NPLG 1.26.23: The Right Team, Right Now
NPLG 1.26.23: The Right Team, Right Now
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The Right Team, Right Now
Steve Jobs said something that stuck with me: “When you’re in a startup, the first ten people will determine whether the company succeeds or not.” If the initial team of 10 consists of A players, they will hire more A players as the company scales. If the initial team of 10 consists of some B and C players, they will inevitably hire more B and C players and any mediocrity will compound.
At my former startup, we got up to 9 people before a small acqusition to Snapchat. I was fortuante to have worked with some exceptional builders, but I wouldn’t have said we had the best nine people laying the groundwork for long-term success. As a first time founder, I didn’t have sufficient patience. I felt pressure to hurry up and go and I rushed a few of the hires.
In the go go times of the last 10+ year bull market, founders felt immense pressure to grow as quickly as possible and often the answer was throwing warm bodies at the problem. Don’t wait for the perfect candidate, instead hire good enough and get going immediately. This strategy is catching up to many scaling startups now who not only overhired, but hired sufficient, not excellent people.
It’s easier said than done, but I would encourage founders to take a hard look at their team and make sure only A players are on board. Cuts and reorgs are already happening at the growth stages (Series B and beyond), but it’s equally important for seed and Series A startups to retain their best and jettison any drag. The current enviornment rewards efficient growth, not reckless growth at all costs anymore. Efficient growth requires creativity, hard work and collaboration. In many ways, efficient growth is harder than reckless growth. Give yourself the best chance to thrive as now is the time to follow Steve’s advice.
I would love feedback. Please hit me up on twitter @zacharydewitt or email me at zach@wing.vc. If you were forwarded this email and are interested in getting a weekly update on the best PLG companies, please join our growing community by subscribing:
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Amberflo, a company that wants to transform SaaS pricing with metered usage, has raised $20M at a $55M valuation. The $5M Seed was led by Homebrew, while the $15M Series A was led by Norwest Venture Partners, with participation from Operator Collective.
Beaconstac, a cloud-based mobile marketing platform designed to connect the digital and physical worlds through the use of innovative technology, has raised $25M. The round was led by Telescope Partners, with participation from Accel.
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