Purch, the leading source of information about consumer and small business technology, has closed a major round of funding. I am very pleased and proud to be on the board of directors.
Making yourself FutureFit
Last week I shared an article that contrasted the “lessons” about venture capital presented on the TV show, “Shark Tank” with the real world experience of trying to raise money. The quick takeaway was simply a reminder that Shark Tank is a reality show that is valued as entertainment. It’s not instructional TV—nor is it intended to be.
Everyone in California has been focused on the water drought. And we should because it’s real and potentially a long-term problem. But in the digital world, both content and commerce companies need to be worried about the impending click drought. I can hear you saying it now, “Oh good, one more thing to worry about. What’s next, meteors?”. But hang with my apocalyptic concerns for a minute.
After I uploaded yesterday’s blog post suggesting that startup CEOs “Always Be Fundraising”, I was reminded that my friend Ben Smith had written this similar (and excellent) article for PE Hub a couple of years ago. It hits on many of the same points that I raised but also adds some very useful advice. Ben and I have been through the wars together and I can say that he lives the advice that he gives in this article. Ben is smart, tough and focused.
If the first rule of being a venture CEO is “Never Run Out of Cash”, the first corollary is “Always Be Fundraising” — with an obvious nod to Glengarry Glen Ross.