Episode 18 of Growing For It with Mads Friis Jensen

In this episode Mads Friis Jensen shares his entrepreneurial journey as the Chief Commercial Officer and co-founder of Blue World Technologies, a deep tech startup focusing on methanol fuel cell technology. Mads discusses his transition from corporate roles to entrepreneurship, driven by a passion for innovative energy solutions. The company aims to revolutionize energy production by developing fuel cells that convert methanol into electricity more efficiently than traditional combustion engines, with a particular focus on the maritime industry. Mads candidly explores the challenges of startup life, emphasizing the importance of persistence, team building, and the ability to pivot quickly. He highlights the company's strategic decision to own its entire supply chain and the complexities of fundraising, including securing investment from notable backers like Breakthrough Energy. Throughout the conversation, he stresses the significance of having a strong founding team, maintaining focus, and being prepared for the unpredictable nature of entrepreneurship. The episode provides insights into Blue World Technologies' vision of making a significant impact on decarbonization, particularly in the marine sector. Mads shares personal lessons about maintaining balance, enjoying the entrepreneurial journey, and the importance of being ready to adapt to changing circumstances. His story is a testament to the power of passion, preparation, and perseverance in building a technology company aimed at creating meaningful environmental change.

Key take-aways:

1. Ownership of the entire value chain is critical in deep tech startups, especially when developing complex technologies like methanol fuel cells. By controlling key components, companies can ensure quality, innovation, and competitive advantage.
2. Entrepreneurial success is less about having a perfect plan and more about persistence, adaptability, and the ability to pivot quickly when challenges arise. Mads emphasizes that being prepared to change course is more important than rigidly sticking to an initial strategy.
3. Building a strong founding team with complementary skills is essential. In Blue World Technologies' case, having founders with different perspectives - a speeder, a brake, and a customer-focused approach - helped navigate complex technical and business challenges.
4. Impact-driven innovation requires a long-term vision. Blue World Technologies isn't just developing a product, but aims to fundamentally transform the maritime industry's approach to energy by providing a sustainable alternative to fossil fuels.
5. Personal preparation is key to entrepreneurial success. This includes not just technical skills, but also financial readiness, mental resilience, and the ability to maintain a balanced perspective - understanding that both success and challenges are temporary parts of the journey.

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

Also be sure to check out Mads on LinkedIn:

https://www.linkedin.com/in/madsfriis/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

1: From Farm to Fuel Cells [0:00 - 0:10]

2: The Accidental Hydrogen Journey [0:10 - 0:15]

3: Corporate Roots and Technology Foundations [0:15 - 0:25]

4: Birthing Blue World Technologies [0:25 - 0:40]

5: The Methanol Revolution Explained [0:40 - 0:55]

6: Fundraising and Chinese Connections [0:55 - 1:10]

7: Building a Deep Tech Team [1:10 - 1:25]

8: Navigating Startup Challenges [1:25 - 1:35]

10: Entrepreneurial Mindset and Personal Reflections [1:35 - 1:40]

Episode 17 of Growing For It with Ilya Katsnelson

Ilya Katsnelson is a multifaceted entrepreneur and investor who emerged from a challenging background in the Soviet Union. Born into a Jewish family, he emigrated to the United States in 1976 at age 10, experiencing a dramatic transition from Soviet life to American opportunity. After settling in Louisiana and Wisconsin, he pursued a comprehensive education, completing a triple major in Spanish, International Relations, and History, and studying internationally in Mexico and Norway. His professional journey began with international trade, particularly focusing on the former Soviet Union after its dissolution. In 1992, he co-founded a food trading company that navigated the complex economic landscape of emerging post-Soviet markets. Leveraging his multilingual skills and deep understanding of international commerce, Katsnelson developed a successful trading business that involved commodities from around the world. Throughout his career, Katsnelson developed a unique set of investment principles: learning something new, trusting founders, benefiting humanity, adding value beyond money, and ensuring potential for profit. His approach to business emphasizes relationship-building, trust, and long-term perspective over short-term gains. His life has been marked by significant challenges, including navigating post-Soviet economic transitions, dealing with complex international trade regulations, and even facing an Interpol Red Notice. These experiences have shaped his resilient approach to business and life, emphasizing continuous learning, adaptability, and personal integrity. Currently based in Denmark, Katsnelson works as an investor and advisor to startup founders, drawing from his rich international experience and diverse background. His story is a testament to the power of adaptability, education, and maintaining a global perspective in an increasingly interconnected world.

Key take-aways:

1. Adaptability is Crucial: Katsnelson's life demonstrates the importance of being flexible and resilient. From emigrating from the Soviet Union to navigating complex international trade markets, he consistently showed an ability to adapt to new environments, languages, and business challenges.
2. Trust and Relationships Trump Short-Term Gains: His business philosophy emphasizes building long-term relationships and maintaining integrity. He would rather lose money in the short term than damage his reputation, believing that trust is the most valuable asset in business.
3. Multilingualism is a Powerful Business Tool: Speaking multiple languages (Russian, English, Danish, Spanish, and Italian) allowed Katsnelson to create unique business opportunities and understand different cultural contexts, giving him a significant competitive advantage.
4. Continuous Learning is Essential: Whether learning languages, understanding new markets, or adapting to different business environments, Katsnelson's approach to life and business is rooted in a commitment to continuous learning and personal growth.
5. Principles Matter More Than Profits: His investment criteria go beyond financial returns, focusing on learning, benefiting humanity, and adding value. This holistic approach to business and investment reflects a deeper understanding of success that transcends monetary metrics.

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

Also be sure to check out Ilya on LinkedIn:

https://www.linkedin.com/in/katsnelsonilya/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

1. From Soviet Roots: Early Life and Identity [0:00 - 0:25:00]
2. The Emigration Journey: Leaving the Soviet Union [0:25:00 - 0:40:00]
3. American Education and Cultural Adaptation [0:40:00 - 0:55:00]
4. Mexican Adventures and Language Learning [0:55:00 - 1:10:00]
5. First Steps in International Trade [1:10:00 - 1:25:00]
6. Navigating Post-Soviet Business Landscapes [1:25:00 - 1:40:00]
7. Commodity Trading and Economic Challenges [1:40:00 - 1:55:00]
8. The Art of Building Business Relationships [1:55:00 - 2:10:00]
9. Transition to Oil Tanker Operations [2:10:00 - 2:20:00]
10. Interpol and Legal Battles: A Personal Ordeal [2:20:00 - 2:30:00]
11. Reflections on Resilience and Global Citizenship [2:30:00 - 2:34:00]

Episode 16 of Growing For It with Jakob Neua Nørgaard

Jakob Neua, a serial entrepreneur and founder the online real estate tool Estaldo, as well as NASDAQ-listed Penneo, discusses his journey from founding Penneo in 2011 to its IPO in 2020. Initially, Penneo aimed to digitize contract signing, facing challenges with government approval. Despite initial struggles, Penneo gained traction and was approved for digital signing of annual reports. Neua left Penneo in 2017 and co-founded Estaldo, a digital platform for selling homes, which offers significant cost savings. Neua emphasizes the importance of balancing work and personal life, sharing his experience of quitting Penneo to prioritize family. He also highlights the challenges of Denmark's taxation on unrealized gains post-IPO. Jakob Neua discusses his experience on a Danish TV show where he and his co-founder pitched their company. Despite extensive preparation, they forgot to mention the amount of money they were seeking. The show lasted three hours, and they received bids from investors. Jakob emphasizes the importance of deep preparation and transparency. He also shared insights on Estaldo, and his pride in moving from a single-parent household to a stable family life. Jakob advises understanding personality types to improve team communication and business success. The conversation concludes with reflections on balancing personal and professional life.

Key take-aways:

1. Prioritize Family: Always put being a good parent and spouse first, even if it means stepping back from a successful business.
2. Embrace Change: If something stops being fun or meaningful, don't be afraid to quit and pursue new opportunities.
3. Solve Real Problems: Build businesses that address genuine pain points, like Penneo's digital signature solution and Estaldo's simplified home selling platform.
4. Prepare Thoroughly: Whether pitching on TV or meeting investors, deep preparation and understanding of your business is crucial.
5. Maintain High Ethical Standards: Always treat people fairly, be transparent, and take responsibility for other people's investments and trust.

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

Also be sure to check out Jakob on LinkedIn:

https://www.linkedin.com/in/jakobneua/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

1. [0:00 - 7:00] Early Entrepreneurial Sparks
2. [7:00 - 12:00] The McDonald's Mindset
3. [12:00 - 20:00] Digital Magazine Adventures
4. [20:00 - 28:00] Web Development Struggles
5. [28:00 - 40:00] Penneo's Origin Story
6. [40:00 - 52:00] Digital Signature Revolution
7. [52:00 - 62:00] Government Approval Battle
8. [62:00 - 72:00] Preparing for IPO
9. [72:00 - 82:00] The Emotional Rollercoaster of Going Public
10. [82:00 - 88:00] Family First: Stepping Back from Penneo
11. [88:00 - 94:00] Estaldo: Reimagining Real Estate
12. [94:00 - 98:00] Danish Shark Tank Experience
13. [98:00 - 100:00] Entrepreneurial Philosophy and Lessons

Episode 15 of Growing For It with Carsten Vestermark

*Full disclosure: Carsten is one of the main sponsors of the podcast through his business Vestermark Consult*

Carsten Vestermark discusses his career journey, emphasizing the importance of accepting responsibility and adapting to new roles. He has conducted around 1500 interviews and hired over 100 people, highlighting the significance of identifying "A players" through their past experiences and reflective abilities. Vestermark shared insights on handling firings, stressing the need for preparation, clear communication, and managing emotions. He also underscored the value of gratitude and continuous improvement, advocating for a mindset that seeks to make a positive impact rather than complain. His approach to leadership involves fostering a supportive environment and encouraging employees to take initiative. The discussion focused on effective management and feedback techniques, emphasizing the importance of timely, honest, and respectful communication. Key points included the necessity of immediate feedback to prevent escalation of emotions, the significance of having a bench of potential hires, and the impact of cultural fit on team performance. The conversation also highlighted the challenges of scaling a team without compromising standards, the importance of clear communication in recruiting, and the need for long-term planning in HR. Additionally, the conversation touched on the ethical considerations of firing employees and the benefits of a positive work culture.

Key take-aways

1. Embrace an Unconventional Career Path: Carsten's journey shows that a lack of a clear plan can lead to unexpected opportunities for growth and development. Being open to new experiences can be a strength.
2. Cultivate Emotional Intelligence: Carsten's personal loss early in his career sparked a deep interest in understanding people and their motivations. Developing self-awareness and empathy are crucial leadership skills.
3. Focus on Hiring for Cultural Fit: Carsten emphasizes the importance of not compromising on cultural fit when scaling a team, even if it means being more selective with hires. Building the right team culture is critical.
4. Provide Honest, Timely Feedback: Carsten believes in giving feedback immediately, both positive and negative. This helps maintain clear expectations and empowers employees to improve.
5. Approach Difficult Decisions with Empathy: When it comes to letting people go, Carsten stresses the importance of having a structured process while also treating departing employees with respect and care.

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

Also be sure to check out Carsten on LinkedIn:

https://www.linkedin.com/in/carsten-vestermark-76a9001/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

1- [00:00 - 10:00] An Unconventional Career Journey

2- [10:00 - 20:00] The Pivotal Moment That Shaped a Leader

3- [20:00 - 30:00] Developing Emotional Intelligence and Self-Awareness

4- [30:00 - 40:00] Hiring and Retaining Top Talent

5- [40:00 - 50:00] The Art of Providing Honest Feedback

6- [50:00 - 1:00:00] Navigating Difficult Personnel Decisions

7- [1:00:00 - 1:10:00] Building a Strong Company Culture

8- [1:10:00 - 1:20:00] The Value of Adaptability and Continuous Learning

9- [1:20:00 - 1:30:00] Putting the Team Before the Individual

10- [1:30:00 - 1:40:00] Lessons in Leadership and Legacy

11- [1:40:00 - 1:50:00] Closing Thoughts and Advice

Episode 14 of Growing For It with Jannik Olander

Jannik Olander, CEO and founder of Nialaya, discusses his entrepreneurial journey from Denmark to Los Angeles. He emphasizes the importance of hard work, ambition, and resilience in entrepreneurship. Jannik's early experiences included working on a farm in Denmark and being inspired by fashion magazines. He moved to London at 18, worked in various roles, and eventually returned to Denmark to manage Ralph Lauren stores. He later expanded to Tommy Hilfiger and Polo Jeans, managing many stores in Illum's department store. Jannik also ventured into outlet stores and a T-shirt business, highlighting the challenges and successes in his diverse entrepreneurial endeavors. Jannik also underwent near bankruptcy, moved to the states, and began a jewelry fashion brand. His brand Nialaya gained traction, particularly after meeting P. Diddy and other celebrities although the brand faced legal challenges from a competitor but survived. Jannik emphasizes the importance of hard work, leading to significant growth and a shift from celebrity-focused to influencer-focused marketing. Today, the brand is internationally recognized, with a strong online presence and a vision for future expansion. Jannik discusses his vision of expanding his business to Copenhagen or London. He also emphasizes the importance of maintaining a healthy lifestyle, crediting his 27-year-old wife for her influence. He reflects on past financial mistakes, advocating for savings and cautious spending. Yannick contrasts the social dynamics in Denmark and the US, noting the openness and networking opportunities in LA. He expresses concerns about the current economic climate, comparing it to 2008. Lastly, he contemplates the challenges of raising children in LA, considering a move to Malibu for a safer environment.

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

Be sure to check out Jannik on LinkedIn

https://www.linkedin.com/in/jannikolander/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters

[0:00 - 10:00] Jannik's Entrepreneurial Journey Begins

[10:00 - 20:00] From the Countryside to the City

[20:00 - 30:00] Embracing the Entrepreneurial Spirit

[30:00 - 40:00] Building a Retail Empire in Copenhagen

[40:00 - 50:00] Expanding Through Outlet Stores and New Ventures

[50:00 - 1:00:00] Lessons Learned: Challenges and Resilience

[1:00:00 - 1:10:00] Selling Stores and Pursuing New Opportunities

[1:10:00 - 1:20:00] A Fresh Start in New York and the Breakup

[1:20:00 - 1:30:00] Launching the Nialaya Jewelry Brand in Los Angeles

[1:30:00 - 1:40:00] Nialaya's Rise: Celebrity Endorsements and Legal Battles

[1:40:00 - 1:50:00] Evolving the Brand

[1:50:00 - 2:00:00] Balancing Growth and a Healthy Lifestyle

[2:00:00 - 2:10:00] Reflecting on Past Choices and Current Contentment

[2:10:00 - 2:20:00] Navigating Cultural Differences and Concerns About the Economy

[2:20:00 - 2:30:00] Thoughts on Becoming a Father and the Future

Episode 13 of Growing For It with Iris Isabella Engelund.

In this episode we welcome Iris Isabella Engelund, CEO of Play Your Talent. Engelund discusses her mission to help organizations identify and leverage employee talents to boost performance and satisfaction. Play Your Talent is an innovative app that identifies top and non-talents in 12 minutes, enabling leaders to optimize team roles. Iris emphasizes the importance of using talents that align with personal interests, which can increase performance up to six times. She shares her personal journey of discovering her strategic talent and the challenges of fundraising and managing IT development. Iris highlights the need for leaders to understand and manage team dynamics effectively, using Play Your Talent's tools and programs to enhance motivation and productivity. Iris Isabella Engelund discusses her journey from a fitness instructor to a successful keynote speaker and entrepreneur. She emphasizes the importance of persistence, strategic planning, and leveraging personal networks. Iris shares her approach to overcoming rejection by seeking solutions and maintaining a positive mindset. She highlights the significance of discovering and utilizing one's talents, balancing work with personal life, and the value of breath work and physical activities. Iris also touches on the challenges women face in entrepreneurship and advises against self-doubt, encouraging entrepreneurs to embrace their unique strengths and seek support when needed.

Key take-aways:

1. Identifying and leveraging individual talents is crucial for both personal and organizational success. The Play Your Talent tool provides a practical way to do this.
2. Managing diversity and different working styles within a team requires understanding each person's "cookie structure" and finding ways to bridge the gaps.
3. Entrepreneurship requires persistence, strategic thinking, and the willingness to take calculated risks and seek help when needed.
4. Finding meaning and fulfillment in one's work, rather than just focusing on weaknesses, is a more effective path to high performance.
5. Maintaining a healthy work-life balance through activities, routines, and a supportive network is important for entrepreneurs to avoid burnout and sustain their drive.

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

Be sure to check out Iris on LinkedIn:

https://www.linkedin.com/in/irisengelund

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

[0:00 - 5:00] Introduction to Play Your Talent and Iris Engelund

[5:01 - 10:00] Understanding Talents and Non-Talents

[10:01 - 15:00] Bridging the Talent Divide in Teams

[15:01 - 20:00] Practical Applications of Play Your Talent

[20:01 - 25:00] Iris' Entrepreneurial Journey and Fundraising

[25:01 - 30:00] Choosing the Right Path and Discovering Potential

[30:01 - 35:00] Strategies for Maximizing Talent Utilization

[35:01 - 40:00] Building a Supportive Team and Network

[40:01 - 45:00] Integrating Talent Development into Education

[45:01 - 50:00] Iris' Vision and Plans for Scaling Play Your Talent

[50:01 - 55:00] Overcoming Frustration and Seeking Help

[55:01 - 60:00] The Journey to Becoming a Keynote Speaker

[60:01 - 65:00] Balancing Work, Life and Personal Growth

[65:01 - 70:00] Daily Habits, Routines and Self-Care Practices

[70:01 - 75:00] Confronting Fears, Insecurities and Challenges

[75:01 - 80:00] Advice for Aspiring Entrepreneurs, Especially Women

[80:01 - 85:00] The Power of Passion, Purpose and Supportive Networks

[85:01 - 90:00] Maintaining a Healthy Work-Life Integration

[90:01 - 95:00] Lessons Learned and Future Plans for Play Your Talent

[95:01 - 111:00] Closing Thoughts and Key Takeaways

Episode 12 of Growing For It with Peter Sorgenfrei.

Peter Sorgenfrei, a serial entrepreneur, multiple CEO, turned CEO coach, discusses his journey from founding six companies to helping other CEOs navigate stress and burnout. He emphasizes the importance of mental health, transparency, and trust in leadership. Peter shares his method of coaching, which involves asking the right questions to help clients find their own solutions. He also highlights the significance of personal relationships, advocating for radical transparency and regular check-ins with partners. Peter's approach includes creating a supportive environment for CEOs and founders, ensuring they can balance personal and professional lives effectively. Peter Sorgenfrei emphasizes the importance of taking action and being transparent in both personal and professional relationships. He advises founders to be candid with investors, ensuring a good fit and transparency. For fundraising, he suggests a structured approach, focusing on clear communication and understanding investor remits. He also highlights the significance of maintaining regular communication with board members and investors. On personal resilience, Peter stresses the importance of routines like cold plunges, meditation, and napping. He shares his experiences with overcoming stress and the impact of his upbringing, advocating for open communication and understanding in both personal and professional settings.

Key Take-Aways:

• Prioritize mental health and well-being for founders and CEOs - Boards and investors should actively support the mental health of company leaders, as their personal struggles can significantly impact the business.
• Build trust and transparency with your board - Maintain regular communication with board members outside of formal meetings, and be open about both successes and challenges to avoid surprises.
• Focus on hiring the right people, not just filling roles - Take the time to ensure new hires are the right fit, as they can make or break a fast-growing company.
• Integrate work and life, don't just balance them - Establish routines and boundaries that allow you to be present in both your personal and professional life.
• Be radically candid in your communication - Embrace honesty and vulnerability to build stronger relationships, even if it means having difficult conversations.

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

Be sure to check out Peter Sorgenfrei on LinkedIn:

https://www.linkedin.com/in/sorgenfrei/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

[00:05:00] From Successful CEO to Burned Out

[00:10:00] Discovering a New Calling in Coaching

[00:15:00] Building a Network of Founder-CEO Clients

[00:20:00] The Importance of Mental Health Support for Leaders

[00:25:00] Fostering Trust and Transparency with Boards

[00:30:00] Hiring the Right People for Scaling a Business

[00:35:00] Balancing Work, Life, and Personal Relationships

[00:40:00] The Transformative Power of Coaching

[00:45:00] Embracing Radical Transparency in Leadership

[00:50:00] Strengthening Relationships through Open Communication

[00:55:00] Developing Confidence in Candid Conversations

[01:00:00] The Impact of Honesty on Personal Relationships

[01:05:00] Strategies for Successful Fundraising

[01:10:00] The Importance of Finding the Right Investor Fit

[01:15:00] Cultivating Long-Term Partnerships with Investors

[01:20:00] Effective Techniques for Impactful Pitching

[01:25:00] Building Resilience through Personal Routines

[01:30:00] Integrating Physical and Mental Health Practices

[01:35:00] Recognizing and Addressing Stress

[01:40:00] Parenting and Personal Growth Reflections

[01:45:00] The Importance of Emotional Intelligence

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

Episode 10 of Growing For It with Anne-Louise Thon

In this episode, we welcome Anne-Louise Thon, a seasoned investor and VC partner. Anne-Louise shares her insights on what makes or breaks a startup's chances of getting funded by her VC firm, Vår Ventures (Vaar Ventures). She also reflects on her adventures experiencing different cultures around the world, and how those experiences have shaped her approach to investing.

One of the key highlights includes Anna's pivotal moment working in Zimbabwe for 2 years, which shifted her perspective on the importance of supporting entrepreneurs and building businesses over traditional aid. She also discusses the challenges she faced implementing Western-style working conditions in Chinese factories, as workers preferred higher pay over improved facilities.

Anna goes on to share how she and her partners built one of the first sustainable investment funds in Europe, and the skepticism they faced initially before proving the financial viability of sustainable investing. The criteria Anna looks for when evaluating startup pitches includes authentic, ambitious founders with a clear vision for impact.

In terms of advice for founders on effective fundraising, Anna emphasizes the importance of having a strong storyteller on the team and being transparent about both financial and impact metrics. She also shares her personal experiences with failure and conflict in her entrepreneurial journey, underscoring the importance of having a supportive network to get through tough times.

Overall, this episode provides valuable insights from an experienced investor who has seen entrepreneurship from multiple angles - as a founder, consultant, and now VC. Anna's global perspective and focus on sustainable, impactful investing offer inspiration for founders and aspiring entrepreneurs.

Key Take-Aways:

1. Anna's pivotal experience working in Zimbabwe for 2 years shifted her perspective on the importance of supporting entrepreneurs and building businesses over traditional aid.
2. Anna and her partners built one of the first sustainable investment funds in Europe, overcoming initial skepticism by proving the financial viability of sustainable investing.
3. When evaluating startup pitches, Anna looks for authentic, ambitious founders with a clear vision for creating positive impact.
4. For effective fundraising, Anna advises founders to have a strong storyteller on the team and be transparent about both financial and impact metrics.
5. Anna's personal experiences with failure and conflict in her entrepreneurial journey highlight the importance of having a supportive network to navigate tough times.

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

Be sure to check out Anne-Louise Thon on LinkedIn:

https://www.linkedin.com/in/annelouisethonjensen/

Thanks to our sponsors:

Shaping New Tomorrow

State Energy

Vestermark Consult

Chapters:

[00:00 - 08:00] Chapter 1: From Advertising to a Life-Changing Experience

[08:00 - 12:00] Chapter 2: Lessons Learned in Zimbabwe

[12:00 - 16:00] Chapter 3: Implementing Change in China

[16:00 - 21:30] Chapter 4: Building a Sustainable Investment Fund

[21:30 - 24:30] Chapter 5: Evaluating Startup Pitches

[24:30 - 28:00] Chapter 6: Memorable Investments and Due Diligence

[28:00 - 30:30] Chapter 7: Fundraising Advice for Founders

[30:30 - 33:00] Chapter 8: Encouraging More Female Entrepreneurs

[33:00 - 38:30] Chapter 9: Navigating Failure and Conflict

[38:30 - 42:00] Chapter 10: Balancing Work and Personal Life

[42:00 - 45:00] Chapter 11: Directness and Authenticity in Leadership

[45:00 - 50:00] Chapter 12: The Importance of Values in Investing

[50:00 - 55:00] Chapter 13: Effective Communication with Investors

[55:00 - 60:00] Chapter 14: War Stories and Business Partnerships

[60:00 - 70:00] Chapter 15: Building a Support System

[70:00 - 80:00] Chapter 16: Maintaining Optimism and Resilience

[80:00 - 90:00] Chapter 17: Final Reflections on Entrepreneurship

[90:00 - 100:00] Chapter 18: Parting Thoughts and Advice

Episode 9 of Growing For It - Coffee Talk #5 with Mik & Trav

Mikkel and Travis discuss the challenges and milestones of their hardware startup, Airflight, in the first half of 2021. After securing pre-seed funding, they hired key personnel, including an expert in carbon fiber. They faced difficulties in hiring skilled local workers and had to build a $50,000 carbon fiber oven themselves for $3,000. The team successfully assembled a large drone, which was one of the biggest quadcopters at the time. Despite initial success, a load test failure and a crash during the first flight test caused setbacks. They emphasize the importance of resourcefulness and the emotional impact of physical prototypes in their entrepreneurial journey.

Key take-aways:

• Resourcefulness and Creative Problem-Solving

Faced with the need for a large, specialized oven, Mikkel and Trav converted a shipping container into a custom-built solution for a fraction of the commercial cost. This ability to find innovative and cost-effective solutions was crucial in the early stages of their startup.

• The Emotional Impact of Tangible Progress

Watching the physical components of the AF100 drone come together was a profound emotional milestone, igniting their passion and belief in the project. Celebrating these tangible achievements can provide the necessary motivation to overcome future challenges.

• The Importance of Safety and Structured Processes

The incident during the load test was a wake-up call, highlighting the need to take safety more seriously and implement more structured processes as they moved forward with testing and development. Embracing this shift in mindset would be crucial as they continued to push the boundaries of their technology.

Chapters:

[0:00:00] Closing the Pre-Seed Round and Moving Forward

[0:01:36] Hiring Challenges and Lessons Learned

[0:04:54] Building a Custom Oven for Carbon Fiber Parts

[0:09:10] The Emotional Impact of Physical Prototypes

[0:14:17] Assembling the AF100 and Preparing for the First Flight

[0:18:46] Safety Concerns and Leveling Up

[0:22:19] The Crash and Dealing with Setbacks

[0:24:00] Reflecting on the Roller Coaster Ride

If you wanna learn more about our "Founders" initiative, DM us on our socials listed below:

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

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