Are You CEO Material? Five Lessons for Early-Stage Founders

At ConvergeSouth 2026, SBTDC Equity Funding Specialist Frank Harder had the opportunity to moderate a panel titled “Are You CEO Material?” featuring Carrie DiMarzio, CEO of BMI OrganBank, and Robert Boyce, CEO of Plakous Therapeutics.

For many entrepreneurs, becoming CEO happens almost automatically. You have an idea, develop a technology, start a company and suddenly your business card title is “Founder and CEO.”

But in an early-stage company, CEO can feel more like “Chief Everything Officer.” You raise capital, recruit a team, develop the product, engage with customers and investors, and make difficult decisions with limited resources and incomplete information. Carrie and Robert came to the CEO role through very different paths, but five common lessons emerged from our conversation: 

1. Technology Is Not the Business

A technically excellent product does not automatically create a viable business. Robert emphasized that even in healthcare, where regulatory pathways may be clearly defined, FDA approval alone does not create a market. Founders must also understand reimbursement, customer adoption, prescribing behavior and who will ultimately pay. Carrie reinforced an equally important point: Regulatory approval is not the same as product-market fit. The question cannot simply be, “Can we build it?” It must become, “Will customers buy it, use it, and pay enough for us to build a sustainable business?”

2. Replace Assumptions with Evidence

Every startup begins with assumptions. The CEO’s job is to progressively replace those assumptions with evidence. Carrie emphasized the importance of developing prototypes, measuring outcomes, and generating defensible data before scaling. Evidence builds credibility with customers, partners, and investors—and provides a much stronger foundation than aspiration alone. Ask yourself: “What do I believe about my business that I have not yet proven?” Then identify the fastest and most efficient way to test it.

3. Every Dollar Should Reduce Risk

Robert highlighted capital efficiency as a critical CEO responsibility. More money does not necessarily mean more progress. In fact, raising too much capital too early can encourage premature hiring, infrastructure investments, and scaling. Before spending the next dollar, ask: “What evidence will this investment generate, or what important risk will it reduce?” For an early-stage CEO, deciding what not to do can be just as important as deciding what to do.

4. Credibility Compounds

One of Carrie’s simplest messages was also one of the most powerful: “Under-promise and over-deliver.” Startups do not have decades of history behind them. Customers, employees, partners and investors are placing their trust in the people leading the company. Build that trust one commitment at a time. Protect your reputation and your brand. Credibility takes time to establish, compounds with each promise kept, and can be lost quickly.

5. Founder Does Not Automatically Mean CEO Forever

Perhaps the most difficult part of our discussion concerned self-awareness. Robert emphasized the importance of knowing your strengths, recognizing what the company needs, and bringing in people with capabilities you do not have. Carrie stressed the need to continue learning and adapting while protecting the company’s mission. The question for founders should not simply be, “Do I want to remain CEO?” Instead, ask: “What does my company need from its CEO right now, and am I becoming that person?”

The Monday Morning Test

If you are leading an early-stage company, ask yourself these five questions:

• What is my biggest unproven assumption?
• What evidence do I need next?
• Is my next dollar reducing risk?
• Am I delivering what I promise?
• What does my company need from me that I am not yet providing?

The central message from Carrie and Robert: CEO is not simply a title. It is a responsibility you continually earn. Perhaps the best question is not, “Am I CEO material?” but rather, “Am I willing to keep becoming the leader my company needs next?”