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Alexis Rowe
Venture capitalist Jenny Fielding, co-founder of Everywhere Ventures and former Techstars managing director, recently sparked a lively debate on Twitter when she questioned the practice of pre-seed founders hiring executive assistants to help with scheduling. Fielding's tongue-in-cheek post was meant to highlight a common misconception among early-stage founders about cash management, particularly during a startup's formative years.
Fielding's point was that founders often hold onto misconceptions from the excess funding days of 2020-2021, which can lead to poor cash management decisions. As someone who has founded two companies and spent seven and a half years at Techstars, Fielding aims to provide founders with realistic advice, rather than sugarcoating the truth. According to her, early-stage startups should focus on building a product that people want to buy, rather than splurging on operational overhead positions like executive assistants.
While most seed investors, including Fielding, believe that founders should have the freedom to spend their raised capital as they see fit, early-stage VCs will still scrutinize founders' cash management. This scrutiny will come into play when the startup needs to raise its next round and requires warm introductions and glowing recommendations from its seed/pre-seed VCs. Fielding emphasized that her firm invests at the earliest stages, doesn't take board seats, and entrusts founders with the cash, making it essential for founders to demonstrate responsible cash management.
Beyond executive assistants, Fielding identified other "red flags" for VCs, including the presence of COO and CFO roles at early-stage startups. According to her, these roles can be a sign of unnecessary organizational structure, and the associated salaries can be a significant drain on resources. Fielding recounted a personal experience where she ended a deal due to a founder's excessive salary, which she believes should be between $85,000 and $125,000 at the pre-seed level.
Fielding's comments have sparked a necessary conversation about responsible cash management for early-stage startups. As the startup ecosystem continues to evolve, it's essential for founders to prioritize building a solid product and managing their finances wisely. By doing so, they can increase their chances of success and attract the right kind of investment to fuel their growth.
In conclusion, Fielding's comments serve as a timely reminder for founders to reassess their spending habits and focus on what truly matters during the early stages of their startup's journey. As the startup landscape continues to shift, it's crucial for founders to adopt a more disciplined approach to cash management, lest they risk jeopardizing their chances of success.
Apple CEO Tim Cook's secret life revealed: Find out what's been hiding in plain sight on his feet
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