Ask HN: Funding potential of non-hack founder
After reading the great info and essays, I notice that all founders are considered to be hackers. Is there no room for a strategic visionary who can build small quaility teams and make things happen? Have you funded a company with a non-hack "animal" founder?
By way of background, I formed a start-up in 2004, that combined a unique electro-mechanical boot device with prop financial software and 24/7 call center to manage vehicular debt collections for small gov't entities. (Don't bash, we effectively turned booting from a punitive event into a biz transaction, back on road in <5 minutes) I realize now that we chose an expensive and very difficult market. My primary cofounder was a pseudo-hacker and razor sharp biz guy, and the secondary founder was/is a brilliant hack. When speaking to partners or competitors, I would say and believe "my smart guy is waaaay smarter than your smart guy!" True it is.
After pumping all of my former stockbroker career earnings into company, plus 2 2nd mortgages, I went from CEO to full time fund raiser for 2 yrs.
At the 11th hour met a mini Buffet wall st legend at cocktail and had check for $500k 3 days later. Until I had faced failure numerous times, I could not take the "care" out of the pitch. Finally, I made the carefree, cocky n confidant (not dicky) elevator pitch of lifetime. Investor paid $2.6mil a few months later for 46% - doing < $1.5mil rev. Defines LUCK!
Along the way: kept the co-founders together during near brawl in conf room over working/communication style between them; sacrificed marriage w work (div pending); got sober! (Yeah, start-up will test your metal and make you more of what you are - I am obsessive/addictive); thru the fist fight of this start-up I laughed and cried and felt energized like never before.
Today, hack is CEO but spends most time developing our next product from home which according to other in-house hacks is most remarkable, like nothing they have ever seen and downright confounding. Pseudo-hack co-founder is president, deal maker, legal guy, and all around kick ass motivator.
I still retain 49% and 2 of 5 seats after a few cap calls. Buyers circling at $20-25mil. The biggest contract in industry ($35mil) is almost secured and chairman thinks $50mil+ next few years based on reasonable ebitda mult.
Looking back, I was the "animal" in the company, the money, the salesman, the team builder, the strategic, the attitude adjuster.
In my expereince, being this guy allowed our hack to hack, and our psuedo hack to help ignite creative ideas w our hack.
While I understand that there are plenty of biz opps out there, my feeling is that some require mad people skills to get customers, partners, and investors to move. That in turn enables the hack(s) to stay focused.
So, have you considered an investment in trio where a founder is not hack - able, but pure animal?
Sorry for being long winded. Maybe I was just the $ after all!
Btw - not looking for $ as I am involved in another start-up that I will post about in a few months. thx
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