How to Land your Next Startup Executive Role
Chris Hubbell, Managing Director of Kindred Partners, helps to demystify the executive search process at Omidyar Network’s “Preparing Women for Executive Leadership” event
Let’s say your career is going well. You’ve owned major products and seen them through to hit launches. You’ve hired and led large teams to achieve great outcomes. You’ve successfully moved the metrics for the business. Now, you’re ready to seek your next challenge, and perhaps advance to a VP or C-level role. Many times, candidates will go through the executive search process to find their next opportunity. Given the importance of hiring in the right executives, many tech companies often seek the services of a retained search firm, which is why it’s become important for individuals to get on these firms’ radars.
In this fireside chat at Omidyar Network, Chris Hubbell, Managing Director at Kindred Partners, an executive search firm focused on high-growth, venture-backed companies, talks about ways to elevate yourself above the competition. Hubbell shares how to get noticed, the secrets to standing out and how to network your way into top-tier searches like the ones he conducts. Hubbell also walks through the interviewing process and offers tips on how best to close the deal and nail your dream compensation package.
Getting Noticed
A question that is often asked is “How can I be considered for these executive search roles”? Often, the answer is through referrals. “If we talk to you, it often means you’re connected with someone we know. Ask for an introduction. Referrals are 95% of how we meet candidates,” Hubbell says. “It’s especially important when the referral comes from a venture capital firm. We get 95% of our business from venture capital firms. So when they send an executive our way, that person gets prioritized above all others. More often than not, the candidate knows one or more of the Partners from the venture firm, or has worked at a company in the venture firm’s portfolio, so some of the vetting has already been done.”
Anther question that often gets asked by candidates is whether search firms will consider Director level candidates for their VP searches. The short answer is yes. “It’s not just about your title. If you make it clear to everybody that you own the function today, you’ll get just as much inbound as someone with a VP title.”
If you’re looking however to move from a large company to a startup, or switch verticals, Hubbell admits that your best route may be to go through your network rather than through the search process. “The reality is that big moves may not always happen through a search firm. We have to be very focused on bringing in executives who have accomplished, usually multiple times, what the company is trying to do.”
Tell Your Story — And Make It Compelling and Concise
Once you’re introduced to a search firm, the best way to stand out and move through the process is to be able to highlight your accomplishments and tell a short but compelling story about yourself. It’s harder than it sounds, and can be a major stumbling block for many, Hubbell says. “Why did you join your current company? Don’t just tell me the personal reasons. I want to know what the company needed — the business case for the hire. Was it to develop a product, or to scale a function? Why did you come into that role? It’s not enough that you built a product. Tell us what the product did for the business,” Hubbell says. “Tell a concise story. What did you do to drive the business forward? What was the problem? How did you solve it, and what was the result? And what do you want to do next? If you can boil your story down to a few sentences, that’s amazing. It sets you up for productive conversations.”
We want people who have demonstrated that they have propelled the business forward.
Ace Your Meetings
Once you’re considered a serious candidate, you’ll likely be asked to meet with the CEO. “I advise almost every CEO I work with that every meeting is kind of like a first date. Successful candidates engage and ask great questions. I tell both sides they should walk away knowing if they’re interested in working together,” Hubbell says. “The goal is to relate your experience to what the company is trying to achieve. Even if you’re moving from real estate into agriculture, relate the problem they’re trying to solve to what you’ve done. Nine out of ten times they’ll ask you to come back to meet the team.”
It’s also okay to ask for a second conversation if you think the first one has gone well. “A lot of CEOs will say they’ll circle back, but there’s nothing wrong with suggesting you meet again to learn more. The entire process between candidates and CEOs can be very scripted, where you only talk during set times.” A successful strategy is to create in-between dialogues. You’re looking at a relationship that will last for years, so take the time to get to know each other. You can ask them to meet for coffee the following week. You might even wind up texting with one another. “I’ve heard of a CEO who had something like 40 hours of conversation with a candidate over email, text and video chat in a two-week period. They were in constant communication. By the time they decided they wanted to work together, it took only 30 minutes to come to an agreement.”
After the meeting, look for feedback to help better position yourself in future meetings. “Ask questions along the way, and ask for feedback from the search firm. Understand what the company is really looking for. Even if you’re super interested in the company, the role may not be a great fit for you so be honest.”
Negotiating Compensation
Once you’re down to an offer, look for data on which to base your compensation ask. “Data is going to be your most valuable tool in negotiation. Some common ways to access comp data is to talk to the search firm, talk to a partner or head of talent at a venture capital firm, or speak with peers in the industry. There are also compensation surveys you can consult,” Hubbell says. “Offers are based on the 25–75th percentile ranges of comp data.”
Closing Thoughts
The key to a successful search for your next startup executive role is to get networked into a top search firm, preferably via a trusted referral or a venture capital connection. Build a narrative and tell it concisely. Explain how your experience applies to where the business is trying to go. Create an ongoing dialogue with the CEO and other team members — don’t just limit yourself to official interviews. And when you get to the offer stage, base your compensation ask off hard data.
“Create a dialogue with the company,” Hubbell says. “At the end of the day, it’s about presence, it’s about leadership, it’s about outcomes and what you’ve done to achieve those outcomes. It’s about energy and culture fit.”
Find and tell your compelling story. It separates those who move successfully through the process from those who get knocked out early on.
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