41 minutes | Sep 21st 2020

Why No One Tells Founders, It's Over, Move On

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Are you working yourself into the ground without making much progress, if any?
In this episode of the Startup Therapy Podcast, Wil Schroter & Elliot Schneier break down the failure of their company AffordIt, what actually happens when you run out of VC money, and when you should drop the ego & focus on doing what’s best for your mental health instead.
Listen in to hear what our VC’s did when we ran out of money!
Episode Resources:

What To Listen For:
  • [00:00:12] - Welcome Elliot!
  • [00:01:12] - The failure of AffordIt
  • [00:02:42] - What happens when you run out of money from your captial raise?
  • [00:05:19] - Obtaining VC in hard economic times
  • [00:07:35] - What happens if you take on investors and don't become a unicorn?
  • [00:10:12] - How to fail gracefully & maintain relationships
  • [00:11:12] - Is it the investor's job to call when to fold the business?
  • [00:13:08] - What we wished our investors would have done
  • [00:15:35] - The importance of mental health in leadership and why no one cared at the time
  • [00:18:04] - If investors won't advise you in critical moments, who will?
  • [00:22:34] - The group that shatters your ego as a Founder the most
  • [00:28:12] - AffordIt's breaking point
  • [00:31:10] - The perfect person to tell you you're done
  • [00:32:32] - Not sure if it's time for you to fold the tents or have a question? Email us at Therapy@Startups.com
  • [00:36:57] - You don't have to run out of money to fold the tent
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Mark Played