In today's rapidly evolving tech industry, being a successful leader requires more than just technical expertise and managerial skills. To thrive in a dynamic and competitive environment, tech company leaders must also be resourceful and creative problem solvers. While there are certainly many ways to be ‘resourceful’ in business, here are five behaviors with examples of leaders who have applied them in their own businesses to drive success.
1. Embracing Change and Innovation
Resourceful and creative tech company leaders understand the importance of staying at the forefront of technological advancements. They actively seek out opportunities for innovation, whether it's adopting emerging technologies or encouraging their teams to think outside the box. An excellent example of this behavior is Laura Behrens Wu. She is the CEO of Shippo, a shipping and fulfillment platform for e-commerce businesses. Her innovative approach to simplifying shipping logistics has helped countless small businesses compete in the online marketplace.
2. Adapting to Market Shifts
In today's business landscape, market dynamics can change rapidly. Resourceful leaders possess the ability to adapt swiftly to these shifts. They proactively monitor market trends, gather data, and make data-driven decisions. For instance, when Microsoft acquired LinkedIn in 2016, CEO Satya Nadella recognized the potential synergy between the two companies, demonstrating his adaptability in responding to market opportunities.
3. Fostering a Culture of Collaboration
Collaboration is essential for solving complex problems and driving creativity within a tech company. Resourceful leaders create an environment where cross-functional teams can thrive. They encourage open communication, value diverse perspectives, and promote a culture of learning from failure. Brian Halligan and Dharmesh Shah, co-founders of HubSpot, have fostered a culture of collaboration and transparency in their inbound marketing and sales software company. They introduced a flat organizational structure, regular cross-functional meetings, their Culture Code, and a commitment to sharing knowledge through their HubSpot Academy. This culture has helped HubSpot consistently innovate and grow. In a 2023 Forbes article entitled How HubSpot Sustains A Customer-Centric Culture Across 7k Hybrid Employees, Elmear Marrinan, VP of Culture and ESG at Hubspot, said: “ Our culture is best described as “solving for the customer.” We favor autonomy, accountability, and flexibility, and we’re committed to building a diverse, inclusive, and sustainable organization
4. Effective Resource Allocation
Resourcefulness goes beyond finding solutions; it also involves optimizing resource allocation. Successful tech leaders prioritize allocating time, talent, and financial resources to projects with the highest potential for growth and impact. Drew Houston and Arash Ferdowsi initially had limited resources when they founded Dropbox. They strategically allocated resources to develop a minimum viable product (MVP) and focused on user growth through referrals. Dropbox's famous referral program, which rewarded users for referring others, was pivotal in its early growth and resource allocation strategy.
Perhaps one of the most famous examples of effective resource allocation is the formation of AWS, according to the 2016 Tech Crunch article How AWS Came to Be, where top leaders brainstormed for hours about the company’s core competencies and realized they had a potentially massive opportunity in their competencies around running infrastructure services. They quickly “launched (AWS) with little fanfare as a side business for Amazon.com” and it’s this line of business that offsets the not-so-profitable core business of Amazon.
5. Problem-Solving with a Customer-Centric Approach
Resourceful and creative leaders understand that solving business problems must ultimately benefit the customer. They prioritize customer needs and feedback when making decisions and constantly seek ways to improve the user experience. Tim Cook, Apple's current CEO, exemplifies this approach by maintaining Apple's commitment to delivering products that delight customers, even after Steve Jobs' tenure.
Oftentimes, “creativity” is chalked up to a skill within marketing, human capital or other functions known for having “those creative people.” Sometimes those at the helm of a business might lack the inherent skill of looking at the business with a unique and colorful lens, or applying the Five Whys to get to the heart of an issue, or just being open-minded and inclusive of other perspectives about new ways the business could generate revenue. But being a creative thinker, sometimes ignoring business norms and asking yourself how to find out what you don’t know can surface opportunities to grow your business exponentially. Being a resourceful and creative tech company leader in today's challenging business landscape is about embracing change, adapting to market shifts, fostering collaboration, optimizing resource allocation, and prioritizing a customer-centric approach. As the tech industry evolves, these leadership qualities will remain crucial for driving innovation and ensuring business success.