Louis Buys

Someone asked me: "As a founder, what do you do to mitigate the mental load" The most effective for me is to meet other founders. And one I like is Arnaud Rubeck. We go back 5 years and catch-up every now and then. Every time we chat we go right into some challenges we have and try to help each other. Yesterday was on sales overall and more specifically the challenges to nail your ICP. Many gurus will tell you "just experiment" - which is exactly how you know they don't know sh#t. In our Glorious industry it's certainly a lot of work to really know them, but that will be for another post. My point here is, only founders understand what it means to be a founder - and Arnaud is the best cockroach I know. Always bouncing back, always doing the work, you never see him but he's always there. Seriously, the stories he has to tell are a mix of absurd setbacks, timely miracles, and ridiculous persistence and grit. Our real, open, transparent chats as founders is priceless. PS: He's not really on Linkedin so let me help him out a bit: check out his new venture SansDebt, fresh out of the previous Iterative batch 💪🏻.

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𝗧𝗵𝗲 𝗳𝗶𝗿𝘀𝘁 𝘁𝘄𝗼 𝘀𝘁𝗮𝗿𝘁𝘂𝗽𝘀 𝗜 𝘄𝗼𝗿𝗸𝗲𝗱 𝘄𝗶𝘁𝗵 𝗵𝗮𝗱 𝘁𝗵𝗲 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗿𝘂𝗻 𝗶𝘁 𝘁𝗼 𝘁𝗵𝗲 𝗴𝗿𝗼𝘂𝗻𝗱. This week, I sat down with a post-Series C founder who had founded and run the company for years but successfully handed the reins to a professional CEO a few years ago. The company is now XXXm in revenue. And, he is doing what he does best now, invest and build startups again.  What struck me, was his self-awareness and humility. #Foundermode has been such a trending discussion this month with various views on why founders are the best people to run the company they had founded, even as it scales.   I may be a contrarian but as someone who has worked with more than 100 Founders over the last 10 years, I do not necessarily agree.  Some may say that I am in no place to comment since I have never been in the shoes of a tech founder, and that might be true too. But in my opinion, we all have a time and place for everything, and it takes humility, deep self-awareness and courage to know what works best for the company we founded.  I am writing an article on this with more in-depth examples, if anyone has a story to share or an opinion, please ping me or message in comments?

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"We got turned down by 76 investors. They said the market wasn't big enough." This was the experience of Tope Awotona while trying to secure funding for his startup, Calendly. Fast forward to 2021: Calendly raised $350 million at a whopping $3 billion valuation. This isn't just a success story. It's a $3 billion wake-up call about your "mental founder template" and the costly blind spots it creates. Your typical founder archetype: • Young (early 20s-30s) • Male • White or Asian • Ivy League dropout • Tech background • Silicon Valley based But what if this template is costing you the next unicorn? Tope Awotona: • Nigerian-born entrepreneur • Georgia State University graduate • Former salesman • Founded Calendly at 30 • Based in Atlanta 👉🏽 Pattern recognition bias is crippling investors. It transforms your mental shortcuts into rigid barriers, severely limiting your vision of what success looks like. Forward-thinking investors are challenging the status quo: 💎 Reverse Pitch Days: Investors pitch to diverse founder groups, expanding networks and inverting power dynamics. 💎 Sector-Specific Diversity Initiatives: Targeted programs to support underrepresented founders in specific industries, addressing unique challenges. 💎 Bias-Aware AI in Deal Flow: Implementing AI tools that flag potential bias in investment memos and decisions, prompting reflection. 💎 Community-Led Due Diligence: Involving diverse groups of industry experts in the evaluation process, broadening perspectives beyond the traditional investor network. 💎 Founder Shadowing Programs: Investors spend time "in the trenches" with founders from underrepresented backgrounds, gaining new market insights and challenging assumptions. Here's the million-dollar question (or dare I say, billion-dollar question): How are you redefining "pattern recognition" to discover the next Calendly? Your answer could be worth $3B.

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The collapse of Mara, a crypto startup backed by Coinbase highlights several critical issues that have far-reaching implications for entrepreneurs and venture capital (VC) investments in Africa. + Mismanagement of Funds Mara’s downfall was primarily due to the mismanagement of funds, as evidenced by the substantial salaries of the C-suite executives, ranging from $170,000 to $600,000 annually. In the context of an emerging market like Africa, where startups often operate on lean budgets, such high salaries for executives are unsustainable and suggest a misalignment of priorities. Startups, especially those in their early stages, need to allocate funds judiciously, focusing on growth, product development, and market expansion rather than excessively compensating their executives. + Leadership Instability The leadership team's disintegration further exacerbated Mara’s challenges. Effective leadership is crucial for the success of any startup, particularly in the volatile and rapidly evolving crypto sector. + Impact on Entrepreneurs For African entrepreneurs, Mara’s failure serves as a cautionary tale. It underscores the importance of prudent financial management, transparent governance, and responsible leadership. Entrepreneurs must recognize that building a sustainable business requires more than just securing funding; it necessitates a clear vision, disciplined execution, and ethical management practices. Mara's downfall may lead to increased scrutiny from investors, making it more challenging for new startups to secure funding. Entrepreneurs will need to demonstrate not only innovative ideas but also robust business plans and sound financial practices to gain investor trust. + Effect on VC Investments From the perspective of venture capitalists, Mara’s collapse could lead to more cautious investment strategies in Africa. VCs may become more stringent in their due diligence processes, focusing on the financial management capabilities and governance structures of potential investments. This increased scrutiny could slow down the pace of investments but ultimately lead to a more robust and resilient startup ecosystem. There is a potential silver lining here. Mara's failure might prompt VCs to provide more than just financial support; they could offer strategic guidance, mentorship, and governance oversight to ensure their portfolio companies are on a path to sustainable growth. This could foster a more supportive and collaborative investment environment, benefiting the broader African startup ecosystem. + Rebranding to Jara The decision to rebrand to Jara is an attempt to distance itself from its troubled past and start afresh. While rebranding can be a good strategy to signify a new direction, it must be accompanied by substantive changes in management practices, corporate governance, and financial oversight. https://lnkd.in/e9DJ6BqP

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