Succeeding As A First-Time CEO

Etienne Lacroix’s love of engineering can be traced back to his early obsession with Legos.

A mechanical engineer by trade, Lacroix spent the first decade of his career in that sector, including leading LED product development for GE Lighting where he launched the company’s first-time LED initiatives for commercial agriculture, for example. After receiving an MBA at Harvard in 2012, Lacroix became a McKinsey & Co. consultant in manufacturing operations and product development practices.

In 2016, he left McKinsey to co-found and lead Vention, a fast-growing robotics and automation company based in Montreal that has thrice been recognized as part of the 2023 Deloitte Technology Fast 50 awards.

He shares his career journey and advice for other emerging leaders.

Tell us about your journey from mechanical engineering and consulting to co-founding a robotics startup and becoming a CEO for the first time.

My journey into robotics and automation began much earlier than my professional career. As a kid, I was obsessed with Legos. Looking back, it was an early introduction to creative problem-solving and gave me a deep understanding of modular construction concepts. That childhood passion and my lifelong interest in product development laid the foundation for what would become Vention.

The idea for Vention came to me in 2014 when I realized that web technology had advanced enough to support my vision for cloud-based design and rapid manufacturing. I could visualize the entire workflow: designing in the cloud, ordering components and receiving them the next day for self-assembly.

Two years later, I left McKinsey and co-founded Vention. We secured funding, and from there, the company took off. Our goal was to create a world where designing and constructing industrial equipment was as straightforward and enjoyable as building with Lego, making automation accessible to everyone.

What takeaways from your role as a McKinsey consultant have helped you in your latest role as a CEO?

My time at McKinsey was instrumental in shaping my approach to business and strategy, providing too many valuable takeaways to mention all of them. Most importantly, the firm’s emphasis on strategic thinking taught me to seek hard, fact-based, logical information and to question assumptions. This approach has been fundamental to Vention’s development and product offerings.

McKinsey’s rigor around data-driven decision-making has also influenced how we operate at Vention. We rely heavily on empirical analysis to understand market trends, customer needs and operational efficiencies, ensuring that our strategies are grounded in solid evidence.

Another key lesson from my McKinsey days was the importance of efficiently using your resources, which is deeply ingrained in Vention’s culture. We always look for opportunities to win a low- or no-cost solution, maximizing value not only for the company but for our customers as well. This principle extends to how we approach problem-solving, often seeking indirect and unexpected solutions rather than predictable ones.

What advice do you have for other professionals considering becoming a CEO for the first time? 

To be successful as a CEO, you need to put your ego aside for the greater mission of building something that has a massive impact on the world. This mindset shift is key because it allows you to focus on the company’s long-term vision and overall success rather than personal wins. Having a well-defined vision is essential to provide a clear direction for the company and inspire your team and outside stakeholders.

It’s equally important to surround yourself with a team that shares your passion and complements your skills. These people should have strong convictions and the courage to challenge their ideas constructively for an environment of innovation and continuous improvement.

First-time CEOs need to be adaptable. The business landscape is constantly evolving, especially in technology-driven industries, so staying open to new ideas is vital. Don’t be afraid to seek advice from mentors, peers or other team members—their diverse perspectives can provide valuable insight. Maintain a focus on building a customer-centric culture, always keeping customers’ challenges and needs at the center of your decision-making.

Lastly, be prepared to make difficult decisions and learn from failures. Never lose sight of your vision, leverage your team’s strengths and stay adaptable.

Vention has been recognized three times as part of the 2023 Deloitte Technology Fast 50 awards. How do you see your role as CEO evolving as your company matures?

My role as CEO has been and will remain to raise the bar across expectations and ambition in everything Vention does. This commitment is rooted in our mission to democratize industrial automation and make it accessible to manufacturers of all sizes.

As we’ve grown from a startup to a recognized leader in the industry, we’ve focused on fostering a culture of innovation across all departments. This means constantly energizing our team to think bigger, push boundaries and find creative solutions to complex problems—much like the problem-solving mindset I developed in my youth, building with Lego.

Equally important is our role in developing our employees as leaders in their fields and as effective team players or managers. This part of leadership is crucial for Vention’s long-term success and sustainability as a company. We work to create an environment in which every team member can grow professionally, and personally, by taking on new challenges and responsibilities.

By empowering our employees and investing in their development, we’re not only building a stronger company but also contributing to the advancement of the robotics and automation industry.