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Three Things I Learned In SaaS, Sports, Tech & Live Events: Techstars Sports Week
- "Oh, that's your guy?" - The worst thing you can hear in the industry, according to NBA Champion turned investor Brandon Williams. Williams espoused the importance of taking time to nurse relationships and fight off the urge to move too quickly in our careers and in deals. When we rush towards our goals and bring below par people to the table, our judgement of character will be questioned and that's not easily earned back.
- Up and coming conferences have enormous ROI. We built our business on the IEG conference. It was small and easy to get access to decision makers who mattered for us. I went every year and we sponsored it for the final few. The MIT Sloan Sports Analytics Conference was the same for us in the early 10's. I never missed it. Take chances on smaller conferences, like One-Zero, which are well-run, and you'll get incredible access to network with hard-to-meet influencers in your industry. Big and well known conferences can be good too but in a far different way as access is difficult to the network we're hoping to meet.
- You're getting married, so forget the games. There is so much advice on how to raise capital. Much of it is terrific advice similar to terrific sales advice. Just remember, you're getting work-married. If they don't want to invest in you or your idea and cite a small reason, like 'losing momentum in the process' or maybe not having the best deck, then you dodged a bullet. The interest has to go both ways. Yes, a small percentage of companies move really fast. But most great companies, and some exceptional ones, take years and years.
- Is there value behind the numbers? Everyone wants to talk about vanity metrics like % growth or top-line numbers, but real investors will see right through those. Yes, you may have a competitor doing "$100m at 50%" and that sounds scary, but what is the margin? Is there a path to actually making money? Spent a lot of time with investors this week and there is fatigue around companies overselling their position. If you're good, just tell the truth. It works.
- If you know it all, don't get offended when people question it. Had a heated (on their side) exchange with a founder. They're 50-50 founders who "will split everything equally and come to an agreement over all differences of opinions." We tried that. It didn't work and cost me friendships which are still mending. I politely pointed out what they're attempting is the exception, not the rule, and I really do hope it works out for them. The vitriol I was met (by one of them) makes it clear they've heard this before. I'm all for swimming against the grain. Yelling at the fish on the way by is a waste of time.
- "Riches in the Niches" - Andrea Pagnanelli of National Cycling League discussing LAFC's approach to partners as they built a billion dollar team. That kind of laser focus on a market leads to big outcomes.
- "I need to get up earlier" - Every time we travel east it takes only one or two days to realize….I need to get up even earlier when at home. East coast bias is real in enterprise/smb.
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By Tony Knopp
5
11 ratings
- "Oh, that's your guy?" - The worst thing you can hear in the industry, according to NBA Champion turned investor Brandon Williams. Williams espoused the importance of taking time to nurse relationships and fight off the urge to move too quickly in our careers and in deals. When we rush towards our goals and bring below par people to the table, our judgement of character will be questioned and that's not easily earned back.
- Up and coming conferences have enormous ROI. We built our business on the IEG conference. It was small and easy to get access to decision makers who mattered for us. I went every year and we sponsored it for the final few. The MIT Sloan Sports Analytics Conference was the same for us in the early 10's. I never missed it. Take chances on smaller conferences, like One-Zero, which are well-run, and you'll get incredible access to network with hard-to-meet influencers in your industry. Big and well known conferences can be good too but in a far different way as access is difficult to the network we're hoping to meet.
- You're getting married, so forget the games. There is so much advice on how to raise capital. Much of it is terrific advice similar to terrific sales advice. Just remember, you're getting work-married. If they don't want to invest in you or your idea and cite a small reason, like 'losing momentum in the process' or maybe not having the best deck, then you dodged a bullet. The interest has to go both ways. Yes, a small percentage of companies move really fast. But most great companies, and some exceptional ones, take years and years.
- Is there value behind the numbers? Everyone wants to talk about vanity metrics like % growth or top-line numbers, but real investors will see right through those. Yes, you may have a competitor doing "$100m at 50%" and that sounds scary, but what is the margin? Is there a path to actually making money? Spent a lot of time with investors this week and there is fatigue around companies overselling their position. If you're good, just tell the truth. It works.
- If you know it all, don't get offended when people question it. Had a heated (on their side) exchange with a founder. They're 50-50 founders who "will split everything equally and come to an agreement over all differences of opinions." We tried that. It didn't work and cost me friendships which are still mending. I politely pointed out what they're attempting is the exception, not the rule, and I really do hope it works out for them. The vitriol I was met (by one of them) makes it clear they've heard this before. I'm all for swimming against the grain. Yelling at the fish on the way by is a waste of time.
- "Riches in the Niches" - Andrea Pagnanelli of National Cycling League discussing LAFC's approach to partners as they built a billion dollar team. That kind of laser focus on a market leads to big outcomes.
- "I need to get up earlier" - Every time we travel east it takes only one or two days to realize….I need to get up even earlier when at home. East coast bias is real in enterprise/smb.