Very much is written about what startups do right and very less is written about what they do wrong , immediately post funding. Here is a crack at it from my own experience, post our initial funding round :
1. Thinking you have achieved product – market fit from your pre-angel customer feedback
2. Hiring a VP, Marketing post angel funding ( This one ensures you are Fucked, if you don’t course correct!)
3. Signing a simple timeline based vesting agreement and not a milestone based agreement with one and all in the company
4. hiring a VP, Sales post-angel funding thinking I would focus on ONLY FUND RAISING FROM NOW ON ( rookie mistake!)
5. Thinking and hoping that intangibles like Office space, Cubicles and the good looks of the former dont play any part in hiring or retention
6.Seriously confusing action and progress, in everyday jobs.
7. focussing on the 80% of work that don’t move us anywhere at all vs the 20% of work that actually moves the company forward
8. Thinking that non-senior early employees ( admin, helpers, etc. ) don’t affect the early culture of the company
There are a few minor ones as well but not as dangerous as the above.
Fortunately, we ( as have I ) have learnt a TON from the above and are pressing on confidently forward towards new milestones quarter after quarter.
Maybe I will elaborate on what I learnt from each of these and how we are moving forward from these lessons, in one of the future posts.