Startup CXO

Chief Business Development Officer

To Create a CBDO or Not?

If you're an early stage founder—one of a few people sitting in a shared space trying to figure out how you're going to create an actual business where customers will pay you money—the last thing you're probably thinking about is whether or not one of you needs to take on the role of Chief Business Development Officer (CBDO or a similar title) or if you should hire a dedicated person for the role. Even if you've scaled a bit (or a lot), you might think that the CBDO role isn't necessary, that it's a role reserved for Fortune 500 companies, not startups. I'm not saying that you're wrong in thinking that way because there isn't a “one‐size‐fits‐all” approach for when you need a CBDO—if ever. But to help you decide, I'll share how the CBDO role can add value and sustainable growth for companies, regardless of industry, product, or size.

First, though, let me tell you that the CBDO role is different from other roles in a company because it's less clear when and if you actually need that role on a dedicated basis. If you're bursting at the seams with growth, it's pretty obvious that you need more people for Sales or customer service reps, or more people involved in HR or onboarding. That's not true for the CBDO role and while some companies have successfully merged business development, corporate development, and strategy into one role, others have one person for each of those roles. In this Part I've decided to consolidate ...