RockPort Capital VC, Chuck McDermott, offers his Top 3 Predictors for Entrepreneurial Success. These include crafting a stellar team, being relentless and having clear objectives.
The single most predictable success factor in a company is the people. It’s all about team. If you are the CEO, surround yourself with people who are smarter than you, preferably people that have done similar projects before, and leverage their experience and expertise. Number two, it requires absolute relentlessness. Time is your enemy and you have to be moving at this exceedingly fast rate in order to achieve altitude. You’ve got a certain amount of runway and you have to get into the air until that runway runs out. Finally, focus on a finite set of objectives. You might have a technology that’s applicable in 12 different industries. You’ll never pull that off. You have to choose two or three, focus on those with laser like precision and execute.
McDermott began his cleantech career over 20 years ago helping to launch in 1984 the nation’s first independent bulk electric power trading company, the predecessor to Citizens Power. Having directed the successful campaign of Congressman Joseph Kennedy II, McDermott served two terms as his Chief of Staff. He then joined Waste Management, the world’s largest environmental services company, as Vice President for Government Affairs. During his 12 years of senior level energy and environmental policy work in Washington, DC McDermott established strong administrative and strategic relationships that have put him at the forefront of cleantech policy deliberations today. He brought this public/private sector experience to RockPort when he joined in 1998. www.rockportcap.com