2 posts tagged growth
2 posts tagged growth
I think a lot about the money we’ve raised ($1.4MM in two rounds) and what it’s done for us.
Yep, some of it went to a nicer coffee maker, and some of it paid for us to move out of our “office” in Brendan’s bedroom, but most importantly, it gave us time.
It gave us time to eat and sleep without having to worry about failing to pay rent. It gave us more time to try advertising that was stupid and expensive, but that gave us data. It let us add Ben and Adam to the team, who helped the company do more in less time.
The slow fire burns the hottest
There are simply no shortcuts to a really strong foundation. I can’t think of many brands that raised capital, skyrocketed their growth, and then stayed on top. The strongest brands and products I can think of were built over decades, not years.
We all hear about the super fast-growing apps that raise a ton of money and throw around growth numbers like hundreds of millions of users in a matter of months. Trouble is, the product isn’t always ready for that, or the team hasn’t identified what they love about that space, and maybe they don’t even know how they want to work yet. In the end, it just doesn’t work (the product normally fades into ‘fad’ territory).
What do you really need?
Looking back, I think we probably could have waited longer before raising money. But we have no regrets. Fortunately for us, our investors let us take our time to find our way. Many investors expect you to go much faster than your company may be ready to go, and their expectations may actually decrease the amount of time you have to figure things out. Think about what you really need right now. Do you need money? Do you need time? Do you need both?
We’ve been putting together a video series at Wistia called How They Work. In it, we go around and interview inspiring businesses about their company culture. Each How They Work is about three minutes long. They are designed to capture just a few of those sweet, sweet nuggets of culture that are drivers of success.
Clover Food Lab is the most recent company to be featured on How They Work. In the last year Clover has expanded from one food truck and 10 employees to five trucks, two restaurants, and about 140 employees.
My favorite thing about Clover other than their delicious chickpea fritter is that they have completely blurred the line between the food and tech industries. They’ve built internal software that runs on iPods to scale up and down with demand. They test and measure everything they do. They even change up what they’re selling on a daily basis by only having digital menus and whiteboards. If they were a software company their story would be incredibly impressive, but for a food business it’s completely mind boggling.
Watch the How They Work for the full story.