Wanna know the tea from candid chats between startup leaders?
A few insights inspired by the best in the biz!
Last month, in both LA and NYC, I brought together IRL many of our 100 founding members. These are some of the most remarkable people in the next gen consumer startup world. And it was everything - real proof of the kinship I described in our previous newsletter.
It was also an opportunity for folks to discuss some of the challenges they’re facing, and receive some advice from their peers - or at the very least, a little empathy! A true judgment free safe space.
I was in the uniquely privileged position to hear some of the reflections and insights discussed. Sharing a couple with you below:
Fundraising is even more brutal than usual, particularly for first-timers
A lot of folks have encountered investors who were outright hostile towards them.
Why is that?! The reality is that a lot of investors are keeping their powder dry, and simply not cutting cheques right now…which is totally fair. Arnold Rothstein’s line from HBO’s Boardwalk Empire comes to mind - “When you have no move, Mr. Thompson, you do nothing.”
Disclaimer: please let me assure you that I am NOT evangelizing about a gambler in an HBO show about gangsters - this newsletter does not mimic those IG posts you see for “elite men”! But VCs are gamblers, and this is just how many of them think.
What does seem a little suss though, is the vim with which some investors seem to be eviscerating founders who pitch them. I’m sensing that passing on a founder’s pitch in the most aggressive way hits their pride far less than just admitting that their shop is closed atm.
If you’re going through this right now, try not to be too disheartened - at least for too long! Perseverance is the key, and 100 no’s and then a yes, is a yes! The market won’t always be as tough going as it is right now.
The trick is for you and your venture to still be in the game once things do become more abundant. Those who make it through this rougher patch will truly thrive when things pick up again.
We need community and support more than ever
So many folks who are now freelancers or fractional consultants shared with me how that work inherently leaves them feeling lonely.
Some founders who have become parents were virtually shaking me by the shoulders, saying they need peers who are living a similar experience!
People who have swapped the grungy and rat-riddled streets of NYC for suburban life all shared how much they crave connection with like-minded folks.
I think we miss how frictionless accessing it once was, you know… before the Covid panna cotta.
My advice is to try your best not to become an island, or indulge the martyrdom of doing your best soloist Hercules impression. Sure, that habit has likely got you this far, but taking the time to find and connect with your people energizes all parties. I’m very much yelling loudly at myself by typing this out!
Supporting one another can be the difference between landing the next big career opportunity, or being stuck in work you’re ready to move on from - or even stuck between jobs.
BU Community Wins:
Congratulations to BU founding member Laura Kilberg, who announced that she’s joined the modern day travel agency Fora Travel. Very excited to see what they achieve together!
Betsy Fore, another BU founding member, continues to do impactful work through her community organization, Natives Rising. They empower indigenous communities through tech careers and entrepreneurship. Betsy shared how they made history through their inaugural Indigenous STEM camp in DC, and we love to see it!
Founding member Nathaly Sanguino recently revealed the launch of her branding design & strategy house, Studio Trine. After previous stellar work as Head of Brand at The Clear Cut, we’re anticipating big things as she gets busy building!
Jobs –- email if you’d like an intro:
Comfy lingerie and underwear brand MeUndies is hiring a Director of Digital Product, Creative Director, and VP, Growth & Retention Marketing. It’s worth noting that MeUndies is LA-based, and have a hybrid schedule where team members are in the office Tuesdays through Thursdays.
Founding member Brittany Tomkiewicz has put the word out that premium travel bags brand Lo & Sons is hiring a Director of E-Commerce.
Beauty startup Jones Road Beauty is hiring a Growth Marketing Manager.
Men’s personal care and grooming brand Huron is also recruiting an E-Commerce Growth Marketing Manager.
Thrive Causemetics, the luxury vegan + cruelty free beauty brand is hiring a Social & Digital Engagement Manager.
Until next time, bye Barbie! The struggle is indeed, real:
Cheers,
JT