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How to Create a Winning Startup Culture

Some time back, in my infographic on 51 Business Mistakes that most Entrepreneurs Make, I had outlined that one of the biggest mistakes is that you do not give any thought as to what you consider would be a great startup culture. And, without good policies or HR to keep things in check, the startup begins to develop a toxic business culture.

You will find this problem in businesses in Japan a lot. The Japanese culture is that people should work harder and if any employee goes home early, or finishes his work faster than the other, they usually get snitched on to their bosses by their co-workers. Since, you are growing a startup, you may want to avoid all these hullabaloo as time is limited and money is precious. Your workforce is your primary foundation and you want to build it strong as everything else you do is going to be supported by your employees.

Therefore, here is what you do to streamline the company’s functions and develop a strong and great company culture:

Step #1. What are the values that you hold dear and want to be reflected by your startup?

Yeah, you are the boss, you are the man of the show. Since you run the startup, you need it to reflect the type of entrepreneur you are and the entrepreneurial qualities you have as best as possible. That way, you can run it better!

So, ask yourself, what quality do you want for your startup to be its brand identity? It can be anything. For example – if you think hustle is the best quality of a startup (although, I disagree), it can be – “being the hardest worker in the room”, or if you want your employees to have a quality personal life, it can be something else.

Now, when you have landed on some values which you hold dear, make sure everybody in your business knows it – the employees, your partners, the directors and even the janitors!

Step #2. Make Sure Employees (Both Present and Future) Reflect those Ideals

If all you look at when hiring employees is whether they have the requisite skills or not, then you could be doing a grave mistake. Studies have proven that employees who are not a cultural fit with your business shall not work their best.

Heck, they can even become toxic in nature and do more harm to your company culture than good. Suppose you have an open-door policy wherein any employee can talk to you directly; however a mid-level executive doesn’t want that and shouts at and harasses his juniors for going to you without passing through him first – what do you think is going to happen?

Your startup culture will be in-operational for just one worker and can hinder performance among all your employees. That’s why mistake #1 in my post on business mistakes showed that you need a good HR even if your business is new. An HR has relevant skills and expertise in hiring the best workers so that can be a breather for you and help your business focus on, where it is truly necessary.

Step #3. Make Sure Everyone’s Voice is Heard

In order to truly know whether every employee is resonating according to your business ideals, you have to make sure that the voice of employees at even the lowest level is heard. That way, you can be sure the startup culture has truly sunk in.

In order to create a culture that actually motivates the employees, you also have to make sure that they understand that their voice matters and that if they have any grievances to tell or advices to offer, it has a good chance to be acted upon.

Also, this step that is to make everybody’s voice heard should not be made only in a vertical direction that is only from down to the top; rather it should be made laterally. Colleagues should know what their teammates think and feel.

That way, it can promote good communication and the workplace is going to remain energized. You need to also support lateral feedback even if means you have to go above and out of what you should be doing.

Step #4. Give Feedback

Now, the above step will be quite redundant without this process in place. Your employees will stop saying what they feel if they believe that what they say will not be acted upon. Therefore, you have to be proactive in giving feedback to employees. Show them that their work counts and learn to motivate them. Hold interactive sessions, talk one-on-one with employees who have addressed their grievances to you and also share your thoughts on any input they have given.

That way, you actually know whether your company culture is striving or whether the employees have just put up a facade to please you. Now, an even more important point – there will always be some employees who go against the company culture or even rebel against them.

There are three ways to handle them which you must note and be careful of:

  1. Firstly, by providing gentle feedback about how you want things to be and remain in your business. This works against employees who unknowingly have strayed from the path and need just a gentle pat to return back on track. For example, if you have a company  culture on wearing formal attire and being extremely disciplined but you see a guy who is trying to break free, because he feels the clothes are very restrictive, you can guide him to a middle path.
  2. Secondly, by actively supporting him in his endeavour. You know, some people are really creative and can’t be bounded. While, it can do a lot of damage to your company culture, if you feel that the guy has got a lot to offer, you can let him be a wild horse. This usually applies to some very creative overachievers. These guys are usually rebels and if they don’t actually harm the way other employees do their work, it is best to keep them and encourage their habits! Seems rather odd, right!?
  3. Lastly, by firing him. Some people just poison the company culture. Toxic employees who are constantly fighting their peers or are late in finishing their work almost always need to be eradicated or else you risk the chance of demotivating your other employees.

While, it looks rather simple, it is the simple things that have the most effectiveness. Executing these principles at your startup can be the separating factor from just a startup and a startup with a workforce who are optimized to win!

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Source: How to Create a Winning Startup Culture

 

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Babylon Health Gets $2 Billion Valuation With New Funding That Will Help It Expand In U.S.

Babylon Health, a U.K.-based startup whose fast growth has been shadowed by concerns about the efficacy of its telemedicine apps, has raised $550 million in Series C funding, elevating the company to unicorn status. Saudi Arabia’s Public Investment Fund (PIF), which invest on behalf of the Saudi Arabian government, led the round that valued the company at $2 billion with a total of $635 million raised.

The new capital will enable the company to expand into more markets including the U.S. and Asia, Babylon said, and it will also bolster its artificial intelligence capabilities on the platform, which serves 4.3 million users worldwide. An unnamed U.S health insurer and a fund of global reinsurer Munich Re also invested. Vostok New Ventures, which already holds a 10% stake in Babylon, previously said it would participate in the new round, as did Sweden’s Kinnevik.

With an aim of cutting healthcare costs and broadening access, Babylon secured deals with Britain’s National Health Service with its apps to replace local doctor visits with video consultations and a chatbot that doled out advice on whether to see a doctor. It released a new artificially intelligent chatbot that promised to give diagnostic advice on common ailments, without human interaction. Its progress, however, was stuttered by doubts about the services’ abilities. Interviews with current and former Babylon staff and outside doctors revealed broad concerns that the company has rushed to deploy software that had not been carefully vetted, then exaggerated its effectiveness, Forbes revealed in December. The company disputed those claims, saying its software goes through many clinical tests.  The company also came under fire for failure to follow up with patients receiving mental health treatment. At the time, Babylon blamed problems with the NHS referral system.

Any blunders don’t seem to have slowed the company’s momentum.

Led by CEO and Founder Ali Parsa, an Iranian-born former banker, Babylon has also secured contracts with Prudential and Samsung. It says it now delivers 4,000 clinical consultation a day, and one patient interaction every 10 seconds.

“We have a long way to go and a lot still to deliver,” Parsa said in a statement. “While the burden of healthcare is global, the solutions have to be localized to meet the specific needs and culture of each country.”

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I serve as assistant editor for Forbes Innovation, covering cybersecurity and venture capital. I have covered politics at POLITICO, entertainment for Time Out New York, but my most fascinating beat has been covering the intersection of technology, finance, and entrepreneurship. I’m also an alumna of CUNY Graduate School of Journalism, and the University of Washington. Email tips to mmelton@forbes.com

Source: Babylon Health Gets $2 Billion Valuation With New Funding That Will Help It Expand In U.S.

Groupon Made Eric Lefkofsky A Billionaire—His Cancer-Fighting Startup Is Worth Far More

Eric Lefkofsky hasn’t taken a science class since college. But as he meanders through the Chicago lab of Tempus, his medical startup, he presents an air of expertise. “One thing you can see right off the bat is the purple staining of this cell,” he says, pointing to the pathology slide of a patient with breast cancer. He walks past vials of lysis buffer and a $1 million genomic sequencer. “Tempus is attempting to bring the power of artificial intelligence to healthcare,” he says. “The first step in all that is data.”

Assembling data was the first step in Lefkofsky’s other ventures. The 49-year-old has launched five companies worth at least $250 million apiece, each promising to transform an industry by using big data. His best-known venture is Groupon; despite the deals site’s disappointing share price, Lefkofsky is worth an estimated $2.7 billion.

Tempus is predicated on the theory that information, lots of it, will enable doctors to personalize cancer treatments and make them more effective. A doctor treating a patient with lung cancer might send a tumor sample to Tempus for genomic sequencing. Tempus identifies a mutation in the gene for epidermal growth factor receptor, which causes cells to grow and divide too much. With that, the doctor prescribes a targeted therapy that can have better results than chemotherapy.

So far the 700-employee company has raised $520 million (Lefkofsky put in $100 million). The lavish $3.1 billion valuation suggests investors expect his approach to make a big score, starting with cancer, then against chronic conditions like depression and diabetes. But precision medicine is a nascent field. Tempus, on its own or with a research partner, has published fewer than 20 peer-reviewed manuscripts since its founding four years ago. A competitor, sequencing firm Foundation Medicine, has published over 400 in 9 years.

While the cost of sequencing has dropped, it still runs $1,000 to $5,000 per analysis, and Tempus loses money doing it. Tempus also licenses its library of anonymized data to drug companies, insurers and researchers. Lefkofsky won’t reveal revenues, but says it gets seven-figure fees from seven of the ten largest cancer drug companies.

Lefkofsky got the entrepreneurial bug at the University of Michigan, where he studied history and made money selling carpets. In 2001, he cofounded InnerWorkings (marketing), then Echo Global Logistics (transportation) and Mediaocean (advertising software). One of Lefkofsky’s hires, Andrew Mason, pitched an idea for a business focused on “collective action.” Lefkofsky invested $1 million in what became Groupon. A year after its 2008 founding, it booked $14.5 million in revenue; in 2011, it generated $1.6 billion.

“It certainly feels like my entire career has led to this point,” Lefkofsky says. “I hope this will be my legacy project.”

Lefkofsky spent a few years dabbling on other projects, including Uptake (predictive analytics for heavy industry). “I always knew back then, [with] those businesses, that I would be in and out,” he says.

In 2014, Lefkofsky’s wife, Liz, was diagnosed with breast cancer. “I was just perplexed at how little data had permeated her care,” he says. That experience ultimately launched Tempus. (Liz has “been taking it one day at a time,” Lefkofsky says.)

Yet again, Lefkofsky needed data. But some researchers were initially hesitant to share. “They wanted us to basically send all our samples there for all our patients” in the future, says John McPherson, deputy director of the UC Davis Comprehensive Cancer Center. “But we took a more cautious approach.” They ran a head-to-head comparison involving gastrointestinal cancer between Tempus and Foundation Medicine; Tempus fared well.

                       

In 2017 Tempus reached a licensing agreement with the American Society of Clinical Oncology to extract and organize data from 1 million patient records. Today the company says it already works with 30% of U.S. oncologists; many send patient records and biopsies to Tempus for analysis. Tempus hopes to sequence 120,000 genomic samples for doctors this year.

Even with that data, Tempus faces stiff competition. Last year Swiss drug giant Roche spent $4.3 billion acquiring Foundation Medicine and big data firm Flatiron Health. Another startup, Concerto HealthAI, backed by billionaire Romesh Wadhwani, has access to many of the same records as Tempus.

                           

Doctors at UC Davis, McPherson says, have only sent about 100 samples to Tempus, considerably fewer than they’ve sent to Foundation. “I think they were a little baffled by the amount of data that came back [from Tempus],” McPherson says. Clinicians “tend to take the easier route just to save time. But there are several clinicians that are now working fairly closely on the research side with them.”

Lefkofsky remains supremely optimistic. “It certainly feels like my entire career has led to this point,” he says. “I hope this will be my legacy project.”

I’ve been a reporter at Forbes since 2016. Before that, I spent a year on the road—driving for Uber in Cleveland, volcano climbing in Guatemala, cattle farming in Urugua…

Staff writer at Forbes. Email me at mtindera@forbes.com and follow me on twitter @mtindera07.

Source: Groupon Made Eric Lefkofsky A Billionaire—His Cancer-Fighting Startup Is Worth Far More

The Most Sustainable Companies In 2019

As political and business leaders gather for the World Economic Forum in Davos, Switzerland, this week, a roster of the most sustainable companies is also enjoying a moment in the spotlight. The list, the Global 100, ranks large corporations across the globe on their performance reducing carbon and waste, their gender diversity among leadership, revenues derived from clean products, and overall sustainability. In its 15th year, the ranking is compiled by a Canada-based sustainability-focused financial information company and magazine, Corporate Knights, beginning with a list of about 7,500 companies, all of which generate more than $1 billion in annual revenue………..

Source: The Most Sustainable Companies In 2019

Brex Has Amassed A Valuation Of $1.1 Billion In Under Two Years – Donna Fuscaldo

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Brex, the provider of a credit card for startups, has raised $125 million in venture funding, propelling the company into unicorn status with a $1.1 billion valuation. Earlier Friday the San Francisco-based startup announced it closed a $125 million Series C round of funding with Greenoaks Capital and DST Global leading the investment round. This comes on the heels of $50 million raised in June. Since changing course a little more than a year-and-a-half ago, Brex has been able to amass a valuation of more than $1 billion…….

Read more: https://www.forbes.com/sites/donnafuscaldo/2018/10/05/brex-has-amassed-a-valuation-of-1-1-billion-in-under-two-years/#47f0025b65a1

 

 

 

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