Aspiring entrepreneurs sometimes feel tempted to skip steps and try to raise money out of the gate.
In Part 2 of her conversation with GHOGH podcast host Jamarlin Martin, Jewel Burks Solomon shares why skipping important foundational steps could hurt your ability to grow your startup. (Read Part 1 here.)
Jewel is the founder of Partpic, an industrial parts startup that she sold to Amazon. She is now the U.S. head of Google for Startups. Check below for the keys she shares.
Skipping foundational steps in building your venture very well could leave you with blind spots that inhibit your ability to grow your business. Jewel highlights how she’s noticed aspiring entrepreneurs wanting to immediately discuss her experience raising capital without learning all the work that preceded it.
Jewel had been in operation for a year and had already invested tens of thousands of dollars into her own business before raising capital. Further, these entrepreneurs hadn’t thought about their cash flow or how they’d sustainably manage the investment, Jewel said.
Listen to GHOGH with Jamarlin Martin | Episode 44: Jewel Burks Solomon
Jewel Burks Solomon discusses her M&A process when she sold her tech company, Partpic, to Amazon.
Feeling tempted to skip steps and try to raise money out of the gate? Take a seat and work through these resources:
As Jewel was raising a Series-A round for Partpic, Amazon got wind of the company and made an offer to acquire the business. Jewel found herself on a tight timeline for agreeing to the acquisition and then going through the process of closing the deal. She and Jamarlin talked about the benefits of Partpic having its documents in order and how that kept Partpic in the best position to actually close the acquisition with Amazon.
Need to get your business in order? Here’s a resource to help you do that:
3 Examples of Venture Capital Due Diligence
Don’t skip steps and make sure you stay ready so you don’t have to get ready. These are keys from Jewel Burks Solomon that will put you in position to build a venture that can win. Let’s GHOGH!
Kwame Som-Pimpong leverages relentless research, a knack for connecting dots, human-centered design approach, and effective communications strategy to help organizations realize their strategic objectives. Over a 10-year career, Kwame has supercharged grassroots political organizing efforts, assessed the effectiveness of U.S. federal agencies, managed an international program, founded a digital media startup, and advised government agencies on delighting their end-users. He earned a BA in Political Science from Davidson College and Master of Public Administration from the University of Georgia. He can be reached at kwame.som.pimpong@gmail.com.
