Competition is nothing new for startups, but following the end of the pandemic, competition for funding has become even more intense. To stand out, particularly to venture capital firms looking to invest, early stage startups have to bring metrics that will entice VCs to fund them over the more mature companies they’re competing with.
Brad Luttrell, Co-Founder and CEO of both Holler Commerce and GoWild, a social media community for outdoor enthusiasts, sits down with But Who’s Counting? podcast host Dave E. Hartley to share his experience steering his companies through the COVID-19 pandemic and how they recovered after their business model crumbled in 2020. Their conversation touched on many of the struggles experienced by startups during the pandemic as well as how the startup market has changed in response. Also covered in this episode:
- How Brad built an e-commerce site in just 90 days after losing $750,000 in one week
- What entrepreneurs can do to power through the “trough of sorrow”
- Actionable advice for startups attempting to fundraise in the current competitive environment
- The three L’s of going live with a product: Launch early, Listen to what’s happening and Look into the data
- Ways to eliminate meeting fatigue and creative company-wide policies that can help
- Why getting fired turned out to be a blessing in disguise
“What has made this really competitive if you’re in a seed stage round, you’ve got companies who should be raising a Series A downshifting and raising in that same size. VCs are going to look at this from a metrics perspective of, ‘How much revenue are they doing, what’s the valuation?’ Their thesis is going to be built around that to some degree.”
Brad Luttrell
Resources to Count On
Check out these additional resources for more insight into Dave and Brad’s conversation:
- Keep up with Brad on LinkedIn
- Read Brad’s free newsletter here for more insights
- Check out Holler Commerce, a turnkey, AI-powered social commerce platform
- Make connections on GoWild, a free social community for outdoor enthusiasts
Listen to But Who’s Counting? by subscribing on Spotify or Apple Podcasts and let us know what you think by rating and reviewing.
To help gauge how startups and investors have been impacted by external pressures and how they plan to move forward, the Anders Startup team is inviting startup founders, entrepreneurs, investors and funding sources to take our inaugural St. Louis Startup Funding and Outlook Survey. The survey will get a pulse on the region’s ever-growing startup ecosystem and see if visions align for entrepreneurs and funding sources.
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