Scaling our platform - Fundraising
As we continue to grow, scaling the pHlatbed platform is key to sustained organizational growth. This goes beyond the technology infrastructure (cloud, network, storage, hardware, integration, applications, software etc) but also our head count. The UI / UX area, cross compatibility, mobile, interoperability, among other areas will always require an increased headcount at pHlatbed…..and any other organization. Bringing talented people together and providing opportunity for growth while building something unique is the job of every leader. People you work with will always need to be reminded of why they joined your mission, in some cases not so much but reinforcement is important. in the same token, rewarding those people with opportunities for advancement both personally and professionally is equally important.
If our contribution to humanity lies in a new way of thinking and conducting trade with our fellow humans, then our mission is clear. What lies ahead of us is a mission, a job upon which the sum of the parts lies in the individual contribution by every member of our team towards that goal.
This has led us to approaching Venture Capitalists in an effort to fund our growth. The feelings are mixed as this is an area where you never know what VC’s may throw at you. While I do not pretend to be a VC expert, one thing I know is if you want to make a billion dollars, then start by helping a billion people. We have created a platform where we can indeed help a billion people, but scalability and our platform roadmap requires resources which will give us the runway to deliver on that premise. Our industry is one where wide ranging disruption that changes how we think is commonplace, pHlatbed is no exception. The opportunity is one which technology has enabled, and the people behind the platform strongly believe in. Pitching pHlatbed to VC groups has had some interesting observations….hockey stick projections, valuations, DLOM, MRR, burn rates etc have been quite eye opening and at the same time awe inspiring at the potential the new sharing economy based on collaborative consumption has presented. In the same token, VC folks having the upper hand can go either way from very pleasant and insightful, to unpleasant and disengaged. Thankfully we have been very lucky so far to have met some really cool VC’s within our space. The insight beyond money is always welcome….everything from back office, value add services, consulting, introductions, complimentary services with other tech companies have been very encouraging taking into account our unique position.
Sometimes it’s the right fit, and sometimes it’s not. There are some who don’t play within the industry but just want to add a tech startup to their portfolio, throw you money and see you in 6 - 12 months. For pHlatbed, that’s not enough. Having engaged partners is key. The feedback is equally important. Hence the importance of partnering with a VC that’s at least familiar with the space, in addition to being ready to engage, provide feedback, in addition to being available when needed.
As our engagement materializes, whether we decide to continue the VC rounds or pull back, I will keep you posted.