Many individual founders of start-ups believe that they should lead their companies with a title such as CEO. Derived from Wasserman's [Wasserman, N., The Founder's Dilemmas: Anticipating and Avoiding the Pitfalls That Can Sink a Startup, Princeton, NJ: Princeton University Press, 2012] data, the table below shows the starting role that the “idea person” serves in start-ups. Although the initial idea person may be the perfect CEO for the start-up due to commitment and passion, the skills required for leading the company through long-term growth may not be present. Only 75% of founder-CEOs are still in the CEO position by the time of the first external investment round, and only 39% are still in that role by the time of the fourth round.