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A really excellent ”FAQ Friday” webinar from Dublin and Cork about all things #startup and #scaleup at 13h today with @RayNolan @irlTopper of @teamwork @BrianCVC. Here are main points that I took. Osclaím snáithe. 1/18
1/18. A lot more interest now in remote working. @teamwork has always worked this way. Big things are no fightin, no fightin, no fightin in chat. If you must fight do it by phone. Also schedule deep work time when its not allowed to ping each other @irlTopper
2/18. Tough times are great to build culture. Your customers and employees will remember how you treated them in bad times much more than in good. Call people and let them know you care. @irlTopper
3/18. A/B testing goes out the window at times like this. No-one is behaving conventionally so it´s less about optimising and more about blue sky experimenting. It´s a time to propose new directions e.g. three bits of software you have could become one with you @irlTopper
4/18. Know your zero cash date. Do some scenario planning, if 20% down, 30% down, 40% down etc. Don’t be the CEO that doesn’t take the paycut (even if no-one else will know). Position yourself for the end which will come @irlTopper
5/18. Never be afraid to charge a high price. Customers associate quality with price. Has seen customers choose the expensive product even when the cheaper one is the same. @irlTopper
6/18. Don’t run your business on the hope of one big deal. Startups have been led up the garden path by big Companies. Paperwork all done but no signature. Much less risky to rely on many not just one. @irlTopper
7/18. Watch your metrics. Live with your metrics. Pull the damm plug if it´s only going in one direction. Try new angles. What have you got to lose? Give it away on trial for free, If you get them now, they will stay forever. @RayNolan
8/18. In a time of crisis is when all the startup bullshit goes away. It´s not just cash or growth, it´s both. Is there a business model there or is there not? If you create the value, you will get the money in. (Note to Ed: various swear words removed) @RayNolan
9/18. If fundraising. Speed is everything, take the cash, stay alive. 40% of nothing is nothing. If you hit a rut, make an eyecatching proposal e.g IF we hit $$$ in 6 months, THEN you get upside. For investors, “money has no loyalty” they go where the return is. @RayNolan
10/18. Err of the side of keeping people that you have taken the time to hire. There is loyalty if you treat people well. Cut to the minimum but be ready for the upturn. @RayNolan
11/18. Travel and tourism is ... ahem ... stressed right now but they good news is that when it recovers, there will be pent up demand. People will be desperate to travel having been cooped up for a month. @RayNolan
12/18. Opportunities now out there for M&A rollups. Join with other startups, maybe enough to get an AIM listing. Its amazing how two companies when put together can be worth much, much more. @RayNolan
13/18. Expects macro picture to be much worse than people are saying. Sectors like E-commerce that expect to benefit are just not benefiting. One he knows is 90% down. People just tuning out completely. @BrianCVC.
14/18. Great opportunity to acquire new customers, especially if you can virtualise a physical interaction. What offers can you make? Get creative. Pitch needs to be about a NOW problem not a tomorrow problem. @BrianCVC.
15/18. Funding is going to be different for a long period of time. Extend runway (pay reduction), close ASAP if in conversation. Don´t haggle, get the money in. Convertible Note is easiest way to close: legals are easy, take valuation out of the conversation @BrianCVC
16/18. In a crisis, communicate communicate, communicate. Your employees, investors, suppliers know conversations are happening. If you don’t tell them what´s going on, you could lose them @BrianCVC
17/18. If you have to cut, be strategic, Keep R&D as they are hardest to hire. Downsize with the view to scaling up again. Salary cuts are easy to reverse if things improve. @BrianCVC
18/18. A CEO at Stanford GSB said he would not be worried if he left behind on a plane a presentation with the company strategy. Important thing was that the team was set up to execute it better than anyone else. @BrianCVC. ENDS/CRÍOCH
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