SDH 245: What to do in the Pre-Launch Phase Lindsey Andrews & Lara Crystal

Are you constantly thinking of new ideas with your entrepreneurial spirit? Did you finally find the one special idea that you knew you had to create? Maybe you’re ready to raise funds, build your foundation and get ready for a launch? Today’s guests—yes we have double the lady boss power—are the founders of Minibar Delivery, Lindsey Andrews and Lara Crystal. They offer a better way to shop for wine, beer and liquor, connecting consumers to local liquor stores and vineyards with delivery of alcohol straight to their doorstep. In this episode you will… Understand why respect and trust is needed with a work partner Gain important components when launching business at early stages Hear about the process of raising funds Learn the difference between ‘up’ and ‘down’ round Know what to keep in mind during pre-launch phase Discover the importance of a strong foundation INSIGHTS: “Most of the new features we’ve launched, even since starting minibar delivery , have come from customer requests or customer research so that’s a super important component to launching a business at the early stages.” “I think when we started we thought success in fundraising was getting the most money at the highest valuation and I think we know learned that’s not the best way to do it, instead you want to have a reasonable valuation to make sure you have a good exit for your investors as well as in subsequent rounds you can have up rounds and you’re not at risk for having a down round.” “We really tried to be conservative at how much we’re raising at what valuations, and we’ve really tried to run a lean ship that could be a great long-term company that we’re not growing for growth sake, but growing smartly and rising.” “You really have to understand your business and your vision and the right investors will follow.” “What you think is what consumers want, isn't necessarily what consumer want and you really have to put it in their hands to learn where the issues are or what parts of it they absolutely love.” “We had to get comfortable putting stuff out there that wasn’t perfect and learning, testing, breaking and fixing it and building it better.” “We’re always learning on our feet, and that still happens today even four plus years in.” “Do what you love because as fun as it is to create a startup, especially with your best friend, you’re in it for a long time.” RESOURCES: Minibar Delivery Website Minibar Delivery Facebook Minibar Delivery Twitter Minibar Delivery Instagram “The Five Dysfunctions of a Team” by Patrick Lencioni “The Storied Life of A.J. Fikry” by Gabrielle Zevin “The Hard Things About Hard Things” by Ben Horowitz “Civilization: The West and the Rest” by Niall Ferguson