Look for a player-coach who can bring you to the next level, is forward-thinking and anticipating what’s to come, and is using analysis to show you what’s working, what’s not, where opportunities are.
TweetShareShare As part of our Founders + Funders NYC 2019 summit, co-organized with Seneca VC and SheWorx, we brought together an exciting group of startup founders and investors for a day of learning, networking and growth.
From the very beginning, you need a Pioneer who can kind of come in where there’s nothing and create an MVP – maybe it doesn’t always work, or it’s very slow. Then you bring in the Settlers who will take it up to the next level, so it’s ready for a bigger audience. It’s much more reliable. Eventually, you’ll be ready for the Town Planner who brings everything to the next level, makes it all faster, scalable, and totally reliable.
Cash management: cash is always king but also especially at this stage. Pioneers tend to also moonlight in a bunch of different ways. They may be responsible for payroll or real estate. Maybe the People function, they’re kind of helping out in HR as well. The name of the game at this stage is somebody who’s forward-looking. Pioneers are typically backward-looking, dealing with past financials. A Settler is forward-looking.
Your Settler will help you to think through resource allocation – are you putting your resources into the right projects? And are those projects paying off as expected? They can play a key role in fundraising from a support perspective because, again, that financial model will be important as you go through due diligence. Your Settler will typically be managing all of that. They’ll also be able to bring your systems and processes to the next level.
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