After StartFast – Cash, Growth, Team
StartFast Demo Day 2016 was amazing. Ask anyone who was there. I am so proud of all the teams (CloudGuide, LuxeRoute, ParqMi, AppVuze, and SongCat), interns, and accelerator staff. I’m grateful to be a part of these entrepreneurs’ journeys. Now the teams will go on and I’d like to amplify some advice given them by Paul Singh, our Demo Day 2016 keynote speaker, “To make the transition from founder to CEO, you have to remember your three priorities are:
- Don’t run out of cash,
- Figure out how to keep winning new business, and
- Recruit the best people.”
I agree with this advice and the order of priorities. But while not running out of cash is the first priority, assuring growth is the first job. If a startup can show growth in revenues, then cash can almost always be raised. If not, well then investors aren’t going to be impressed.
For inspiration, 2016’s StartFast founders should look to the companies that came through StartFast before. For example, SpinCar built a sales engine that drives 300% year over year growth. Wyzerr recruited a great team, took them through The Brandery, scored big accounts like Walmart and Unilever and raised $1.5MM in angel capital. SmartyPans partnered with Marquardt, ran a successful crowdfunding campaign, crossed the $100,000 revenue threshold, and put their pan in the hands of celebrity chefs around the world. Hear their stories in their own words below.
We wish all the teams great success going forward and will continue our mentorship of them. For more information about investing in the StartFast Venture Accelerator and our portfolio companies, please reach out to me (email@example.com) or Nasir (firstname.lastname@example.org).
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