Business Insider ran an interview with Steve Martocci. Steve is the founder Splice, which just closed their Series C round of $57.5 million. Steve was also the co-founder of GroupMe, a messaging app that was built during a weekend hackathon in 2010, and sold to Skype a year later for $85 million. Steve is also an angel investor, and he brings his startup and investor experiences to this drop some great insights and advice.
Steve touches on everything from the challenges of fundraising to the importance of finding product-market fit.
This is a great quote:
I see it all the time with entrepreneurs, and getting product market fit is just the phase you have to get to. People wonder why they’re not getting venture money, but sometimes I don’t know if the market really needs this. They’ve got to prove it somehow.
And there are easy ways you can prove that. You can run ads about your idea and see if people click on it before you even build it. You can test if there’s demand for things. There are ways to step outside what you actually have to build in order to figure out if the demand is there.
Read the whole interview. It’s well worth your time.