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Travis Kalanick, co-founder of Uber, raised a provocative issue in the startup world: why do venture capitalists (VCs) so often push founders out of their own companies? It’s a mystery that perplexes many entrepreneurs, especially when the company is thriving, revenues are soaring, and the CEO is beloved. Let’s dive into the dynamics at play and how founders can protect their role in the businesses they built.
Photo: Danish Siddiqui/Reuters
The Founder vs. VC Dilemma
Kalanick observed that VCs sometimes "kill" founders without sufficient reason. This tension often arises when venture capitalists, despite seeing a company's success, decide they need a change in leadership. While there are cases where a founder's skill set may no longer align with the company’s growth stage, Kalanick argues that this isn't always the real reason for their removal.
The conflict is puzzling: why disrupt a thriving business? According to Kalanick, it often comes down to power struggles, misaligned visions, or personal disagreements between founders and investors.
When Founders Should Step Aside
There are situations where stepping down might make sense. As companies scale, the skills needed to launch a product can differ from those required to manage a large, complex organization. Founders can transition to roles like Chief Product Officer, allowing someone with experience managing large enterprises to take the reins.
For example, Google’s Larry Page and Sergey Brin brought in Eric Schmidt as CEO early on to help the company navigate its rapid growth, while they focused on innovation. But they did so collaboratively, maintaining their influence on the company’s direction.
Fighting for Founders
For founders facing unjust removal, Kalanick recommends having an ally on the board who can challenge the VC’s motives. This “champion” can act as a buffer and advocate for the founder during boardroom debates.
Consider Steve Jobs, who was famously ousted from Apple in 1985. Despite his departure, Jobs maintained his vision and eventually returned to lead Apple to unprecedented success. His story underscores the importance of founders staying connected to their passion, even in challenging circumstances.
The Way Forward
Founders and VCs are meant to be partners, but this relationship isn’t always smooth. The key lies in fostering open communication and aligning long-term goals. Founders should build strong relationships with investors who believe in their vision and advocate for their leadership.
Kalanick’s advice is a call to action: if you’re a founder, stand your ground. Surround yourself with allies who share your vision and protect your role as the heart of your company. Ultimately, the most successful businesses are built on trust, shared ambition, and respect for the founder’s unique insights and drive.
In the words of Kalanick: "Somebody needs to crack this mystery." The balance of power in startups is complex, but by fostering mutual respect and clear communication, founders and VCs can turn potential conflicts into collaborative success.
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