Leading a Start-up by Dr Sally Basker, Exeter Science Park

Article by Sally Basker, CEO at Exeter Science Park

Exeter Science Park is a partner for Growth Forge 2025, a business acceleration programme for ambitious tech companies. Learn more here.

My start up was Exeter Science Park. In March 2017 we were a start-up with fewer than 150 people at the park. It was financially challenged: we had lost £1.7m matched funding; we would lose a £5.5m grant unless I delivered a business case in two months; we had no revenue; and we were running out of money. It was down to me and a 0.6 FTE PA for much of the first year. Eight years later, we’ve grown five-fold with 47 companies and over 750 people. There is an in-house team of ten supported by many partners and suppliers, we have weathered storms and are financially secure.

So, here are some of my take-aways:

1. Be clear about your mission and be flexible about how you achieve it. We have limited resources and time in start-up mode and must focus on customers’ needs. I love Mulago’s eight word mission statement that follows a ‘verb, target, outcome’ format.
2. Focus on top line revenue. Be realistic about revenue and cut your cloth appropriately. It will help you when looking for investment.
3. Everybody has a game plan until they get punched in the mouth (Mike Tyson) although Sun Tzu fans may prefer ‘No plan survives first contact with the enemy.’ Know what you want to achieve (vision, mission, objectives) but don’t over-plan however tempting it might be.
4. Culture eats strategy for breakfast (Peter Drucker). When it gets tough it’s down to you and your team. Culture – how we do things round here – is key whether celebrating small wins, cutting each other slack after mistakes or supporting each other when the world is against you.
5. Recruit for culture. Choose colleagues who are aligned with the company’s values and possess the necessary knowledge, skills and experience. Great performance but poor cultural alignment is extremely challenging.
6. If you don’t have a short-term you don’t have a long-term. Sounds obvious but there is not much point planning for the next decade if your strategic horizon is 3 months. Deal with what is in front of you.
7. Act fast. We’re not always great at dealing with linear growth or decay let alone exponential growth or decay. Act fast so you don’t let a problem get so large you can’t solve it.
8. Are we there yet? This is about resilience and there’s a great Angela Duckworth quote, ‘Enthusiasm is common. Endurance is rare.’ We have worked our way through some pretty big commercial challenges as well as COVID. At times, the future has not looked easy but we have had to press on.
9. Diversity is being invited to the party; inclusion is being asked to dance (Verna Myers). The benefits of diverse teams are clear in terms of creativity and innovation, decision making, financial performance, brand etc. Focus on diversity AND inclusion.
10. Join the vibrant Exeter Science Park community with sustainable buildings, an ideal location and big company facilities for start-ups. How? Contact me.