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Every entrepreneur dreams of turning their startup into a billion-dollar business. The lure of achieving unicorn status—reaching a valuation of greater than $1 billion—is powerful, and I’m no exception. The path from a fledgling startup to a billion-dollar enterprise is terrifying.
While we are still on our way to achieving this goal at Triplebar Bio, Inc., where I function CEO and run an incredible business, I wanted to share my insights to help others navigate the early stages of this complicated journey.
1. Start with the right problem
The most significant query you would like to answer is, “What problem am I trying to solve?” If you don’t have a clear answer to that query, how are you going to begin to build and then scale your corporation? The key is to solve a problem that affects tens of millions, if not billions, of individuals. I consistently ask myself, “Is this cutting edge? If not, how can it be?” Staying ahead of the curve is key to maintaining with innovation, industry trends, competitors, and global markets.
2. Focus on operational excellence
One of the key aspects in scaling a business is operational excellence. From the starting, my focus has been to be sure that every dollar spent generates significant value—ideally tenfold. This principle ensures that every thing you do creates value; if it doesn’t, it must be removed from the process or product. This concept is a results of a methodology called Lean Six Sigma (LSS), which firms like Toyota and FujiFilm use to increase efficiency and quality by minimizing waste and reducing process variability. Staying lean is essential, but not at the expense of quality. It’s a delicate balance that may make or break a business.
3. Achieve product-market fit
A key milestone in our journey was achieving product-market fit. At Triplebar, we followed the 40% rule: if at least 4 out of ten customers could be very disillusioned if our product or service ceased to exist, we knew we had achieved product-market fit. It’s about creating something your customers simply can’t live without. This requires a deep understanding of the market and ensuring your technology solves the exact problem you’re trying to solve.
4. Stay focused and avoid overdoing it
One of the biggest lessons I’ve learned—and something I think is a common pitfall for startups, especially in high-tech sectors like biotech—is the danger of trying to do too much. Early on, I made a conscious decision not to try to be every thing to everyone. That’s a mistake I’ve seen other firms make, like Ginkgo Bioworks, which plummeted in valuation because it overdid it. Instead, I focused on doing a few things exceptionally well, relatively than spreading myself thin on too many things.
5. Build a cohesive A-team
Success in scaling a business goes beyond having a great product; it requires a strong, cohesive A-team. I actually imagine that to achieve excellence, you possibly can’t have different teams working in silos, and you possibly can’t have a team of suboptimal executors. At Triplebar, we operate as one unified team with specific tasks aligned to the same goals—but all of us own the final result. Hire slowly and fire quickly. Everyone’s role is critical in an organization, and don’t get me fallacious, I care about people, but a bad fit for a lean/high-growth startup will only hold your corporation and your mission back. As we’ve grown and scaled, we’ve made sure that every effort is directed toward our shared goals.
6. Consider horizontal integration
In the biotech sector, I learned the value of moving away from vertical integration—where a company controls many steps of production—toward horizontal integration, where each partner in the value chain specializes in a specific area of expertise. This is the mark of a mature industry, as seen in semiconductors. This approach has allowed us to focus on what we do best at Triplebar, which leads to greater efficiency and operational excellence, and diversification of our product portfolio and partner base, while also having a broad impact on our mission.
7. Think globally
Finally, I have at all times believed in the power of world pondering. Few unicorns are global, and scaling beyond a domestic market can have a multiplier effect. At Triplebar, we began with a strong foundation in our initial market and then strategically expanded. This global vision has been a key factor in our growth and success.
Scaling a startup into a billion-dollar business is no small feat, but it is possible with the right strategies. By focusing on solving real problems, achieving operational excellence, securing product-market fit, staying focused, building a cohesive team, and considering horizontal integration, I have positioned Triplebar Bio for lasting success. The journey has been difficult, but the rewards are immense.
Whether you are just starting out or looking to grow, I hope my experience will guide you on your journey to becoming the next unicorn. The road is incredibly difficult, but your corporation can get there if you stay determined, learn from your mistakes, seek wisdom from smarter people, and maintain determination and perseverance.