Natalie Douglas
I would encourage entrepreneurs to figure out their business tribe outside of their formal board. Finding your supporters is important at every stage of growth.
25 November 2024 • 10 minute read
Coaching the best
Name: Natalie Douglas
Business: Lucidity
Key success factor: Resilience
Having built and sold international healthcare business, Idis Pharma, which she established in the UK, then took to the US, NataIie Douglas is now a non-executive chair for three private equity-backed companies, an angel investor and an informal advisor to several other startups.
Having relocated to the US as her business expanded there, she knows what it takes to succeed at running an international business. One ingredient of her success has been a succession of coaches, who supported her at different stages of her journey and in turn she now enjoys helping other founders.
“I'm chair of three companies,” she explains. “Two in medtech and one consumer focused. Those are formal roles, but I also advise a lot of others informally. I work closely with a rare disease tech company in Philadelphia, because I really love what they’re doing, and they really need help.”
Douglas says one of her motivations for helping others is she remembers not getting much help. “The business was growing and doing well, and I had secured private equity investment, but I didn’t get a lot of support. I remember that and it’s one reason I want to help other founders. Looking back there were tough times, and I didn't feel I could reach out to anybody. I felt, because it was my business, I had to find the solutions.”
I would encourage entrepreneurs to figure out their business tribe outside of their formal board. Finding your supporters is important at every stage of growth.
Do it yourself
Douglas thinks this is typical of founders. “And quite often, you can do it,” she adds. “In fact, you may be the only one who can pull that rabbit out of the hat, because you're so passionate about the business.”
This is also what makes some former founders good advisers. “I remember the inflection points in my business, the challenges of raising money, responding to market conditions and entering new markets,” Douglas explains.
She got help in the end from a series of coaches, the first of whom was provided by then government-sponsored business support service, Business Link. “For the first time I had somebody who would listen to my challenges and help me think them through. He’d been involved with lots of businesses but wasn’t a healthcare guy. He was a great mentor and coach.”
Despite now being a non-executive chair, Douglas herself didn’t have anyone in that role for her business. “I had private equity backing, and they put some guy in who lasted six months. He wasn’t the right fit. Now I see the value of having the right skill set in that person and that’s partly why I do it. Because when I look back, I felt the gaps but didn't know how to plug them. Today support is more widely available. And supporting founders is recognised as a skillset that is required and valuable.”
The right support at the right time
Douglas says another reason for helping founders is that she enjoys adding value. “I can see the blind spots. I'm working with founders who haven’t been on this journey before. Sharing my experience is enjoyable because I know I'm adding value.”
For Douglas the crucial test if you’re going to get a chair, a mentor or a coach, is whether they are a good fit. “The guy my private equity backers brought in wasn't very helpful. He was a lovely guy, but he couldn’t offer the help I needed.”
In contrast, Douglas says she still remembers all the experiences and lessons learned from people who coached her. “To this day, I think about what they brought to my firm.”
Douglas says one key for founders is timing. “It's about looking for the resource you need at the right time, recognising what help is going to be useful when and what isn't. When I set up in the US, I had a coach with international experience, who had run a business and was a healthcare expert. He was the perfect person at the right time and that was pivotal.”
Get a network
Douglas’s message is simple - if you’re a founder without a support network, you need to get one. “Think about the support you need, what would be most helpful and use your network, whether online or elsewhere. Ask around, because there are lots of us out here who want to help and who have great skills and experience to share.
“I would encourage entrepreneurs to figure out their business tribe outside of their formal board. Finding your supporters is really important at every stage of growth.”
Barclays (including its employees, Directors and agents) accepts no responsibility and shall have no liability in contract, tort or otherwise to any person in connection with this content or the use of or reliance on any information or data set out in this content unless it expressly agrees otherwise in writing. It does not constitute an offer to sell or buy any security, investment, financial product or service and does not constitute investment, professional, legal or tax advice, or a recommendation with respect to any securities or financial instruments.
The information, statements and opinions contained in this content are of a general nature only and do not take into account your individual circumstances including any laws, policies, procedures or practices you, or your employer or businesses may have or be subject to. Although the statements of fact on this page have been obtained from and are based upon sources that Barclays believes to be reliable, Barclays does not guarantee their accuracy or completeness.
Topic