Hi everyone, thought I should share a story.
In 2013 I built a model to disrupt a certain industry that needed disrupting.
I need $$$ to promote the business. I joined forces with a group and raised $1,000,000 to fund the expansion.
We built a board, and even though I had been on many boards before, this was the first time I had to create one. I was the only one with industry experience, so I was appointed CEO and I was forced to have one particular person on it who I had doubts about.
Everything was going well, we were above budget and had a great pipeline. I was having problems with that one director but had support from the others.
One day, "trouble" (that particular director) was acting inappropriately in the office and abusing staff. I asked him to leave. He left and then wanted to beat me up afterwards. Nice.
That night trouble called a board meeting and I was rolled.
I recovered my property and pursued the organisation and trouble for their actions, and the IP in the business. I came out ok and have since bounced back 3 fold.
Moral of the story, be very careful who you go into business with. If there are any doubts, don't do it. Raising capital has pitfalls. Make sure your board comprises of people who can assist you, not a group of friends.
In 2013 I built a model to disrupt a certain industry that needed disrupting.
I need $$$ to promote the business. I joined forces with a group and raised $1,000,000 to fund the expansion.
We built a board, and even though I had been on many boards before, this was the first time I had to create one. I was the only one with industry experience, so I was appointed CEO and I was forced to have one particular person on it who I had doubts about.
Everything was going well, we were above budget and had a great pipeline. I was having problems with that one director but had support from the others.
One day, "trouble" (that particular director) was acting inappropriately in the office and abusing staff. I asked him to leave. He left and then wanted to beat me up afterwards. Nice.
That night trouble called a board meeting and I was rolled.
I recovered my property and pursued the organisation and trouble for their actions, and the IP in the business. I came out ok and have since bounced back 3 fold.
Moral of the story, be very careful who you go into business with. If there are any doubts, don't do it. Raising capital has pitfalls. Make sure your board comprises of people who can assist you, not a group of friends.
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