2 Startups
Matt and Ryan have been doing their startup thing for 2 years now. Really they got serious about it this year. The big turning point was getting into a small business incubator program that came with a business advisor. He has coached them through setting up their plan and projected path forward, hiring, and most importantly, fundraising. The problem is, their fundraising efforts have been meager and they're approaching a critical juncture. I don't feel like going into all the details, because that's not the thing I need to blog out tonight. The important thing is that they have a viable product, in an exploding market, and they have the skills to create it, but... they don't have the commitment required for building a startup. The willingness to think broadly outside the box and do whatever uncomfortable thing it takes to make it happen. And I'm done. Not in an angry way. Or at least, not in what I consider my usual angry way. I'm just resigned and frustrated by this fact. And a little bit amazed.
I guess I thought that the high failure rate of startups was due to just... failure. Like, you worked your ass off and did everything you could possibly do, and the market just didn't want it for whatever reason. It never occurred to me that a good share of startups might fail because the founders get into a tough spot and give up. But the one who has the "CEO" credentials, has not yet acquired the people/sales skills to close the deal on raising money. And the other *might* have that ability, but he doesn't think he fits the "CEO" title, and he also doesn't think that a non-CEO can raise money. And, while they are willing to hire a seasoned CEO after this initial fundraising round, they're both convinced that no CEO-type person would come onboard now. And all I hear is "can't can't can't and we're not going to try." I can't even fathom this. I would try all those solutions until one fit, or they all failed, and then I would feel ok with calling it quits. But it's almost like - they see that, and they see how much work it might be, and they're just ready to quit instead.
I'm not going to say 2 years has been wasted, because I think this journey has been really valuable from both a personal growth perspective and for our family, and even if it doesn't go further Matt will have benefited greatly from it in his career. But I basically told them that they need to meet face to face this week and figure out what their level of commitment is, because if it's not there then it's time to fire the employees, shut down the office, and move on to the next thing. 2 years is enough time to know if you're in or out.
(Sorry, this was a frustration blog. It highlights all the negative thoughts and not enough of the awesome proud thoughts I have for these guys. Some days you just have to rant.)
(Written Nov 2017)
I guess I thought that the high failure rate of startups was due to just... failure. Like, you worked your ass off and did everything you could possibly do, and the market just didn't want it for whatever reason. It never occurred to me that a good share of startups might fail because the founders get into a tough spot and give up. But the one who has the "CEO" credentials, has not yet acquired the people/sales skills to close the deal on raising money. And the other *might* have that ability, but he doesn't think he fits the "CEO" title, and he also doesn't think that a non-CEO can raise money. And, while they are willing to hire a seasoned CEO after this initial fundraising round, they're both convinced that no CEO-type person would come onboard now. And all I hear is "can't can't can't and we're not going to try." I can't even fathom this. I would try all those solutions until one fit, or they all failed, and then I would feel ok with calling it quits. But it's almost like - they see that, and they see how much work it might be, and they're just ready to quit instead.
I'm not going to say 2 years has been wasted, because I think this journey has been really valuable from both a personal growth perspective and for our family, and even if it doesn't go further Matt will have benefited greatly from it in his career. But I basically told them that they need to meet face to face this week and figure out what their level of commitment is, because if it's not there then it's time to fire the employees, shut down the office, and move on to the next thing. 2 years is enough time to know if you're in or out.
(Sorry, this was a frustration blog. It highlights all the negative thoughts and not enough of the awesome proud thoughts I have for these guys. Some days you just have to rant.)
(Written Nov 2017)
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