Opinions expressed by Entrepreneur contributors are their own.
Every entrepreneur dreams of turning their startup into a billion dollar business. The lure of achievement unicorn status — reaching a valuation of over $1 billion — is powerful, and I'm no exception. The journey from a young startup to a billion dollar enterprise is daunting.
While we are still on the road to that goal at Triplebar Bio, Inc., where I run an incredible business as CEO, I wanted to share my knowledge to help others navigate the beginning parts of this complex journey.
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 this question, how can you begin to build and then expand your business? It is essential to solve a problem that affects millions, if not billions, of people. I keep asking myself, “Is this the last? If not, how can it be?” Staying ahead of the curve it is vital to keep 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 focused on ensuring that every dollar we spent generated significant value – ideally tenfold. This principle ensures that everything you do creates value; if not, it should be removed from the process or product. This concept is a result of a methodology called Lean Six Sigma (LSS), which companies such as Toyota and FujiFilm use to increase efficiency and quality by minimizing waste and reducing process variability. Lean posture is essential, 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 crucial milestone in our journey has been the achievement product-market fit. At Triplebar, we followed the 40% 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 is essential to create something that your customers simply cannot 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. Stay focused and avoid excesses
One of the biggest lessons I've learned—and something I see as a common pitfall for startups, especially in high-tech sectors like biotech—is the danger of trying to do too much. Early on, I consciously decided not to try to be everything for everyone. This is a mistake I've seen other companies make, such as Ginkgo Bioworks, which saw its valuation drop because it overextended itself. Instead, I focused on doing a few things exceptionally well rather than being spread too thin.
Related: 10 Traits of Entrepreneurs Who Built Billion Dollar Companies
5. Build a cohesive A team
Success in scaling a business goes beyond having a great product; requires a strong and cohesive A team. I firmly believe that to achieve excellence, you cannot have diverse teams working in silosand you can't have a sub-optimal team of performers. At Triplebar, we operate as a single team with specific jobs tied to the same goals — but we all own the end result. Hire slowly and fire quickly. Everyone's role is critical in an organization, and don't get me wrong, I care about people, but a bad fit for a lean/high powered startup will only hinder your business and mission. As we have grown and scaled, we have ensured that every effort is directed towards our common goals.
6. Consider horizontal integration
In the biotech sector, I have learned the value of moving away from vertical integration – where one company controls multiple stages of production – towards 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, leading to greater efficiency and operational excellence and diversifying our product portfolio and partnership base, while creating a broad impact on our mission.
7. Think globally
Finally, I have always believed in the power of thinking globally. Few unicorns are global, and scaling beyond your home market can have a multiplier effect. At Triplebar, we started with a strong foundation in our initial market and then expanded strategically. This global vision has been a critical factor in our growth and success.
Related: 10 ways to scale a startup to a big company, according to these titans
Scaling a startup into one billion dollar business it's no small feat, but it's achievable 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 great.
Whether you're just starting out or looking to scale, I hope my experience can guide your journey to becoming the next unicorn. The road is extremely challenging, but your business can achieve this goal if you stay determined, learn from your mistakesseek wisdom from more intelligent people and maintain courage and perseverance.