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Every entrepreneur dreams of turning their startup into a billion-dollar company. The appeal of reaching unicorn status – that is, a valuation of over a billion dollars – is huge, and I am no exception. The journey from a young startup to a billion-dollar company is enormous.
While we are still on the path to this goal at Triplebar Bio, Inc., where I lead an incredible company as CEO, I wanted to share my insights to help others navigate the early parts of this complex journey.
Related: I started my company with $1,000 – today it's worth billions and serves over 163 million people. These 7 principles were my secret to success.
1. Start with the right problem
The most important question you need to answer is, “What problem am I trying to solve?” If you don't have a clear answer to that question, how can you begin to build and scale your business? Solving a problem that affects millions, if not billions, of people is critical. I constantly ask myself, “Is this cutting edge? If not, how can it be?” Staying one step ahead is critical to keeping up with innovation, industry trends, competition, and global markets.
2. Focus on operational excellence
One of the key factors in scaling a business is operational excellence. From the beginning, I've focused on making sure every dollar we spend generates significant value – ideally 10x. This principle ensures that everything you do creates value. If it doesn't, it should be removed from the process or product. This concept is the result of a method called Lean Six Sigma (LSS), which companies like Toyota and FujiFilm use to improve efficiency and quality by minimizing waste and reducing process variability. Staying lean is important, but not at the expense of quality. It's a delicate balance that can make or break a business.
3. Achieve product-market fit
A critical milestone in our journey was achieving product-market fit. At Triplebar, we followed the 40 percent rule: if at least four out of ten customers would be very disappointed if our product or service ceased to exist, we knew we had achieved product-market fit. It's important to create something your customers simply can't live without. This requires a deep understanding of the market and making sure your technology addresses exactly the problem you're trying to solve.
4. Focus and avoid exaggeration
One of the most important lessons I've learned – and one that I see as a common pitfall for startups, especially in high-tech sectors like biotech – is the danger of trying to do too much. I made a conscious decision early on not to try to be everything to everyone, a mistake I've seen other companies make, like Ginkgo Bioworks, whose valuation plummeted because it over-reached itself. Instead, I focused on doing a few things exceptionally well rather than spreading ourselves too thin.
Related: 10 Traits of Entrepreneurs Who Built Billion Dollar Companies
5. Build a coherent A-team
To successfully scale a company, it's not enough to have a great product. It requires a strong, cohesive A-team. I'm a firm believer that to achieve excellence, you can't have disparate teams working in silos, and you can't have a sub-optimal performing team. At Triplebar, we work as a unified team with specific tasks aligned to the same goals – but we're all accountable for the bottom line. Hire slow and fire fast. Everyone's role is critical in an organization, and don't get me wrong, I value people, but a poor hire for a lean/high-performing startup will only hinder your company and mission. As we've grown and scaled, we've made sure every effort is aligned to our shared goals.
6. Consider horizontal integration
In the biotech sector, I learned the value of moving from vertical integration – where one company controls multiple stages of production – to horizontal integration, where each partner in the value chain specializes in a specific area of expertise. This is the sign of a mature industry, as we see in the semiconductor industry. This approach has allowed us to focus on what we do best at Triplebar, resulting in greater efficiency and operational excellence and diversifying our product portfolio and partnership base while achieving broad impact on our mission.
7. Think globally
Finally, I have always believed in the power of global thinking. Few unicorns are global, and scaling beyond the domestic market can have a multiplier effect. At Triplebar, we started with a strong foundation in our first market and then expanded strategically. This global vision has been a critical factor in our growth and success.
Related: 10 Ways to Grow a Company from Startup to Giant, According to These Titans
Turning a startup into a billion-dollar company is no small feat, but it is doable with the right strategies. By focusing on solving real problems, achieving operational excellence, ensuring product-market fit, staying focused, building a cohesive team, and considering horizontal integration, I have positioned Triplebar Bio for sustainable success. The journey has been challenging, but the rewards are immense.
Whether you're just starting out or looking to expand, I hope my experience can guide you on your journey to becoming the next unicorn. The journey is enormously challenging, but your company can reach this goal if you stay determined, learn from your mistakes, seek advice from smarter people, and maintain courage and perseverance.
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