Shipt Founder Leaves. Now what?
The Birmingham-based grocery delivery company Shipt announced its founder and CEO Bill Smith is stepping down. And that’s not a bad thing for the region, according to Ross Baird, who started a venture capital firm and is an innovator-in-residence with the Missouri-based Kauffman Foundation.
It’s normal for startup founders to leave, Baird says.
“There are people who are really drawn to building things and I think that there are people who are really drawn to running and managing large organizations,” Baird says. “They’re very different skillsets.”
Baird says a transition requires employees to take “ownership” to figure out where to steer the company after a founder leaves. He says sometimes employees are good at executing a plan, but they struggle to develop a vision for the next generation of the business.
One common pitfall for a founder is managing the corporate relationship after stepping down.
“Having your foot halfway in the thing that you built and the next thing you’re going to build is a really tricky balance,” Baird says.
A statement from Shipt says Smith will remain an advisor to the company, but stepping down as CEO will allow him to get back to his passion of building “early stage companies.”
“Never having met Bill but really admiring what he’s done, I’d be really excited to see what he does in his next chapter,” Baird says.
Smith will be replaced by Kelly Caruso, who has spent more than 25 years in the retail industry, most recently as an executive with Target. She told the Birmingham Business Journal she plans to continue with the company’s aggressive growth plan. Shipt was founded in 2014. Three years later, the startup was acquired by Target for $550 million dollars. It’s the most high-profile success story from Birmingham’s burgeoning tech startup community.
Foreign nationals propel U.S. science. Visa limits under Trump could change that
The incoming Trump administration is likely to crack down on the H-1B visas used by tech companies and research institutions to hire top talent from other countries.
The International Criminal Court has issued arrest warrants for Netanyahu and Gallant
The International Criminal Court issued arrest warrants on Thursday for Israel's Prime Minister Benjamin Netanyahu and former Defense Minister Yoav Gallant, for alleged war crimes in the Gaza Strip.
Are you a caregiver for an adult? How has it changed you?
Many who care for family members and loved ones at home say it can be very stressful but also rich in meaning. Share your story and insights.
MF DOOM’s music was his legend. The man himself was the myth
The late rapper's 2004 album MM..FOOD may never have the classic status of its sister release, Madvillainy. But 20 years later, it's the one to play if you want to hear the essence of his artistry.
Here’s how Trump and the GOP may try to weaken Obamacare
Republican control of the White House and Congress sets the stage for potentially seismic changes including curtailing Medicaid, weakening patient protections, and increasing premium costs for millions.
Richer countries are starting to pay poorer ones for climate change damages
With climate-related disasters getting more extreme, richer countries are piloting ways to compensate developing nations, since they bear the least responsibility for causing climate change.
