In 2012, Jaclyn Johnson founded Create & Cultivate, a media company empowering women in the business world. By 2018, the company had eight employees, and a jaw-dropping $40 million acquisition offer came knocking.
However, when the acquirer realized the business’s heavy reliance on Johnson for success, they backed out. Years later, Johnson accepted a $22 million acquisition offer, a significant decrease from the previous one. This story highlights the potential cost of a founder-dependent business. To avoid such pitfalls, it’s crucial to identify talented individuals capable of replacing you as the founder. However, this task can be challenging. Here are five effective strategies to help you find innovative candidates for this vital role:
1. Seek out problem-solvers: Innovation often stems from creative problem-solving. Look for candidates who have a track record of thinking strategically and finding innovative solutions to challenges they’ve encountered in the past.
2. Assess their problem-solving approach: During interviews, ask candidates to describe their problem-solving approach and how they’ve delivered innovative solutions previously. This will provide insights into their thought processes, risk-taking propensity, and creative thinking.
3. Evaluate their learning agility: Innovative individuals are often open to learning and adaptable. Identify candidates who have a history of embracing new challenges, acquiring new skills, and demonstrating a willingness to grow.
4. Gauge their teamwork abilities: Collaboration is a crucial aspect of innovation. Look for candidates who have successfully worked in teams before. Inquire about their experiences collaborating with others and their contributions to team success.
5. Consider their creativity: Candidates with a creative portfolio or involvement in creative projects or hobbies outside of work can be indicators of their potential to bring fresh and innovative ideas to your organization. Such individuals often possess a unique perspective that can drive innovation within your company.
Currently, your company may heavily rely on your creativity and innovative thinking. However, by implementing these strategies, you can increase your chances of identifying exceptional candidates who will inject fresh perspectives and creativity into your organisation. By finding successors with an entrepreneurial mindset and a passion for innovation, you’ll pave the way for a seamless transition and future growth.
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