Jason Williams

This may be anti-narrative given the buzz in the market. Paul Graham’s Founder Mode essay (link in comments) glorifies the relentless hands-on approach, suggesting founders must stay deeply involved in every facet of their business. I have a different POV—clinging to every detail may choke your company’s potential and prevent your team from evolving into capable decision-makers. In the early days of Magento, I was committed to ensuring the product met my vision. While I wasn’t coding, I was heavily involved in refining and guiding the direction. As we grew, it became clear that holding onto every detail was slowing us down. When I trusted my team to lead, make decisions, and solve problems creatively, everything changed. Stepping back allowed the team to thrive and the product to excel. Graham implies that only founders are invested enough to make the right decisions. But here’s the thing: founders who micromanage because they don’t trust their team are bottlenecks. Many great decisions at Magento didn’t come from me—they came from empowering our engineers and product leaders to solve problems and be creative. In many cases, I got out of the way, and it worked. Yes, founders must be hands-on early on. Their vision, passion, and deep understanding of the problem they’re solving are invaluable in shaping the direction. But if you’re still overseeing every detail years later, you’re not fostering growth—you’re bottlenecking progress and holding back your team’s ability to step up. True scale happens when you trust your team to carry the vision forward and make decisions independently. (in the photo, the empowered core development team, ~2006) Do you think founders should empower teams as the company scales, or stay hands-on?

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I don't go in for 'building in public' in general, but every now and then I think it's worth sharing what I'm seeing in the market. The below graph shows the average time to close a deal over time at EmergeOne and you can see that this has been creeping up since last year (adjusted for seasonality) and is currently close to 3 months to close a deal. So what's happening? Well, I was recently at an CFO event where we got a bit of a data driven view into the state of private markets. Some key points that came out: 🏷️ Median post money at Series A has dropped from 80m USD in 21/22 to 65m USD in 2024. This is still up from 40m from circa 2020. ％ Top quartile is significantly over at 107m. 📈 Series B median post money is $137m, top quartile $287m USD, but bottom quartile significantly struggling. 🚀 Deal velocity has slowed but started recovering. 💰 Lots of deals are happening but not priced - bridges abound. So how does this therefore relate to what we're seeing in terms of time to close? Firstly, we are a consultancy providing fractional CFO support to venture backed tech startups typically post Seed and pre Series A so this data reflects what we are generally seeing in the market as well. But the two main issues that are seemingly impacting our numbers are around deal velocity and bridge financing. There are simply fewer deals being done and they are taking longer to close, so the volume of potential clients we can target has dropped significantly. This does, however, mean that the quality of deals we're working on is significantly higher this year. Secondly, as companies struggle to raise priced rounds, they are raising lower amounts of capital on convertibles. This impacts us as CFOs are only truly valuable when there is a significant balance sheet to manage, less capital = less need for CFOs and hence the decision as to when to bring us in gets pushed out. But equally, that insecurity over funds means that founders are much more hesitant to make significant hiring decisions, prioritising hires that can directly influence revenue / traction in the near term. But they also know that they need the support so are often waiting for the 'magic moment' where they hit an inflection point that gives them confidence to pull the trigger. Outside of the deal data, we are also seeing venture indexing towards more R&D heavy businesses (life science, hardware etc.) and these sort of companies are often not commercialising for several years. They have security over spend and regard finance as a future problem. We are seeing a lot of companies approaching Series B without anyone in finance, deferring that decision till they close. But we are also seeing leads come through from a multitude of sources proving there is appetite for strong commercially minded CFOs to support and grow these scaling businesses. So as the market stabilises, I would expect to see these numbers come back. Business wouldn't be any fun if it was all easy, would it?!

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Exposing harsh truths with data, not opinions. Practical, actionable steps for founders to thrive in their next funding round. The time is good to go fundraising - I'll show why and how. If you're at Bits & Pretzels, come have a chat!

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On further reflection on my previous post (link below) about AI being like electricity, not in the fear mongering sense but in the Nicholas Carr commoditization sense, this is only true in the same way that the Efficient Market hypothesis is true… While the stock market is generally efficient, through brilliance, skill, or specialized domain knowledge, people like Warren Buffett, Peter Lynch, and Edward Thorpe, have been able to consistently find inefficiencies and generate wealth. Especially now when there is so much flux in the whole AI landscape one can find great opportunities. We are experimenting with a few ideas in our field of  CRO (Conversion Rate Optimization) When I interviewed the legendary angel investor Gil Penchina (invested in 7 unicorns) for TechCrunch he told me that one of the questions he always asks startups is:  Why now? What has changed that makes this idea attractive? https://lnkd.in/dqf-aRtJ #ai #startups #ecommerce #conversionrateoptimization

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Are you a founder navigating the highs and lows of building something incredible? You don’t have to do it alone. FounderLink, created by our CEO Graeme Barlow, is a community designed just for you. It's a space for founders at every stage to connect, ask questions and learn from each other. 🚫 No sales. No politics. Just founders helping founders. And one of the best parts? It holds exclusive Founder Dinners. These are invite-only gatherings where 20 handpicked founders from different industries come together to share, learn, and grow. 👉 Come and see what FounderLink is all about: https://lnkd.in/eKZsei_T

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Fundraising isn't the Northstar for measuring Success - Having customers pay for your solution is Step 1. Step 0 is talking to potential customers to narrow down the painkiller moment. Speaking with several founders over the last 2 weeks - a theme of building without overly discussing with potential customers came up. Asking one 'why'...they responded with "We want something to show" Having something useless to show isn't helpful, doing the research and then saying "If I fix that, how much would you pay for it?" is a much stronger use of time than building at an unclear target. Power to any founder taking the leap to build something, but if you're aiming at fundraising as a measure of success. You're going to be disappointed, or worse out of pocket and back in a job why you work out where it went wrong. The answer almost always stops and starts at Customers, and whether enough wanted to pay. #fundraising #founderlife #investorrelations #buildsomethingpeoplewant #betteryetbuildsomethingpeopleNEED

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Highlighting: "The market for a bespoke solution like Holoride may be narrower than its founders once hoped." "No shit, Sherlock." This was a niche of a niche of a niche that I honestly never understood. Imagine starting with the people who are VR enthusiasts, and then reducing by the people who want VR in cars, and then the people who have recent year Audis, and then people in Germany (the USA was added later), and then the people who will buy a $700 semi-enterprise package that comes with access to only a dozen games, but also a $20 a month subscription. This is like 1% of 1% of 1% of 1% of 1% of 1%. The shocking thing is not that they ran out of funding. The shocking thing is that they EVER got any funding. Oh and keep in mind, all that fun stuff about VR being 6DoF, roomscale, body movements, arm movements, hand tracking? All gone. This is semi-3DOF locked in your seat holding a console style knock off bluetooth controller. The VR headset? HTC Vive Flow. The gamepad? 8BitDo Pro 2 Gamepad. The cars supported? Only the Audi A4, A5, A6, A7, A8, Q5, Q7, Q7, Q8, Audi e-tron, Audi e-tron Sportback, Audi e-tron GT* Nothing else. No other makes and models. Just a few Audis. Who does this?! Seriously? Its like developing a PC Game that can only be played by people in Madison, Wisconsin running Mac Pro towers built between 2009-2015, and they can play that game on Wednesday on odd dates of the month. Who does this?! This isn't a business. It's a boutique artisanal popup shop selling handcrafted farts to people who can't smell. It's just confusing. ----- UploadVR: "Holoride Insolvent As Investment Falls Through: 'Pioneering Is Painful'" (IAN HAMILTON) (10 MAY 2024) Holoride's founders say they've filed "for insolvency" after an investment round fell apart. The startup built a platform to present VR headset as in-car entertainment with demos offered at trade shows like CES showing off the concept and a partnership with Audi to sell it to for use in cars in Germany. Holoride CEO and co-founder Nils Wollny acknowledged making mistakes in a post on LinkedIn, that “pioneering is painful” and they "missed our first shot." Responding to questions from UploadVR, Wollny explained over direct message that some employees had been laid off “in February this year based on a new strategic direction. Our team's right-sizing was also based on terms we had agreed on with our planned lead investor.” “While our business operations continue, we are working with the provisional insolvency administrator to find a solution by the end of June to ensure the continued existence of holoride GmbH and conclude our strategic repositioning, which we have intensively worked on.” UploadVR: https://lnkd.in/g32pFPrA #vr #xr #holoride #puzzling

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My email to a founder that I'd like to invest in, re: what makes Graham & Walker special: "Every fund has traditional 'value add', and so do we - big amplification channels, help with press, impressive network that we can name drop etc. But I don't think that's what makes us special. We're the fund you want on your side when things get hard. And they will, in fact, get hard. (And, somewhat ironically, if you don't believe things will get hard, then I don't think we'll want to invest in you). We are ride or die investors. We have a high tolerance for the early, ugly and messy. We're honest with you, but always kind. We shine when it's hard to talk to the rest of your investors. As proof points I offer what some of our founders have to say about us. And some of my writing, both in public (like our values, and the viral article about female founder takedowns), and in private (I'll forward you the email I sent to the whole portfolio late last year). Most importantly, I invite you to talk to any of our portfolio companies, particularly those who have had moments of struggle as well as moments of victory. I'm excited to be on your cap table. Our mission at Graham & Walker is to change the face of the Nasdaq by investing in female founders that can go the distance. I believe you might be one of them."

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I was just talking to a founder about the Stella Service business model that Jordy Leiser had built--where you test the customer service experience at a brand and then charge them in various ways for the results, either showing them how to improve or licensing them a seal of approval. The founder hadn't heard of that model and wondered in what other areas it could apply--and it got me thinking about a repository of models and business structures. Has anything like this been built? Pay to get unbiased recs--a la Angie's list. Good for X, Y, and Z markets. Pros, cons. A plugin that pops up information about each site as you visit it, a la Honey, SiteAdvisor (Chris Dixon's old startup before Hunch). It would be great for founders stuck on something to be able to say I've got X, Y, and Z information flowing from here to there, and it has this criteria, or these types of community members, this kind of power dynamic, etc... What models work for this? Otherwise, you wind up with "Uber for neurosurgeons" without realizing that "Uber for" only works with relatively commoditized services.

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Have you ever wondered what you'd ask a CEO who's raised over $50M in venture capital, scaled a customer base worldwide and built a community of millions of people? Well, now's your chance. We're delighted to be joined by Tessa Clarke - CEO and Founder of OLIO - who will be going live on Tuesday 12th November at 3pm GMT | 4pm CET | 10am ET to take all your questions in an AMA on the 'Key Mistakes to avoid when Fundraising'. OLIO have been on a mission to tackle the extreme food waste crisis. Every year, globally, a massive $1.3 trillion is wasted due to the epidemic. The impact also results in enormous amounts of CO2 being created and wastage of water supplies.* The food currently wasted in Europe could feed 200 million people, in Latin America 300 million people, and in Africa 300 million people.** Over the years Tessa and team have raised £Ms, most recently raising a $43M Series B in 2021, to bring OLIO to more regions around the world. As a team, they have demonstrated incredible commercial acumen and the power of a truly mission driven business. This session is set to offer incredible insights for business leaders looking to fundraise. Especially valuable for those who are building for-profit businesses tackling environmental and social issues. We'll cover everything from strategic thinking and financial modelling, through to avoiding key mistakes in any investor conversation. 👉 Save your Seat for the live session, as we won't be sharing the replay 👉 Share with colleagues who are looking to complete fundraising before EOY or preparing to raise next year 👉 Drop your questions in the comments or DM me and we'll make sure they're answered. #fundraising #startups #founders #venturecapital #socialimpact *Techcrunch 2021, **Earth.org 2024

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In this Unlearn episode, I challenge the myth that innovation is solely the playing field of startups, alongside Elliott Parker, CEO at High Alpha Innovation. We delve into how large corporations can shake off the 'business as usual' mindset to embrace a trajectory of continuous innovation. Our discussion revolves around fostering agility, critical thinking, and a culture adaptable to challenges and evolving success metrics. For any corporate leader looking to infuse their business operations with a fresh, innovative spirit, this conversation sheds light on practical, actionable strategies to drive significant transformation. Don’t miss out on unlocking the innovative potential within your large organization. https://lnkd.in/gD8QUbKW #CorporateInnovation #MindsetShift #BusinessTransformation #InnovationCulture #PodcastValue

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Great insights from @paul graham (paulg on X) on what we know and don't know about Founder Mode! "Curiously enough it's an encouraging thought that we still know so little about founder mode. Look at what founders have achieved already, and yet they've achieved this against a headwind of bad advice. Imagine what they'll do once we can tell them how to run their companies like Steve Jobs instead of John Sculley." https://lnkd.in/deDG_D4x

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🚨 Funding Alert: It's the last day of October, and 2024 is slipping away faster than you think... You know it, I know it – the funding world moves at LIGHTNING speed ⚡️ Timing is everything, and opportunities vanish in the blink of an eye. If you're aiming to land a funding deal before year's end, we've got your back! 💪 At Magdalena Reith, we're offering a special Q4 deal: Book a pitch deck package before November 15th and get a FREE one-pager 🎁 Your strategic conversation starter that turns "Maybe later" into "Let's talk!" Looking to finish Q4 strong and slingshot your startup into 2025? Here's what you get in our Q4 Power Package: 🎯 Expert guidance  🎁 FREE one-pager  💼 Professional pitch deck  ⏰ Priority completion (optional) Reach out via DM or drop a comment below to learn more and lock in your package before November 15th! #StartupFunding #PitchDecks #Startups

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Sir Martin Sorrell built and ran the world’s largest ad agency, WPP, and has consistently been one of the UK's highest-paid executives. We had him back on Riding Unicorns for one of the furthest reaching discussions we’ve had so far.. Sir Martin has bucket loads of charisma and a unique no-BS style. I thoroughly enjoyed this one. Some of his takes ⤵ "Globalisation is in reverse. Businesses must now focus on strategic regions like North and South America, the Middle East, and Asia to find growth opportunities." "AI is as fundamental as the iPhone—it's transforming industries through efficiency and hyper-personalisation. The key is to leverage AI for democratising knowledge within organisations." "In a world of slower growth, digital transformation and cost efficiency are paramount. Success comes from adapting to change and maintaining a long-term perspective." "The languages of the future are Chinese, Spanish, and code. Mastering these will be crucial for navigating tomorrow's business landscape." "Stay curious and passionate. Continuous learning and adaptability are vital to thriving in today's ever-changing business environment." Episode in comments

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Why Your Brand Should Register with the Charity Bits Network Imagine a marketing platform where every dollar you spend elevates your brand and creates a positive social impact. The Charity Bits Network is your gateway to a revolutionary marketplace that combines purpose-driven marketing with unmatched ROI. 1. Amplify Your Reach Through Trusted Advocates The Charity Bits Network partners with influential charities and their dedicated supporters. By aligning with our network, your brand gains access to a ready-made audience that trusts the organizations they support, making your message more impactful and credible. 2. Engage with a Captive Audience Our platform connects your brand directly to engaged supporters passionate about making a difference. These supporters are likelier to choose brands that align with their values, giving you an edge in customer loyalty and brand affinity. 3. Drive Sales with Cause-Driven Incentives Consumers are increasingly drawn to businesses that prioritize social good. By joining the Charity Bits Network, your products will be marketed alongside charitable causes, incentivizing purchases through a seamless integration of shopping and giving. A percentage of every purchase supports the charity, creating a win-win for everyone involved. 4. Real-Time Insights and ROI Our advanced AI-powered analytics deliver actionable insights on consumer behavior, sales performance, and the effectiveness of your campaigns. You'll see exactly how your investment drives sales and creates meaningful connections with your target audience. 5. Expand Your Impact While Growing Your Business Supporting charities isn't just good for your image—it's good for your bottom line. With every purchase tied to a donation, you're not just selling products but building brand loyalty and enhancing your reputation as a socially responsible business. 6. Customized Marketing Opportunities Whether it's cause-specific campaigns or tailored advertising, our network offers flexible solutions to meet your unique needs. Showcase your products through influencer-driven messages, charity-led promotions, and targeted ads that speak directly to your audience. 7. Be Part of a Movement Registering with the Charity Bits Network makes your brand part of a larger, more significant one to redefine commerce. Together, we can create an ecosystem where businesses thrive while making a lasting difference in communities nationwide. Call to Action Take the chance to connect with a purpose-driven audience eager to support brands that make a difference. Register with the Charity Bits Network today and transform your sales into a force for good! Make an Impact. Grow Your Brand. Change Lives.

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I'm late to the party on this #FounderMode discussion. Partly because I'm wary catchy labels for things. We live in an everything is marketing and virtue signalling world. It even has a damn hashtag. However, perhaps this concept is something which it resonated with me. I was told as a Founder more than once I was "micromanaging". Hell, i've been told that while running my VC firm. But I don't want to settle for suboptimal work or average outcomes. And if someone in your team is floundering, or stuck, if it's critical and it's not happening, then it's only right the CEO should get involved in the weeds to help drive it to a positive outcome. Apart from anything else it's setting a good example, of not just how to do it but that it can be done at all! So if you've not already ready Paul's post about Founder Mode, I recommend it, with one caveat: truly great people do often deliver. You DO need to give them to space to execute. It's your job as Founder/CEO to know WHEN to get involved or not. And that is probably the single hardest thing, whatever size your startup, to get right. Alongside ruthless focus and prioritisation. https://lnkd.in/gJUM5k5x

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49 founders and senior startup leaders respond to a survey from Sifted on the relationship between founders and VCs. Are expectations off from the start as VCs try too hard to pander to their founders with over promises of "value-add" and extensive platform teams? Do founders need to be reminded of their primary role - execution?

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Helpful startup selection criteria: * Is it a problem you have? * Is it a problem others have? * Will people pay for a solution? * Does this problem give you energy? Had a great time chatting with VentureForge

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“The funding landscape has changed during the time we have been involved in it, and continues to evolve,” “And we’re evolving with it, to ensure that there is even more flexibility for companies to access the specific capital they need for a given scenario. We’ve funded well over 180 technology companies across multiple industries and verticals, and we’re not slowing down any time soon.” Regarding the total addressable market for Tractor to operate in, Imam explains that the one-funding-product-fits-all approach has required tweaking, simply due to the totally different needs expressed by the financial decision-makers, related to time, total access to the capital itself, and looming milestones that require a more strategic approach to accessing capital. “If you’re a SaaS company, or an ecommerce company, or a hardware company, or operating in a particular niche or vertical like marketing tech for example, you will have a different set of needs for funding based on your revenue,” explains Imam. “We’ve moved to a scenario-based funding model, based on the most common queries we receive at this point in time. B2B Enterprise SaaS we will always be able to fund in an instant. Other scenarios arise when the financials require a bit more flexible and bespoke assessment.” “In particular, our Inventory product points to our capability to fund in some very very specific and founder-focussed ways, and that flexibility really excites us, now and for the future.” Thank you for this write up SmartCompany!

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