Cloud computing. Social media. Smartphone apps. By now, these will all be recognisable terms. Part of the fabric of every day life. Yet go back 15 years – perhaps even just half that time – and, for the majority of people, such phrases would mean very little. Probably nothing at all.
In a relatively short period, these technologies – and many like them – have not only become familiar, they have become industries in their own right. For example, a report earlier this year by Visiongain determined that the value of the global cloud computing services market in 2013 will reach $35.6 bn.
Technology has always attracted huge amounts of investment. Its ever-changing nature constantly provides new opportunities for growth and the perfect conditions to spawn countless successful business ventures. Creating jobs that, merely a decade ago, did not even exist.
And therein can lie a problem.
Companies looking to develop commercially, drive growth or raise funds often find themselves needing to add to their leadership team. They look for someone who can “hit the ground running”. Someone with contacts, credibility, a track record. But finding executives with extensive experience in new technology areas can be, at best, a needle in a haystack. At worst, an impossible oxymoron.
So what is the solution?
First of all, it is worth establishing whether specific sector experience is absolutely necessary. With some roles – for example, the more technical positions – it is understandably top of the ideal candidate criteria. However, other appointments – perhaps those more commercial or strategic in nature – can often benefit from a more flexible approach.
For instance, if the remit of the role is to drive sales growth, looking to other markets that sell into the same customer base could provide an interesting hunting ground. Likewise, if the requirement is for someone to spearhead fundraising efforts then identifying other sectors in which target investors are active can lead to candidates with valuable contacts and credibility. A strong track record can be the bridge to performance in new markets.
Investigating closely-related sectors can also be highly worthwhile. When the cleantech industry was in its infancy, many businesses looked to more mature, similar markets (such as oil, energy and utilities) for individuals who could understand their aims and make them reality. Rather than focusing on finding someone with intimate knowledge of their technologies, the emphasis was on appointing those who could commercialise them.
Of course, within industry isn’t always the place to find the best industry experience. Indeed, if it is technical expertise that is sought, then looking outside of the commercial world can be a winning methodology. Exploring Academia, University spin-outs and business incubators will open up a rich pool of potential candidates; people at the cutting edge of scientific discovery with unrivalled insight and vision.
In any market, having the right leadership team in place will have a significant impact on a venture’s success. When it comes to augmenting the board, a creative approach and open mind can be invaluable. It is, after all, people – not products – that drive the new technologies, businesses and industries of both today and of the future.