Talk about failing forward, Adaptive Insights is a perfect example. The financial software startup which almost closed at a point in time is now worth over $1 billion. So much is going on in the technical startup realm, with so many startups getting VC funding.
Founder of financial software startup Rob Hull, advises startups to stay focused on their business and ignore the distractions. These VC funding could really be distractions you know. Rob Hull knows all about it and never claims it is easy. He shared his story with other startup founders and here is what he told them. Hull asked them to focus on the things they can control rather than all the factors they cannot control.
Can you believe Venture capitalists rejected his startup over 70 times before they finally secured funding. It came to a point where he stopped taking a salary, and considered selling the company. He struggled to convince controllers and CFOs that financial data would be stored in the cloud. Eventually, the idea took off and so did the company.
Adaptive Insights now has more than 3000 customers in 85 countries. They were named by the Gartner Magic Quadrant survey as the only cloud-based software this year according to Business Insider. Success anyway, had never been something that Hull always saw as just over the horizon. He paints a very realistic picture for other startup founders.
Hull suggests that anyone with an idea should focus all their attention on it, and do all it takes to develop it. The better the product or service is, the higher the chances are for receiving funding. It is quite difficult to receive funding when you are a startup. Therefore, managing your cost structure very well might be the key to success.