Greatest Hurdles

 

17 CEOs reflect on the greatest hurdles they faced in 2022

BY Pavithra Mohan

Even as we adjusted to the third year of pandemic living, 2022 brought its share of challenges for founders and business leaders. Many of them were faced with the economic downturn that has plagued the tech industry and startups this year, driving layoffs and cost-cutting measures. Some were operating in sectors that have struggled to recover from the pandemic and global supply chain issues, while others grappled with managing a business alongside significant hardships in their personal lives.

Here, 17 founders and CEOs share what they found most trying this year, and what they learned along the way.

AARON LEVIE, COFOUNDER AND CEO OF BOX

“The hurdle [for us] is that balance of growth and profitability. It’s actually very easy to drive profitability, but you could forego your future opportunity if you’re focused only on the bottom line, just profit. That tension of growth and profitability [is] even more exciting and interesting, but it’s also something that is a real struggle from a business standpoint. So we have to make sure that we’re lining up our bets and our investments and the strategy in a very precise way. The bar is only getting higher on driving that balance, but we’re up for the challenge.”

LAURA MODI, COFOUNDER AND CEO OF BOBBIE

“Navigating a national infant formula shortage was my 2022 hurdle. Our industry was in crisis—a topic that took over the airwaves and a defining sink-or-swim moment for me as a leader. As the crisis developed, we watched our customer count double, and growth was not slowing down as parents looked for a reliable source of formula. I had to make a tough decision to turn off our storefront and prioritize our current Bobbie parents with the limited supply we had left.

“We showed our customers that we had their backs during a very uncertain time and that drove lifetime loyalty for the brand. It was the best decision, but it was also a moment of putting purpose over profit. This year taught me that navigating the hardest challenges has the opportunity to leave the greatest impression.”

TAMMY SUN, COFOUNDER AND CEO OF CARROT FERTILITY

“One of my biggest challenges this year was navigating work-related travel demands. It’s great to meet people in person at off-sites, customer meetings, and industry conferences, but it can be difficult to balance those demands while also being present for family and friends. One of my goals for next year is to have some more quality time at home.”

SARAHJANE SACCHETTI, CEO OF CLEO

“There were so many challenges in 2022, but the biggest one I faced was decidedly personal. This year, I experienced what millions of Americans experience every day as a member of the sandwich generation: I had to balance my job as a CEO [and] my responsibility as a mom to two young children while providing an ever-growing level of hands-on caregiving to my father, who recently lost his battle to ALS.

“The triple shift I’ve been doing was the single-hardest challenge I’ve faced yet, and it crossed the real line we have, especially as female leaders, of the personal and professional. The silver lining I found through this period was in Cleo’s mission—knowing that the work we do will lighten the load for other caregivers like me was not only a comfort but also a motivation during this time.”

SARA MAUSKOPF, COFOUNDER AND CEO OF WINNIE

“Operating a company in the childcare industry meant we were really impacted by the childcare staffing crisis that plagued the country this past year. At Winnie, we put a lot of focus on helping daycares and preschools hire staff to combat this challenge. We are proud to have been able to help many of the childcare providers we work with.”

MAX MAYBLUM, FOUNDER AND CEO OF GIVERS

“Givers was not immune to the evolving environment in 2022, specifically related to banks’ readiness to partner with fintech startups—something that could be seen as experimental, and thus risky, to established financial institutions. While the process to find a great bank partner for our fintech offering was a slow one, it enabled a massive up-front investment in building the team, product, processes, and brand. We’re excited to now be partnered with an amazing bank and to have gone through a rigorous diligence process with them that gives us great confidence in our regulatory compliance and the moat created by this partnership.”

MARIEL REED, COFOUNDER AND CEO OF COPROCURE

“Navigating learning how to be a parent and how to grow a company has been really tough. I’ve appreciated being connected to other founders who are new parents; the support of my husband, nanny, and extended family; the opportunity to be vulnerable about challenges with my team; and the pure delight that comes from watching things I’ve helped come into the world grow into their own (more independent) entities.”

ANALISA GOODIN, FOUNDER AND CEO OF CATCH+RELEASE 

“We executed a major pivot that led to a 25% reduction in force. Leading a company through that has been a major challenge, as well as a substantial growth opportunity. I am so grateful for the team I have and am humbled by how honest they’ve been with me. This has helped me lead better.”

DR. OLIVER KHARRAZ, ZOCDOC COFOUNDER AND CEO

“The main challenge for me and my leadership team this year was organizing ourselves for our future. From 2017 to 2020, we transitioned our business model, which was akin to doing open-heart surgery on Zocdoc. We were successful in every dimension of that transition, and upon its completion we ran straight into a once-in-a-century global pandemic. From 2020 to 2021, we were focused on shifting to telehealth, supporting vaccine scheduling, and recovering from the ephemeral decline in healthcare bookings.

“[This] was the first full year with those twin existential challenges in our rearview mirror, and so our main challenge in 2022 was setting up the company to operate in a sustainable, steady-state, scalable way—and on top of that, doing so with a team that had nearly doubled in size and was operating in a distributed way across geographies, time zones, and differing work modalities.”

ALLISON ROBINSON, FOUNDER AND CEO OF THE MOM PROJECT

“I suffered from mental health challenges this year that were significantly impacting my ability to work. Thanks to the support of my team and board of directors, I quite unconventionally took two and a half months off over the summer to work on rebuilding my mental wellness and health. More than six years of building a company and letting my own health slip had taken a large toll on me emotionally and physically, and I’m grateful for the lessons and impact that experience gave me so I can help other founders and employees who share similar struggles.”

ALE RESNIK, COFOUNDER AND CEO OF BELONG

“The number-one challenge startup CEOs are facing right now is shortening the path to profitability. While most venture-backed startups typically make this transition around years five to seven, series A to C startups are doing this earlier. We made that pivot this last year.”

LAUREN MAKLER, COFOUNDER AND CEO OF COFERTILITY 

“Every hire is extremely intentional at this stage, and it’s critical that the founders own that process. But hiring—sourcing candidates, taking them through the hiring process, evaluating their skills—is a full-time job. It was a bit of a juggling act to also ensure I was dedicating hours in the day to keeping the ship moving forward in the right direction.”

LIANA DOUILLET GUZMÁN, CEO OF FOLX HEALTH

“Joining a new team in a remote world has presented challenges—namely, it’s taken longer than I would have liked to build relationships with folks across the organization given that we’re not all in the same space on a daily or even weekly basis.”

JOE LOCH, CEO OF JOVIE

“The omicron strand in Q1 had a devastating impact on our [childcare] business. The rapid spread of this version of COVID and the dramatic increase in positive cases reduced our care availability dramatically. It was a shock to the system. Our productivity rates dropped to the lowest levels of the entire pandemic. This kind of disruption had the signs of a long recovery. Due to the incredible efforts of our franchise owners and their managers, we were back to pre-omicron productivity by May. Our model of employing our caregivers allowed us to work with them while they were not able to work and then quickly get them back to serving families.”  

IMMAD AKHUND, COFOUNDER AND CEO OF MERCURY

“We’ve doubled the size of our company this year, from 200 to more than 400. We’ve always been a remote-first company since the beginning, but maintaining the culture we had at 60 people to the size and scale we’ve grown to this year has been challenging.”

ANN MUKHERJEE, CHAIRMAN AND CEO OF PERNOD RICARD NORTH AMERICA

“Challenges within the supply chain [are] something many industries are grappling with. Our teams and suppliers have responded remarkably, with agility and flexibility, to mitigate those issues. And as a result, we have done well to make sure our products are available to consumers. Although the economic outlook is increasingly challenged, the beverage and alcohol growth has remained broadly resilient to economic pressures.”

KIKI FREEDMAN, COFOUNDER AND CEO OF HEY JANE

“The Supreme Court’s overturning of Roe v. Wade in June meant that we had more work than ever in order to best serve our patients and community. At the same time, we were dealing with an immense amount of sadness, anger, and confusion among our patients and internal team. Building a startup is overwhelming under any conditions, but especially in the midst of a history-defining moment. I am incredibly proud of the progress the team has made, the care we have delivered during this pivotal time, and the business we are building.”