From Ad Company to Life's Work: Helping Startups Succeed
Learn how one entrepreneur changed his career from ad company to helping startups succeed with capital, knowledge, and networks.
Elizabeth Yin 💛
Co-founder @hustlefundvc. Democratizing wealth via entrepreneurship. Entrepreneur-investor. SF Bay Area native. My email newsletter: https://t.co/HTK9QmFYJA
After my last startup @launchbit, I was in a funk. I knew I wanted to start another co but didn't know what.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
I also wanted to work on my next company for the next 30+ yrs & also be reflective of what I could do better.
That's how @HustleFundVC was born & some learnings >>
1) A) @launchbit was an ad company -- ads are impt in the tech ecosystem but I wanted my next co to be my life's work.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
It took me 2 yrs to figure out that the problem I'm passionate about is helping startups.
We do this @HustleFundVC by helping w capital, knowledge & networks.
2) B) I realized @launchbit that I'm a horrible manager.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
I don't know how to pick ppl or how to manage them.
This is why most ppl at @HustleFundVC first work w/ us on a project before landing a full-time job.
It allows everyone to be happy - both ways - before going all in.
3) C) And we pick ppl who tend to be former entrepreneurs, early employees at startups, or played an entrepreneurial role in a past life.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
So no management needed. :)
Everyone on our team also understands firsthand what it's like to be an entrepreneur and all the ups and downs.
4) D) @launchbit I didn't think deeply about culture and how teammates add to culture.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
But @HustleFundVC, this is a top thing that we think about in bringing in new teammates.
There is a strong culture of kindness, not-taking-oneself-seriously, empathy, & direct communications.
6) E) Which brings me to my next point: picking co-founders who are not only complementary to me in skillset but also aligned in goals and direct communications was so impt the second time around.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
I couldn't have asked for better co-founders w/ @ericbahn and @shiyankoh.
7) I think it also helps that we had all been through past entrepreneurial experiences before where communications broke down and had learned how to be better at direct communications this second time around.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
8) F) At @launchbit, I was so new & naive to startups that I took to heart a lot of "commonly accepted" wisdom -- often w/out questioning it.— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
Now @HustleFundVC, I know it's impt to be open minded but also to go with what makes sense and not care about what others think.
9) This can be hard to do esp if your strategy conflicts w/ what a check-writer thinks (E.g. a potential LP or a VC or angel investor)— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023
But I think this is something that is a lot easier to do as a 2nd time founder. You trust your gut more. Don't be afraid to turn investment down
11) If you're a second time founder, what mistakes did you make in your first venture and what are you doing differently?— Elizabeth Yin 💛 (@dunkhippo33) June 29, 2023