Today, the HealthTech job market is highly candidate driven, especially when it comes to engineering roles. Finding the right CTO for your business can be a difficult and challenging process, and mainly an expensive one. However, the current economy is technology-dominated, and hiring a CTO role is crucial at any stage of your startup’s life to scale up and grow your business.
When it comes to founders, the ones with some technological background usually take on the role of a CTO as well. They often have a hard time letting go of their position and are reluctant to hire a CTO as it implies giving up a significant amount of influence over their business. This setup might not be a huge disadvantage in the early stages, but once it’s time to scale the business, it can easily become more problematic.
Therefore, it’s important to keep in mind that the CEO is the face of a company, while CTOs usually operate more in the background. Their main task is to align the company’s vision with the technological aspects of the organizations.
Seed Stage
In the beginning of a startup’s life, CTOs have a relevant role in defining the technical setup for the product/service idea, in estimating timelines and analyzing the future roadmap. When involved from the start, CTOs can become Tech-Co Founders and ensure the company’s innovation and technology growth from the beginning.
Later Funding Stages
In later stages of a startup’s life, CTOs are essential in defining what approach to follow for the continuous product development, deciding on new features and making sure their release is successful. These decisions are crucial for scaling the startup successfully and once the company size is growing, they oversee hiring the best tech talent and ensuring the unity of potential outside hires and in-house engineering teams.
So, when is it indispensable to hire a CTO?
Overall, hiring someone from the start for the CTO function is the most ideal. Depending on financial constraints, the company’s offering, technical necessities and whether the CEO has a technological background, hiring for the position can also be delayed.
However, when your company aims at global expansion or is looking for global partnerships, having a CTO is a must. Filling this position is also the right strategic move before scaling your company and is important in all stages of product development.
Storm3 At Your Service
The HealthTech industry is soaring and Storm3 aims to be at the very heart of it. We connect the top HealthTech talent with the most innovative businesses across the globe. We are specialist recruiters dedicated to working with the top companies in all HealthTech sectors. Our team of expert consultants have built a network of highly specialized senior talents across Data & Analytics, Engineering & DevOps, Product Management and Sales & Marketing. If you’re a startup or scale-up looking to grow your team, contact us here, and follow us for more industry news.
