E371 - Follow the Money - Steve Vander Meulen, WaitWell - A Story of Growth, Hard Work and Falling in Love with the Problem
“Fundraising is as much about the relationships and establishing the dynamics with whom you work to optimize what you’re trying to achieve.”
In recent years, the business landscape has witnessed a rush of capital flowing into companies, often with shaky foundations, resulting in a trail of failed IPOs and a great deal of anxiety for founders and investors alike. However, Steve's approach to WaitWell stands out. Steve chose the bootstrapping path, steering his company through its initial stages without relying heavily on external funding. This prudent approach was paired with the meticulous documentation of every aspect of their journey using the Agile framework. By doing so, WaitWell built a robust foundation, laying the groundwork for future success.
Rather than giving into the pressure of immediate market conquest, Steve's strategy was to seek capital selectively and strategically. He resisted the temptation of over-investment, opting instead to leverage the resources at hand to validate their strategies. Steve paved the way for the company’s future growth, focusing on demonstrating success and responsible financial stewardship. Steve’s entrepreneurial playbook has another key lesson: the significance of choosing venture capitalists who are not just a source of funding but true partners. While securing capital is crucial, it's equally important to seek advisors who offer valuable insights, resources, connections, and the wisdom gained from their own entrepreneurial journeys.