How refreshing to finally get a number on the new valuation metric - it's down 50%. So now we know. Collin Wiel, Partner at Keiretsu Forum San Francisco Chapter, shares with Reena Jadhav, CEO nuResume, his top tips for Survival and predictions for 2009.
Tip 1: Forget about building a sales team, the CEO or founder needs to sell. Conserve resources on sales team and focus on profitablity.
Tip 2: If you're in the market raising funding, tell a story around profitability being achieved from the current round being raised. No one's buying the story on "next round will take us to profitability."
Tip 3: If current strategy doesn't allow you to get profitable from this round then rethink your strategy and craft one that does get you to sustainability.
Prediction - 2009 will be the best year for investing - some incredible companies have been started in a downturn. Costs are low, rents are lower, great people are available, and there's fiscal conservatism in the DNA of companies born in a downturn.
So, go ahead, you've got your green light to build your venture. Just make sure you can see the money!
(Republished to highlight on newsroom homepage)