{"id":51137,"date":"2020-06-19T17:32:19","date_gmt":"2020-06-19T17:32:19","guid":{"rendered":"https:\/\/dtworks.wpengine.com\/?p=51137"},"modified":"2021-03-09T02:45:59","modified_gmt":"2021-03-09T10:45:59","slug":"startup-world-wisdom-from-the-ages","status":"publish","type":"post","link":"https:\/\/downtownworks.presstigers.dev\/startup-world-wisdom-from-the-ages\/","title":{"rendered":"Startup World: Wisdom from the Ages"},"content":{"rendered":"\t\t
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If you are running a startup in today\u2019s post-virus world order you also need two pockets so that you too can reach into one or the other, according to your needs.<\/p>\n\n\n\n

While I am certainly no rabbinical scholar; I\u2019ve always been moved by the story told of Rabbi Simcha Bunam of Pzhysha who apparently once said to his students that \u201cEveryone must have two pockets, so that he can reach into the one or the other, according to his needs. In his right pocket are to be the words: \u2018For my sake was the world created,\u2019 and in his left: \u2018I am but dust and ashes.’<\/p>\n\n\n\n

In your right pocket are the words: \u2018My startup will never raise another dime and the world is coming to an end\u2019, and in your left: \u2018this is the greatest business opportunity ever for my startup to gain market share and build a meaningful and enduring business\u2019.<\/h5>\n\n\n\n

One of the few benefits of getting older is hopefully obtaining a little experience and perhaps even some wisdom through the years. As a startup survivor who got through both the dot-com crash in 2000 and the great recession after the financial collapse in 2007; I\u2019d like to share a few thoughts for founders as well as some resources. As a little background, at Simplexity \u2014 our entire purpose is to help founders. We do this through Simplexity Venture Studio (our venture fund and studio) and through Simplexity Services (our services company that handles the finance, accounting, and administrative matters) for many of the top early-stage venture-backed companies. (www.simplexity.co<\/a>)<\/p>\n\n\n\n

Right Pocket: the world is coming to an end<\/strong><\/h4>\n\n\n\n

Really know your current financial situation and your obligations. Don\u2019t kid yourself. You need to immediately look honestly at your entire financial position. My partners and I have backed a company called Knowbility (https:\/\/knowbility.org\/<\/a>) and they\u2019ve been working hard to create a new financial insights platform for both founders and their investors (now in an invite-only beta) and they will allow you to use the product for free if you reach out via email to info(at)knowbility(dot)co<\/strong><\/a>. This tool will allow you and your investors to see what\u2019s really been happening with your business and also scenario plan collaboratively.<\/p>\n\n\n\n

\"Graph<\/figure><\/div>\n\n\n\n
\"Graph<\/figure><\/div>\n\n\n\n

Communicate; clearly and often. VC\u2019s worlds have also changed; almost all of their energies have shifted to triaging their portfolio companies instead of looking at new opportunities. You need to demonstrate that you understand the new world order; that you are taking prudent and decisive actions to preserve cash and extend runway. They say that parents are only as happy as their least happy child; well this applies to VC\u2019s and their portfolios. This is time to demonstrate your leadership ability and to keep their confidence that you are adapting to survival mode. Once you formulate a plan; don\u2019t be bashful to ask for bridge money or a round extension. Don\u2019t be proud on valuation; be kind and even overly-generous to your angel and venture investors. Be proactive in offering them a deal; warrants can be your friend right now. Anyone who steps up with a checkbook to support your business should be rewarded and appreciated.<\/p>\n\n\n\n

You\u2019d be amazed by what you can renegotiate; but again; you need to first really understand all of your agreements, contracts and obligations. Our team at Simplexity Services are pros on accounting and they are happy to speak with you for a free talk to make sure you know what to do or even help you do it as a virtual partner. They\u2019ve also partnered with a law firm that is strong on contracts and another great labor attorney. Don\u2019t assume you have to live with your current reality; use every legal and practical tool available to you to reduce your fixed cost structure and get creative. If you\u2019d like an introduction to our Services team; just send me an email to cliff(at)simplexity(dot)co<\/strong>.<\/p>\n\n\n\n

Left Pocket: this is the greatest business opportunity ever for your startup<\/strong><\/h4>\n\n\n\n

The most important thing I think I\u2019ve learned in startups is the difference between hiring patriots and mercenaries. Patriots are authentically devoted to the startup\u2019s mission, product, customers and the team and mercenaries are really only driven by money. This is a time for patriots. As you are forced to weigh profoundly difficult choices in staff reductions; make sure you balance skills, compensation, and the ability to work with the remaining team members \u2014 and only keep patriots.<\/p>\n\n\n\n

But if you are running a startup; it\u2019s also time for you to be at your best. Physical and emotional health are paramount; even Presidents have taken vacations in wartime. We are all limited by what we normally do to manage stress and keep healthy; find new ways quickly to take care of yourself or you won\u2019t be able to effectively take care of your company.<\/p>\n\n\n\n

This is a time to deeply interrogate the value that your product and company honestly provides to customers. If it doesn\u2019t provide real value, joy or ROI \u2014 then pivot, hibernate or even return capital so that you have goodwill with investors for a new day and a new vision.<\/p>\n\n\n\n

However, if your product is strongly suited to today\u2019s new world-order \u2014 go for it! You can now suddenly hire amazing people far easier and for less compensation. You can advertise more effectively and with less money than anytime you\u2019ve ever witnessed. After the virus crisis abates; the business press will be searching for new companies that made an impact. Act and position yourself by imagining the story that you\u2019ll want to be told. Then make that story come to fruition.<\/p>\n\n\n\n

Be bold and creative for new funding sources. Even though Morgan Stanley had long since been a startup\u2013 I urge you to find your inner John Mack (the former CEO of Morgan Stanley) who saved his firm in the financial crisis by getting a check for over $8 billion from Mitsubishi when everyone thought the Japanese couldn\u2019t and wouldn\u2019t move quickly. The point is not that you need $8 billion, but don\u2019t be bashful going to customers and channel partners for creative funding. This is a time to call on every business relationship and goodwill you\u2019ve ever earned in your life.<\/p>\n\n\n\n

On behalf of my partners and colleagues at Simplexity, we hope you and your families and teams will stay healthy during this crisis.<\/p>\n\n\n\n

We are here to help.<\/p>\n\n\n\n

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\"Downtown<\/figure><\/div>\n\n\n\n

A Premium Coworking Community built by entrepreneurs for entrepreneurs who want to reach higher<\/p>\n\n\n\n

Connect with Us on Social Media!<\/p>\n\n\n\n

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619.535.967<\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

If you are running a startup in today\u2019s post-virus world order…<\/p>\n","protected":false},"author":4,"featured_media":50744,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false},"categories":[31],"tags":[],"table_tags":[],"yoast_head":"\nWisdom from the Ages | Flexible & Shared Office Space<\/title>\n<meta name=\"description\" content=\"Startup World: Wisdom from the Ages Read Downtown Works' informative coworking and shared office blog, as well as why we're the best coworking space! 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