The Crowdfunding Mistake Founders Keep Making with Joey Hayes

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The Compassionate Capitalist
Show empowers entrepreneurs and

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investors of life to create
wealth with passion and purpose.

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Join Karen Rands, a best selling
author, for insights on Angel

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investing, crowdfunding,
business growth, and wealth

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creation.
As a seasoned entrepreneur and

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investor herself, Karen engages
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investors, and venture
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Subscribe and share and be a
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capitalist movement.
There's

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OK, welcome back to the
Compassionate Capitalist show

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where we demystify startup
investing and empower more

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people to participate in the
wealth creation power of

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entrepreneur entrepreneurship.
I'm your host Karen Rands,

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author of the new book Inside
Secrets to Crowdfund Investing,

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long time advocate for
democratizing capital and

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advisor to founders raising
money across multiple rounds,

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including equity crowdfunding.
One of the biggest challenges I

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see even with successful raises,
whether it's traditional Angel

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to VC and definitely within the
crowdfunding space, is what

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happens after the campaign
closes.

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Companies celebrate the inflow
of capital and then they

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instantly lose momentum because
they don't have a strategy for

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nurturing the very investor
community that they have worked

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so hard to build.
Too often a founder ends up with

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a spreadsheet of hundreds of new
supporters, but no playbook to

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engage them, activate them or
turn them into that crowd for a

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lasting as a lasting strategic
asset.

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They oftentimes can't even think
past this initial raise to what

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will they do next time around.
And a lot of entrepreneurs just

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fall down when it comes to the
idea that they they have to

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raise more capital.
It's like pull it.

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They don't want to raise more
capital.

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And there's actually, you know,
with my guest, he's going to

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talk about how raising the next
round can be a lot easier if you

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do just a few things.
So my today's today's has made

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this problem his mission to
solve.

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Joey Hayes brings more than 15
years of global partnership and

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commercial growth experience
with brands like IHG, Hyatt,

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Hilton and booking.com.
And as an investor in more than

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60 crowdfund startups, he's seen
first hand the power and the

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pitfalls of capital
democratization.

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And he noticed the same pattern
I've warned founders about for

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years.
And these are stats that he gave

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me that we're going to dig into.
81% of investors want not help,

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only want to help, but only 10%
of the founders ask Joey is

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changing that with his company
through in a platform that he'll

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be talking about that that in
explaining more about it.

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Designed to help founders
maintain post raise momentum by

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transforming their investors
from passive backers into active

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brand advocates, referral
partners and B2B connectors.

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In this conversation, we're
going to dig deep into how

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founders can avoid the common
post raise failures, why ongoing

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investor engagement is essential
to long term success, and how

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trusting the crowd can unlock a
powerful engine for growth in

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every stage of your capital
journey.

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Let's dive in.
So welcome to the compassionate

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capitalist show, Joey.
I'm so happy that you're my

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guest today.
Yeah, thank you for having me,

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Karen.
I've been reading your content

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for years, especially when I
first started this whole

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investment journey of mine.
So thank you for having me.

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It's a real honor.
And, and thank you for all the

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support you've given me
throughout the years.

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Absolutely, that's what we're
here for.

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So so you now let's start with
like you've invested in more

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than 60 crowdfunded startups.
What was the moment when you

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realize founders were missing a
critical opportunity after they

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raised and that did this
untapped asset needed to needed?

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Yeah, so I always kind of
thought it in the back of my

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head, but it was just never
something that came to life for

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me until I was looking to to
start a new business.

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I wanted to do something where I
was able to leverage my skills

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and what I enjoy doing, which
is, you know, really networking

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and connecting people.
And I was really focusing on

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more introverted entrepreneurs,
as well as maybe more tech tech

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savvy Co founders, more tech
founders that, you know, maybe

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don't have that kind of
extroverted personality.

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So I was thinking about how I
could help, how I could help

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these founders.
So I started talking to a couple

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of founders, but realized that
I'm just one person and I'm not

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really, it's not scalable for me
to build a solution where I

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could just use myself, my own
particular skills.

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But then I had a moment thinking
what there needs to be is a

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network, a network that could
really support founders.

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But where does this network come
from?

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Does it come from their
customers, from their friends

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and family?
Because it's a lot to ask.

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It's a lot to ask for someone to
what founder to put their trust

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in a person and also for, you
know, a person to be able to

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tell a founder story
appropriately.

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So I was thinking about how do I
build this network or how do I

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form this network?
And then I had that light bulb

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moment like, Oh my God,
crowdfunding, you know, this

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network already exists for a lot
of founders that do

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crowdfunding.
You know, they come out with

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hundreds or thousands of, of
advocates of people who

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evangelize their message.
So that's what I thought, OK, if

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you could find a way to activate
this crowd, it could be super

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powerful.
And then I started to think,

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wow, you know, this is a huge
gap that I see in the founders

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that I've invested in, the
startups I've invested in that

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really none of them were doing
it well.

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A couple of them were doing the
engagement piece well where they

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were keeping that their
investors engaged, whether it be

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through quarterly or monthly
updates or webinars or.

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But none of them were doing a
great job.

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And truly, truly none of them of
the 65 plus that I've invested

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it to at this point, we're doing
the activation part where they

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were really getting the getting
the asks out to their investors

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and determining who of their
investors could actually be the

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ones to help them out the most.
So I started to interview some

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of the founders and, you know,
and realize that there was a lot

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of friction for them.
It was hard for them to

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prioritize this.
It was hard for them to develop

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the skills to do this accurately
and effectively.

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So that's when I knew that there
was a gap in the market and it

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was ready to be filled.
So let's kind of dig into this

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activation part because you
mentioned something about

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they're engaging their community
or their investors to be able to

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articulate the value
proposition, I guess, to their

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friend of friends, right?
So the word of mouth, which is

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really critical in the initial
raising of capital is

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articulating it so that somebody
will tell somebody about it

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because you can fill in the
capital funnel, right?

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You have to fill a funnel of
investors just like you feel a

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funnel of customers and have
this sort of strategy and try to

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create that word of mouth kind
of of a piece of that.

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So I want I want to address and
I think it's my tie into the

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question that I have that we're
here, we talked about and you've

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met.
You had told me 81% of the

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investors want to help, but only
10% ask.

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I found that sometimes
entrepreneurs stop engaging and

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you you mentioned a good point,
but we'll talk about on best

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practices of, you know, having a
regular communication strategy.

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But sometimes they get
embarrassed by their progress.

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So they keep thinking that no
good news is is no news at all

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or like that.
Like if I don't have good news

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to tell, I better not say
anything.

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When in fact it becomes a big
red flag exactly for the

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investors that are in the deal.
They start to be like they start

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to panic if they don't have the
news.

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They'd rather know that you need
help with something to your

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point of activating them even.
Why do you think there's such a

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wide gap between that 81 and,
and, and, and 10%?

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And you know, how do you, how
do, how do you, how do

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entrepreneurs overcome their
emotional barriers to doing this

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and recognizing the opportunity,
whether it's a potential

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customer that they could engage
with through that or setting up

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the next stage of capital?
Because those investors want to

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reinvest in the next round and
therefore want to tell the rest

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of their friends.
Yeah, at the end of the day,

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asking for help as a skill, and
it's a skill that a lot of

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founders just just don't have.
It's a it's a skill that a lot

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of people don't have.
So when it comes to asking for

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support in a time when you're
really struggling, it compounds

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and all of a sudden, you know,
there that becomes a negative

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experience where it should be a
positive experience.

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You know, you should feel lucky
to have investors that have

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already believed in, you know,
they gave you their money.

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That's really the hard part is
getting people's money them to

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for support to help grow your
business.

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That could be the easy part.
But with any skill, it takes

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time.
So if you're a founder and

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you're really struggling out
there and you're not dating your

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investors, what you need to do
is you need to start, then you

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need to start small.
You need to develop it as a

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habit because you'll get better
at it.

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You'll get better at the
communication.

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The founders will see you more
and be, and you'll be more top

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of mind and they'll be more
comfortable with you.

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You'll be more comfortable with
them.

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And therefore that skill of
asking for help and, and the way

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that you do it will also evolve.
You know, a lot of times I see

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investor updates and they you go
to their challenges section and

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they're not really challenges
because they're scared to

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actually put what their really
true challenges are.

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So it's a nice thing to poke at
that and say, OK, this isn't a

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challenge.
You know, you're a start up.

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You clearly have tons of
challenges.

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So even changing your challenges
section in your investor update

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to help needed or help wanted or
support needed is a great step

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to do that.
So really trying to take the

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stigmatization of asking for
support out of the whole process

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and really trying to lead into
it.

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Yeah.
So one of the things that you

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know, I found when companies are
filling up their funnel for cut

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for investor, they will
interpret a non answer as a no

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rather than I say, you know,
investors are big boys and

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girls, they know how to say no.
And so they're just busy and,

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and so I can imagine.
And so sometimes and they also,

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you know, there's a liquidity
situation where investors, you

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know, may or may not be liquid
at that moment, even though

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they're still scouting deals.
And so they may not be as

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responsive until they become
more liquid.

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And, and during that time, part
of moving them through a funnel

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is that they, if you're moving
them through your funnel and

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when they come up for air,
they're ready to invest.

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They look at you want to be the
company that stayed in touch and

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is on the top of the stack
because you've, you've given

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them the milestones of what you
said you were going to do.

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And they're like, oh, this is
less risky because they've

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continued to communicate.
They've done this.

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This is sort of like a best
practice for raising the capital

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as you're working them through
your funnel.

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They're not a no until they're a
no, but you get them off the

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fence because they trust you
more.

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And it seems like from what
you're talking about, and we're

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talking about here, that the,
that the, they, they, they do

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almost the flip of that.
These are people that said, yes,

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have potential for whatever
issue they're not thinking

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about, They're not nurturing and
cultivating that that group of

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investors that have already
invested.

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Is it, is it sort of the same
thing that like what I said

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before, they're they're like,
no, you know, bad news.

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I don't want to share bad news.
So I don't share any news versus

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they like, you know, to the
entrepreneurs listening out

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there, investors like to know
you can solve a problem and they

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like to know that you're willing
to ask for the help.

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So when you're coaching
companies, do you have to work

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on that psychological switch of
how they view themselves and how

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they view the investors that
we're all in this together?

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00:12:41,280 --> 00:12:44,000
Yeah, definitely.
I think that if you're going to

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be communicating to your
investors, obviously you don't

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00:12:46,240 --> 00:12:48,720
want to just shout your
challenges all the time and all

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the help you need if there's
there's good and there's bad

230
00:12:50,920 --> 00:12:54,040
every single day as a founder.
So really you want to take that

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balance of talk about what's
going great, but don't only talk

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about what's going great because
it's not always all great.

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Try to talk about what's going
great, but then at the end be

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like, hey, I'm having a real
challenge here.

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If there's somebody out there
that can help me, this would be

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great and I'd be very specific
about your ass.

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I think that is one of the
really good take away.

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Don't you say, hey, you know, we
want to get more followers to

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our Instagram page.
Be like no you.

240
00:13:16,360 --> 00:13:17,880
Know, right.
Yeah, they're not going to do

241
00:13:17,920 --> 00:13:19,440
that.
Someone I need someone

242
00:13:19,440 --> 00:13:22,560
specifically who is an expert in
Instagram marketing that could

243
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help us bring more eyes over to
our social media pages.

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So yeah, I think the specificity
of the ass, one of the one of

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the most probably powerful
things we do at through is that

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the first step is we really map
the fountain, the investors.

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So we determine who they are,
what their skills are, how

248
00:13:38,360 --> 00:13:40,520
involved they want to be, what
their network is.

249
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And then we are able to create
personas.

250
00:13:43,240 --> 00:13:45,920
So you maybe you have four or
five personas in your investor

251
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community and then you know who
to reach out to specifically for

252
00:13:48,920 --> 00:13:51,600
who.
And even beyond that, maybe you

253
00:13:51,600 --> 00:13:55,160
want to, you know, reduce direct
marketing campaigns to them.

254
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Each persona, you could have
different language in each

255
00:13:57,360 --> 00:13:59,120
persona that will resonate more
with them.

256
00:13:59,200 --> 00:14:01,480
So these are very powerful
things that you could do, but

257
00:14:01,480 --> 00:14:04,040
you have to learn about your
investors first.

258
00:14:04,040 --> 00:14:07,240
The vast majority of crowdfunded
founders just are sitting on a

259
00:14:07,240 --> 00:14:08,640
spreadsheet.
I have absolutely no idea.

260
00:14:08,640 --> 00:14:10,640
They know their name and their
phone number and their e-mail,

261
00:14:11,040 --> 00:14:13,480
but they haven't taken that step
to learn that.

262
00:14:13,480 --> 00:14:17,160
Learn about them a lot more and
you'll be surprised at how much

263
00:14:17,160 --> 00:14:19,680
they're willing to share with
you because they want to be

264
00:14:19,680 --> 00:14:21,280
involved in the growth of your
business.

265
00:14:21,360 --> 00:14:23,360
They want to be involved in your
success.

266
00:14:23,480 --> 00:14:28,600
OK, So what is that was really
great because that is I like the

267
00:14:28,680 --> 00:14:32,400
the part about, you know, really
truly understand the avatar.

268
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This is part of of you know how
you seem like you do with a

269
00:14:35,640 --> 00:14:37,600
sale, it's sales for your
customers.

270
00:14:37,600 --> 00:14:42,280
You figure that out and being
very specific in the ask and

271
00:14:42,280 --> 00:14:44,640
understanding, just like along
that avatar, if you've got

272
00:14:44,640 --> 00:14:48,760
people that are, you know, high
net worth, odds are they're not

273
00:14:48,760 --> 00:14:51,240
even on Instagram Now.
They might be able to get their

274
00:14:51,240 --> 00:14:55,120
daughter or their son to go and
like your thing if you ask like

275
00:14:55,120 --> 00:14:57,440
that.
But you know, there are going to

276
00:14:57,440 --> 00:15:01,080
be some of those investors that
they build their business and

277
00:15:01,080 --> 00:15:05,160
their success by understanding
digital media and stuff.

278
00:15:05,160 --> 00:15:08,920
And that is understanding that.
So is what is what is the best

279
00:15:08,920 --> 00:15:14,120
practices of like in the first
thirty 6090 days after closing a

280
00:15:14,120 --> 00:15:18,160
campaign and for post raise and
even as they're preparing to

281
00:15:18,160 --> 00:15:20,560
raise?
You know, I talk about having a

282
00:15:20,560 --> 00:15:24,360
CRM in a way to engage that way,
but are there using that or

283
00:15:24,360 --> 00:15:26,560
other mechanisms?
What is something that they

284
00:15:26,560 --> 00:15:29,960
could do to increase their odds
of success in the race, but then

285
00:15:29,960 --> 00:15:35,720
also within the 1st 6090 days
that sets them up for the next

286
00:15:35,720 --> 00:15:37,480
capital raise all at the same
time?

287
00:15:38,960 --> 00:15:41,440
The most simple thing you could
do is thank them, you know, and

288
00:15:41,440 --> 00:15:44,520
that's something that people
just forget, you know, send an

289
00:15:44,560 --> 00:15:47,080
e-mail thanking them and and
kind of take them along the

290
00:15:47,080 --> 00:15:48,920
journey.
Like, hey, this is where we

291
00:15:48,920 --> 00:15:50,760
started.
You know, maybe their fundraiser

292
00:15:50,760 --> 00:15:52,960
was six months, seven months.
This is kind of this is the

293
00:15:52,960 --> 00:15:55,920
journey we went on together.
This is, you know, some of the

294
00:15:55,920 --> 00:15:58,440
challenges that we had.
These are some of the surprises.

295
00:15:58,680 --> 00:16:01,320
And now this is how I'm going to
use your money and this is how

296
00:16:01,320 --> 00:16:04,240
we're going to grow this
business together and, and just

297
00:16:04,240 --> 00:16:06,200
make them feel welcome, make
them feel like part of the

298
00:16:06,200 --> 00:16:08,280
community.
So the first step is, you know,

299
00:16:08,280 --> 00:16:10,800
is thanking them and then tell
them what you're going to do.

300
00:16:11,200 --> 00:16:12,760
How are you going to reach out
to them?

301
00:16:12,760 --> 00:16:13,960
How are you going to update
them?

302
00:16:13,960 --> 00:16:16,520
I'm going to send a monthly
updates or I'm going to send

303
00:16:16,520 --> 00:16:18,480
quarterly updates.
I'm going to do 2:00 AM as a

304
00:16:18,480 --> 00:16:22,080
year, But make sure you do that,
you know, don't just say it.

305
00:16:22,080 --> 00:16:24,800
That's that's another big piece.
So I would say the first thing

306
00:16:24,800 --> 00:16:28,360
to do is thank them and the
second thing to do is guys

307
00:16:28,360 --> 00:16:31,000
manage their expectations as
their investors, like how you're

308
00:16:31,000 --> 00:16:33,360
going to engage with them.
Are you thinking about raising

309
00:16:33,360 --> 00:16:35,680
another round?
You know, is that that something

310
00:16:35,680 --> 00:16:38,080
you could already help prepare
them for, you know, and then

311
00:16:38,400 --> 00:16:40,120
tell them how you're going to
update them.

312
00:16:40,120 --> 00:16:42,080
Are you going to send emails?
Are you going to continue

313
00:16:42,080 --> 00:16:44,600
posting on the platform that
they that they raised on?

314
00:16:44,600 --> 00:16:46,320
Are you going to do both, which
I suggest.

315
00:16:46,520 --> 00:16:48,440
So these are all things, these
are all things that you could do

316
00:16:48,440 --> 00:16:51,280
in the first thirty, 6090 days.
And then, you know, obviously if

317
00:16:51,280 --> 00:16:54,640
you want help with that next
step of mapping your investors

318
00:16:54,640 --> 00:16:57,600
and really determining who they
are and how they can help, reach

319
00:16:57,600 --> 00:16:59,440
out to me.
And then we can get the first

320
00:16:59,440 --> 00:17:02,520
survey going for you and really
start creating an investor

321
00:17:02,520 --> 00:17:07,480
activation program.
OK, so let's just take a moment

322
00:17:07,560 --> 00:17:10,560
while we do that and say how
would be the best way to to

323
00:17:10,560 --> 00:17:13,200
reach out to you is because if
it's LinkedIn, I'll just say the

324
00:17:13,200 --> 00:17:15,480
LinkedIn and the in the show
notes.

325
00:17:15,480 --> 00:17:17,560
But is there a way?
A way for people to find you?

326
00:17:18,400 --> 00:17:21,599
Yeah, yeah.
So we're pretty new, so our

327
00:17:21,599 --> 00:17:23,800
website is still in development,
but you could reach out to me on

328
00:17:23,800 --> 00:17:27,960
LinkedIn or it's just Joey, Joey
at come through COMET,

329
00:17:27,960 --> 00:17:31,240
hru.co.co.
So either one I'm around, you

330
00:17:31,240 --> 00:17:34,000
could reach out either way.
And then we'll be happy to just

331
00:17:34,000 --> 00:17:35,960
book a discovery call just to
see what's right for you.

332
00:17:36,240 --> 00:17:38,680
Because what I'm finding with
the founders I'm working with is

333
00:17:38,680 --> 00:17:40,880
some want to do a full like 6
month program.

334
00:17:40,880 --> 00:17:43,040
You know, they really want to do
a whole full activation that

335
00:17:43,040 --> 00:17:46,360
they know how important their
community is and they want to go

336
00:17:46,360 --> 00:17:48,760
all in because they see this as
their Moat.

337
00:17:49,120 --> 00:17:51,040
Like this is their competitive
advantage.

338
00:17:51,040 --> 00:17:52,680
This was their competitive
advantage when it came to

339
00:17:52,680 --> 00:17:56,080
fundraising, but now this is
their competitive advantage when

340
00:17:56,080 --> 00:17:58,400
it comes to crowdsourcing and
growing their business.

341
00:17:59,160 --> 00:18:01,600
Some just want to do that first
step, that first survey to

342
00:18:01,600 --> 00:18:04,760
really say, OK, I have, you
know, 500 and so investors.

343
00:18:04,760 --> 00:18:07,720
I want to know who these people
are, who's a customer, right?

344
00:18:08,000 --> 00:18:11,040
That's one thing that a lot of
the founders didn't, don't know,

345
00:18:11,040 --> 00:18:12,760
which I was really surprised.
They don't know who is a

346
00:18:12,760 --> 00:18:15,680
customer and who isn't based on
their investors, especially if

347
00:18:15,680 --> 00:18:16,960
they're doing a community
around.

348
00:18:16,960 --> 00:18:19,440
So just getting those insights
to understand.

349
00:18:19,920 --> 00:18:22,960
You're talking about an investor
that is also a customer, an

350
00:18:22,960 --> 00:18:24,640
investor.
Exactly.

351
00:18:24,640 --> 00:18:25,760
Yes.
An investor, right?

352
00:18:26,520 --> 00:18:27,960
Yeah.
So they, a lot of times they

353
00:18:27,960 --> 00:18:30,080
don't even know that because
that's not part of the the

354
00:18:30,080 --> 00:18:32,720
process that the the platform
has taken, taken that

355
00:18:32,720 --> 00:18:34,080
information.
Yeah.

356
00:18:34,360 --> 00:18:36,920
So, yeah.
So those are the ways.

357
00:18:38,360 --> 00:18:42,720
OK.
So now is there is there a way

358
00:18:42,720 --> 00:18:46,120
that have you found that from a
capital strategy standpoint,

359
00:18:46,160 --> 00:18:50,880
does a well activated crowd
contribute to the valuation

360
00:18:50,880 --> 00:18:54,880
growth and investor confidence
that's like an investor?

361
00:18:54,880 --> 00:19:00,000
No, I mean, and there's a lot of
I guess sometimes friction

362
00:19:00,000 --> 00:19:02,600
within the market where
traditional angels say they

363
00:19:02,600 --> 00:19:05,120
don't, some traditional angels
don't understand the value of

364
00:19:05,120 --> 00:19:07,520
crowdfund investors.
And it would be like, I don't

365
00:19:07,520 --> 00:19:10,040
want to be on a deal that's got
crowdfund investors on the table

366
00:19:10,040 --> 00:19:13,640
not understanding they're all in
an LLC on a special purpose

367
00:19:13,640 --> 00:19:15,480
vehicle.
They don't all have little

368
00:19:15,480 --> 00:19:18,080
individual votes, you know, kind
of a thing.

369
00:19:18,080 --> 00:19:21,560
But have you found that as
you've seen companies go through

370
00:19:21,560 --> 00:19:26,400
there, say there's seed round on
Reg CF and then maybe raise

371
00:19:26,480 --> 00:19:29,360
other capital and might go
through and different type of

372
00:19:29,360 --> 00:19:32,720
crowdfund does.
Does it help with the valuation

373
00:19:32,720 --> 00:19:35,800
and investor confidence as part
of knowing that they're going to

374
00:19:35,800 --> 00:19:37,240
be raising capital and how
they're going to do?

375
00:19:37,600 --> 00:19:40,720
So I think crowdfunding has come
a long way.

376
00:19:40,720 --> 00:19:43,760
I remember when I first started
6/5 or six years ago, sometimes

377
00:19:43,760 --> 00:19:45,600
it was seen as the companies who
couldn't get and get

378
00:19:45,680 --> 00:19:49,800
institutional capital and it was
maybe there was fraud in there

379
00:19:49,800 --> 00:19:51,440
as well.
And I think a lot of the

380
00:19:51,800 --> 00:19:54,200
ecosystem, a lot of the
platforms have done a phenomenal

381
00:19:54,200 --> 00:19:55,640
job.
You know, Trail Blazers like

382
00:19:55,640 --> 00:19:59,040
yourself have really made crowd
for funding a really legitimate

383
00:19:59,040 --> 00:20:00,400
platform.
And we're seeing, you know,

384
00:20:00,400 --> 00:20:04,360
proper VC back startups.
Go in there, raise around and I

385
00:20:04,360 --> 00:20:07,760
think people are starting to
understand the power of a

386
00:20:07,760 --> 00:20:10,080
community to invest in your
business.

387
00:20:10,840 --> 00:20:14,600
Any you go to any single, you
know, company and say I can

388
00:20:14,600 --> 00:20:18,640
bring on, you know, 5 to 500 to
1000 people to invest and be

389
00:20:18,640 --> 00:20:21,440
true evangelist of your brand.
Anyone would want to do that.

390
00:20:22,800 --> 00:20:25,800
Also a lot of the regulation and
the just the infrastructure

391
00:20:25,800 --> 00:20:28,800
crowdfunding has become a lot
more streamlined and a lot more

392
00:20:28,840 --> 00:20:31,000
easier for founders.
It wasn't always the easiest

393
00:20:31,000 --> 00:20:32,760
thing to do.
And it's still, it's still quite

394
00:20:32,760 --> 00:20:34,600
a journey to do this.
So you really have to take the

395
00:20:34,600 --> 00:20:37,880
time.
But I believe especially as the

396
00:20:37,880 --> 00:20:41,520
democratization of capital is
becoming more and more apparent

397
00:20:41,520 --> 00:20:44,360
and you know, the, the, you
know, the general populace is

398
00:20:44,360 --> 00:20:46,480
getting behind it.
They want to be able to invest

399
00:20:46,480 --> 00:20:48,600
in these private companies that
they see every day.

400
00:20:50,520 --> 00:20:53,960
Yeah, I think that that they
will be a value add on.

401
00:20:54,080 --> 00:20:55,880
We're not seeing it specifically
just yet.

402
00:20:56,200 --> 00:21:00,000
But I do believe that the more
you see a lot of proper like VC

403
00:21:00,000 --> 00:21:03,960
backed startups or big, big
software platforms that are

404
00:21:03,960 --> 00:21:06,160
raising these rounds, even if
they're doing a small one, even

405
00:21:06,160 --> 00:21:08,840
though there's $1000 or
something, but they are seeing

406
00:21:08,840 --> 00:21:11,240
the power of it.
And I do believe that an equity

407
00:21:11,240 --> 00:21:13,640
crowdfunding round is going to
be a higher advantage.

408
00:21:14,800 --> 00:21:19,640
Yeah, I have seen that as well
with some like companies as you

409
00:21:19,640 --> 00:21:23,200
say are VC backed.
And I looked at it as two

410
00:21:23,200 --> 00:21:26,440
motivations.
One, they need more investors to

411
00:21:26,440 --> 00:21:29,240
fill out the cap table so they
can be in a position to go

412
00:21:29,240 --> 00:21:32,280
public.
Or two, they're trying to get

413
00:21:32,280 --> 00:21:35,560
more mass awareness up there and
they figure if I'm going to

414
00:21:35,560 --> 00:21:38,480
spend a marketing advertising
campaign, might as well raise

415
00:21:38,480 --> 00:21:42,880
some capital along the way that
might self self fulfill paying

416
00:21:42,880 --> 00:21:44,960
for that marketing and branding
campaign, right?

417
00:21:45,360 --> 00:21:48,120
You know, I don't think I would
know who Boxable was if it

418
00:21:48,120 --> 00:21:50,720
wasn't for their crowdfunding
campaign, right?

419
00:21:50,880 --> 00:21:52,880
You know, you know the Boxable
is right.

420
00:21:53,240 --> 00:21:56,280
Big.
Like investor from 20/20, it was

421
00:21:56,280 --> 00:21:57,760
one of my first investments
ever.

422
00:21:57,920 --> 00:21:59,720
Yeah.
And then like now they're

423
00:21:59,720 --> 00:22:03,440
raising, I think they're doing a
fight, see, but they're they've

424
00:22:03,440 --> 00:22:06,200
been raising capital.
And it's like, you know, you

425
00:22:06,200 --> 00:22:08,160
want to get in on that.
You know, you have to understand

426
00:22:08,160 --> 00:22:10,480
your role in the cap table
because, you know, small

427
00:22:10,480 --> 00:22:14,680
investments are small roles.
But it's, there's a number of

428
00:22:14,680 --> 00:22:18,960
them that I think it's like, I
compare it to like, I would

429
00:22:18,960 --> 00:22:21,320
never know on Tuckett if they
didn't do an advertising

430
00:22:21,320 --> 00:22:23,680
campaign on TV.
So a lot of times entrepreneurs

431
00:22:23,680 --> 00:22:25,640
will quote me like, Oh yeah,
we're going to create all this

432
00:22:25,640 --> 00:22:28,080
brand of brand awareness and
we're going to do Facebook ads.

433
00:22:28,360 --> 00:22:31,320
And The thing is, is that when
it comes to straight up

434
00:22:31,320 --> 00:22:35,520
marketing, advertising on
streaming or TV or whatever

435
00:22:35,520 --> 00:22:39,200
isn't dead, right?
And there's so many people I can

436
00:22:39,200 --> 00:22:42,520
tell like just from promoting my
book and this kind of stuff,

437
00:22:42,800 --> 00:22:46,200
breaking through the noise on
social media is really, really,

438
00:22:46,200 --> 00:22:48,960
really hard.
And so, you know, it is true

439
00:22:48,960 --> 00:22:52,560
marketing and sales and
advertising that you have to do

440
00:22:52,800 --> 00:22:55,040
and that comes a lot into to
raising capital.

441
00:22:55,040 --> 00:22:58,640
But understanding your cost of
acquisition of an investor or a

442
00:22:58,640 --> 00:23:02,280
customer is a big part of that
process, right?

443
00:23:02,280 --> 00:23:06,320
So it's, you know, I think
there's lots of different

444
00:23:06,320 --> 00:23:09,880
motivations and the investors
out there need to understand

445
00:23:09,880 --> 00:23:12,680
what is the motivation?
Where, where they what kind of

446
00:23:12,680 --> 00:23:14,520
capital raise are they doing on
crowdfunding?

447
00:23:15,760 --> 00:23:19,000
What, where is what is the role
of this stage of this company,

448
00:23:19,000 --> 00:23:22,800
where they are and the purpose
of of recruiting the investors

449
00:23:22,800 --> 00:23:25,920
in there.
And if you are company that is

450
00:23:25,920 --> 00:23:29,640
raising capital, that's a little
bit further along and you are

451
00:23:29,640 --> 00:23:32,040
trying to get to a point,
particularly under a reggae

452
00:23:32,040 --> 00:23:34,920
plus, where you're trying to
create a market for your stock

453
00:23:35,200 --> 00:23:38,200
when it goes public, what you're
doing, what you're talking about

454
00:23:38,200 --> 00:23:42,920
engaging with your community of
investors is more important than

455
00:23:42,960 --> 00:23:46,760
ever at those later stages
because they're the ones that

456
00:23:46,760 --> 00:23:49,720
are going to be like, like, you
know, we joke that you don't

457
00:23:49,840 --> 00:23:52,920
ever get stock tips on
crowdfunding and on on, you

458
00:23:52,920 --> 00:23:55,560
know, nobody's out there like at
the brew at the brew pub going

459
00:23:55,560 --> 00:23:58,600
like, man, I just saw this great
crowdfunding company.

460
00:23:58,920 --> 00:24:01,480
But they will talk about a
public stock.

461
00:24:01,480 --> 00:24:05,000
And if they have a company that
they are been engaged with that

462
00:24:05,000 --> 00:24:08,720
is working towards a financial
architecture to be exited out on

463
00:24:08,960 --> 00:24:11,440
like a reggae plus out on,
they're going to be talking

464
00:24:11,440 --> 00:24:14,320
about it to everybody.
Man, I invested in this company

465
00:24:14,320 --> 00:24:15,840
early on.
They're so good.

466
00:24:15,840 --> 00:24:18,000
They communicate, they're
financial like that.

467
00:24:18,000 --> 00:24:21,280
And you got to get their stock
when they go public, right?

468
00:24:21,320 --> 00:24:24,480
That is that that's a
successful.

469
00:24:24,560 --> 00:24:27,160
Biggest parts about the biggest,
the most important part about

470
00:24:27,600 --> 00:24:30,000
understanding who your investors
are, like who you see the

471
00:24:30,000 --> 00:24:31,520
spreadsheet and you don't know
who's in there.

472
00:24:31,520 --> 00:24:34,200
Like we've had some incredible
people just hidden in these

473
00:24:34,200 --> 00:24:36,920
spreadsheets that you wouldn't,
you'd be really surprised.

474
00:24:37,000 --> 00:24:40,280
You'll even see people that work
and investment capital firms

475
00:24:40,280 --> 00:24:43,240
that are retail investors, not
accredited retail investors as

476
00:24:43,240 --> 00:24:45,160
well that you know, that come in
there.

477
00:24:45,160 --> 00:24:47,680
And then we establish
relationships because they've

478
00:24:47,680 --> 00:24:49,360
invested as a the retail
investor.

479
00:24:49,640 --> 00:24:52,440
We've had huge Instagram
influencers that are just tucked

480
00:24:52,440 --> 00:24:55,680
away in there.
So it's just, if you do nothing

481
00:24:55,680 --> 00:25:00,400
else, just do that exploratory
phase of learning who these

482
00:25:00,400 --> 00:25:03,120
people are, who are on your cap
table and how they want to help

483
00:25:03,120 --> 00:25:06,680
because there's no downside.
Yeah, so is that, I mean, I know

484
00:25:06,680 --> 00:25:09,120
you offer this service and I
want to give up your secret

485
00:25:09,120 --> 00:25:12,400
sauce here, but you know, if
somebody it's that like taking

486
00:25:12,400 --> 00:25:15,200
the name and just, you know,
going through LinkedIn, going

487
00:25:15,200 --> 00:25:17,680
through Instagram and just the
different places and trying to

488
00:25:17,680 --> 00:25:20,400
find who they are.
Yeah, you can absolutely do that

489
00:25:20,400 --> 00:25:21,960
and I and I definitely encourage
it.

490
00:25:22,400 --> 00:25:24,520
What I've found though, when
you're viewing the founders that

491
00:25:24,520 --> 00:25:26,480
I've worked with, is that they
don't have time to do that.

492
00:25:27,240 --> 00:25:29,880
Yeah, yeah, yeah.
You know, and that's, that's

493
00:25:29,960 --> 00:25:33,240
really was the biggest take away
is that the like the founders

494
00:25:33,240 --> 00:25:34,840
are like, we know this is
important.

495
00:25:34,840 --> 00:25:38,680
This is actually one of the
benefits that we discussed as a

496
00:25:38,680 --> 00:25:41,880
team to crowdfunding is this
post race, this, this

497
00:25:41,880 --> 00:25:44,520
crowdsourcing of information,
this community that we can

498
00:25:44,520 --> 00:25:46,720
create.
But then it comes time and they

499
00:25:46,720 --> 00:25:49,160
never develop a plan for this.
They never developed the day

500
00:25:49,160 --> 00:25:51,640
after plan and it just gets
kicked down the road.

501
00:25:51,720 --> 00:25:54,080
And it's not, it's not malice,
You know, they still think it's

502
00:25:54,080 --> 00:25:57,000
important, but they just don't
have this the bandwidth or the

503
00:25:57,440 --> 00:25:59,880
to actually develop a proper day
after plan.

504
00:26:00,160 --> 00:26:03,640
So that's why that's why I
believe that there's this gap in

505
00:26:03,640 --> 00:26:06,560
the market.
And that's why I think it's been

506
00:26:06,560 --> 00:26:09,120
so well received from not only
from the founders, but I've

507
00:26:09,120 --> 00:26:11,080
talked to the platforms, I've
talked to some of the big

508
00:26:11,080 --> 00:26:14,760
capital investment firms that
also do some crowdfunding, that

509
00:26:14,760 --> 00:26:16,040
invest in crowdfunding
companies.

510
00:26:16,520 --> 00:26:19,320
And they're saying, you know,
this, that post raise is the

511
00:26:19,320 --> 00:26:21,280
biggest gap.
And because not a lot of

512
00:26:21,360 --> 00:26:24,120
consultants are doing it, I
really couldn't find any because

513
00:26:24,160 --> 00:26:26,840
at the end of the day, this,
it's the flywheel, you know, and

514
00:26:26,840 --> 00:26:29,560
then right now it's really
taking a hard stop once the

515
00:26:29,560 --> 00:26:32,280
raise finishes.
But it needs to continue for

516
00:26:32,280 --> 00:26:35,600
them to be able to get this
institutional, get one to get

517
00:26:35,600 --> 00:26:37,080
the institutional capital later
on.

518
00:26:37,400 --> 00:26:39,720
But also too, if they want to
build, if they want to bring on

519
00:26:39,720 --> 00:26:43,080
another raise, you can't just
ignore a group of people for a

520
00:26:43,080 --> 00:26:44,680
year and then come back and ask
for money.

521
00:26:44,800 --> 00:26:47,040
It doesn't work that way.
You know, obviously some people

522
00:26:47,040 --> 00:26:48,960
will, some people will still
invest.

523
00:26:49,320 --> 00:26:52,280
But and it it doesn't take much.
It takes, you know, a monthly, a

524
00:26:52,280 --> 00:26:55,040
monthly update.
But the more you engage with

525
00:26:55,040 --> 00:26:58,880
them and the, the closer they
feel to you and the more it

526
00:26:58,880 --> 00:27:02,080
comes up on, the more the times
you come up in their e-mail or

527
00:27:02,080 --> 00:27:05,360
on their feed on we fund or our
start engine or whatever, you

528
00:27:05,360 --> 00:27:07,760
know, the more that they will
resonate with you and the more

529
00:27:07,760 --> 00:27:09,680
that they'll want to help.
Yeah.

530
00:27:10,400 --> 00:27:15,280
It's sometimes it, I think, you
know, it's I know as myself, as

531
00:27:15,280 --> 00:27:19,000
an entrepreneur, you have, you
know, my To Do List is this big

532
00:27:19,000 --> 00:27:21,600
and I'm really happy when I get
the three of the things on the

533
00:27:21,600 --> 00:27:25,480
To Do List right.
And so it, but you've got to,

534
00:27:25,480 --> 00:27:28,800
for everybody listening out
there and, and I, and I, when I

535
00:27:28,800 --> 00:27:32,160
teach about Angel investing and
stuff like that, I talk about

536
00:27:33,200 --> 00:27:35,720
making sure you have the right
expectation from your

537
00:27:35,720 --> 00:27:38,200
conversation with the
entrepreneur on how you're going

538
00:27:38,200 --> 00:27:40,920
to be communicated with.
Because if you have an

539
00:27:40,920 --> 00:27:43,680
expectation, they're going to
communicate every month and they

540
00:27:43,680 --> 00:27:46,960
communicate twice a year or you
know, like that, that's creates

541
00:27:46,960 --> 00:27:49,360
the friction between there,
right?

542
00:27:49,600 --> 00:27:53,520
So just know and set your own
expectations and don't

543
00:27:53,520 --> 00:27:55,600
overestimate like they're not
going to have because

544
00:27:55,600 --> 00:27:58,880
entrepreneurs sometimes be like,
I only want people that are

545
00:27:58,880 --> 00:28:01,160
going to, you know, give me 100
grand because I don't want to be

546
00:28:01,160 --> 00:28:05,320
pestered by 1000 questions.
Well, you set the expectation on

547
00:28:05,320 --> 00:28:08,520
your communication that says
we're going to send out a status

548
00:28:08,520 --> 00:28:12,000
report every month.
And then once a quarter, we're

549
00:28:12,000 --> 00:28:14,920
going to do a call that you can
get on, we'll record it.

550
00:28:14,920 --> 00:28:17,800
You can ask questions, right?
Read the reports, ask the

551
00:28:17,800 --> 00:28:20,640
questions right.
And then and you set the

552
00:28:20,640 --> 00:28:23,120
expectation, you're in charge,
just like you set the terms of

553
00:28:23,120 --> 00:28:25,840
your offering, you set the terms
of the communication.

554
00:28:26,160 --> 00:28:28,720
And, and as long as you set the
expectation and then as you say,

555
00:28:28,720 --> 00:28:30,640
do what you say you're going to
do, right?

556
00:28:30,800 --> 00:28:34,240
And then, then you're going to,
you know, you'll have a happier

557
00:28:34,240 --> 00:28:38,360
group of investors out there.
So let me ask this, because

558
00:28:38,360 --> 00:28:42,400
you've worked in hospitality for
years, Joey, an industry built

559
00:28:42,400 --> 00:28:44,080
on service and customer
experience.

560
00:28:44,080 --> 00:28:47,320
How has that shaped the way you
think about this investor

561
00:28:47,320 --> 00:28:50,000
experience now that you're also
on the other side of the table,

562
00:28:50,280 --> 00:28:51,640
right?
Was it because you weren't

563
00:28:51,640 --> 00:28:54,440
getting communicated with that
you said, this is where I want

564
00:28:54,440 --> 00:28:55,880
to be communicated.
They're missing such an

565
00:28:55,880 --> 00:28:58,560
opportunity.
Talk about give your experience

566
00:28:58,560 --> 00:29:02,760
and as an entrepreneur in the
hospitality sector, influence

567
00:29:02,760 --> 00:29:05,000
what you're trying to do for
founders today.

568
00:29:05,840 --> 00:29:07,200
Yeah, absolutely.
Yes.

569
00:29:07,200 --> 00:29:14,440
I think service and really being
able to deliver and go beyond

570
00:29:14,440 --> 00:29:18,040
expectations has always been,
you know, the forefront of what

571
00:29:18,040 --> 00:29:21,720
great hospitality is.
So I think this also is true

572
00:29:21,720 --> 00:29:24,280
when it comes to when it comes
to crowdfunding and when it

573
00:29:24,280 --> 00:29:27,160
comes to just entrepreneurship
and the whole ecosystem.

574
00:29:27,160 --> 00:29:30,040
I think when you treat people
well, when you keep them

575
00:29:30,040 --> 00:29:33,400
informed, you know they will
treat you well and they will go

576
00:29:33,640 --> 00:29:35,800
to higher lengths to make sure
that you're that you're

577
00:29:36,000 --> 00:29:38,120
successful.
And I believe, and I think

578
00:29:38,120 --> 00:29:41,120
everyone out there now knows
that founder mental health is,

579
00:29:41,120 --> 00:29:44,120
is a huge problem.
You know, there's a lot of

580
00:29:44,120 --> 00:29:45,560
anxiety, there's a lot of
stress.

581
00:29:45,560 --> 00:29:49,640
And I think some people believe,
especially when when I discuss

582
00:29:49,760 --> 00:29:52,040
like Amas, like ask me
anythings, I think these are so

583
00:29:52,040 --> 00:29:55,200
underutilized because a lot of
times founders are worried about

584
00:29:55,200 --> 00:29:57,600
they're going to go on there and
people are just going to try to

585
00:29:57,600 --> 00:30:00,760
call them out on, you know, this
stat that they posted, you know,

586
00:30:00,760 --> 00:30:02,760
10 years ago that thought that's
not right.

587
00:30:03,200 --> 00:30:05,000
And that's really, really not
the case.

588
00:30:05,000 --> 00:30:08,360
People really admire founders,
they admire entrepreneurs and

589
00:30:08,360 --> 00:30:11,440
all they want to do is they just
want to be, they just want to be

590
00:30:11,440 --> 00:30:13,640
informed.
So you know, you do and ask me

591
00:30:13,640 --> 00:30:16,120
anything and it's actually one
of the easiest things you could

592
00:30:16,120 --> 00:30:18,480
do because then you could just
speak directly to them and

593
00:30:18,480 --> 00:30:20,280
answer questions.
And these these aren't gotcha

594
00:30:20,280 --> 00:30:22,000
questions.
Nobody, nobody's reads.

595
00:30:22,240 --> 00:30:25,040
I'm not saying it will never
happen, but it is especially

596
00:30:25,040 --> 00:30:27,480
won't happen if they're, if
you're already keeping them

597
00:30:27,480 --> 00:30:29,120
informed.
You know, if you just do it, ask

598
00:30:29,120 --> 00:30:31,040
me anything after a year, people
going to be like, well, where

599
00:30:31,040 --> 00:30:32,040
the hell have you been for a
year?

600
00:30:32,400 --> 00:30:33,720
That's going to be the first
question.

601
00:30:34,800 --> 00:30:37,520
It's yes, I think service,
service and hospitality has

602
00:30:37,520 --> 00:30:39,760
always been a background and
it's it's what I try to give to

603
00:30:39,760 --> 00:30:41,760
the founders I work with.
I really try to go above and

604
00:30:41,760 --> 00:30:43,920
beyond, but also this is new,
right?

605
00:30:43,960 --> 00:30:46,160
This is new because not nobody's
really doing it.

606
00:30:46,160 --> 00:30:49,800
So I'm learning, the founders
are learning.

607
00:30:50,000 --> 00:30:52,320
They're patient with me, you
know, I'm patient with them.

608
00:30:52,640 --> 00:30:55,680
And we're just trying to overall
just trying to make their

609
00:30:55,680 --> 00:30:59,040
business successful and make the
investors successful since

610
00:30:59,040 --> 00:31:01,560
that's, that's at the end of the
day, that's what we're all here

611
00:31:01,560 --> 00:31:04,120
to do.
Yeah, and I, and I think it's

612
00:31:04,120 --> 00:31:08,160
great that you're, you know,
really got rolling up your

613
00:31:08,160 --> 00:31:11,240
sleeves and getting into this
process to figure out what are

614
00:31:11,240 --> 00:31:15,040
the best practices so that as
you build your platform that

615
00:31:15,040 --> 00:31:20,400
you're going to be able to
really deliver for these this

616
00:31:20,400 --> 00:31:24,520
the ecosystem at large that
says, you know here, because I

617
00:31:24,520 --> 00:31:29,360
swear, one of the biggest
reasons I believe that, well,

618
00:31:29,520 --> 00:31:32,880
it's two-part why entrepreneurs
fail to raise the next round of

619
00:31:32,880 --> 00:31:34,880
capital.
They they start too late.

620
00:31:34,880 --> 00:31:37,360
They underestimate how much, how
much revenue they're going to

621
00:31:37,360 --> 00:31:39,680
bring in with the money that
they've raised.

622
00:31:39,680 --> 00:31:41,520
And they have a disconnect
there.

623
00:31:41,760 --> 00:31:45,400
And so they have a shortfall and
then they're like scrambling to

624
00:31:45,400 --> 00:31:47,520
try to raise another round of
capital.

625
00:31:47,840 --> 00:31:51,680
And it, and it's really hard to
start like if you don't continue

626
00:31:51,680 --> 00:31:55,040
the momentum that says, OK, I'm
going to raise this amount now

627
00:31:55,040 --> 00:31:57,920
and then.
And, and they feel like, oh,

628
00:31:57,920 --> 00:32:00,400
well, I don't want to go out and
raise another round right away.

629
00:32:00,400 --> 00:32:03,920
But the stuff you're talking
about, the communication and

630
00:32:03,920 --> 00:32:07,440
keeping the list of those that
didn't invest that expressed an

631
00:32:07,440 --> 00:32:11,840
interest, particularly in a
traditional raise, because they

632
00:32:11,920 --> 00:32:15,080
they're never, you know, they
sometimes they're in that come

633
00:32:15,080 --> 00:32:19,560
back to me when you've done XYZ.
Well, that could be legit, but

634
00:32:19,560 --> 00:32:22,080
you got to tell them when you've
done X and then when you do Y

635
00:32:22,080 --> 00:32:25,120
and then when you do Z so that
they will invest.

636
00:32:25,120 --> 00:32:28,080
You know, if you don't have, you
don't show up like you say,

637
00:32:28,080 --> 00:32:30,320
until a year later, they've
moved on.

638
00:32:30,320 --> 00:32:31,840
They're looking at the new
things.

639
00:32:31,840 --> 00:32:34,320
They may not be investing now,
you know, all kinds of stuff,

640
00:32:34,640 --> 00:32:38,240
But if they they start to
connect and feel emotionally

641
00:32:38,240 --> 00:32:43,240
connected to you, if they see
you as a entrepreneur, that is,

642
00:32:43,680 --> 00:32:46,680
you know, working through the
problems to achieve the

643
00:32:46,680 --> 00:32:50,440
objectives because their own
passion is so strong.

644
00:32:51,160 --> 00:32:53,680
Yeah, another, another point
there, Karen, though it's, it's

645
00:32:53,680 --> 00:32:55,480
an important one.
You know, if you're if you're a

646
00:32:55,480 --> 00:32:58,280
founder out there and it's been
a while since your raises and

647
00:32:58,280 --> 00:33:00,720
then it's been a while since
you've reached out, don't throw

648
00:33:00,720 --> 00:33:02,800
in the towel.
Another thing that a lot of

649
00:33:02,800 --> 00:33:04,800
these investors are is they're
they're quite forgiving and they

650
00:33:04,800 --> 00:33:07,480
understand.
So if you want to go in and try

651
00:33:07,480 --> 00:33:09,800
to reactivate this community and
say, hey, listen, I know I've

652
00:33:09,800 --> 00:33:12,360
been gone for six months, but
here's what's happened in the

653
00:33:12,360 --> 00:33:14,080
six months.
It's been wild and there's no

654
00:33:14,080 --> 00:33:15,880
malice here.
We're really just growing a

655
00:33:15,880 --> 00:33:19,760
business and I am really going
to take my time to try to re

656
00:33:19,760 --> 00:33:23,760
engage you as a community and,
and and do better as a founder.

657
00:33:23,880 --> 00:33:26,600
That is something is very
powerful as well.

658
00:33:27,360 --> 00:33:29,880
Yeah.
So as we get ready to wrap up

659
00:33:29,880 --> 00:33:33,760
here, if every founder could
follow just one rule for post

660
00:33:33,760 --> 00:33:36,160
raised success, what would that
be, Joey?

661
00:33:37,200 --> 00:33:41,200
I would say communicate at least
once a month to your investors.

662
00:33:41,280 --> 00:33:45,160
It could be 5 sentences, it
could be two sentences.

663
00:33:45,560 --> 00:33:50,080
Just say something to them to
make sure that they are that

664
00:33:50,080 --> 00:33:51,680
they feel like they're being
noticed.

665
00:33:52,280 --> 00:33:55,000
It could be hey, listen, I'm
really overwhelmed right now.

666
00:33:55,200 --> 00:33:57,520
Things are going well.
I'm going to get back to you

667
00:33:57,520 --> 00:34:00,360
with a more formal update in a
couple of weeks.

668
00:34:00,400 --> 00:34:02,960
It could be something like that.
Just make sure you keep the

669
00:34:02,960 --> 00:34:06,560
lines of communication open and
it's never too late to start and

670
00:34:06,560 --> 00:34:09,920
just understand yes and just
understand that founders who

671
00:34:09,920 --> 00:34:13,040
engage their investors get 3
times more follow on capital.

672
00:34:13,080 --> 00:34:14,040
So if you were.
Getting.

673
00:34:14,040 --> 00:34:17,199
Here's a stat.
Yeah, well, you were saving that

674
00:34:17,199 --> 00:34:18,920
now.
I hope everybody stayed in

675
00:34:18,920 --> 00:34:22,080
because that was a good stat. 3
times?

676
00:34:22,080 --> 00:34:23,520
Yep.
Three times more.

677
00:34:23,880 --> 00:34:26,800
So if you are thinking about
raising another round and you

678
00:34:26,800 --> 00:34:30,480
want these people to reinvest
and to keep to get them to

679
00:34:30,480 --> 00:34:33,639
reinvest and be 3 times more
likely, keep the communication

680
00:34:33,639 --> 00:34:36,400
and the engagement going.
Yeah, I worked with that.

681
00:34:36,480 --> 00:34:39,120
And that applies really for
crowdfunding and everything else

682
00:34:39,120 --> 00:34:41,239
in a way too.
I mean, I don't know 3X on the

683
00:34:41,280 --> 00:34:45,360
other stuff, but on traditional
angels, but I had a client way

684
00:34:45,360 --> 00:34:48,520
back when I was running my Angel
investor group that was doing an

685
00:34:48,520 --> 00:34:52,520
automation platform for general
contractors, like on house build

686
00:34:52,520 --> 00:34:56,960
outs and things like that.
He, he had been named like top

687
00:34:56,960 --> 00:35:01,600
10 on Dells to watch thing.
He was, you know, a real shaker.

688
00:35:01,960 --> 00:35:04,080
But again, it's hard to raise
capital.

689
00:35:04,520 --> 00:35:07,480
So he had managed through us and
through a couple of other events

690
00:35:07,480 --> 00:35:10,840
that I got into to get this core
group of actually big check

691
00:35:10,840 --> 00:35:13,160
writers.
He had like, I don't know, maybe

692
00:35:13,160 --> 00:35:16,800
only 10 or 12 investors because
they had all written 6 figure

693
00:35:16,800 --> 00:35:19,200
checks.
And when it came time for him to

694
00:35:19,200 --> 00:35:21,080
have to pivot his business,
right?

695
00:35:21,080 --> 00:35:25,280
And he taught me like he, he was
a master of communicating and he

696
00:35:25,280 --> 00:35:29,040
did a like during the week, he
would just like, here's what's

697
00:35:29,040 --> 00:35:30,640
happened, here's you know, and
stuff like that.

698
00:35:30,640 --> 00:35:32,760
He would be accumulating.
And now with AI, it's a lot

699
00:35:32,760 --> 00:35:36,040
easier to accumulate your notes
of the week of what you've done

700
00:35:36,040 --> 00:35:38,800
and things like that.
And he would send it out.

701
00:35:38,960 --> 00:35:42,640
And similarly, we talked about,
you know, he would do it once a

702
00:35:42,640 --> 00:35:46,520
week and then a call hop on if
you want once a month kind of a

703
00:35:46,520 --> 00:35:48,680
thing that was like an hour,
right?

704
00:35:49,080 --> 00:35:51,880
And and it was easier to manage
because it wasn't that group of

705
00:35:51,880 --> 00:35:53,360
investors.
But when he got to a point where

706
00:35:53,360 --> 00:35:57,000
he needed a pivot because his
freemium model really wasn't to

707
00:35:57,240 --> 00:35:59,360
convert them to payment, wasn't
really working.

708
00:36:00,560 --> 00:36:03,120
And he was going to change his
platform from a pricing

709
00:36:03,120 --> 00:36:05,920
standpoint and a use of like how
you were going to use it and

710
00:36:05,920 --> 00:36:08,320
that kind of stuff.
And he needed money to be able

711
00:36:08,320 --> 00:36:10,480
to do that.
And he was going to open it up

712
00:36:10,480 --> 00:36:13,000
and go out and get like a VC
round because after all, he was

713
00:36:13,000 --> 00:36:16,200
like on top 10 Dell to watch,
you know, up and coming, you

714
00:36:16,200 --> 00:36:19,920
know, startup companies.
And his investors were like, no,

715
00:36:20,200 --> 00:36:24,120
we'll all come in.
We, we, we'll all come in for

716
00:36:24,120 --> 00:36:27,000
another 6 figures.
So you don't have to go out and

717
00:36:27,000 --> 00:36:29,320
bring other investors in and
dilute us, right?

718
00:36:29,320 --> 00:36:31,640
And they only did that.
Totally selfless.

719
00:36:32,120 --> 00:36:33,320
Right.
Well, they didn't want to be

720
00:36:33,320 --> 00:36:35,200
diluted, but then they were
like, oh, we'll let this buddy

721
00:36:35,200 --> 00:36:37,320
of ours come in, right.
But they didn't want other

722
00:36:37,320 --> 00:36:40,080
people coming out.
And they gave, they gave him the

723
00:36:40,080 --> 00:36:43,320
money at the proper valuation
that he would have raised to

724
00:36:43,320 --> 00:36:46,000
that.
But it was them, you know,

725
00:36:46,240 --> 00:36:49,520
keeping their share of the
company as it grew.

726
00:36:49,800 --> 00:36:52,840
So they reinvested, right?
And it was only because of

727
00:36:52,840 --> 00:36:56,480
communication and, you know,
follow up and follow through is

728
00:36:56,480 --> 00:37:00,160
being, you know, it, it works in
sales and when you're selling

729
00:37:00,160 --> 00:37:02,480
equity, it works with your
investors.

730
00:37:02,480 --> 00:37:07,040
So anything else you want to tap
into Joey, before we say our

731
00:37:07,040 --> 00:37:08,840
goodbyes?
Because I thought I think this

732
00:37:08,840 --> 00:37:12,160
has been really helpful for the
entrepreneurs that are listening

733
00:37:12,160 --> 00:37:14,560
and even the potential investors
that are listening out there

734
00:37:14,560 --> 00:37:18,360
right now on practices before,
during and after.

735
00:37:19,160 --> 00:37:21,760
Yeah, absolutely.
And it's something that you're

736
00:37:21,760 --> 00:37:25,120
looking to explore or if you're
looking to explore your first

737
00:37:25,120 --> 00:37:27,920
round, I've been doing this for
a long time and I love talking

738
00:37:27,920 --> 00:37:31,520
about it.
And I love educating founders on

739
00:37:31,520 --> 00:37:33,960
this source of capital because
still a lot of people don't know

740
00:37:33,960 --> 00:37:37,720
about it.
Yeah, I think I'm open to any

741
00:37:37,720 --> 00:37:39,280
conversation.
But, you know, if you're a

742
00:37:39,280 --> 00:37:41,360
founder out there and you're
about to finish your round or

743
00:37:41,360 --> 00:37:44,120
you finished your round a while
ago or you just finished around,

744
00:37:44,120 --> 00:37:46,080
there's, like I said, there's
no, there's no bad time to do

745
00:37:46,080 --> 00:37:47,520
this.
Reach out and let's see how I

746
00:37:47,520 --> 00:37:49,800
can help you.
OK, sounds great.

747
00:37:49,800 --> 00:37:52,320
That sounds great.
So go head out to LinkedIn and

748
00:37:52,320 --> 00:37:54,800
connect up with Joey because he
didn't have to.

749
00:37:54,920 --> 00:37:58,360
His e-mail will be in the show
notes descended, but no

750
00:37:58,360 --> 00:38:00,840
spamming.
So we're going to be putting it

751
00:38:00,840 --> 00:38:05,360
in where it's not an actual
link, but you know, you know,

752
00:38:05,360 --> 00:38:10,080
it's the it's, it's, it's, was
it joeycomethrough.co, Joey,

753
00:38:11,360 --> 00:38:13,720
Joey Hayes, Joey.
Just Joey.

754
00:38:14,320 --> 00:38:18,160
Just Joey, just Joey, just
joeycomethrough.co.

755
00:38:18,600 --> 00:38:21,240
That's easy enough.
And I, you know, my information

756
00:38:21,240 --> 00:38:25,000
is in the show notes, my company
that you can get through me

757
00:38:25,040 --> 00:38:27,760
through Karen rands.co.
If you familiar with Bitly

758
00:38:27,760 --> 00:38:33,080
links, my entire link tree is
Little LINK Capital CCS.

759
00:38:33,080 --> 00:38:36,080
And, and with that I say onwards
and upwards folks.

760
00:38:36,080 --> 00:38:40,160
Thank you for tuning in.
Please share this podcast with

761
00:38:40,160 --> 00:38:42,200
anybody you know that is
investing in crowdfunding

762
00:38:42,200 --> 00:38:45,520
companies, investing in general,
and definitely those companies

763
00:38:45,520 --> 00:38:48,560
that are raising capital.
This is an important, important

764
00:38:48,560 --> 00:38:51,400
information for them to know for
their current success and future

765
00:38:51,400 --> 00:38:54,080
success.
Thank you for everything you do

766
00:38:54,080 --> 00:38:55,840
for the community, Karen.
It's been a, it's been a

767
00:38:55,840 --> 00:38:57,560
pleasure.
Thank you so much.

768
00:38:57,560 --> 00:39:00,000
Onwards and upwards everybody,
have a great weekend.

769
00:39:00,640 --> 00:39:04,000
Thank you for listening to this
podcast, The Compassionate

770
00:39:04,000 --> 00:39:07,800
Capitalist Show, brought to you
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771
00:39:08,080 --> 00:39:14,480
with Care Brands as host.
You are encouraged to visit the

772
00:39:14,480 --> 00:39:19,400
website kugarand.com to learn
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773
00:39:19,400 --> 00:39:23,320
team help investors and Angel
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774
00:39:23,320 --> 00:39:27,640
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And how the Kugarand Capital

775
00:39:27,640 --> 00:39:31,040
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776
00:39:31,040 --> 00:39:34,000
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777
00:39:34,000 --> 00:39:37,240
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778
00:39:37,240 --> 00:39:41,440
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779
00:39:41,440 --> 00:39:45,360
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780
00:39:45,600 --> 00:39:48,960
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781
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782
00:39:51,560 --> 00:39:55,600
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783
00:39:55,600 --> 00:39:58,560
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Compassionate capitalist

784
00:39:58,560 --> 00:40:02,720
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785
00:40:03,400 --> 00:40:06,080
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786
00:40:06,080 --> 00:40:10,080
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787
00:40:10,280 --> 00:40:14,160
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Contact us at karenrands.co to

788
00:40:14,200 --> 00:40:17,000
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789
00:40:17,000 --> 00:40:19,120
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790
00:40:19,120 --> 00:40:23,720
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791
00:40:23,720 --> 00:40:26,520
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792
00:40:26,760 --> 00:40:31,360
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793
00:40:31,360 --> 00:40:32,880
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794
00:40:33,120 --> 00:40:35,240
Inside secrets to Angel
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795
00:40:35,560 --> 00:40:39,160
A step by step strategies to
leverage private equity

796
00:40:39,160 --> 00:40:41,800
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797
00:40:43,240 --> 00:40:44,200
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