“Sometimes what people don't say is as important as what they do say”
“Sometimes what people don't say is as important as what they do say”
Here is what Richard Rushby, the new Head of Incubator, had to say about entrepreneurship and the direction of Groningen’s VentureLab North.
Richard Rushby is an experienced Entrepreneur and Business Advisor with a decade in consultancy and a passion for Startup Ecosystem Development, who was recently appointed as the Head of Incubator at RUG. We had the amazing opportunity to sit down and talk with him about his endeavours and experiences.
A Day in the Life of an Incubator Head
The transition to a leadership role in an incubator brings diverse responsibilities. "Since starting in May as the head of the incubator, my days have been filled with meetings. But once I've done my introductions I expect to focus my time on talking with future entrepreneurs and understanding their challenges." Richard explained. These meetings involve understanding the strengths of the team, assessing the current programs, and strategising for the future.
Gaining buy-in from both the team and the wider stakeholder ecosystem is crucial, particularly within the northern Netherlands and the university itself. This strategic engagement ensures that the incubator aligns with both local and institutional goals.
Education vs. Real-World Experience
Richard attained his Masters degree here at the University of Groningen in ‘Small Business and Entrepreneurship’ in between his ongoing projects. While reflecting on the value of formal education versus hands-on experience, he commented that he found the degree to be a good balance between practicality and theory.
He currently occupies a position on the Advisory Committee for the Masters Small Business and Entrepreneurship at RUG and noted that: “There were some elements which were a bit too theoretical but that's something that they've been adapting over the years. I've had the ability to shape that a bit myself as part of their ongoing commitment to being relevant to entrepreneurs going forward.”
Interestingly, Richard said he still repeated some mistakes he was taught, meaning that theory is not a surefire way to a perfect business.
Teamwork vs. Solo Entrepreneurship
Starting a business often begins with a solitary idea, but bringing that idea to fruition typically requires collaboration. "The most interesting thing is coming up with an idea," Richard noted, "but bringing the idea to market or getting people to support it fully—it's rare that you can do it without a team. They always say it's easy to go fast alone, but you get further if you work with a team."
There is a balance in the journey from concept to execution. He concluded that while solo entrepreneurship can work in the initial stages, the necessity of a team becomes apparent as the venture grows.
Overcoming Imposter Syndrome
Within the university environment, it’s easy to feel like an imposter, especially when surrounded by brilliant minds. "I know a lot about entrepreneurship having done it myself and I have some experience in governance, and methodologies and projects from my past experiences, but meeting a Nobel laureate and hearing about their groundbreaking research is both humbling and inspiring," Richard shared. Overcoming this imposter syndrome involves recognising the mutual benefits of these interactions. “You have to remember that this is a win-win – you're trying to find a way to give a positive experience to this person and they can also gain something from you as well.”
Traits of Successful Entrepreneurs
Certain characteristics significantly contribute to entrepreneurial success, particularly resilience and passion. "Entrepreneurs need to be resilient," Richard stressed. “This is something you do because you're passionate about wanting to make a change. The people who say that they do it for the money are sometimes successful, but mostly it's about making a big change and through that you might make some money.”
The journey of creation involves numerous mistakes, and the ability to learn from these failures, laugh them off, and move forward is crucial. “If you can do that, if you can learn from your mistakes and you can learn from others who've done it before – these are things which can really accelerate you through your journey of entrepreneurship.” It will also help validate whether an idea can evolve into a viable company, or never going to work.
Adapting to Feedback and Iteration
A key learning experience came from pitching to a diverse crowd and realising that the initial idea was not resonating. "It became very apparent that when I talked to those investors they just didn't understand what I was talking about. It was like I was talking a different language," Richard said.
This experience underscored the importance of adapting ideas based on feedback, even if it meant facing harsh criticism. “Sometimes what people don't say is as important as what they do say.” Being responsive to feedback, being open to vulnerability, and iterating rapidly were crucial steps in refining the idea and ultimately finding a path to success.
Challenges in Entrepreneurial Ecosystems
A significant challenge in entrepreneurial ecosystems is the lack of experienced entrepreneurs in support roles. "In Europe, only five percent of VCs (venture capitalists) even have an entrepreneurial background." This often creates a disconnect. Non-entrepreneurs focus on their own objectives, whether regional development, academic impact, or service provision, rather than the needs of entrepreneurs.
The most effective ecosystems are led by entrepreneurs themselves, with others adopting a servant leadership role to support them. “That means that successful entrepreneurs have a responsibility to step up and to help lead, and the rest of the ecosystem needs to take supporting roles even as far as servant leadership.”
Future of VentureLab
Richard is grateful for VentureLab's evolution over the past decade, as it has set a strong foundation for the future. Building on strengths he will retain the core aims of entrepreneurship while focusing on knowledge-intensive startups.
The domains of med tech, deep tech, and clean energy are of particular interest given the strong research undertaken at the University in these areas. Collaborating with organisations such as Founded in the North and Incubators United across the Netherlands provide valuable insights into effective strategies as the incubator
Richard aims to cater to the specific needs of university-affiliated entrepreneurs, supporting not only spin-outs but also researchers and postgrads looking to bring innovative ideas to market. “I want to focus the incubator on the needs of entrepreneurs coming out of the university.”
In addition to entrepreneurship in academia, he has another noble goal. “A passion project for me is going to be around social entrepreneurship. Ensuring that even if it isn't something which is going to maximise profit, it's still going to be something that we can deliver and bring to market and make significant changes to society.”
In conclusion, the journey of entrepreneurship is a complex blend of individual initiative, collaborative effort, continuous learning, and adaptation. Whether navigating imposter syndrome, leveraging educational experiences, or iterating based on feedback, the insights from Richard Rushby highlight the delicate nature of entrepreneurial success.