A Product Market Fit Show | Startup Podcast for Founders
00:28:48 · Pablo Srugo, Jonathan Awad
[00:28:48] S1: What happened? Like, it's over, [00:28:50] S0: dude. It's just deadly. Untouchable. Crazy, man. It was crazy. And shout out to Anamitra. I'll never forget. Like, met him on Friday, talked to him on Saturday, talked to him on Sunday, Wednesday. He's like, no, we're leading this round. I don't care. We'll figure it out. And I was like, I'm going to be honest. I barely ever tell this story. So we'll record it. My first panic attack ever was that Saturday. My ever. I've never, I'm not an anxious person. I'm not a nervous person. I am exactly how I'm presenting on this call. Basically, like this podcast. I was like, did I just use my whole network? Unlike the single, one of the only financial crises, like, in the last 20 years, like this, oh, wait, and there's now, [00:29:32] S1: yeah, 22. [00:29:33] S0: And I plan on a month in advance. [00:29:34] S1: And I was like, [00:29:35] S0: huh, is this a sign? Fortunately, you know, a lot of great investors who had major conviction, and we still ended up getting like 15 mil of interest and took like four of it. Oh, wow. And genuinely the most tumultuous, craziest emotional experience ever to like, get just straight to cancels. And then so many no's. And still just like every meeting, because I, 75. And then I met a bunch of people and it ended up being like 100 meetings basically in three weeks. And then we got, yeah, just so much emotional conviction and resilience. They're like, whoa, what a, what a story. Like, frankly, you love this show. You don't want to miss the next episode.
00:29:35 · Jonathan Awad, Pablo Srugo
[00:29:35] S0: huh, is this a sign? Fortunately, you know, a lot of great investors who had major conviction, and we still ended up getting like 15 mil of interest and took like four of it. Oh, wow. And genuinely the most tumultuous, craziest emotional experience ever to like, get just straight to cancels. And then so many no's. And still just like every meeting, because I, 75. And then I met a bunch of people and it ended up being like 100 meetings basically in three weeks. And then we got, yeah, just so much emotional conviction and resilience. They're like, whoa, what a, what a story. Like, frankly, you love this show. You don't want to miss the next episode. [00:30:13] S1: Why would you? So hit that follow button. Trust me, it's in your own best interest. That's wild, dude. I want to make sure we have enough time for the tactics at the end, but I do want to understand. So now you've, you've got some money, like a three, $4 million. You've got the, the, your co-founder and you have the idea. The idea depends on getting like all these FIs to like, agree to share data with you. That seems like the hard part of this equation. How do you start to make that happen? Yeah. You know, there's a lot of,
00:30:39 · Jonathan Awad
[00:30:39] S0: discourse on this, but not a lot of like the reality behind the scenes. The reality behind the scenes is that we made a bunch of Figma mock-up demos that we pretended were real. And I would play people through that and get their takes. And I hit up genuinely every single possible person that I had ever met in years of financial services, who I thought was either at a company who could share data or was one to two degrees separation away from someone who could share some data. And it was so many people. And I think people just totally underestimate what I mean by that. Like I'm talking all day. You're LinkedIn-ing, you're texting. Like I'm sending hundreds and hundreds of messages, hundreds and hundreds a day. I think the scale of it is just super underestimated. And the only way to really do that, and I don't know if this is too much information, this is what worked for me, is I, it was so much caffeine. It was so much Adderall. I worked so much. Like I definitely worked 100 hour weeks. I think people say 100 hour weeks, 120 hour weeks. And like a lot of it, when you actually like watch them, like imagine like a movie or a video, they're kind of on their phone, like scrolling a bunch of time. And like, they're kind of watching on Twitter, they're like whatever. They're doing a bunch of nothing. I was like urgently, frantically messaging people. Because I knew something that was very simple. You can't just ask for something. That's the problem. You have to catch up with them. And be useful to them. And be valuable to them. And then, humans are so reciprocal in nature, then they'll just want to help you. But the reason that you have to start frantically, urgently doing that today, is because there's a load period though. Like that's like months of time. Then you have to start today. The clock will have to start at some point. First touch, second touch, third touch, hang out, coffee, invite to an event, introduce them to somebody, hand them some sort of a resource. What I love them back in the day, that's really handy actually, is market maps. Either you make a market map, or you go and grab somebody's market map. I had three or four market maps, just at the ready, copy paste message, and I'd send it to people. And they'd be like, wow, this is super useful actually. So just do like a ton of great research.
00:32:54 · Jonathan Awad
There's been a bunch of great tweets, a bunch of great like LinkedIn posts, that people do, that's just really great resources. And I always just leave people with that, if not introduce them to someone. But the amount of outreach I did. Well,
00:33:08 · Pablo Srugo
[00:33:08] S1: let's talk about that. Like this is one of the, one of the two deep dives I want to do is, is kind of generating top of funnel, right? And so I think it seems like this is going to be key. And then even the bottom of funnel stuff, the credibility piece, we'll probably do both of those, because they seem to tie into ultimately getting everybody to cooperate and share data with you, which is how you even build a product. So let's go deep on that. Like, maybe it's the same now, but let's go back then, because this is what we're talking about. What is an average week for you? Like a hundred hour weeks, sometimes I do the math. Like I do not work on it hour weeks, right? But I'm, I'm not a founder, right? So it's just, it really is different. I've been a founder and it's, it's funny. Like I think any VC that hasn't been a founder just really doesn't know. I mean, it's just so different. The workload is so different. The pressure is so different, but sometimes I think about a hundred hour weeks and I'm like, man, how does that even math out? So let's maybe start there. Then we can talk about the tactics, you know, what you're messaging, what you're reaching out on LinkedIn, et cetera. But I think detail is the key. So somebody can actually measure themselves against that and be like, what more could I be doing to just get more, more certainty,
00:34:04 · Jonathan Awad, Pablo Srugo
[00:34:04] S0: more deal flow? Yeah. So I think the easiest way to think about it is there's your time in meetings and then there's your time outside of the meeting and then the prep and the followup and all of that. And then there's a time on like the weekends, right? So the time in me, like, I mean, I'll just share like my calendar, like my calendar. And I definitely look over here, 43 hours a week in meetings, 35, 38, 46, 43, 25. This week I was traveling a bunch. 33, 53, 40, 40, 51, 41, 63. That's just meetings. Yeah, exactly. So, but like for anyone listening, I mean, [00:34:41] S1: this is a calendar that's just stacked like full day and you're doing 40 hours, 50 hours in a meeting, which obviously doesn't count the prep time. [00:34:47] S0: It doesn't count like all the other work that's going to come out of it. [00:34:50] S1: You know, there doesn't count any of the other stuff that you're doing. [00:34:53] S0: And it's just like you're in meetings. And that's the thing that makes like the difference is you have to be so, so, so urgent about trying to capture every single minute. It's just every single minute. And I think people kind of miss that of every, you can always raise more money. You cannot raise more time. You don't have, we don't have time. It's a great Elon Musk quote. He's like, if we don't work with extreme urgency, we have zero chance of accomplishing X goal. He was talking about multi-planetary big, big goal. Yeah. Big, big, [00:35:30] S1: big goal.