Asked for advice for a founder about to raise their first venture round, Engine founder Elia Wallen says founders know their business better than the people advising them.
…It's pretty exciting. Having a hell of a time. And frankly, that's why we're doing it, right? The journey is the destination. And I know that I'm going to look back in 10 years from now and say this is the wildest, most exciting time of my life. And I just, you know, I enjoy the ride for sure.
Do you have any advice for a founder coming on the pitch looking to raise their first VC money?
Do it for the right reasons. People want to raise money for headlines, and that goes away so fast. That headline does not change your day. Don't do it for a headline. Know where you're going to put the money. Have a plan. The plans will change, though, no doubt. And don't be enamored with people and what they want to do. Like you know your business better than anyone else. The advice is a lot of times bullshit. It's really bad. And people want to sound smart when they give it. And that's why they give it so often. You know, take it for what it's worth and move on and process it later. And if it doesn't feel right, it's probably wrong. Know who those partners are. I got incredibly lucky with the right partner. If you're not willing to like really shoot the shit with this person, if you're not Sepatico, say no. It's going to be very hard. And just do it for the right reasons.
Can't argue with that. Elia Wallen, everyone. Next week on the pitch.
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