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3. George Bevis from Tide - The Psychological Journey Of Failing As A Founder, Why LTV/CAC Is THE Metric, The Elusive Product Market Fit - Does It Really Exist? How Do You Know When Your Startup Has No Way Forward
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George Bevis, founder and former CEO of Tide Bank. As many of you may know, Tide delivers better business banking for small to medium sized businesses. It’s currently valued at $650 million, serves over 400,000 businesses, and has tens of millions in revenue. George is now running his own venture studio, Can Do. In 2015, in Tide’s early days, an employee ran off with their code base and they almost ran out of money in the first year.
In this episode, you will hear more from George about:
1) The Psychological Journey of Failure as a Founder?
- What does it actually feel like when your company goes under?
- When do you actually feel a sense of relief?
- How do you know when it’s time to call it quits on your startup?
- How do you treat the staff the right way as you wind down?
2) THE Metric for Any Startup
- Why LTV/CAC (Lifetime Value/Cost of Customer Acquisition) is THE Metric and Not a Metric to Live by in Your Startup
- How did George get to this conclusion after multiple businesses?
- Should you rethink your business model before you even start?
3) The Elusive Product/Market Fit (PMF)
- Why George disagrees with the famous Marc Andreessen blog post on product/market fit (PFM)
- Is PFM a myth? does it exist? What does it actually feel like to achieve PMF?
- Do you still need marketing even if you have PMF?
4) His Decision To Step Down From His Own Company
- What drove George to decide to leave Tide as the CEO?
- The one thing he really misses since leaving
- What he is up to now and why?
5) Humility - The Underrated Trait for Employees and VCs You Surround Yourself With
- How Tide’s company values and humility translated into their consumer experience
- Why you need to choose a VC with humility?
- How you figure out if a prospective VC has humility?
- The power of cold references on VCs
- How many terms sheets should you actually expect when fundraising for your startup?
After tasting success as a founder, George is now running his own venture studio, Can Do.
Find out more at KindredCapital.VC/FoundersUncut
This podcast was produced by Fascinate Productions
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