Episode 11 of Growing For It - Coffee Talk #6 With Mik & Trav

Mikkel and Travis discuss their experience with "shiny object syndrome" after securing new funding in early 2021. They emphasize the importance of a comprehensive budget and the need for a professional office environment to attract employees. They initially considered an IPO, influenced by their investor Peter, but later decided against it after advice from experienced board members. Despite securing a $1.5 million contract, it fell through, leading to financial strain. They highlight the importance of trusting one's gut and having multiple mentors guidance.

Key take-aways:

• Comprehensive budgeting and planning is crucial when scaling a startup, including accounting for small but important details like office supplies and equipment.
• Founders should be cautious about over-optimistic financial projections and be willing to challenge advice from investors, even experienced ones.
• Building an advisory board with seasoned industry experts can provide valuable guidance and help founders avoid costly mistakes, like pursuing an IPO prematurely.
• Transparent communication with investors, highlighting both successes and challenges, is important for building trust and getting the right support.
• Cash flow management is a constant challenge for hardware startups, requiring founders to be proactive about fundraising to ensure the business can continue operating.

If you wanna learn more about our "Elite Founders Fundraising" program, DM us on our socials listed here:

Mikkel on LinkedIn: https://growing-for-it.captivate.fm/mili

Travis on LinkedIn: https://growing-for-it.captivate.fm/trali

Mikkel on Insta: https://growing-for-it.captivate.fm/mikkel

Travis on Insta: https://growing-for-it.captivate.fm/travis

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

[0:00:00] Introduction - Shiny Object Syndrome

[0:02:08] Comprehensive Budgeting and Office Environment

[0:04:41] Mindset Shift and Investor Influence

[0:06:10] Optimistic Budgeting and IPO Considerations

[0:11:22] IPO Planning and Initial Challenges

[0:15:12] Contract Fallout and Communication Issues

[0:18:27] Advisory Board and IPO Decision

[0:24:20] Cash Flow Issues and Fundraising Decisions