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The market was down considerably with public valuations down 53–79% across the four sectors we were reviewing (it is since down even further). ==> Aside, we also have a NEW LA-based partner I’m thrilled to announce: Nick Kim. First in late-stage tech companies and then it will filter back to Growth and then A and ultimately Seed Rounds.
And then in the late 90’s money crept in, swept in to town by public markets, instant wealth and an absurd sky-rocketing of valuations based on no reasonable metrics. Almost no financings, many VCs and tech startups cratered for the second time in less than a decade following the dot com bursting. Up and to the right or perish.
Nearly every successful tech startup I’ve observed over the past 20 years has gone through a similar growth pattern: Innovate, systematize then scale operations. So it makes me laugh to this day when I talk with a journalist or potential investor in the company and they ask flippantly, “How is MakeSpace a technology company?”
Unit costs are important, but don’t forget about the cash flow hit, extra storage costs, and the probability of obsolete inventory due to necessary updates or pivots. It’s no secret that some people are more productive than others, due to skills, training, or commitment. Marty Zwilling First published on Inc.com on 11/26/2019.
My simple answer is that they keep their focus on customers, rather than technology. They present a convincing story that every entrepreneur has the same potential, but most get sidetracked and bogged down by their technology, competitors, and internal organization. Incorporate AI-powered data and metrics systems.
Thus, I’m more impressed with entrepreneurs who ask me to review their implementation plan, rather than listen again to their idea. Some dreams sound great, but may not yet be viable or proven with today’s technology. Marty Zwilling First published on Inc.com on 10/21/2019.
Technology enhances experience, not impedes it. The marketing metrics covers support as part of experience. If your marketing metrics and budget ignore the fact that you have call center queues thirty minutes long, or no coverage of online reviews or social media, your customer service is not keeping up with competitors.
Institute deep metrics measuring all aspects of the customer experience. Senior leaders need to be personally involved in defining the tests and reviewing results and implications. Amazon targets the new machine learning technology to leverage his focus on customers. Marty Zwilling First published on Inc.com on 05/15/2019.
Highlight your competitive value, not your technology. This may sound obvious, but I still see too many companies with a strategy of highlighting technology improvements and features, rather than their value compared to competitors. Marty Zwilling First published on Inc.com on 07/03/2019.
More and more customers these days are doing their own marketing research, scanning internet reviews and feedback from friends, rather than trusting messages that you push out through advertising. Implement marketing metrics based on inbound data. Marty Zwilling First published on Inc.com on 07/08/2019.
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