So a local journalism student wanted to do a "day in the life" project on someone from our area. I volunteered as my business is going through a lot of change (we were retail primarily with ecommerce as an after thought-ish and now going to wholesale and smoother/more focused ecommerce). I thought it might be interesting since I'm back to startup mode, wearing all the hats and days are crazy.
Instead the student hears "chocolatier" and only wants to shadow on a production day. Absolutely not. My production days are intense and can't be interrupted. Besides, it's actually the most uninteresting part of the business, it's just following recipes I created quite a while ago.
After I say no and explain that another day is not only more feasible for me, but more interesting (to be fair, I'm a nerd for business), they write back saying they "respectfully decline if they can't sit in on a production day."
Ugh! Being a business owner of any sort means so much more than the fun and "glamorous" side, especially when you're in (or back in as in my case) startup mode. And not only that, it's incredibly more involved, interesting and exciting! Spreadsheets and sales meetings are intensely intriguing when you're risking it all!
Sorry, I guess there's not a lot of point to this point other than to vent to people who would hopefully understand. Product =/= business!
On August 5th, TechCrunch wrote that startups should “go public while software valuations make no sense.” What came next was a happy coincidence. Just a few weeks after that post, Unity, JFrog, Asana, Snowflake and Sumo Logic all filed to go public.
Today we’re seeing some data from those debuts, most notably the incredibly strong pricing runs from both JFrog and Snowflake. But even more, Snowflake just opened at either $ 245 or $ 269.50, depending on your data source. Regardless, the company’s stock is currently worth $ 276.2 per share, some 130% higher than its IPO price. Which, as we noted earlier, was already pretty high, given the company’s most recent revenue results.
Adding to the Snowflake example, JFrog opened worth around $ 71.30 today, sharply higher than its above-an-already-raised-range IPO price of $ 44. That’s wild! JFrog is now worth around $ 7 billion, despite having posted revenue in its last quarter of just $ 36.4 million.
The message from today’s debuts appears to be that valuations are unmoored from old rules — for the moment, that is — and thus companies that can post 100% growth or greater have little in the way of a cap on their upper limit.
Our takeaway: Go public now.
Adding to the good news is that some of the valuations we’ve understood less than others are holding up. First-day pop-and-drop today’s market isn’t. For example, Lemonade is still up about 50% from its IPO price, and OneMedical is up 100% from its own. So, software valuations are so wild that even software-adjacent companies are benefiting!
This is excellent news for a great number of unicorns. The good times are still here, amazingly, while the economy is still pretty bad and the election looms. All those old rules about having successive quarters of profitability and not going public during more turbulent years is, for now, bullshit.
Normalcy will re-emerge at some point. Things will eventually quiet down. But not yet, so get that S-1 out and take advantage of the good times while they last.
We all have (or we think have) lots of great ideas. What was the biggest pain point for you in the process of getting from your idea to the first MVP?
What was the point when you were most confused and needed help? What made you decide that you are going with this idea?
In my last post everyone advice me to talk to the customers to listen to their problem instead of developing an MVP. I now got a customer who is willing to talk for 15 mins and who is a decision maker. I have only an idea and all I want to do is to listen to their problem and I am not bothered about giving them a solution (i can ask for what you think if you have a solution like my Idea). But this is my first ever sales/business perspective discussion(All I had only technical discussions). I am bit nervous, i am confused how to start, what to ask. How was your first experience? How did you manage? What advice you can give to a tech-guy- who-doesnt-have-salesMarketing-skills?