If someone had spent thousands of hours in the start-up world, particularly in the world of raising capital, would you be interested in what they had discovered? Our guest for today, Mark Modica, is just such a person.
In this episode Charlie sits down with Mark Modica and Veronica Eklund of Orate.me to talk about the importance of storytelling and big ideas in marketing as well and more..
Look for Mark’s event at Launch Workplaces in Tyson’s Corner on November 15th.
Mark’s page on Orate.me: www.orate.me/speakers/2278-mark-modica
Mark has spent most of his career helping to fund, grow and operate venture funded technology companies. He guided, coached, raised capital, or held finance, operating or sales roles at over 100 technology companies during the past 20 years. His finance and operating experience has been, and is with, companies that are at the center of the four markets that are revolutionizing business: cloud computing, big data analytics, mobility and security.
As a founder you’ve done everything right. You have a great idea that solves a problem or creates opportunity for a fairly large market. You’ve built the first gen of your product, platform or app. You have raised money from friends and family or a small seed round because there is a lot of that money around, but not easy to get. You may even have some customers and some decent revenue or traction in your market.
You should hold a big party and congratulate yourself because these are great achievements. It will be something you can remember fondly in the future after you have shut down your business and gone on to another career or another startup. Congratulations you have built a bridge to nowhere.
99% of all startups make the same mistake. They don’t calculate the amount of money needed to complete their bridge (fund their company) and whether enough people will want to use it to make it viable since you are building a toll road. But you say you have been frugal, not taken a salary, only spent your resources on the most important, most valuable asset in your startup, the product. All you’ve really done is create work for developers in other countries, venture lawyers and incubators (all great businesses!!).