Although each company is different, entrepreneurs all face similar challenges. Sharing knowledge and learning from each other’s highs and lows can be a valuable source of inspiration and energy. Across its 30 years of existence, the Impulse Centre ‘Growth Management for Medium-Sized Enterprises’ (iGMO) has united over 400 owner-managers and owners of family businesses. The annual highlight for its members is the iGMO Summit, a two-day event that combines keynote speeches, workshops and networking.
One of the 120 entrepreneurs attending the event was Bart Van Acker, founder and CEO of the QbD Group. Quality by Design supports companies in the life sciences industry in their journey from idea to patient. We asked him to share his slip-ups and his learnings as a seasoned entrepreneur.
What’s the main added value of the iGMO membership and network?
Bart Van Acker: “First of all, iGMO allows me to connect with similar entrepreneurs and businesses who face similar problems as the ones I encounter. To be able to talk to them, to network with them, to hear how they handle specific situations, has tremendous value for me as an entrepreneur. Additionally, there are the content sessions we get from Vlerick professors and from keynote speakers they invite. These sessions provide me with valuable information that I can apply in my day-to-day business.”
Bart Van Acker, founder and CEO of the QbD Group, shares mistakes he’s made – and valuable lessons he’s learned – in his entrepreneurship journey.
What is the biggest failure you made as an entrepreneur – and what did you learn from it?
“Three years after I founded QbD, I acquired a software platform which I thought was very useful. But the platform was relying on software from third parties, and two years after we started pushing the platform to customers, the software suppliers increased their prices. I learned there and then that relying on someone else to bring a product into the market is something you should definitely never do. So, I said goodbye to the platform and two weeks later I started a new company which is now Scilife. It’s a software platform for life sciences, doing exactly the same as the old platform, but it’s built up from scratch and not relying on any third parties anymore.”
Is there one learning lesson that really helped you to take the leap as an entrepreneur?
“If there’s one thing, I learned from being part of iGMO, it’s the fact that a clear strategy within your business leads to growth – and not the other way around. There are of course other parameters that affect your growth, but having a clear strategy is really crucial. And that’s not enough; you also need to communicate that strategy within your organisation. That’s the most important advice I would give to starting entrepreneurs.
“Two years ago, we defined what we call the ‘QbDream’, which is our vision towards the future. Since its implementation and communication internally and externally, I’ve noticed that it has been far clearer for everyone where we want to go, and what we want to achieve. And when everyone is on the same page, you achieve those goals much quicker and better.”