For any startup founder, the journey from idea to execution is filled with challenges. However, the biggest transformation isn’t just in scaling a business, it’s in evolving from a founder into a CEO.

In a recent discussion Lucy Burnford, CEO of Cocoon, and Ollie Spence, CEO of CybaVerse, shared their personal experiences on leadership, navigating uncertainty, and the critical role of mentorship and professional development. Their insights, shaped by the Ignite program and their own entrepreneurial journeys, highlight key lessons for anyone building and leading a startup.

Moving from technical founder to strategic CEO is one of the most challenging transitions in a startup’s journey. In this Cyber Runway: Scale session, Lucy and Ollie shared their journeys, highlighting the mindset shifts, leadership skills, and operational changes needed to scale successfully. Hosted by Plexal in collaboration with the Department for Science, Innovation & Technology, the discussion provided practical insights into hiring, delegation, and leadership resilience. I attended on behalf of Cyber Tzar, the Enterprise Supply Chain Risk Management platform, learning how founders can effectively transition into the CEO role while driving long-term business success.

Contents

Learnings from Ignite Wednesday 29th January 2025

This video is publicly available on the Plexal YouTube playlist for the Cyber Runway programme.

The Founder’s Dilemma: Wearing Too Many Hats

In the early days of a startup, founders often wear multiple hats—from sales and marketing to product development and even HR. But as a company scales, the challenge shifts to letting go and learning to lead.

For Ollie, this transition wasn’t easy.

“I started the business six years ago, hired my friends and family—even my sister—which turned out to be a mistake. At five people, it worked. At 10 to 20, it got complicated.”

As a former Marine, Ollie initially assumed that everyone shared his values and work ethic. However, he quickly realized that the startup world required a different kind of leadership. He turned to the Entrepreneurial Operating System (EOS)—a structured framework for running a business—to establish clear roles, accountability, and strategic direction.

Lucy, on the other hand, faced a different challenge: transitioning from a commercial background to leading a tech-heavy business alongside three co-founders from GCHQ (the UK’s intelligence agency).

“Selling into the private sector is entirely different from working in the public sector. My challenge as CEO has been bringing my co-founders on that journey while staying confident in my own commercial instincts.”

This highlights a crucial lesson: founders must balance their own expertise with the need to unify a team with different backgrounds and experiences.

The Role of Mentorship: Why Every Founder Needs a Guide

Both Lucy and Ollie emphasized the importance of mentorship, whether formal or informal.

“You’d be amazed how willing people are to give their time and advice. If you haven’t got a mentor, you need to prioritize that.” — Lucy

Finding the right mentor can happen in different ways:

• Personal connections: Lucy found a valuable mentor at her child’s school—a cybersecurity entrepreneur who had successfully exited multiple businesses.
• Formal mentorship programs: The Ignite program, part of the Cyber Runway initiative, connected both founders with experienced advisors who provided strategic guidance.
• Proactively reaching out: Ollie took a direct approach, cold-emailing industry leaders and even pestering the CISO of Barclays until he secured a meeting.

However, Ollie warned that not all mentors are a good fit:

“You don’t have to take on a mentor just because they’re recommended. If they don’t align with your values and business goals, it’s not the right fit.”

Another key insight was mentorship without a financial stake. While board members and advisors often provide guidance, a mentor who has no vested interest can offer more objective, unbiased advice.

The Hardest Lesson: Hiring the Right People

One of the most challenging aspects of leadership is hiring and retaining the right team. Both founders shared stories of hiring mistakes that cost them time and resources.

For Ollie, hiring friends and former colleagues created unexpected complications.

“In the beginning, I thought hiring my friends would make things easier. It didn’t. They didn’t respect the company in the same way I did.”

For Lucy, trying to hire without a recruitment agency led to a serious setback:

“Our first key hire had two full-time jobs. He started working for us while keeping his old job. He thought it was fine because he could ‘manage both.’”

Both agreed that values and adaptability matter more than just skills. Startups require people who thrive in uncertainty and don’t need rigid corporate structures to function.

“Some people just aren’t suited to startup life,” Lucy added. “If you need clear rules and processes, it can be overwhelming.”

To prevent bad hires, Ollie emphasized the importance of structured hiring processes and value alignment.

“We don’t just hire based on skills anymore. We hire based on shared values, vision, and long-term commitment.”

The Power of Time Management and Strategic Thinking

One of the biggest takeaways from the Ignite program was the realization that finding time to think isn’t a luxury—it’s a necessity.

“You can’t problem-solve if you don’t have neurologically quiet time.” — Lucy

Lucy shared how, during a 30-hour flight to Saudi Arabia and Taiwan, she had an unexpected revelation:

“Being forced to be still and think allowed me to solve strategic challenges that I had been struggling with for months.”

This experience reinforced the importance of stepping back from day-to-day firefighting to focus on bigger-picture strategy.

Ollie, meanwhile, adopted EOS weekly meetings to enforce structured thinking:

“Every week, we sit down and focus ONLY on the key issues, rather than getting lost in operational noise. It’s helped us solve more problems in less time.”

Both founders agreed that structured time for reflection improves decision-making, company direction, and leadership effectiveness.

Key Takeaways for Founders Moving to CEO Roles

1. Hiring is Everything
   • Hire based on values, adaptability, and long-term commitment—not just skills.
   • Take your time—bad hires cost more than an extended hiring process.
2. Mentors Matter
   • Seek out independent mentors with relevant experience.
   • Don’t be afraid to ask for help—most successful people want to give back.
3. Leadership Requires Letting Go
   • You can’t do everything—trust your team and delegate effectively.
   • Invest in structured frameworks like EOS to maintain clarity and direction.
4. Time to Think is Not a Luxury
   • Carve out “neurologically quiet time” for strategic thinking.
   • Use weekly leadership meetings to stay focused on long-term goals.
5. Surround Yourself with the Right People
   • Build a peer network of founders facing similar challenges.
   • Programs like Ignite offer invaluable support and camaraderie.

Final Thought: Leadership is a Journey, Not a Destination

For any founder transitioning to a CEO role, the shift is about moving from doer to leader, from executor to strategist.

As Lucy put it:

“The hardest part isn’t running the business. It’s leading it.”

And as Ollie added:

“No one else will care as much as you do—but if you surround yourself with the right people, they’ll care enough to help you get where you want to go.”

Leadership isn’t about having all the answers—it’s about asking the right questions, making tough decisions, and continuously learning. Whether it’s through mentorship, structured business frameworks, or simply taking the time to think, the best leaders aren’t just born—they are made.