Part of the reason there’s so much backlash against VC funding is that when you end up driving your business into a wall at 100mph, it’s easier to say “I shouldn’t have raised that money” than it is to admit “I shouldn’t have spent that money.”
The reality is that many of the businesses people regret raising money for would not have found traction without VC funding. Marketing spend is often what tanks these businesses, but they wouldn’t have existed without massive marketing spend.
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High returns are generally correlated w “high risk” business and practices. Teams that take venture $ need to be aware they are capital allocators that need to operate w the equivalent of a thesis to achieve an expected return set by their investors
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Well said. It’s this culture of buying customers instead of earning customers. Even these stupid job titles like “growth hacking.” There’s even a startup with a 5-person “culture squad” made up of 21-25 yr olds. We need to go back to basics.
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I don't see a lot of accountability on the spend. Some of the expense lines I've seen that aren't revenue producing are absolutely insane. They would never get them approved in corporate... for good reason.
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