The problems Maritime Technology start-up’s face

As a Maritime Technology startup, you likely don’t know who to hire, and if you have an idea, they may not be the ideal candidate you believe them to be. You won’t have as great an understanding or experience of this fast-changing industry compared to the giants. Indeed, you’ve received exciting investments from venture capital firms. However, it’s easy to squander your progress, and get carried away, making huge (costly) mistakes moving forward that may break the whole business and flush your digital maritime software down the drain.

Don’t become another representative in the 90% of startups fail statistic. You need to be in that 10%.

And at this stage, in order to expand, it starts with your recruitment strategy…

Here are some of the most prominent Maritime Technology hiring mistakes to avoid after series B funding.

Overreliance on Qualifications

Candidates with a treasure trove of impressive qualifications are a compelling option. However, just because they tick boxes on the skills doesn’t necessarily mean they fit your company. The candidate is more than their skill set. Will they fit your company culture? Do they share your values? Will they get on with others in the business? Can you see them progressing? What practical experience within maritime and maritime technology do they bring to the table? Are they committed?

Think over these questions as you assess candidates, otherwise, that qualified hire may be walking out of the door in under 3 months and setting you back 6 months, whilst you’ve wasted money from your investors.

For more insight see our article on How to Save £165k+ on Your Next Hiring Campaign

Don’t become another representative in the 90% of startups fail statistic. You need to be in that 10%.

And at this stage, in order to expand, it starts with your recruitment strategy…

Here are some of the most prominent Maritime Technology hiring mistakes to avoid after series B funding.

Neglecting Cultural Fit

As part of an effective hiring system, make sure to build a strong uniformed team that mirrors your company ethos. You need a team that can successfully drive your unique vision forward. These employees are the beating heart of your organisation, and it’s therefore paramount to not make any mistakes in the people you bring on board.

Clashes and drastic differences within the team are roadblocks to progress, creating unnecessary tension and stifling creativity.

De-prioritising Leadership Development

Another grave mistake is to believe leadership development is an optional extra… Leadership development for tech startups is vital to the longevity of your brand and product. Your existing team is already rooted in your company’s principles and goals. The team is ripe with leadership potential awaiting growth and cultivation. Put some investment into the team you’ve got already and reap the rewards

Lacking a Strong Employer Brand

Adding a strong and consistent employer brand will do wonders for growing your reach and network. A powerful employer brand draws top talent toward you, your company, and your innovative technology. With branded marketing assets and brand awareness campaigns, you can effectively communicate your vision, values, and the unique aspects of your organisation to those outside the business. A compelling employer brand attracts candidates who resonate with your values and are therefore more likely to be a perfect fit.

Neglecting Soft Skills

In an industry driven by technology, the importance of technical skills is obvious. However, don’t ignore soft skills as pivotal differentiators. Candidates with strong communication, critical thinking, adaptability, and creativity support the more technical competencies of your team, enabling them to navigate any challenges with ease. In your recruitment process look for these attributes for a more rounded and adaptable team.

Little Patience when Hiring Talent

The prospect of fast-paced scaling is alluring, but it’s necessary to take a pause. You need patience in hiring top talent. Building your team of industry professionals, and those that genuinely resonate with your mission, is worth every moment invested in your recruitment strategy. This also means being patient with your wallet…. A massive reason why startups fail is they overspend and blow their budget. With a lack of funds, any errors made can no longer be rectified. You will likely lose investment and it’s game over.

Failure to Build a Learning Environment

You know the digital maritime industry is always evolving. Therefore, continuous learning is a must. At your business, you should encourage a culture of ongoing development and consistent upskilling. Not only does this keep your team at the cutting edge of the industry, but it also makes your company an attractive prospect for potential employees eager to expand their horizons and progress in overcoming healthy career challenges.

Lacking a Robust Onboarding Process

After securing Series B funding it is wise to think of your employee retention strategy. This is achieved not only in a recruitment strategy focused on the right talent but also in a thoughtful, structured onboarding process. The first few months in a business are critical to your new hire staying or going, so investing in this period is critical to your growth goals. An effective onboarding process helps newcomers hit the ground running and integrate into the team smoothly, ensuring they understand their roles, responsibilities, and the company culture.

For more tips on employee retention see our post: 3 Strategies PROVEN to Increase Your New Employee Retention

Conclusion

The excitement generated from landing Series B funding is warranted. It is a landmark achievement for your business and exciting expansion may lie ahead. But it is vital not to be carried away in the excitement, making rash, business-breaking decisions. At this stage in the journey, every decision you make, particularly around hiring, should serve your overarching business goals and growth strategy.

Let’s recap what you need:

• High-quality hires
• Patience
• Cultural compatibility
• Focus on soft skills
• Leadership development
• Industry awareness
• Forming connections
• Strong employer branding
• Continuous learning
• Comprehensive onboarding process

These are the fundamental pillars of your hiring system post series B funding and will ensure the continuous growth you need to thrive because it’s people who drive a business. Concentrating on these elements will ensure your continued success as you navigate this exciting new chapter.

Have you just received Series B funding?

Executive Integrity has extensive experience recruiting talented, permanent, and long-term hires for maritime technology start-ups. To build the team you need for success, we navigate the challenges surrounding post-Series B funding by working closely with you and understanding your culture, mission, and goals. We can find the best industry talent suited to your vision.

Reach out to us today to consolidate your recruitment strategy.