Beyond the Tagline:

Mission and Vision as a Communication Tool

By Joe Powers

Across the 30 companies in the Maine Venture Fund portfolio, the primary needs leaders face have historically been 1) capital and 2) talent. While MVF exists to help promising Maine startup companies with the former, we also do our best to actively connect companies with job seekers, and today’s hiring market, as most are well aware, is particularly tight. One small but important edge in hiring we’ve noticed is a company’s ability to set a compelling Mission and Vision, which ironically manifests in more successful fundraising as well.

There is not necessarily consensus for the definition of Mission and Vision. But, if you ask us, Mission is the answer to these questions: What are we doing, Who are we doing it for and Why? Every company has a mission, whether declared or not. Mission can be very motivating, but for early stage companies that have not yet achieved greatness at scale, Vision can be even more powerful. Vision is the answer to: Where are we going? 

For most companies, defining a unique Mission and Vision tends to get de-emphasized as a pedantic exercise. Some spend considerable time and resources trying to hone perfectly articulated sentences, but even in that case the end result can often be just a stencil on the office wall that largely goes unnoticed. Not that stencils on the wall are bad, but the key question is whether people feel that sentiment and wake up in the morning because of what it means to them personally. If companies can align employees around a shared, compelling Mission and Vision, it becomes easier to identify and attract the best people (i.e. find those for whom the feeling is most resonant), to rally around solving a problem. And as alluded to earlier, it also makes a story more compelling to outside stakeholders (suppliers, partners, investors), who are also motivated by that story.

Founders, here’s a fun Vision exercise: imagine what the world would look like if your company became the largest in the world; how would your company have remade the economy and dramatically improved the lives of people? Describing this evolved world in vivid detail, unbridled from the concerns and doubts that factor into your day to day decision-making, can be a helpful way to identify the core inspiration that motivates your team and others who may want to join the effort in building that future. In our view, a well articulated Vision is often the most effective lead into conversations both on the hiring and fundraising fronts.

You might be curious: what is MVF’s Mission and Vision as a Maine-centric, quasi-governmental venture fund?

Mission: Invest in dynamic businesses that have the potential for significant growth and impact in Maine.

Vision Statement: Elevate Maine to national prominence in state-sponsored entrepreneurship support.

We’ll leave it to you to debate whether we’re eating our own porridge or still have work to do in this department, but we certainly feel inspired!

In summary, setting a compelling Mission and Vision is key to attracting talent and resources to help any company grow. Top performing employees tend to join companies because of the Why – the underlying motivating factor, the change the company creates or could create. When leaders articulate a clear Mission and Vision, that Why becomes embedded in the ethos of the company. It attracts the best people, keeps them focused on the company’s goals, and steels their resolve when the going gets tough. The end result of crafting a Mission and Vision is not just catchy phrasing, it’s a communication tool that distills ambition. It compels us, despite all of our personal distractions and responsibilities, to come together around a shared passion, roll up our sleeves and do the work of our lives.

About Maine Venture Fund

Maine Venture Fund invests in dynamic businesses that have the potential for significant growth and impact in Maine. For more information, visit maineventurefund.com. 

Inquiries:
Terri Wark
Maine Venture Fund
(207) 924.3800
terri@maineventurefund.com