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Tag: startups

  • IT budgets should increase in 2024, but it still could be tough going for startups | TechCrunch

    IT budgets should increase in 2024, but it still could be tough going for startups | TechCrunch

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    I think most people would agree that 2023 was a challenging time to be a startup. There were lots of layoffs as companies struggled to make the transition from growth to profitability. Meanwhile, sales cycles were longer and many startups struggled to grow at a decent pace.

    As we start to see the economic signals improve a bit with inflation letting up, the cost of money dropping, and most currency headwinds decreasing, you would think that 2024 might be shaping up to be a better year.

    Not necessarily.

    We are in a new era, one where money won’t flow so freely, and according to the experts we spoke to, we won’t see a bounce-back again anytime soon. This means that startups that aren’t well capitalized right now could continue to struggle in 2024, and the flipping of the calendar isn’t going to change that.

    What does it all mean for startups entering 2024? It means they have to prove their worth more than ever. It means they need enough cash to ride out long sales cycles. It means they have to fight for their piece of enterprise budgets, and that, possibly, 2024 could look a lot like 2023.

    The budget outlook

    A good starting point for budget discussions is what the proposed budget looks like. Analyst firms like IDC and Gartner predict IT spending each year, although they generally adjust throughout the year as the reality becomes clear.

    IDC is predicting 6.8% growth, which is up from 5% last year. This number looks at hardware, software and services but excludes any telecom spending. Meanwhile, Gartner is predicting a bit higher at 8.2%.

    The overall upward trend has to be good news for startups, which are looking to enterprise buyers to lift their businesses. But John-David Lovelock, a Gartner analyst who looks at IT budgets, says while 2023 was a year of getting more efficient, that doesn’t mean that just ends with the new year.

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    Rebecca Szkutak

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  • Fintech's wild ride in 2023 | TechCrunch

    Fintech's wild ride in 2023 | TechCrunch

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    Welcome back to The Interchange, where we take a look at the hottest fintech news of the previous week. If you want to receive The Interchange directly in your inbox every Sunday, head here to sign up! 

    What a year

    This is the last edition of The Interchange for 2023 — it’s hard to believe that the year is almost over.

    It was an eventful 12 months, even if funding was down. We saw a bunch of M&A activity (read about it here, here, here and here), BNPL made a comeback (sort of), new fintech-focused venture firm capital raises (Flourish and Vesey), some startup shutdowns (Daylight is one example) and more layoffs than we would have liked.

    And, remember when FedNow went live in the U.S. in July? At the time there were 35 financial institutions on the list, and five months later, more than 330 of them are in the network.

    It’s never a dull day in the world of fintech. For a broader look back, stay tuned before year’s end for a deeper dive into the top fintech stories we reported on.

    Until then, we wanted to take this opportunity to give heartfelt thanks to all of you, our readers, for supporting us throughout the year. We know you have a plethora of fintech newsletters to choose from, so the fact that you signed up for this one, and keep coming back, means the world to us.

    As we head into 2024, we wish you and your families a wonderful holiday season and a New Year ahead filled with much love, peace and happiness. We are grateful for you. — Mary Ann and Christine

    Weekly news

    Christine reported on layoffs at Bolt, an e-commerce and fintech company, which was at one time the subject of a federal probe. The company, via a spokesperson, confirmed the one-click checkout company laid off 29% of its staff. In an emailed statement, the Bolt spokesperson said the company made the cuts to get Bolt to “an operating model optimized for sustainable growth and efficiency” and so it could set itself up “with the speed and agility required for the next phase of our business.” We’ve been following Bolt for years, and this new round of job cuts is the latest in a handful of other layoffs made since 2022. In May 2022, Mary Ann reported at least 185 employees, or one-third of its workforce, were let go. Bolt, which provides software to retailers to speed up checkout, raised around $1 billion in total venture-backed funding and at one time was valued at $11 billion.

    Mary Ann reported on a couple of high-profile executive departures this week. She broke the news that Credit Karma co-founder Nichole Mustard would be stepping down after more than 16 years at the company. Mustard’s decision to step down marks the third known high-profile executive departure at Credit Karma in 2023. Then she wrote about how Opendoor co-founder Eric Wu is leaving the real estate fintech company after 9 years to get back to his startup roots. Notably, Wu has been investing in startups during his time at Opendoor. According to Crunchbase, Wu has backed dozens of companies, including Airtable, Scribe, Roofstock and the now-defunct Zeus Living.

    Over on TC+, Jacquelyn Melinek wrote about the fact that while Robinhood’s foray into crypto isn’t necessarily new, the company is still trying to expand its efforts there — even in groups that have typically strayed from the platform. “I think crypto has always been made by very technical people and for technical people,” Johann Kerbrat, the general manager of crypto at Robinhood, said on the Chain Reaction podcast. “At the end of the day, I think customers, when they use crypto, they don’t really care what is the protocol under it? What is the network that you’re using? They just want the thing to work.”

    Other items we are reading

    Google Pay to add BNPL options early in 2024 (In October, Apple made Apple Pay Later available to all users in the United States, after initially releasing it to a limited number of users back in March.)

    Visa acquires Brazilian fintech Pismo in USD$1 billion deal (See TechCrunch coverage on how the Pismo/Visa acquisition initially came about.)

    Dallas’ Apex Fintech Solutions files for IPO in its second go-public bid

    Melio rolls out real-time payments

    HR tech platform Checkr moves into payments for gig workers

    Deel launches a compliance hub

    Repay partners with Green Dot to enable cash-based bill payment

    Klarna plans to replace workers with AI to drive profitability

    Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says  (Head here to read a Q&A Mary Ann conducted with Dave’s founder in March.)

    Funding and M&A

    As seen on TechCrunch:

    SumUp taps €285M more in growth funding to weather the fintech storm

    Comun channels local banking approach to serve Latino immigrants

    British International Investment backs India’s Aye Finance in $37M funding

    Hyperplane wants to bring AI to banks

    Kapital secures $165M in equity, debt to provide financial visibility to LatAm SMBs

    Prevu’s home sale process gives credit to home buyers with cash-back rebates

    Seen elsewhere:

    Stairs Financial platform launches to help first-time homebuyers

    Waste management payments firm CurbWaste raises $10M

    Fintech startup Pontera raises $60 mln, plans more hiring in Israel

    January closes $12M Series B funding

    Necto raises $8M in seed funding

    HSBC backs Aii’s decarbonization grant fund

    E-commerce lender SellersFi secures Citi-led credit facility

    Image Credits: Bryce Durbin

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    Christine Hall

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  • Startups and physicians must unite to empower women's health | TechCrunch

    Startups and physicians must unite to empower women's health | TechCrunch

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    Women’s health has been under-researched, underfunded, and underdeveloped since “women’s health” was even a thing. Historically, investigation of women’s health concerns is prioritized by level of lethality (cancer) and propagation of the species (fertility) — two of the most developed and funded areas of women’s health. However, we’re out of luck regarding anything related to quality of life, everyday issues women everywhere face.

    As the physician founder of a four-year-old women’s health company, I have a backstage pass to the complicated relationship between physicians and founders in women’s health. Through these interactions, and as a member of both groups, I developed a plan that will benefit the future of women and our health through collaboration between the medical community and innovators.

    Only 30 years ago, through the NIH Revitalization Act of 1993, researchers funded by the National Institutes of Health (NIH) were required to enroll women and ethnic/racial minorities in clinical research trials. Even then, the vast majority of these trials were not designed to address the needs of women from our perspective.

    Need some examples? Here are a few of my favorites:

    • Oral contraceptives. When I was a resident and early attending, I used to joke that “birth control” needed a rebrand. Why? We OB-GYNs use it for everything: prevention of pregnancy, heavy cycles (fibroids or adenomyosis), irregular cycles (PCOS), painful cycles (endometriosis), PMS, PMDD, and acne. Bring me a woman’s health condition, and the current medical advice likely is to prescribe birth control.

    To be clear, I’m not anti-contraception, as it’s a game-changer for people who don’t desire pregnancy. As women, we have made leaps and bounds of progress since contraception was made widely and commercially available — likely the reason that I, a female doctor, am in the position to write this today.

    But after 60 years, why is birth control still the go-to treatment for all of these other severe and vital conditions that cause serious problems (chronic pain, missed work, depression, anemia, infertility)? It feels like we found something that was “good enough” and then failed to invest in the actual causes and targeted treatments for each of these conditions that are affecting billions of women every day.

    • Endometriosis. Endometriosis causes debilitating pelvic pain for more than a week each month, infertility, excruciatingly painful sex, diarrhea, painful bladder, and immensely heavy bleeding with long and irregular periods. This is the daily reality for more than 10% of women living with endometriosis (and that number is likely an underrepresentation), a disease where the lining of the uterus (the endometrium) travels to other parts of the body and wreaks havoc. Doctors are still taught “theories” about why this might happen, but we still don’t know.

    In addition, there’s still no noninvasive way to diagnose endometriosis, meaning women must have surgery to accurately ascertain whether endometriosis is causing their symptoms. Doctors often want to avoid surgery at first, but without any other way to diagnose endometriosis, women are left without answers and, as a result, don’t get adequate or definitive treatment. This is a tragedy for women, resulting in an average of 10 years of these horrendous symptoms before a diagnosis is made. It’s unacceptable.

    • Women’s sexual health. Women make up 51% of the population, and 43% of women have sexual health problems, including low desire and trouble with orgasm, arousal, or lubrication. It’s been reported that 70% of women will experience pain with sex during their lifetime. Most people (even doctors) don’t know these numbers because the sexual health of women continues to be shrouded in embarrassment and shame. This is in stark contrast to men’s sexual health, for which there are dozens of FDA-approved medications (compared to 2 for women), copious resources from urologists, and advertising for men’s sexual health interventions (pay attention during the Super Bowl). I spent two weeks in an erectile dysfunction clinic at the VA as a medical student. I received one hour of women’s sexual health training as an OB-GYN. Even as a woman, I didn’t realize this was an issue until after several years of practice. My patients were begging me for help and I had none to offer.

    There is also a more insidious social problem to consider. I grew up knowing my grandmother wore daily panty liners for urinary incontinence and hearing about period pain, referred to as “Eve’s curse.” People of all genders have gender norms in which we are expected to conform and participate, and the traditional one for women is to grin and bear it.

    Women’s health, as it has existed for the past 200 years, is dead. One hammer for all of our problems will no longer suffice.

    While we can all agree objectively that this is absurd, this line of thinking is so deeply rooted in us as women (and expected of us by our non-female counterparts) that it often makes the idea of questioning these “truths” sound selfish, whiny, unnecessary, and weak. Do we think we are unique? This flawed thought process is demonstrated as compliance with the status quo that has plagued even me as a woman, an OB-GYN, and a women’s health advocate.

    As a result of this historical ignorance of the many issues that affect women and their bodies, women have been suffering. As a physician since 2007, I have witnessed this silent suffering change to a growing roar. Women have voices, and we feel the power to use them. We share stories on social media. We visit our OB-GYNs and ask questions:

    • How many years left do I have to have a baby?
    • What is the best time in my cycle to strength train?
    • Why am I so tired all the time?
    • Why is all my hair falling out?
    • What is going on with my period?
    • Why is sex so painful for me?

    And are met with far too few answers. This broken experience results in massive frustration for the patient and the physician. Patients want and expect their doctors to know more and do more, and their doctors need to include data and research to speak to these concerns in an evidence-based way.

    The patient-driven solution

    Hundreds of women’s health startups have popped up in response to this growing frustration rage. There is a clear market need for these solutions, and if medicine won’t address them and insurance won’t pay for them, then the private market will. You can find anything from supplements (for almost anything) to platforms that support women with PCOS, menopause, autoimmune disease, pregnancy, postpartum, and more.

    As a founder in this space, most companies I am closely acquainted with have a heartfelt mission, either from the patient’s perspective or from someone who saw a genuine market need. However, funding is challenging for startups in women’s health. For conditions beyond oncology, women’s health receives only about 1% of the total venture capital funding that has been allocated to healthcare.

    This creates an extremely tight budget for women’s health startups to educate the world, create a new market, develop a product or service, and market solutions to a previously unactivated audience. This leaves very little, if any, funding to create the research needed to support these interventions.

    Unfortunately, this patient-driven approach often creates even more challenges in the patient-physician relationship because of the need for more data to support these interventions. Patients find out about these options and then ask their physicians about them, only to be met with no answers because, from a data perspective, those answers don’t exist. On the other hand, medical marketing without the necessary data to support interventions is seen by the medical community as predatory.

    The result is an understandable but growing discontent between women’s health startups and the medical community that undermines our desired outcome: better health and care for women.

    The collaborative solution

    I propose that women’s health innovators and physicians meet in the middle. We agree that our system is broken and needs a path forward. This path includes both innovation and the data to support those interventions, and the two are synergistic.

    Women’s health startups must include qualified medical professionals from the idea’s inception to when the idea turns into a company. This needs to be regular and ongoing, not just as an adviser ad hoc. These valuable professionals can answer this question: Does existing data support this approach? If not, what is the most efficient way to get some early validation and share that with the medical community? Does this marketing message drive a wedge between women and the medical system, or will it support the physician and the patient? The most successful examples of healthcare solutions have physicians and other healthcare “insiders” who understand the limitations and needs of the medical system from day one.

    For those looking to connect with physicians interested in innovation, seek out innovation divisions of large academic hospitals, access one of the many groups of physicians interested in nonclinical work, and create and activate your network to make these connections happen. Physicians can be the door women’s health needs to have the success, credibility, and longevity it takes to win in this space.

    To establish credibility within the medical community, start by sharing what is known in your space, illustrate your company’s hypothesis through storytelling, and work quickly to prove or disprove the theory. I’ve worked with grad students on required research using our internal data to generate and present numerous studies at a low cost. This relationship creates value for your company while offering these young professionals an opportunity to work with novel data in the startup environment.

    Physicians also need to understand the world of startups and innovation for this to be successful. Our training must include paths that make it easier to support innovation if we want to successfully evolve the ecosystem to meet the needs of the patients we care for so deeply. This will require a complete mind shift for many of us. We are not “abandoning our patients” if we leave clinical practice — we are making our wholehearted attempt to serve women better, forever, to change how the world thinks about women’s health. Who better to support and lead that effort than OB-GYNs arm-in-arm with innovators and patients?

    The best way to start this work is to reflect on the evolution from paternalistic medicine (a system in which doctors told patients what to do and they did it) to one of shared decision-making (where physicians present their knowledge and recommendations and patients decide what is best for them). We need this evolution outside the exam room in research, development, and innovation. We can rebuild women’s health to truly meet the needs of our patients (and ourselves) if we rewire how these systems work.

    Women’s health, as it has existed for the past 200 years, is dead. One hammer for all of our problems will no longer suffice. Dismissing women’s suffering and pain because “that’s how we’ve always done it” has to be in our past. Patients must demand that their care be personalized, comprehensive, and, most of all, not paternalistic. They want to be heard, not comforted or placated. They want to be seen and have their specific needs addressed directly. Sadly, the way the old system was built did not give us the answers to these problems that face us today. We need to know more, and we need to know more now. To build effectively and efficiently, we must combine the patient’s voice with the relevant evidence to support proposed interventions.

    Founders and physicians should not move forward with an “us versus them” mindset

    The same system that failed women has failed the caregivers of these women. If we all take a breath and realize that we are working toward the same goals, then we can work collaboratively to achieve those dreams in a way that will continue to support women rather than undermining the work that both groups have dedicated their lives to. If physicians can open their minds and rethink their role in innovation, and startups involve the perspective of the physician in every decision from the beginning of their company’s journey, we can create the version of women’s health that we all want to experience and can set the standard for healthcare as a whole.

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    Carrie Andrews

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  • Failed Startups Raised $27 Billion in Funding This Year: Report | Entrepreneur

    Failed Startups Raised $27 Billion in Funding This Year: Report | Entrepreneur

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    This article originally appeared on Business Insider.

    Startups are having a pretty grim year.

    Just over $27 billion in venture funding was raised by the 3,200 startups that failed in 2023, The New York Times reported, citing figures from startup tracker PitchBook.

    That’s close to the amount raised by startups from venture capital in the third quarter of 2023 ($29.8 billion), according to accounting firm EY.

    However, the $27.2 billion figure likely underrepresents the true scale of the cash burn, as many companies will have failed without any fanfare. And notably, the tally doesn’t include major losses from public companies or those that were acquired.

    For instance, coworking company WeWork raised more than $11 billion before its IPO, and filed for bankruptcy in November. And college financial aid startup Frank was acquired by JPMorgan in 2021 for $175 million, before being shuttered in January over fraudulent customer figures.

    This year’s seen a string of high-profile startup failures. Pizza startup Zume, which raised nearly $500 million, shut down in June after struggling to make its pizza automation technology work.

    Convoy, the freight startup that was once hailed as the “Uber for trucking” and raised more than $1 billion, shut down in November.

    This year’s startup troubles led Tom Loverro, a general partner at investment firm IVP, to call it a “mass extinction event” for startups.

    These troubles stem partly from the decline in funding. There’s been a drought in VC funding compared with 2022, with $104.5 billion raised in the first nine months of the year versus $183.9 billion in the same period last year, per EY.

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    Kai Xiang Teo

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  • Sona launches its music streaming platform and marketplace to reward fans for buying 'digital twins' of songs | TechCrunch

    Sona launches its music streaming platform and marketplace to reward fans for buying 'digital twins' of songs | TechCrunch

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    Sona is a new web3 streaming protocol that uses DeFi primitives (decentralized finance basic building blocks) to put the financial power back into artists’ hands with its rewards model, auctions and ad-free streaming. Sona emerged from stealth today, announcing the open beta launch of its first product—Sona Stream, a free music streaming service with zero subscriptions or ads combined with a marketplace where artists share music and auction off SONAs, “digital twins” or digital assets of songs that can only be owned by one person at a time.

    Alongside the launch news, the company also announced its $6.9 million seed funding round from Polychain Capital, Haun Ventures and Rogue Capital. The funds will be used to develop new features and hire engineers.

    Sona’s marketplace allows artists to auction their SONAs to collectors for 24 hours. They set a minimum price and sell to the highest bidder, getting instant liquidity. What’s most notable is that the owner of a SONA receives 70% of the streaming payout rewards based on a pro-rata share of total streams on the platform. Meanwhile, artists get 30% and the company takes a 7% fee. Plus, the rewards pool is funded from a percentage of SONA sales, meaning each purchase supports all artists on Sona Stream. In the future, Sona will include other transactions like tipping, merchandise, ticket purchases, stem downloads and fixed-price audio downloads for DJs

    “It’s pooled every two weeks and then redistributed to every artist and collector, proportional to how much [the specific song] is streamed,” co-founder Laura Jaramillo explained during a private demo. “So, you’re paying artists for their work quickly, incentivizing the creation of that work, and then also rewarding the people that are actually supporting those artists.”

    The main idea with SONAs — and music NFTS in general – is that it encourages fans to invest in their favorite artists and promote their work. In this case, when a SONA owner shares the song on social media, their followers are directed to Sona Stream, helping the streaming service grow its user base and earn revenue at the same time. And unlike other music NFTs, SONAs are unrelated to royalties from other streaming platforms. Rewards are from the Sona ecosystem only.

    “The artist and rightsholders retain 100% ownership of the original song — so that’s a bit different and why we don’t really see ourselves as a music NFT platform. We’re focused on the relationships between artists and fans,” co-founder Jennifer Lee, aka producer and DJ TOKiMONSTA, told us. Last year, TOKiMONSTA sold 100 editions of her latest single, Loved By U, on Sound.xyz, a marketplace for music NFTs.

    Collectors must live in the U.S. and be at least 18 years old to buy a SONA. They are also allowed to sell and trade SONAs, both on Sona and third-party marketplaces.

    Sona’s streaming service is currently home to five million tracks by artists Rochelle Jordan, CRi, Adam Oh, Cakes da Killa, Gavin Turek, Dakytl, Aquiles Navarro and Sara Hartman, among others. By next year, Sona will have 16 million songs on the platform.

    Sona co-founders Laura Jaramillo and Jennifer Lee

    Jaramillo, a long-time NFT product designer, created Sona to help her mother Raquel Gonzalez, a Puerto Rican artist and activist, along with other independent artists who find it difficult to earn a living off their music.

    “I wanted to create something that ultimately my mom could use, who is running into some of the biggest challenges that an artist faces– building an audience and making sustainable revenue. I designed a protocol that she could use to monetize off those 100 to 1,000 true fans who want to show how much they appreciate her music, but then also have sustainable revenue coming in every two weeks and combat the fact that artists are not making that much on streaming. And if they are making something on streaming, they don’t see it for three to six months,” Jaramillo said, while also revealing to us that musical talent runs in the family. While her music career was short-lived, Jaramillo was 16 years old when she was offered a label deal.

    “The secret story is that when I was when I was in elementary school to high school, I was a competing songwriter and singer who represented Puerto Rico multiple times… The [music label] wanted me to drop out of high school, move to LA and be a Latin pop star. But that was the opposite of my music. I wrote music to help you go through catharsis, so I very quickly gave up on that dream because I was like, ‘Oh, they see me as what they could sell me as and not what I can create,’” Jaramillo said.

    “[Sona] is trying to make it easier for someone to enter music without completely selling out or being taken advantage of,” she added.

    Sona will host its first-ever auction tomorrow, December 7 at 8 p.m., featuring TOKiMONSTA’s Grammy-nominated track Rouge. Released in 2017, the song marked her monumental return to music after her battle with moyamoya, a rare brain condition.

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    Lauren Forristal

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  • Betting on beauty fads is big business | TechCrunch

    Betting on beauty fads is big business | TechCrunch

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    As a woman in her 20s with an Instagram account, I’ve witnessed the explosive rise and destigmatization of medical spa treatments. From the influencer I ran track with in high school posting promos for lip blushing and fillers, to constantly discussing buying a Groupon for Baby Botox with my friend Emily, these treatments have become a part of regular conversation in a way they haven’t in the past.

    The underlying medical spa industry has grown rapidly alongside its new popularity, too. Medical spas are projected to be a $30 billion business by 2030, according to a report by Grand View Research. And the American Med Spa Association reports that the number of clinics offering these treatments grew 62% from 2018 to 2022.

    Investors are starting to take note of this industry. Most of these medical spas — 81%, according to American Med Spa Association data — are independent clinics or small businesses. Private equity firms are starting to circle like vultures seeking out prime candidates for roll-up strategies. Startups are building tech solutions for these small businesses with VCs seemingly eager to back them.

    So when I saw that RepeatMD, a vertical SaaS company for the medical spa industry, raised a sizable $50 million Series A, I wasn’t surprised. But I did have one question.

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    Rebecca Szkutak

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  • Practical advice for B2B startups raising a Series A | TechCrunch

    Practical advice for B2B startups raising a Series A | TechCrunch

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    As the fintech market is gradually recovering from the turmoil of 2022, funding is expected to increase. Moreover, projects peg the fintech industry to reach $1.5 trillion by 2030, so the market saturation will only keep growing, leading to heightened competition for investor attention.

    In conditions where many companies struggle to establish themselves amid limited funding opportunities, completing even a Series A round is a powerful symbol of your fintech project’s promise.

    As a founder of a global B2B payment infrastructure company that raised funds in different market periods and successfully endured the previous year’s challenges, I want to share some of the techniques that helped us in our efforts to secure funding and stay afloat.

    To succeed, you must present a reason to buy it

    Preliminary research needs to be as thorough as possible. You must understand the exact manner of products you create, what market niche you are attempting to cover, who your key clients are, and how to reach them. When you have a tangible understanding of product-market fit, you can define what differentiates you from competitors and what value the product offers to potential investors.

    Transparency is critical when preparing for fundraising — investors should be able to readily access all the pertinent information regarding your business.

    Not only that, but you also need to showcase sensible traction, with clear indicators of the startup’s growth so far and how securing new funding would influence its development in the future. Growth tendencies should show the revenue output increasing at least twice a year. Present a specific request when attempting to raise funds through a round. The amount and the goals should be straightforward to the investors. Cohesively explain why you need $10 million (as an example), how long, and how you’ll achieve results during the indicated period. A concrete plan of action serves to inspire confidence.

    Business budgeting is essential. It is always better to showcase a growth forecast with a graph that goes up sustainably from quarter to quarter. If the growth line is jagged, this risks might scare off investors, who will likely think your project is too unstable for investment. Make sure the predictions are precise and not artificially bloated to look good. Doing anything less would undermine the trust of your investors.

    Set up a data room as an instrument to keep investors updated

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    Carrie Andrews

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  • Survive the Startup Graveyard — This CEO Reveals What It Takes | Entrepreneur

    Survive the Startup Graveyard — This CEO Reveals What It Takes | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    From startup to market maturity, there’s much to learn about scaling a business and your career. The harsh reality is that over 90% of startups don’t make it, and nearly 20% fail within the first year. So, if you happen to be among the minority of those who survived the gauntlet of challenges in the early years, first of all, congratulations. Second, you might be at a point where you need to scale in order to grow.

    As CEO of a leading SaaS company, I get a lot of questions about what it takes to grow a company while also learning to scale as a leader. I joined Pushpay in 2016 when the company was experiencing triple-digit growth year-over-year, with about 3,500 customers and less than 200 employees. Fast forward to today — the company is wildly profitable, has more than 15,000 customers, and has 500 proud employees around the globe. On paper, I certainly did advance from a senior manager to CEO in a matter of just six years. Yet the reality is that I had been preparing for a C-suite role for years. From owning my own consulting practice to leading a growing nonprofit organization, I have been investing in professional learning and leadership at every stop, paving the way to my role as CEO.

    Along the way, I’ve learned a few things about what it takes to reach the top — and spoiler alert, they’re all things you can do, too.

    Related: 10 Growth Strategies Every Business Owner Should Know

    1. Invest in mentorship and coaching

    A mentor recognizes your potential and encourages you to reach that potential. Reaching the top is difficult, but it’s even more difficult on your own. Find a mentor who will champion your interests and can act as a good sounding board as you continue to evolve in your career. A good mentor supports and guides you through the ups, downs and everything in between and gives you the nudge you need to accomplish things you didn’t think were possible. Establishing a relationship with a coach is also immensely valuable. A coach can help you develop skills in specialized areas, offer valuable feedback and challenge you to consider different perspectives. There have been times in my career when I was meeting with a mentor or coach weekly — or even daily — depending on the challenge at hand. From a corporate perspective, seek coaches and mentors who understand the challenges of your industry.

    I have received a lot of valuable advice and guidance over the years from these individuals who have influenced my leadership approach. Some tactical examples include:

    Creating a safe place to battle out hardpoints

    In preparation for challenging meetings or discussions, it’s important to practice and refine your talking points in advance. Create a group of trusted people to help you debate topics and use them to help you refine your talking points in advance of a presentation or discussion (think quarterly earnings announcements, investor calls or a business pitch). The entire intent of this group, and these sessions, is to challenge the status quo and to call out the hard points so you have practice in how to respond well.

    Never present a new idea in the boardroom for the first time

    Thoughts and pitches should be circulated and socialized in advance. This allows for an initial temp check and early buy-in so that at the Board meeting, the answer is a quick ‘yes.’ On the contrary, socialization also allows you to understand if there’s a debate to be had and allows people to be prepared to have that debate.

    Involve mentors and advisors in the talent acquisition process

    For most of our VP and above hires, and certainly all of our C-suite hires, I now invite mentors into the candidate review process. They are a critical part of helping build the scorecard and ensure accountability, which has been extremely helpful for me throughout my career. Involving a mentor or advisor also helps ensure you are hiring without bias.

    I attribute much of my success to the many mentors and coaches who have invested in me over the years. As you advance in your career, consider paying this forward by mentoring other aspiring leaders.

    Related: What Meaningful Mentorship For Women Employees Should Look Like

    2. Fail fast

    Taking risks can be terrifying, but to elevate your career, it is necessary to learn how to take calculated risks and embrace failure. Get comfortable with being uncomfortable. Taking risks challenges you and helps you strive for growth — and if you’re not pushing the envelope, you’re not innovating and evolving. Outweighing the risk versus reward is where the balance comes in. Does the potential failure have a significant negative impact on the business, or would it just be uncomfortable? If (and when) you do fail, the important thing is to be able to pick yourself back up, learn from the failure, move forward fast and improve for next time. When you truly embrace this approach as a leader and support it as a part of your culture, you’ll be amazed by the creativity and innovation that follow from your team.

    In fact, at Pushpay, we embrace, what we call a Blameless Culture approach, which actually originated from the healthcare industry. Moving from blame to promoting a culture of accountability creates trust and psychological safety within your organization and supports growth. At Pushpay, this approach has not only shaped our product and engineer development culture but has benefited our entire company as we work together to achieve our mission. One of the earliest examples I can remember of our team modeling a “Blameless Culture” approach was when a senior leader within our engineering team at the time (in our early startup days) accidentally deleted and lost a mountain of code. It was erased and lost forever, which in turn had some downstream impacts. While it felt like a devastating loss at the time, the team immediately shifted to a solution-focused mindset rather than lingering on the action of the individual. The blameless concept, at its core, is really about learning from failures, implementing those learnings to mitigate for the future, and coming together as a team to celebrate the failures as much as the wins.

    Related: Take the Risk or Lose the Chance

    3. Invest in tools that can help you scale

    Operating with a constrained budget is not fun in the early years and often dictates what investments you can make — especially when it comes to corporate tooling. However, one of the best investments you can make is in software and technology that will have a long-term impact on your business and customers. For example, Salesforce was an early investment for us at Pushpay and one that’s paid dividends as we’ve continued to grow and scale. At the time, it felt like the investment was more than we could justify as a company in its infancy. However, our leadership team understood how important it was to set a solid foundation to ensure we had the right tools in place to support customer relations, sales, marketing and more. From a customer and data management perspective, investing in the right tools helped set us up for success against our competitors in the years to come.

    4. Have a continuous improvement mindset

    No one ever has all the answers – not even the CEO. The path to successful leadership is filled with curiosity and continuous learning. There is a big difference between managing a team of five and leading a team of 500. Ask questions, don’t be afraid to admit you don’t know something, and relentlessly pursue knowledge and truth.

    As leaders, it’s also imperative that we maintain an edge for innovation and personal learning, as we’re responsible for inspiring creativity and innovation among our teams. I think it is critical that leaders are intentional about continuing to learn, improve and advance their skills. This is especially true for middle and upper managers, who often need to activate new skills and capabilities to scale departments. Having a continuous improvement mindset leads to small incremental changes that lead to significant improvement over time. What’s one thing you can learn or do today that will help you be a better leader?

    Be proactive in learning about the industry you are in and expanding both your hard and soft skills. Hard skills that are needed and necessary in advancing in most careers are things like data analysis, decision-making frameworks and performance management methodology. Soft skills include executive communication, cross-functional collaboration, networking and building effective business relationships.

    You can broaden your technology skills by achieving certifications and participating in training, conferences and other continuing education programs. Don’t wait for someone to raise their hand to inform you of industry innovations — take the initiative on your own.

    Related: How to Expand Your Business to Over 30 Markets in 5 Years — 7 Tips for Successful Growth

    5. Do the work

    It sounds cliche and almost crass, but there is no substitute for doing the work. In a world where AI is at our fingertips, and outsourcing is normalized — there is no replacement for digging in and problem-solving in an authentic way. Leadership is hard, getting a promotion is hard, and, as I mentioned above — growing and evolving in your career can be challenging. Simply put, successful leaders aren’t successful because of luck. They are successful because they have put in the time and energy and have prioritized hard work and professional growth. I’m not saying the hustle culture is the way to go here. In fact, as a society, I think we have shifted our mindset to better support a more harmonious balance of careers and home life. However, I firmly believe that success comes to those who put in the work, and oftentimes, that means outside of the standard “work day.”

    What are you doing outside the standard nine-to-five to help you grow as a leader? Are you spending some of your nights and weekends on passion projects that are helping propel you forward in your career? Are you initiating time with leaders or influencers in your industry? Much of my growth as a leader has come from a commitment to myself to maximize those moments and be intentional about what and who I am investing time with beyond the standard workday.

    The last piece of advice I would give to anyone climbing the ladder of success is to love what you do. A large part of success comes from finding clear purpose and meaning in your work. When your mind and heart are connected to what you do, this fuels you to come to work each day to do great things.

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    Molly Matthews

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  • Startups should consider hiring fractional AI officers | TechCrunch

    Startups should consider hiring fractional AI officers | TechCrunch

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    The AI skills gap is real. A recent study from Randstad, the recruitment company, found that job posts referencing generative AI skills have risen by 2,000% since March. It’s the third most sought-after skill set and one of the shortest in supply.

    The logical step for enterprise companies is to appoint a chief AI officer (CAIO) to kickstart their efforts. Earlier this year, Dylan Fox penned an opinion piece arguing that every Fortune 500 business needs a CAIO.

    “Companies that do not integrate AI into their product, operations, and business strategy will struggle to remain competitive — and fall behind those that do,” Fox wrote.

    It’s a compelling argument that makes sense at the enterprise level. But what about everyone else? Startups and scale-ups need to integrate AI just as badly — especially if they’re trying to fundraise in this AI moment. However, they often don’t have the resources or the organizational structure to support a senior executive focused exclusively on AI.

    This is where a fractional AI officer comes in. Fractional leadership is a recent workforce trend: seasoned executives with subject matter expertise working across two or more clients simultaneously, lending their talents to rapidly growing companies that need their specific skill set but can’t afford it full-time.

    Here’s the kicker: Having a fractional AI officer is superior to hiring full-time in one crucial respect. AI — especially generative AI — is such a new technology that breadth of experience across multiple companies gives fractional executives an edge over their full-time counterparts.

    The three stages of AI adoption

    While the promise of generative AI is significant, it’s hard for companies to establish a reliable ROI metric early in the adoption curve, especially in an environment where companies are expected to be more conservative in spending.

    Increasing productivity and workflow efficiency will likely be the No. 1 driver for generative AI adoption.

    Horizon 1: Workflow efficiency + productivity

    Due to the market challenges, companies are looking for ways to free up cash and lower spending to keep budgets flat in 2024. That’s why increasing productivity and workflow efficiency will likely be the No. 1 driver for generative AI adoption. A recent BCG study found that generative AI can drive significant improvements in workflows, operations, and internal tooling — participants who used GPT-4 completed 12% more tasks on average and 25% quicker than the control group without GPT-4. This is where we will see ROI first. Let’s call that Horizon 1.

    Horizon 2: Customer experience

    This is a great steppingstone into the next stage of generative AI adoption: improving customer experience. These days, customers expect drastically better — and more personalized — digital experiences. They’ll switch to your competitor if you don’t remember who they are or anticipate their needs. Generative AI can bring personalization to your digital experiences.

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    Carrie Andrews

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  • How to ensure an ethical acquisition for your startup | TechCrunch

    How to ensure an ethical acquisition for your startup | TechCrunch

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    When you build a startup, the best shot you have at seeing a big payday is becoming an acquisition. Sure, a handful of startups end up going to IPO. But the likelihood of acquisition beats your chances of going public by a ratio of 10 to one.

    Unfortunately, the exciting possibility of an acquisition leads new founders to make all kinds of mistakes. They end up losing out on much better deals, huge sums of money and even years of their lives stuck in post-acquisition work that they can’t stand.

    I know this from experience. In my early days as an entrepreneur, I ran into some of these pitfalls. In my work advising founders over the years, I’ve had many founders come to me too late, after they’d already fallen for some investors’ unethical practices.

    And since my company, Awesome Motive, has acquired numerous small businesses in ways aimed at helping them grow, I’ve seen that founders can take steps to ensure ethical acquisitions with founder-friendly terms. When they do, everyone comes out ahead — including the acquiring company.

    Here are some tips to watch out for when considering an acquisition, and how to protect yourself.

    Keep proprietary data hidden

    One of the most unethical things some investors do, oftentimes in private equity, is sensitive information mining. They convince you that they’re so excited about the possibility of acquiring your startup for a big figure, but first need to “learn more” about how you operate. At the same time, they may secretly have another company in their portfolio that’s considering offering similar solutions to yours, so they bait you into giving up your intellectual property and proprietary trade secrets.

    An acquiring company should be able to look at your revenue, costs, and other basics to offer a fair valuation without needing access to any of your secret sauce.

    Yes, you can have them sign an NDA and guarantee that they will delete any information and not share it with others. But they can’t delete it from their own brains. They can take what they learn from you and apply it elsewhere. I fell for this. I was a new founder and didn’t know any better.

    An acquiring company or group should be able to look at your revenue, costs, and other basics to offer a fair valuation without needing access to any of your secret sauce. Don’t let them see internal processes and other proprietary information until the sale has gone through.

    Keep deals simple — especially the terms

    One of my mentors told me, “You name the price, I name the terms, and I will always win.” I’ve seen this truth play out for founders all too often. They request a big price for an acquisition, which the other party seems to accept. That figure then goes high up in the contract, which makes it feel real.

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    Carrie Andrews

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  • Use LinkedIn to raise a Series A | TechCrunch

    Use LinkedIn to raise a Series A | TechCrunch

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    With investment activity reaching a three-year low in Q2 of 2023, it’s clear that we’re deep in the midst of a funding winter.

    However, founders with their Series A on the horizon are facing especially tough odds. Seed startups in the U.S. were least affected by the funding downturn as investors opted for smaller deals against more costly late-stage rounds. While this was good news in the short-term for new startups, there are now more seed-stage companies than ever in the pipeline and the average funding time between seed and Series A has stretched to 25 months.

    Having a stellar pitch deck will encourage investors to bet on your idea, but how can you convince anyone without first securing a meeting?

    In 2023, founders will need to actively court the attention of investors to get their foot in the door. LinkedIn provides an extremely valuable resource here. With more than 950 million professional members worldwide, the platform offers a vast database that can be used to research potential investors, build new connections and nurture these relationships with a methodical process that will directly set the stage long before it’s time to raise your Series A.

    Here we’ll break down a strategic four-step approach that will help to boost your reach and visibility with investor networks on LinkedIn.

    Grow your network of investors

    While it’s likely you already have several investors in your network, the first stage of the process will focus on increasing this pool significantly. A study exploring the success of job hunters on LinkedIn found that networking with weak ties (a larger set of people you know less well) resulted in more jobs than strong ties. For founders preparing to fundraise, the same science holds.

    Not every request will result in a new connection, but with patience and consistency, your pool of investors will begin to grow.

    As with any lead generation process, the ability to track progress and measure results is going to be central to this strategy. This means the first order of business is to compile a comprehensive database of potential investors.

    Take your time with research here. With LinkedIn, you have access to an immense directory, therefore uncovering a wide range of investors who are relevant to your startup won’t be achieved on the first couple of search returns. Starting with the most obvious keywords such as “investor” + “industry” is a logical starting point but you’ll want to get creative with your search queries beyond this. For example, many investors look to support founders from a specific background or fund startups that align with a certain impact cause, but finding these kinds of synergies will require you to cast your net wider by using the advanced search function.

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    Carrie Andrews

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  • BNPL expands beyond its roots — that’s a good thing | TechCrunch

    BNPL expands beyond its roots — that’s a good thing | TechCrunch

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    Many people in the U.S. associate buy now, pay later (BNPL) with the ability to pay off a clothing purchase or a Peloton in multiple interest-free installments. It’s also associated with the growing concern that the strategy makes it easier for younger adults to find themselves in debt after spending beyond their means.

    But that’s only one use case for BNPL, which are essentially just small interest-free loans. There is a growing group of startups looking to expand the BNPL model into other categories that are arguably more important than buying a new Apple Watch. Qomodo is one of them.

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    Rebecca Szkutak

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  • Veteran to visionary: What I learned in the marines about being a fintech founder | TechCrunch

    Veteran to visionary: What I learned in the marines about being a fintech founder | TechCrunch

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    My journey from being a humble immigrant to becoming a marine and, subsequently, a successful entrepreneur is a testament to the American Dream in action.

    According to the SBA, veterans are roughly 45% more likely to form their own business compared to people who haven’t served in the military. Veterans own almost 2 million businesses and employ over 5 million Americans.

    These statistics beg these questions: Are veterans naturally bred for entrepreneurship, or is there a profound connection between their military service and entrepreneurial success? Is there a unique synergy between the discipline, adaptability, resourcefulness and leadership skills instilled in service members and the qualities required to be a successful startup founder?

    The short answer: Yes. But fair warning for the veteran readers — don’t let that inflate your ego and convince yourself you’re a shoo-in. My advice for aspiring veteran founders goes beyond echoing the well-documented parallels between military service and entrepreneurship.

    As a fintech founder, I leverage technology to help others find economic stability, something my family lacked for many years. I was born in Baku, the capital of Azerbaijan SSR, a former republic of the USSR. When the Soviet Union fell, my family was forced to flee to Moscow, narrowly escaping the ongoing ethnic war on Armenians. After spending six years in Moscow as refugees, my family immigrated to the United States where I finished high school and then joined the marines.

    The marines provided a jump-start to my trajectory of creating solutions for much larger problems like access to banking in the cannabis and freelancing industries to now building StellarFi, the third fintech I’ve founded, designed to address a problem that plagues half of the American population: poor credit.

    Like many veterans, my enlistment was equally inspired by the desire to gain access and opportunities to achieve that American Dream and a deep sense of gratitude to the country. But my experience as a marine helped me understand that, much like the most crucial missions, the path to entrepreneurial success hinges on a combination of four vital elements: learning to disrupt the norm; maintaining an unwavering, resilient mindset; seeking partners who are akin to wartime allies; and tapping into the rich tapestry of veteran resources and networks.

    Always have the audacity to challenge the status quo and create solutions to combat it

    George S. Patton once said, “Take calculated risks. That is quite different from being rash.”

    During my deployment in Iraq, I encountered an inefficient supply chain at our base. We had waterlines that were constantly compromised, so we flew in water from somewhere else, then managed that infrastructure in a very inefficient way. We hired U.S. contractors who had no idea what they were doing rather than the locals who had worked on this base for years.

    According to the SBA, veterans are roughly 45% more likely to form their own business compared to people who haven’t served in the military.

    Running the risk of cleaning latrines for the rest of the deployment, I pitched the colonel who ran the base on a way to fix it. He pulled me from my unit to implement my ideas and run infrastructure for the 20,000-personnel installation. Finding deficiencies and optimizing processes became a part of my daily thoughts and motivations.

    Years later, as a federal bank regulator for the Office of the Comptroller of the Currency, I found myself challenging the status quo again in the way we supported and advised banks in optimizing their operations.

    In that setting, the status quo prevailed and I found myself frustrated. From this need to create solutions, my first startup, Tokken, was born.

    Forget the no-fail mission. You will fail. Get back up.

    Before you become an entrepreneur, ask yourself if there’s something else that you could do for a living. If the answer is yes, then do yourself a huge favor and pursue that other thing. If the answer is I absolutely can not do anything else but be an entrepreneur, then go for it.

    Tokken was profiled on the front page of the New York Times DealBook while still in beta mode. The problem we solved was payments and banking for cannabis dispensaries. The solution we created was to build our own rails using cryptocurrencies that would completely circumvent traditional financial rails.

    We had a meteoric rise in terms of traction and growth. Then the political climate around the industry became unstable and we lost many partners on the banking side. Tokken was dead in the water.

    In the spirit of the Marine Corps’ unofficial slogan, I had to improvise, adapt, and overcome after Tokken. Instead of ending my entrepreneurial journey and going back to the Treasury or some other financial services job, I decided to take the learnings from Tokken and start my second company, Joust, a neobank for freelancers.

    Find the investors you would go to war with

    After leaving the marines, I served as a contractor for the Corps’ special-operations command. My job was to facilitate unconventional-warfare simulations.

    During these role-play exercises, I would lead small teams of “local rebels” composed of volunteer marines. The special-ops teams would then attempt to befriend us, train us, and develop a coalition of rebels that would engage in combat with our common enemy. This strategy, otherwise known as asymmetric warfare, allowed us to reduce the number of actual marines who would go into battle, optimizing U.S. resources.

    Through my experience building three companies, I’ve learned that being a founder and building disruptive solutions means being a rebel. And rebels need wartime-ally investors who support their mission with guidance and resources while respecting their autonomy.

    They demonstrate loyalty and risk tolerance, particularly in dire circumstances. They possess an identical mindset to those special-op marines. They are willing and eager to “embed” with the founder and the startup team, and understand how the business is run and why it thrives.

    When looking for investors, find the ones who value an authentic, collaborative arrangement grounded in mutual respect and tolerance.

    The veterans before you have built a network to help you succeed. Use it.

    My last piece of advice is pragmatic. Find programs and people that will help you start and scale your business.

    There are countless programs for veteran entrepreneurs that can connect you to information, resources, and large networks of investors and fellow founders. Here are a few notable ones:

    While statistics affirm the connection between military service and entrepreneurial success, it’s imperative for aspiring veteran founders not to let this statistic inflate their egos, but rather to recognize that the entrepreneurial path, like military service, is fraught with formidable challenges.

    These pillars not only support your journey as a founder but also empower you to overcome obstacles, adapt to change, and achieve remarkable outcomes in the realm of entrepreneurship, potentially impacting thousands of lives in the process.

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    Carrie Andrews

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  • Before you found a startup, think about your personal goals | TechCrunch

    Before you found a startup, think about your personal goals | TechCrunch

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    In one of my past startups, I had a co-founder who had a pretty clear goal for himself: he wanted to make $1 million for every year that he worked on this startup, and he wanted to leave a positive impact on the world.

    I was struck by the clarity of that thought, and so I started asking other founders what their personal goals were. It turns out that a surprising number of startup founders aren’t really sure why they are running a company at all, let alone what their personal goals are.

    In this world of metrics and goals, I was left astonished by that. This isn’t just about a cohesive business model or a solid plan for your product or service. As a founder, you need to go deeper; you must have a lucid understanding of your goals for starting a company.

    The lure of entrepreneurship is undeniable: It offers the thrill of creating something new, the possibility of immense financial success, the chance to disrupt industries, or even the potential to change the world. Yet, the path is riddled with challenges and stress, which often make the comfort of a nine-to-five job seem immensely appealing.

    So why take the plunge? Why walk the tightrope of startup life? The answer is probably tied to your personal goals.

    If you’re looking to make a significant difference in the world, your startup could be the vehicle that drives that change. The world has witnessed the transformative power of startups like Facebook, Tesla and Airbnb. They began as small-ish initiatives driven by founders who wanted to alter the status quo. These entrepreneurs’ personal goals were not simply about profitability; they cared about creating a lasting impact.

    But how do you measure such an impact?

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    Haje Jan Kamps

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  • From WWE wrestling to global AI summit: The unlikely rise of Michelle Donelan

    From WWE wrestling to global AI summit: The unlikely rise of Michelle Donelan

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    LONDON — Britain’s tech chief is no stranger to dealing with big egos. She used to promote superstar wrestlers.

    U.K. Science and Technology Secretary Michelle Donelan’s past career as a marketeer for WWE wrestling may stand her in good stead at Bletchley Park on Wednesday, as she hosts representatives from more than 100 tech companies, countries and academic institutions on the first day of a U.K.-hosted summit which aims to grapple with one of the biggest challenges of our time — the rise of artificial intelligence. 

    Working at the fast-paced WWE was “very much like” being at her busy Department for Science, Innovation and Technology (DSIT), Donelan tells POLITICO — somewhat improbably — in an eve-of-summit interview at her sparsely-decorated office on Whitehall.

    The oddball world of commercial wrestling was also good training for politics.

    “It was an eye-opener to different personalities, and how to deal with those different personalities,” she says — ideal for “dealing with big egos, in terms of British politics.”

    A low-profile Tory MP who only bagged her first junior ministerial job in 2019, Donelan makes for a surprising compère for the first day of Rishi Sunak’s much-hyped AI summit.

    Unlike Sunak, the 39-year-old was no self-professed tech geek when she was entrusted with setting up his new science and technology department in February 2023. By her own admission she doesn’t regularly use generative AI tools like ChatGPT. 

    But Donelan, who was pregnant with her first child when she was handed the science and tech brief, has been wading through piles of binders detailing technical information as she tries to get to grips with the subject. Colleagues note admiringly (and sometimes despairingly) how she operates on just a few hours sleep.

    “I think my journey on this has been a deeper understanding of … just how vital it is that we do lead in this, that we aren’t passive, that we don’t wait for others,” she says.

    Summit going on

    Since February, Donelan has been laying the groundwork for a summit Sunak hopes will be one of the defining moments of his premiership, with the objective of convincing world leaders to agree on the risks posed by AI.

    She, like the PM, is concerned about the potential disruption artificial intelligence could pose. “The risks are very daunting, there’s no denying that,” she says, while acknowledging “there is a debate about whether they will materialize or not.”

    Her critics say the summit is wrongly focused on long-term risk, however, and argue not enough is being done to tackle AI’s more immediate threats.

    The U.K. is “way behind” in terms of bringing forward actual legislation, said Peter Kyle, Donelan’s opposite number in the Labour Party, who has not been invited to this week’s summit. Donelan’s department has not yet even published a response to its own consultation on an artificial intelligence white paper published way back in March, he pointed out.

    Donelan insists the summit is “only part” of the U.K.’s work on artificial intelligence, however and that it plans to say more about the white paper — a first step toward legislation — “by the end of the year.”

    “We’re not afraid to legislate. There will have to be legislation in this space eventually,” she says.

    But specifics are thin on the ground. She refuses to be drawn on “arbitrary timelines.”

    Surviving the hospital pass

    It was Donelan’s embrace of the government’s controversial Online Safety Bill, which she inherited in her previous ministerial role during the short-lived premiership of Liz Truss, which attracted the attention of Sunak.

    In the hard-fought Tory leadership campaign of July and August 2022, Truss and Sunak both promised to scrap parts of the bill focused on policing “legal but harmful” online content. It was Donelan, appointed as culture secretary by Truss, who was left to unravel those pledges.

    Her “no-nonsense” and “methodical” approach to the bill, and her willingness to take the views of her MP colleagues seriously, impressed Sunak when he arrived in No. 10 following Truss’ self-destruction.

    For that reason he kept her in post — and then chose her to set up the new department for science and technology earlier this year, according to a No. 10 official closely involved with that decision, granted anonymity to discuss internal government business.

    “I think Rishi, like me, can see that she is one of those effective secretaries of state that will deliver outcomes,” said former Education Secretary Nadhim Zahawi, whom Donelan worked alongside prior to her promotion to Cabinet.

    Finally getting the Online Safety Bill into law was a notable achievement. Donelan’s previous claim to fame had been her unwanted record of being the shortest-serving Cabinet minister in British history. She took the job of education secretary, and then resigned 35 hours later, in the chaotic final days of the Boris Johnson administration. 

    Child protection

    Donelan’s resolve to get the bill through parliament had been hardened by a one-to-one meeting with campaigner Ian Russell last November. His daughter Molly took her own life after viewing suicide content online.

    Donelan has kept the dossier of Molly’s posts handed to her by Russell at that private meeting, according to one U.K. government official. “From that [meeting] she was more determined to do something on child protection,” they said.

    “It was heart-wrenching to hear his story, and those of other bereaved parents and I felt very passionately that we had an opportunity to really make a difference on this and to and to change the nature in which we regulate the online world,” Donelan says.

    Her approach was strikingly different to the long line of Tory ministers who preceded her. Her willingness to simply pick up the phone to relevant business leaders — often bypassing official government channels — has won her admirers in the exasperated U.K. tech industry, which has endured a succession of different ministers overseeing a bill plagued by uncertainty.

    “It was a complete breath of fresh air when she came in,” said Dom Hallas, executive director of tech lobbying outfit the Startup Coalition. “At industry roundtables she is to the point and well-briefed, but she is also frank when something is not going to happen.”

    “She actually gets things done, which I would contrast with the previous [Boris Johnson-led] regime. She does listen and seems interested in trying to find out what various stakeholders think about things,” Julian David, chief executive of industry body TechUK, added.

    Donelan feels she has skin in the game. Her son was born in the spring, and the tech secretary says the new online laws make her “a lot more confident in his use of social media, when he’s old enough.”

    Donelan confirms, however, that being handed a new government department, while heavily pregnant, and about to take maternity leave, was no small challenge. 

    “I’m not going to lie. It’s a lot harder than I thought it was going to be. Before you have a child you don’t appreciate you are going to have things like ‘Mum guilt’,” she says. “It was easier in my head and harder in reality.”

    The long game

    Donelan’s unshowy style belies a burning ambition, according to multiple MPs and officials who have tracked her career to date.

    She told both the Mail on Sunday and the BBC’s Political Thinking podcast that she decided to become a politician at the age of six, after seeing Tory icon Margaret Thatcher on television.

    In 1999, aged just 15, she spoke at the Conservative Party Conference in Blackpool. She was just 26 when she first stood for election, as a no-hoper in the safe Labour seat of Wentworth and Dearne in 2010.

    Three years later she became the Conservative candidate for the Lib Dem held seat of Chippenham — going on to overturn a 2,470 Lib Dem majority in the 2015 general election.

    On arriving in parliament, Donelan’s ambition was obvious to colleagues. One recalls her immediately asking for advice on how to climb the career ladder.

    Soon after she took her first step up, as a parliamentary private secretary — a lowly unpaid aide to a minister — the Conservative whips’ office created a leaderboard tallying the workrate of the 40-odd MPs holding similar roles. Donelan led the way, smashing every target by a significant margin, one minister said.

    “If she’s given a task she will attack it like nothing else. I’m not so sure about the bigger picture stuff — wider strategizing and setting a direction herself. But give her a direction and she’ll go at it,” the same minister said. 

    In her private life, Donelan is a committed Christian who shies away from the darker side of politics. She is “extremely respectful of Cabinet colleagues,” another former government official who worked with her said. “She doesn’t seem to be involved in backdoor skulduggery. It is all very earnest, but it is working for her in a way that is quite refreshing.”

    Yet she raised eyebrows at the Conservative Party conference in October with a main stage speech clearly designed to please the grassroots and capture a few right-wing headlines. Donelan vowed a crackdown on the “creeping wokeism” she claimed is threatening scientific research — and went viral for all the wrong reasons.

    A difficult interview with the BBC’s Victoria Derbyshire at the same conference also landed her less-than-positive headlines.

    For an ambitious minister looking to wrestle her way onto the world stage this week, these are nothing more than hazards of the job.

    Emilio Casalicchio contributed reporting

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    Annabelle Dickson and Tom Bristow

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  • Catching up with Keith Rabois on the state of VC, his newest bet, and who he’s backing for president | TechCrunch

    Catching up with Keith Rabois on the state of VC, his newest bet, and who he’s backing for president | TechCrunch

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    Chances are that however busy you are, Keith Rabois is busier. He’s an active investor as a general partner at Founders Fund, the early-stage outfit co-founded 18 years ago by Peter Thiel. He’s also the CEO of OpenStore, the company that he co-founded in 2021 to acquire and scale commerce brands on Shopify’s platform. And he has two young children to chase around.

    He’s doing it all of it mostly from Miami, to which he moved roughly three years ago and from where Rabois talked with us recently about a lot of things. Among them was politics (he likes U.S. presidential candidates Nikki Haley and Governor Ron DeSantis, but compared Vivek Ramaswamy’s “foreign policy knowledge” to that of his two-year-old). We also talked about why his venture firm cut its newest fund in half, the deal in the Founders Fund portfolio that seems to have him most excited right now, and what he thinks of Marc Andreessen’s latest manifesto. Excerpts from our chat follow, edited for length and clarity. You can hear our longer conversation here.

    How big a fund are you currently investing?

    That’s a good question because we had announced a large amount that we wound up cutting in half. I don’t remember the official number.

    I was wondering when we might see this kind of thing happen. A million years ago, of course, Accel and some other venture firms reduced the size of their venture fund when the market turned.

    After we had the commitments, and we were proceeding, we realized that there wasn’t a great way to generate venture returns with that size fund in the world we live in.

    How much time are you actually spending at Founders Fund right now, given that you’re not just the co-founder but also the CEO of OpenStore?

    I’m a general partner at Founders Fund. That’s my primary activity in life, finding extraordinary entrepreneurs and giving them the advice, counsel and money so they can achieve their ambitions or increase the probabilities of success. Secondarily, I co-founded a company in Miami has roughly about 130 employees where I serve as CEO. Most of the people at Founders Fund have founded companies successfully. . . Obviously, it helps you generate returns because you have  proprietary deal flow [but also] your advice and counsel is probably more astute and more insightful. The process of actually running a company or building a company allows you to both commiserate with founders but hopefully also be insightful because you’re suffering through the same challenges.

    VCs co-found companies and sometimes run them as CEOs but not forever, typically. Is this a permanent state or will you hand this off to someone in six months?

    There are key milestones or key inflection moments, and when we achieve those goals and it becomes more [about] operational excellence and [less about] innovation and problem solving, maybe we consider a different model. But problem solving and confronting challenges with innovative solutions is something I can do really well.

    Marketplaces have long been interesting to you, of course. You also co-founded Opendoor. The first check from your newest fund went to Traba, which is a jobs marketplace that connects hourly workers with fulfillment centers. Is that right? Why is that interesting?

    Traba connects hourly workers to mostly “light industrial” is the official vertical, which is typically a warehouse and there are ad hoc events — like a major concert, where you need a lot of workers. Light industrials have massive markets — about $50 billion a year — and very few people have built products to serve that industry. Light industrial depends on variable staffing —  40% of all e-commerce occurs during the holiday season, so it doesn’t make sense if you’re running a warehouse to have full-time employees for the entire year. And there are other unique features and value propositions that business customers require in this vertical, and Traba is doing very well at defining it. Then you expand from there.

    You just led Traba’s Series B round, but it also raised a Series A last year led by your former employer, Khosla Ventures, and Founders Fund joined that round.

    Our history with Traba goes back to approximately June of 2021, when we led the seed financing . . .this is the third time  Founders Fund will be investing [and at a] significant increase in valuation, which is pretty rare these days.

    What’s its post-money valuation?

    I don’t know if we’ve disclosed that or not. I would say it’s increased meaningfully —  call it like 40% or more from the prior financing.

    Did you have a preexisting relationship with the founder, Mike Shebat?

    When I moved to Miami, he reached out to me on LinkedIn. At the time, he was still working as a product manager at Uber, but I kind of knew in the back of my brain that he wanted to found a company, so when he did start Traba, we were excited to lead that financing.

    Faire is another marketplace in which you’re involved. It connects indie brands and retailers. You’re on the board. Its valuation soared, too. It was assigned a $7 billion valuation in June of 2021, then suddenly a $12.4 billion valuation later that same year. I saw it raised a $416 million extension round last year, so what happens now? 

    It will be worth tens of billions of dollars. Literally, at YC Demo Day, when they presented, as they finished the presentation, I said, ‘That’s a $100 billion company right there.’ The founders are fantastic, the metrics are great, the market opportunities wonderful, even though most people missed it.

    But is there a down round before it goes public? It’s a tough market right now.

    I don’t think the company will need more capital.

    You probably noticed we did not lead either of those two financings. So other people may have been spending years paying prices that may or may not have made sense, right? But I think at Founders Fund. We were pretty disciplined at [Khosla Ventures] back in my day. My six years there were extremely disciplined. So if the rest of the world wants to lose money as venture capitalists, sometimes it’s in a founder’s interest to take that money, especially if they can parlay that into real traction. But fortunately a company like Faire has really good financials and is performing really well. I doubt we would do another private financing

    Are you doing a lot on the secondary market?

    We do occasionally buy secondary shares, we’re open to it. I wouldn’t say never, but very rarely will we buy secondaries without a massive substantial primary position [first], but we don’t have any aversion to buying a secondary.

    Are you an investor in OpenAI?

    We are. Founders Fund invested in the more recent financing.

    Of secondary shares — employee shares.

    Yeah, they are. It’s an extremely complicated transaction, but yes.

    Is this the round Thrive Capital just led, in a deal that valued the company at a reported $80 billion?

    No, the prior round.

    Last week, Marc Andreessen published his newest manifesto. What did you think of it?

    I mean, it’s directionally interesting. Obviously I believe in the future technology. I’m not one of these techno skeptics or I wouldn’t have been doing venture investing, angel investing or entrepreneurial endeavors for 23 years of my life.

    I don’t think it’s particularly unique in any in any real sense. But I think having a tangible, concrete document to rally people around, to remind people why we do what we do, to remind them that there’s lots of people who believe, is very hopeful actually. Because if you just read the New York Times every day, you’d be very depressed.

    You’re outspoken on the political front. I don’t really care about this personally, but I did see that you were backing Ron DeSantis and now you’re hosting fundraisers for Nikki Haley.

    I love the governor of Florida. We couldn’t be happier here. I think Governor DeSantis is by far the best governor in the country. I am supporting Nikki Haley for President. I think she’s phenomenal. I’ll be super excited when she’s the nominee; if she is, she’ll easily defeat Biden. Like, it’ll be like a landslide. So I’m excited about that. But it’s not a criticism of the governor. We do have restrictions. As you might know, I can’t actually give money to the governor of Florida. We have LPs that are state entities. So there’s very significant restrictions on VCs giving money to state elected officials, meaning even if I wanted to give money to him, I’m legally prohibited from it.

    But you also think she’s got a better shot.

    She is phenomenal.

    What do you think of Vivek Ramaswamy? He’s an entrepreneur. 

    I think he’s a clown. He’s a savvy businessperson, but I don’t think he realizes that politics is real, and it’s very serious and not something you just pick up on a dime. His domestic policy ideas are actually pretty good and directionally correct. Some of his cultural critiques are dead on. But his foreign policy level of knowledge is  literally like my baby. My two-year-old probably has better [sense] than he does. Two months ago at the Republican debate, he proposed defunding Israel, which would have been literally the most catastrophic decision by an American in 50, 60, 70 years. He’s trying to walk that stuff back, but he keeps making silly, uneducated mistakes. He makes Trump look incredibly disciplined and smart, which is, you know, an accomplishment in and of itself.

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    Connie Loizos

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  • How Matt Clifford became Britain’s most powerful tech adviser

    How Matt Clifford became Britain’s most powerful tech adviser

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    BRUSSELS — On a warm overcast afternoon in late September, Brussels’ digerati streamed into a cramped event space, just moments from the headquarters of the European Commission, to listen to the U.K.’s man of the hour. 

    Blonde and natty in a crisp white shirt and slim-fit navy suit, Matt Clifford — the British Prime Minister’s official representative for this week’s AI Safety Summit — ambled to the lectern with the smiling ease of someone who has delivered dozens of impromptu speeches. 

    The event, invitation-only and held under the Chatham House Rule, was just one leg of Clifford’s globetrotting, which has taken him from London to Washington and Beijing. These days, as he told POLITICO, he “can sleep anytime, anywhere.”

    Clifford has been weaving across the planet to talk to top policymakers and tech barons about this week’s Bletchley Park summit, which will focus on severe risks like AI-aided cyberattacks and weapon design, and on which Rishi Sunak has pinned his hopes for a legacy. Many tech CEOs have known Clifford for years; presidents and prime ministers had better get up to speed.

    A venture capitalist, chairman of the U.K.’s moonshot factory Advanced Research and Invention Agency (ARIA), and now an AI diplomat, 37-year-old Clifford has become one of the most influential people in British tech — just as post-Brexit U.K. scrambles to become a global beacon of AI rulemaking.

    The politician’s techie

    Clifford’s rise neatly maps onto the parabola of the U.K.’s tech industry: from curio, to jewel in the crown, to geopolitical tool. His debut came in 2011, just as then Prime Minister David Cameron was hitching his wagon to London’s burgeoning startup scene – dubbed the Silicon Roundabout. 

    A McKinsey consultant with degrees from Cambridge (medieval history) and MIT (computational statistics) Clifford yearned for a change, and a colleague handed him a report McKinsey had just published on the Roundabout recommending investment in nurturing tech founders. 

    Clifford jumped at the opportunity. He had grown up in Bradford — a northern English city scarred by deindustrialization — and taught himself to code because, he said, he “didn’t want to work in [fast food chain] Gregg’s.” 

    Together with fellow consultant Alice Bentinck, he founded Entrepreneur First (EF), an accelerator that invests in graduates to help them launch startups. EF would go on to build some of the U.K.’s most successful tech unicorns. 

    It also gave the duo an in to attend the monthly breakfasts Cameron held in No. 10 with London’s tech grandees. 

    Clifford’s affability has helped him develop a network spanning from European startuppers to Silicon Valley heavy-hitters — LinkedIn co-founder Reid Hoffman, an ex-board member of OpenAI, sits on EF’s board and prefaced Bentinck’s and Clifford’s 2022 book “How to Be a Founder”. 

    “Matt is a Swiss Army knife type,” said Dom Hallas, head of British lobbying group Startup Coalition. “But he’s also just, like, a really nice guy.”

    Alice Bentnick said that Clifford uses ChatGPT to write “storybooks” for his kids | Marco Bertorello/AFP via Getty Images

    Bentnick, his EF co-founder, said that Clifford thinks up murder mystery games for colleagues to solve, and that he uses ChatGPT to write “storybooks” for his kids. 

    During the pandemic, as the British tech industry teetered on the brink, Clifford worked with Hallas and others to convince the Treasury to launch an emergency £250 million startup fund. “Whether it’s regulation, incentives, the crisis moments of the pandemic or the collapse of Silicon Valley Bank, Matt has been critical for facing those challenges,” Hallas said.

    Clifford became the politician’s techie and the techie’s policy wonk. “He has cachet. He is very valued in the British tech community — which is in a way also why he’s valued by political people,” said Benedict Macon-Cooney, a chief strategist at the Tony Blair Institute for Global Change. But he is still a techie at heart. Clifford has taken a sabbatical from EF and plans to return after his summit work is wrapped up.

    Building a British DARPA

    After Boris Johnson triumphed in the U.K.’s 2019 general election, with tech-savvy enforcer Dominic Cummings in tow, Clifford started devoting more and more issues of his weekly newsletter, Thoughts in Between, to the subject of funding advanced science research. 

    He also launched a reading club focused on initiatives such as the Manhattan Project and the 1969 Apollo 11 moon landing that managed to “achieve exceptional collective output.” That was hardly by chance: Cummings (whose blog was included in the reading group’s syllabus) had made no mystery of his grand plan to create a “British DARPA” devoted to funding ambitious science projects, and it looked like he would get his way. 

    When the Advanced Research and Invention Agency (ARIA) was finally announced in 2021, Clifford would have had an easy case to make in his application for the chairmanship, to which he was appointed in July 2022: not only he had invested in technology companies for a decade, but he had written extensively about how exactly the research agency should work. [Full disclosure: Clifford also wrote about ARIA in a WIRED op-ed that I commissioned as an editor back in 2020]. 

    “Most of my policy work came out of that newsletter,” Clifford said. “It had three main topics: geopolitics of technology, AI, and science funding and accelerating – all my ARIA conversations originally came out of writing, week in week out, about it.” 

    Writing about AI in the newsletter, which was well read among both techies and policymakers, might also have bolstered Clifford’s credentials for his current unpaid work on the summit. Likely, so did the fact he is on first-name terms with many Silicon Valley technologists building advanced AI systems. In late summer 2022, some six months before OpenAI launched its most powerful model, GPT-4, Clifford was offered an early demo that left him “mind blown.” (He declined to say exactly how he got the demo).

    Clifford is enthusiastic about AI’s advantages, from better medicine to more efficient public services. But to reap those, he thinks, you first need to get the people on board — hence the summit. 

    “AI is not very popular with the public,” he said. “Therefore talking about safety is not to scare the public: it’s actually to reassure them so that we can capture the benefit.” 

    The summit’s own focus on tail risks, rather than present concerns such as AI-fuelled bias and disinformation, has sparked speculation that its agenda is inspired by effective altruism, a strand of utilitarianism popular in elite universities and Silicon Valley, some of whose adherents worry about evil, almighty AIs’ potential to kill off humankind.

    Clifford does not count himself as an effective altruist, although he seems generally sympathetic to their cause, going as far as speaking at a global effective altruism conference in June. “I have a lot of respect for a lot of [effective altruists and their] work but I’ve always been too much of a virtue ethicist to go all-in,” he said. Indeed, during his talk at the effective altruism event, he recommended that attendees read “After Virtue” by Alasdair MacIntyre — a thinker whose worldview is hardly utilitarian.

    Despite once being an “ardent remainer” and Sunak being a Brexiteer, Clifford and the PM enjoy a good rapport | Pool photo by Peter Nicholls via AFP/Getty Images

    He pushes back on the idea that the summit has been captured by the “doomer narrative” espoused by some effective altruists. “Talking of killer robots — I don’t think that’s helpful at all,” he said. “[The summit] is much more about how we avoid a misuse that turns the public so much against AI that you get a chilling effect on adoption?”

    Not a ‘political animal’

    The call from No. 10 asking Clifford to help with the summit came at the end of a long stretch of AI-related work. In late 2022, he helped conduct a government review of emerging technologies where the U.K. could have a crack at setting standards: Clifford put special emphasis on AI, which seems to have influenced Sunak’s thinking. 

    A few weeks later, in March 2023, he was appointed to help build the U.K.’s task force focused on advanced AI, or frontier models, and in May he orchestrated the meeting between Rishi Sunak and the CEOs of AI labs OpenAI, DeepMind and Anthropic, all of which are now on the summit’s invitation list. 

    Despite once being an “ardent remainer” and Sunak being a Brexiteer, Clifford and the PM enjoy a good rapport, which Hallas said first became apparent when the two were on stage together at Treasury Connect, a conference then-Chancellor Sunak organized in 2021.

    Politics rarely seems to factor into Clifford’s actions. “I’m not really a political animal,” he said. “My entire career I’ve been thinking about how to use technology as a source of leverage to make the world better.” 

    But over the past few years, and especially over the past few weeks, he has learned how to talk to politicians, and to win them over. “Politicians value that — being a successful entrepreneur, being a successful investor — I know what it takes to make technology work for people,” he said. “My starting point is: how do we get things done?”

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    Gian Volpicelli

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  • 5 Strategies for Building Your Business Quickly | Entrepreneur

    5 Strategies for Building Your Business Quickly | Entrepreneur

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    Opinions expressed by Entrepreneur contributors are their own.

    If there’s one thing I’ve learned working in tech and PR, it’s the grave importance of speed. Competitors are always on the lookout, and modern advancements are dropping left and right at a lightning-fast pace. Resting on your laurels is no longer an option — you need to think, act and move fast.

    Moreover, the modern customer has grown accustomed to instant gratification. In a nutshell, speed is their norm: They want their problems solved, their needs met and their desires fulfilled with a tap of their smartphone screens. In a world where ecommerce delivers products on the same day; where food can be ordered and brought to your doorstep in minutes, and where streaming services provide instant access to a vast library of entertainment, patience has become an alien concept.

    This shift in consumer expectations has made speed an invaluable currency for businesses. Those who can deliver their products or services faster, more efficiently and with a superior user experience have a distinct advantage. They not only attract more customers but also retain them.

    Here are some strategies and tips for building your business quickly:

    Related: 10 Tips That Will Help Launch Your Startup Faster

    1. Start your business now

    The first tip is simply to start your business right now. Why? Competitors are always on the move. If you want to dominate your category or lead an existing market with a new innovative offering, it’s important to stray from the waiting game

    “Time is money” is a cliche for a reason, and that’s because it couldn’t be truer. Keep in mind that if you’re not moving fast enough, your direct competitors will overtake you, capture the same market share and attract the same customers you’re targeting. The “first move advantage” is always substantial to establish authority and become the preferred choice of clients.

    Here’s a pro tip: Leveraging technology to speed up your business launch is always an advantage. Investing in business builders like Tailor Brands will exponentially increase your chances of success. This is a must-have, all-in-one solution that will simplify all the complexities of starting and running your business in one single platform.

    2. Crowdfunding and accelerators

    Raising capital is always a challenge. If you ask any entrepreneur about the biggest blocker of turning their entrepreneurial ideas into reality, it’s funding. But if you have the confidence that your product can disrupt an industry and solve a pressing problem, seeking investment through crowdfunding platforms or applying to startup accelerators might just be your next best move.

    Here’s a pro tip: When exploring crowdfunding, platforms like Kickstarter and Indiegogo can help you raise capital directly from a community of backers who believe in your vision. Make sure your campaign is well-prepared with a compelling story and clear value proposition to attract potential investors.

    For startup accelerators, research and select programs that align with your industry and goals. From financial support and mentorship to resources that catalyze growth, joining an accelerator can be a transformative experience for any up-and-coming entrepreneur.

    3. Networking and partnerships

    No man is an island when it comes to business building. You will need all the help you can get — from business advice, strategic partnerships, joint ventures and mentorship programs, to PR collaborations. You need to treat the business ecosystem as an interconnected web where you can get invaluable insights and guidance from seasoned entrepreneurs, business opportunities from more established players and fresh perspectives on your business ideas.

    Here’s a pro tip: Look beyond traditional boundaries. Attend industry events, seminars and conferences, both in person and virtually, to connect with like-minded professionals. Online platforms such as LinkedIn can also be powerful tools for expanding your professional network. Seek out mentors who have experience in rapidly growing businesses, or find opportunities for co-creating solutions with complementary businesses.

    Related: 5 Steps on How to Start a Business and Get It to Market, Quick and Lean

    4. Outsource and delegate

    Once you’ve built your business, it’s now time to build your team. Outsourcing roles and delegating tasks can significantly accelerate your business’s growth. Identify non-core functions that can be handled by specialists or third-party services. This frees up your time and resources to focus on what truly matters for your business’s success.

    While outsourcing and delegating tasks can be game-changers, it’s essential to find the right people with exemplary backgrounds. Consider using online platforms that connect businesses with skilled professionals from around the world.

    Here’s a pro tip: Websites like Upwork or Freelancer can be goldmines for talent acquisition. These platforms are your windows to a global pool of talents with a wide range of skills, expertise and experiences. From web development to content creation, these outsourcing websites offer a cost-effective and fast way to build your team and meet business objectives.

    5. Establish a bulletproof tech stack

    Once your business is running, it’s time to maintain the momentum and ensure that you can continue to operate efficiently and effectively. A bulletproof tech stack can make all the difference between success and failure.

    Treat your tech stack as the backbone of your operations. It can help you scale, optimize and streamline business processes that are often tedious. For example, a trusted customer relationship management (CRM) system tracks your interactions with customers and streamlines your sales processes, while accounting software ensures your financial operations are precise and efficient.

    Here’s a pro tip: When building your tech stack, consider the specific needs of your business while meeting the nature of your operations. Don’t look for overly complicated solutions — the simpler, the better. Asana is one must-have tool to efficiently track, manage and connect your projects across your organization. It’s straightforward, easy and user-friendly — ideal for any type of business of any size.

    Building your own business is not easy, but the rewards are unparalleled — like climbing a steep mountain where the steps are rough but the top view is spectacular. And while the ascent is a challenge, what’s important is to pick up your feet, establish your speed and embrace the elements that come with it. In today’s business world, change is fast and competition is fierce. Your upper hand will always be your ability to make big swings at a groundbreaking speed.

    Related: 4 Ways to Fast-Track Your Start-Up Success

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    Omri Hurwitz

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