VC Minute – quick advice to help startup founders fundraise better
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Karyn Miller:
So now you’ve got the money in the bank and now what do you do? Being realistic about how quickly you can deploy that money, this sounds kind of funny, but I think it takes longer to spend the money than you think. Most companies that I’ve worked with where we’ve done a raise, one of the very big reasons we’ve done a raise is because we need to hire more people. And our model invariably will say we are going to hire all those people on day one after the close. Which is not accurate.
Being realistic about hiring, how quickly you can hire people and taking your time to hire the right people, knowing you’re not going to get it all right the first time. It’s a lot of people to hire and get a culture fit and to choose accurately. Hiring quick and firing quick is always important, and not feeling pressure to deploy all that money before you’re really ready to deploy all that money. And having fun.
I kept telling the company I just worked with that did a raise, I’m like, now the fun begins. You did this raise, it was hard doing the raise, it takes a ton of time. The CEO, the CFO, the executive team, this is a full-time job to do fundraising for three months or six months, however long it takes. And on top of that, you still have to run the business and keep the business going. But post fundraising, take a moment to enjoy it. Take a moment to celebrate it with your whole entire team. It’s a tremendous experience, and it’s a tremendous thing to celebrate. Enjoy as you do your next leap of growth and have a really good time with it because it’s fun. This is why we’re all in startups is bringing a team together and hiring great people and working with them every day to build something of tremendous value that you’re proud of and excited about. Just enjoy! Enjoy building after you get that fundraise and be excited about it.
Rich Maloy:
Thank you, Karyn, for all of the lessons that you shared this week. It’s clear that she has a great joy for the work that she does, and has a tremendous amount of experience across multiple stages and lots of different fundraises. I’m grateful for AVL Growth Partners for supporting the VC minute. Why go fractional? Picture this: a CFO with an average of 19 years of senior finance CFO experience, alongside controllers and accountants with 15 years under their belts. This isn’t just bookkeeping. It’s the expertise your company needs to navigate economic challenges. If you want to take your company to the next level and need the experience required to make it happen. Visit AVL growth.com right now. Time is our most precious asset, thank you for spending some of it with us this week.
About AVL Growth Partners
AVL Growth Partners, founded in 2009, is the leading fractional Finance and Accounting firm supporting organizations in pivoting from growth to scale. AVL brings an experienced team of CFOs, Controllers, and Accountants to your organization, delivering transparent, strategic actions for short and long-term success. Transform your financial approach affordably with AVL, supporting companies coast to coast – get to know AVL Growth Partners at avlgrowth.com. (Sponsored)
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