Interview with Serhat Pala - CEO, of CrossOcean Ventures and President of NuFund Venture Group, and Alex Lirtsman - CEO and Founder of CorralData. Summary This episode of the Founders Journey podcast features a conversation between Serhat Pala, an investor, and Alex Lirtsman, a founder. Both Serhat and Alex are immigrants to the United States and share a passion for entrepreneurship. They discuss the challenges and rewards of raising money for a startup, the importance of humility and teachability in founders, and the process of valuing a company and determining the amount of investment needed. They also touch on the significance of understanding the ideal customer profile and building a strong team. In this conversation, Alex and Serhat discuss the importance of the founding team and the people behind a startup. They emphasize that investors are not just taking a risk on the idea or the money but on the person leading the company. They also highlight the need for founders to truly understand the problem they are solving and to care deeply about it. The conversation touches on the challenges of fundraising, dilution of ownership, and the importance of smart money. Alex shares his advice for early-stage founders, including being capital-efficient and focusing on solving a core problem. They also discuss the future of CorralData and the importance of building a strong culture. Keywords founders journey, podcast, immigrants, entrepreneurship, raising money, startup, humility, teachability, valuation, investment, ideal customer profile, team, founding team, investors, risk, problem-solving, fundraising, dilution, smart money, capital efficiency, core problem, culture Takeaways Raising money from early seed or pre-seed stage investors is not as difficult as it may seem, and angel investors are often supportive and helpful. Immigrants bring a unique perspective and a hunger for success to entrepreneurship, which can be advantageous in the startup world. Humility and teachability are important qualities for founders seeking investment, as investors are more likely to work with founders who are open to feedback and willing to learn. Valuing a company and determining the amount of investment needed is a complex process that involves modeling different scenarios and considering the potential for growth. Understanding the ideal customer profile and having experience in hiring, selling, and building relationships are important factors that investors consider when evaluating a startup. Investors take a risk on the person leading the company, not just the idea or the money. Founders need to truly understand the problem they are solving and care deeply about it. Being capital-efficient and focusing on solving a core problem are key for early-stage founders. Building a strong culture and hiring the right people is crucial for the success of a startup. Smart money from investors can provide valuable guidance and support beyond the financial investment. Sound Bites "Raising money from early seed or pre-seed stage money is not that hard. Angel investors are not rabid sharks. We're actually very nice people." "As immigrants, we have to work harder, show better results, and look deeper to be able to make a new life for ourselves." "Early-stage investing is so hard. You just really don't have any data points. I would not want to be in Serhat's shoes." "What they're really taking a risk on is the person they're giving the money to." "Out of all those four elements, the most important one is the people." "You need to understand the problem that you're trying to address. And care." Chapters 00:00 Introduction to the Founders Journey podcast 08:10 From Digital Agency to Startup Founder 30:29 The Challenge of Valuing an Idea 39:05 Determining the Amount of Investment Needed 50:33 Understanding the Ideal Customer Profile 01:03:43 Being Capital Efficient and Focusing on a Core Problem
