Jack Groetzinger, co-founder and CEO of ticketing platform SeatGeek, discusses the company's early disciplined approach to fundraising.
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“We waited a long time to raise money until we were really sort of irrefutable and controvertible evidence that the CAC LTV math was heavily in our favor and would be idiots not to raise more money.”
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More from Jack Groetzinger
Insight
Technical skill is the most important factor for startup founders
“Being technical is far and away the most important criterion that sort of drives success. Basically, you can't have too many technical people On a founding team.”
Jack GroetzingerJun 1, 2018▶ 4:2320VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
Disclosure
SeatGeek raised nearly $100M before hiring its first finance employee
“We waited forever to hire a full-time finance person. I think we'd raised almost a hundred million dollars before we hired anyone full-time in finance”
Jack GroetzingerJun 1, 2018▶ 5:2520VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
Opinion
SeatGeek can realistically be NYC's top employer brand, unlike in SF
“If we want to build a differentiated brand as we want to be the best place for an engineer to work in New York, that would be sort of a ludicrous, probably overambitious thing for us to say if we were based in San Francisco. There's just so many iconic technol…”
Jack GroetzingerJun 1, 2018▶ 17:4120VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
Disclosure
SeatGeek prefers PhDs and quant traders over bootcamp data science grads
“The biggest challenge sort of sorting through the data science pool is filtering the people who are sort of very serious quantitative professionals versus folks who did a boot camp. For three months and are now trying to become a data scientist. And there's ab…”
Jack GroetzingerJun 1, 2018▶ 18:2220VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
Insight
Every consumer web startup will eventually either rebrand or fail
“I think if you're doing particularly a consumer web startup, you have to look at it. It's just a matter of when, not if, because every company rebrands at some point, unless you fail.”
Jack GroetzingerJun 1, 2018▶ 23:1920VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
Insight
Board seats are immutable commitments requiring extensive founder diligence
“When you agree to take someone out of your board and raise a bunch of money from someone, just how long-term sort of immutable the commitment is. I think if a lot of founders realized that fully, they would do more work and more diligence and spend more, more …”
Jack GroetzingerJun 1, 2018▶ 6:5320VC: Why Every Startup Will Either Fail or Rebrand, How To Do OKRs The Right Way & How To Know The Reversible From the Irreversible Mistakes with Jack Groetzinger, Founder & CEO @ SeatGeek
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