Business
Graham Gintz, founder at Knightley and a former Las Vegas poker player, sits down with Braxton Madison to talk about when to go all in on your startup idea, when to call on an investment offer, and when to fold and walk away. Going all in is largely determined by your motivation and ability to solve the problem at hand. When it hurts you so badly that a solution to a problem doesn’t exist that you are regularly being kept up at night, then you may have the right founder fit for that problem, and it may be time to go all in. From the very concept stage of your idea, the team at Knightley and their SaaS can guide you through the steps you need to take to reach the point of raising capital, from the development of your startup's story to the legal documents you need along the way. Gintz has built Knightley on the idea that it is better for your startup to be found by investors, rather than finding them. This is why it is so important to be out there building a great company, not just being a great networker. Being found gives you the upper hand in negotiations, and if you have a great team, a great product, and great indicators, investors with find you. Be sure that an investor is someone you can stay with for the long run, and if they can add more to the company beyond just capital such as knowledge or connections, then it is time to call on the investment offer. Remember that your first check is the most expensive, that you should only take enough money to get your company to the next checkpoint where you can raise money again at a higher evaluation, and try to project $5 in returns for every $1 invested. Along your startup journey, you may realize that the numbers are just not stacking up, your passion for the problem is dwindling, and it is time to fold your hand. Moving on from an idea is okay, and it is important not to get overly attached to a problem to the point that you stick around for too long. As Gintz puts it, "failure is a part of growth." As a serial entrepreneur, he has endured ups and downs, some of his ventures have failed, but those failures have led to the success of the next, and currently the success of Knightley. Startup land and poker are wildly parallel, and the words of Kenny Rogers in his hit song The Gambler describe it well: "You've got to know when to hold 'em, Know when to fold 'em, Know when to walk away, And know when to run." --- Support this podcast: https://anchor.fm/startupdormroom/support