Leading Tech from zero to Series A funding award
The Situation
A startup I was introduced to was facing a critical challenge as it lacked a Chief Technical Officer (CTO) and encountered difficulties in advancing its technology portfolio beyond the initial proof of concept stage.
Notably, the company operated within the digital health sector, offering hardware designed for ECG readings. The company aspired to expand its presence into the exercise, sports, and performance enhancement domains. To achieve this expansion, the company aimed to leverage mobile phone applications to assist individuals in their training journeys.
The Task
In my role, I was appointed as the Interim CTO with the specific mandate of conceiving and creating a Minimum Viable Product (MVP). Subsequently, my interim appointment evolved into a permanent one, with the added responsibility of expanding the MVP into a fully functional production system.
The Action / Approach
In the execution of my duties, my actions encompassed the following:
- Facilitating Alignment: I served as the primary liaison, bridging the gap between the broader business requirements and the engineering efforts. This involved ensuring that the technical developments aligned seamlessly with the overarching business objectives.
- Team Building: I initiated the formation of an initial team, carefully selecting individuals who possessed the requisite skills and expertise. Subsequently, as it became evident that the existing developers lacked the necessary skill set to sustain the project, I took the initiative to expand the team, recruiting individuals with the requisite competencies.
- Product Vision: I assumed the role of providing a clear and compelling product vision to guide the development team. This vision served as a guiding light for the project, ensuring that all efforts were directed toward achieving the desired outcomes.
- Process Development: Collaborating closely with the team, I actively participated in the establishment and refinement of effective team processes. This included defining workflows, methodologies, and best practices to streamline development, enhance collaboration, and optimize productivity.
By taking these actions, I aimed to foster a productive and synergistic environment that would facilitate the successful development and growth of the MVP into a fully operational production system.
The Result
The key outcomes of my engagement as CTO were:
- Product Launch Success
A transition from a Proof of Concept (when I joined) to a fully functional production system that was actively used by customers.
- Series A Funding A capable senior management team, a robust business model, and, from my team, a functional production system all contributed to the startup securing £7.5 million in Series A funding to fuel further growth and expansion.
