TechCrunch+ roundup: Bridge round bingo, SaaS sales smarts, tracking monthly expenses
“If you can frame your product as a way to boost revenue or cut costs, people will find a budget.”
I have limited boating experience, but I do know that being a few degrees off your desired heading can be the difference between enjoying a relaxing dinner with friends and waiting in the dark for a Coast Guard rescue.
Similarly, in a down market, SaaS startups that help clients make incremental improvements to cash flow are in a much better position to ride things out.
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“In a downturn, money saved is worth even more than money earned,” writes Sahil Mansuri, CEO of Bravado. He advises companies to shift sales strategies from driving growth to helping customers stretch their precious resources: “If you can frame your product as a way to boost revenue or cut costs, people will find a budget.”
Mansuri, who started out in software sales during the Great Recession, shares multiple strategies that managers can use to “tailor your approach, show prospects unexpected opportunities and focus on the money.”
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4 principles for building an MVP even if you can’t write a single line of code
You don’t need a degree in computer science or an MBA to launch a successful startup.
Non-technical founders have enjoyed much success by either recruiting a partner who has relevant experience or hiring a freelancer to help them spin up an MVP, according to Magnus Grimeland, founder and CEO of early-stage VC firm Antler.
However, “you can be a completely non-technical founder, but you can’t be a completely non-product founder,” he notes.
“You must understand your product, through and through, and be able to answer three simple questions: What’s the problem? What’s the solution? How will the customer use the solution?”
The party’s over: Tips for tracking and reporting monthly startup expenses and revenue
I suspect that Craigslist’s furniture sales listings are a reliable economic indicator for San Francisco Bay Area startups: There seem to be more standing desks and Aeron chairs available than a few months ago, and they are priced to move.
Companies are under tremendous pressure to reduce and control spending because investors are demanding transparency, says Jason Richelson, co-founder and CEO of Bookkeep.
“CEOs who once got away with marketing themselves as visionaries will also need to think and act like accountants.”
Bridge rounds are the late-stage rage
Data released by Carta shows that more late-stage startups are looking for bridge rounds to stay in business as they work toward landing a more substantial tranche of capital.
“Why? Because mega-rounds were so popular last year,” wrote Alex Wilhelm in The Exchange, who found that “the later stage a startup is, the more likely it was in Q2 2022 to raise bridge capital.”
5 reasons why Ukraine’s fintech sector is growing despite war
Ukraine’s fintech sector has proven to be remarkably resilient since Russia’s February invasion has killed and injured thousands, and destroyed much of the nation’s infrastructure.
Despite the war, Ukrainian impact entrepreneur Vadym Synegin says his country is creating regulatory frameworks and infrastructure that will continue to drive growth.
“I’m sure many investors think the country’s IT sector is a risky investment right now, but it’s still business as usual at fintech companies here,” he writes in a TC+ column.
“They have proven their resilience even in wartime conditions, and impressively, 90% of Ukrainian tech startups are still hiring.