive future economic growth for New Zealand.

If you have the opportunity, thank a founder today!