SO.... We got the funding to start moving and now this is one of my favorite times
KICK OFF
You make a long list of things:
Designers - Check
Website - Check
Copy Writer - Need to find
Cataloges - Need to learn
Accountant - Check
Legal - Check
And so it goes forever, the only difference is that finally you can actually make decisions and not just discuss generalities. It feels so good, everyday you push it all a bit forward.
I basically view my role as a big coordinator or more specifically like the role of Operations Officer in the military - checking up with EVERYONE that all is going according to plan, addressing issues prior to them developing and motivating the troops.
Along the way I am also learning what to do in 3 - 6 -9 months forward.
For instance, last week I met in Boston a cool company called BzzAgent - www.bzzagent.com - they are a Word-of-mouth marketing network working with 600K consumer volunteers and they are helping spread the word fast about ones product - since I have limited resources I thought this can be a cool option and I met them at their office and really liked the guys, which stands together with one of my principals of trying to work with people I like.
This week I am off to NYC for a week and have many meetings aligned there and then off for the summer to San Francisco where I will mostly focus on creating the website and social networks awareness and will learn from the best there
Enough for now
A
Thursday, June 3, 2010
Tuesday, May 18, 2010
He who persist wins
It has been ~ 4 months since I last updated my blog, well it is not that I didn't have what to write about but it was basically the fact that the funding, which I expected to close in X months took 3X time.
I had numerous opportunities and pressure to leave this journey and pursue something else if not just to get more stability in life and a steady income - but many friends that I am thankful for supported me and more than anyone my amazing wife was there beside me in sleepless nights and troubling times - and for this I am very greatful.
Well I finally closed the first batch and now the ball shifts to my court and I know that I need to deliver and make the amazing machine that switch fancy slides to actual products and sales. For some reason, and maybe it is just my nature, I prefer to have some control over it and am not too scared (although I know it will be very difficult), I spent the last year talking to countless people, researching the market from so many angles that I feel quite confident (until proven otherwise).
In the last 3 months what I basically done was prepare all of the needed plans - marketing, website, manufacturing, sales strategy, product development etc' - just waiting for the day I will get the funding to turn the switch on and take all of the plans from the drawer.
It gets very lonely and frustrating during the funding phase, and it feels like you are begging at times for money - which no one enjoys and although I feel like I am selling a true proposition it still feels like it. It is also a place where you feel very thankful and appreciative to people that went with you and supported you at that phase - it creates a certain loyalty and bonding that I can remember only from my military days - it is quite interesting but I feel a lot more tight with my investors money than with money of my own and also I really want to succeed for them and not just for me.
Since I was able to raise ~ $500K at this round I am guarding the safe very much and we adjusted our business plan to a lower budget than what we raised to remain prudent and with the permission of our investors kept the round open for 6 more months and $500K more.
In the coming days I am holding all of the kick-off meetings and renegotiating some contracts to adjust to our current funding levels, very soon things will start moving in hyper drive and I can't wait, I am also moving with my wife to San Fran for the summer (she is pursuing her summer internship there is Credit Suisse Private Bank), while I am looking to meet west coast partners and buyers, creative people to help develop more products and educate myself better with regards to using the web to create more awarness to Sabi via social networks, twitter etc' etc' and there is no better place to do so than out in the West, also to connect with some good friends and enjoy living there.
That's it for now - can't wait to start moving and hoping there will be more to update soon
A
I had numerous opportunities and pressure to leave this journey and pursue something else if not just to get more stability in life and a steady income - but many friends that I am thankful for supported me and more than anyone my amazing wife was there beside me in sleepless nights and troubling times - and for this I am very greatful.
Well I finally closed the first batch and now the ball shifts to my court and I know that I need to deliver and make the amazing machine that switch fancy slides to actual products and sales. For some reason, and maybe it is just my nature, I prefer to have some control over it and am not too scared (although I know it will be very difficult), I spent the last year talking to countless people, researching the market from so many angles that I feel quite confident (until proven otherwise).
In the last 3 months what I basically done was prepare all of the needed plans - marketing, website, manufacturing, sales strategy, product development etc' - just waiting for the day I will get the funding to turn the switch on and take all of the plans from the drawer.
It gets very lonely and frustrating during the funding phase, and it feels like you are begging at times for money - which no one enjoys and although I feel like I am selling a true proposition it still feels like it. It is also a place where you feel very thankful and appreciative to people that went with you and supported you at that phase - it creates a certain loyalty and bonding that I can remember only from my military days - it is quite interesting but I feel a lot more tight with my investors money than with money of my own and also I really want to succeed for them and not just for me.
Since I was able to raise ~ $500K at this round I am guarding the safe very much and we adjusted our business plan to a lower budget than what we raised to remain prudent and with the permission of our investors kept the round open for 6 more months and $500K more.
In the coming days I am holding all of the kick-off meetings and renegotiating some contracts to adjust to our current funding levels, very soon things will start moving in hyper drive and I can't wait, I am also moving with my wife to San Fran for the summer (she is pursuing her summer internship there is Credit Suisse Private Bank), while I am looking to meet west coast partners and buyers, creative people to help develop more products and educate myself better with regards to using the web to create more awarness to Sabi via social networks, twitter etc' etc' and there is no better place to do so than out in the West, also to connect with some good friends and enjoy living there.
That's it for now - can't wait to start moving and hoping there will be more to update soon
A
Monday, January 11, 2010
The Journey continues
Well - the new year has started, we went to the West coast for some much needed break (some Snowboarding in Tahoe, Napa and visiting some good friends).
Since this all fund raising process has been going on forever and I have no income coming I had to reevaluate the venture (also got several calls from Head hunters, which always makes you think) - However, I came back from the trip more pumped and charged than ever.
I think a big part was due to a discussion I had with two good friends who said - let's say you are taking this nice lucrative job in X company, then in a year you will probably be in the same position as before, it is not trivial to have a cool idea that you believe in and we would have switch positions with you in a second if possible.
I know it will be a tough road but I am even more convinced than ever that I have something great in hand and that I can make a difference and make it happen.
From the second I came back from the break all I can do is reach out to potential investors, work on the financial models to update some of assumptions, build a secondary model assuming a lower investment sum and fine tuning the product offering.
Many entrepreneurs say that it is always hard at the beginning and in a way it is "You against the world" - well it never scared me before and I am confident I will be triumphant coming out of it...
It is also a good point to mention that it is great to have some investors who believe in me and are still sticking with me although some of the initial momentum has died off - I am really appreciative of it - won't be forgotten.
That's it for now
A
Since this all fund raising process has been going on forever and I have no income coming I had to reevaluate the venture (also got several calls from Head hunters, which always makes you think) - However, I came back from the trip more pumped and charged than ever.
I think a big part was due to a discussion I had with two good friends who said - let's say you are taking this nice lucrative job in X company, then in a year you will probably be in the same position as before, it is not trivial to have a cool idea that you believe in and we would have switch positions with you in a second if possible.
I know it will be a tough road but I am even more convinced than ever that I have something great in hand and that I can make a difference and make it happen.
From the second I came back from the break all I can do is reach out to potential investors, work on the financial models to update some of assumptions, build a secondary model assuming a lower investment sum and fine tuning the product offering.
Many entrepreneurs say that it is always hard at the beginning and in a way it is "You against the world" - well it never scared me before and I am confident I will be triumphant coming out of it...
It is also a good point to mention that it is great to have some investors who believe in me and are still sticking with me although some of the initial momentum has died off - I am really appreciative of it - won't be forgotten.
That's it for now
A
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