Welcome to the Thunder Founder Newsletter Issue #31!
In this episode, we had the pleasure of speaking with Brett Martin, the co-founder of Kumospace, a virtual office for remote and distributed teams. Brett shares his experience of raising a $21 million Series A led by Lightspeed Ventures and highlights the importance of timing your fundraising around an inflection point.
Here are the main topics we discussed:
- The birth of Kumospace during the pandemic: Brett explains how the idea of solving the massive problem around video conferencing came to fruition.
- The power of product-market fit: We delve into the significance of finding the right fit and how it can determine the success or failure of your venture.
- Pivoting on the monetization model: Brett shares the challenges and successes of transitioning from one pricing model to another and how it impacted customer satisfaction.
- Maximizing FOMO for investors: We explore the strategies and techniques entrepreneurs can employ to create a sense of urgency and excitement among potential investors.
- Predictable growth and fundraising: Learn when it's the right time to start thinking about fundraising and how creating a predictable growth machine can attract investors.
- The return of the office debate: Brett provides insights into the ongoing discussion about remote work, hybrid models, and the competitive advantage it offers for hiring and retaining talent.
These are just a few of the engaging topics we covered in this episode. Brett's experience and advice are invaluable for anyone navigating the fundraising landscape.
Key takeaways and lessons from the episode include:
- The importance of timing your fundraising around an inflection point.
- The role of product-market fit in the success of your venture.
- The significance of adaptability and pivoting in response to customer needs.
- Strategies for creating FOMO and attracting investors.
- Understanding the dynamics of predictable growth and fundraising.
I encourage you to listen to the full episode for a deeper dive into these topics and to gain valuable knowledge and inspiration to navigate the fundraising landscape. Listen Here
Remote Workers - Do They Really Work Smarter, Not Harder?
The Covid-19 pandemic has forced many employees to work from home, either temporarily or permanently. Kumospace, our most recent guest on the Fundraising Demystified Podcast, jumped right in to help out with building strong remote teams. Some claim that remote work is the future of work, as it offers more flexibility, autonomy, and work-life balance. But is remote work as good as it sounds? Does it make employees work smarter, not harder? Here are some facts and myths about remote work.
Fact: Remote work can save time and money
One of the main benefits of remote work is that it can save time and money for both employees and employers. Employees can avoid wasting time and money on commuting, parking, or public transportation. They can also save on food, clothing, or childcare expenses. Employers can save on office costs such as rent, utilities, or furniture. They can also reduce their carbon footprint and environmental impact by having fewer employees traveling to work.
Myth: Remote work is easy and relaxing
Some people may think that remote work is easy and relaxing, as they can work in their pajamas, watch Netflix, or take naps whenever they want. However, remote work is not a vacation. It requires a lot of self-discipline, motivation, and responsibility. Remote workers have to manage their schedules, set their own goals, and meet their deadlines without direct supervision or feedback. They also have to deal with distractions, isolation, or loneliness at home.
Fact: Remote work can boost productivity and innovation
Another benefit of remote work is that it can boost productivity and innovation for both employees and employers. Employees can work in their preferred environment, avoid interruptions and stress, and have more time for creative thinking. They can also have more flexibility to adjust their work hours to their peak performance times or personal needs. Employers can access a wider talent pool and diversity of skills, perspectives, and cultures. They can also foster a culture of trust, accountability, and collaboration among remote teams.
Myth: Remote work is suitable for everyone
Some people may assume that remote work is suitable for everyone, as it offers more freedom and choice. However, remote work is not a one-size-fits-all solution. It depends on the personality, preferences, and needs of each employee. Some employees may thrive in remote work, while others may struggle or suffer. Some employees may enjoy the independence and flexibility of remote work, while others may miss the social interaction and structure of the office. Some employees may have a conducive and comfortable home office, while others may have a cramped and noisy living space.
Fact: Remote work offers more job opportunities
One of the advantages of remote work is that it offers more job opportunities for both employees and employers. Employees can apply for jobs that are not limited by their location, industry, or sector. They can also pursue their passions or interests without compromising their career goals. Employers can hire talent from anywhere in the world, without worrying about relocation costs or visa issues. They can also tap into niche markets or segments that are not available in their local area.
Myth: Remote work does not pay well
Some people may believe that remote work does not pay well, as it is seen as less valuable or professional than office work. They may also think that remote workers have to accept lower salaries or benefits because of the competition or lack of bargaining power. However, this is not true. Remote workers can earn more than regular workers, depending on their skills, experience, and performance. Remote workers can also negotiate their pay packages based on the market rates or the cost of living in their area. Remote workers can also enjoy perks such as free drinks and food at home, free gym memberships, discounts on services or goods offered by the employer, unlimited paid time off, pet-friendly workspaces, etc.
Fact: Remote work requires effective communication tools
One of the challenges of remote work is that it requires effective communication tools to facilitate collaboration, coordination, and feedback among remote teams. Remote workers have to rely on technology to communicate and share information with their colleagues, managers, clients, or partners. This means that they need reliable internet connection, devices, software, platforms, etc., to perform their tasks smoothly and efficiently. Remote workers also need to use various communication modes such as email, chat, video call², etc., depending on the purpose and context of the message.
Myth: Remote work kills your company culture
Some people may fear that remote work kills your company culture, as it reduces the opportunities for social bonding, team building, or fun activities among employees. They may also think that remote workers are less engaged, loyal, or committed to the company's vision, values, or goals. However, this is not true. Remote work can enhance your company culture, as it allows you to create a more inclusive, diverse, and supportive work environment. Remote work can also foster a culture of trust, respect, and empowerment among remote teams. Remote work can also enable you to organize virtual events, games, or celebrations to keep your remote workers connected, motivated, and happy.
Remote work has its pros and cons for both employees and employers. It can help employees save time and money, boost productivity and innovation, achieve more work-life balance, access more job opportunities, and use effective communication tools. However, it can also pose communication and coordination challenges, security and compliance risks, lack of supervision and feedback, self-discipline and motivation issues, suitability and preference problems, and company culture concerns. Therefore, remote work is not a magic bullet that makes employees work smarter, not harder. It is a trade-off that requires careful consideration and adaptation from both sides.
If you plan on building a remote team, check out Kumospace!
What the Experts Have to Say
10 Myths and Facts About Remote Work
A longer list of myths and facts about remote work and which types of jobs it is meant for. Read More
Common Remote Work Myths Debunked
A longer discussion about different types of remote work and why it could be good or bad for your business. Read More
The Benefits of Remote Work for Startup Teams
For many founders remote work can be a good thing but a bit scary. Here are some reasons why you should embrace remote work. Read More
If you're ready to raise capital, let us know and upgrade to Premium to unlock your targeted investor list of who will have a higher probability of investing. All premium clients receive a complementary consulting session with Jason Kirby, Managing Partner at Thunder. Upgrade Now
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Written by Jason Kirby - https://www.linkedin.com/in/jasonrkirby
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