Listen: Bank, Million Six Hundred Thousand Dollars, Forty Eight Million Dollars discussed on The Twenty Minute VC
"What money can do is buy a little bit of freedom and optionality. So when you meet with a billionaire, and it's like, I don't have. They don't have to do all the stuff that they don't want to do because you just hire somebody to do it for you. And obviously a pretty broad spectrum between being broken being a millionaire. I think people vastly underestimate the psychological impact of having just a little bit of money, even as a couple thousand dollars between how you can think can take risks, and what your life is like from having no money to tab and just a little bit of money, and then actually impacts a lot of what we do at school. I'm sick these the word risk because that was my subsequent question was it's not it's the relationship to money. What's the relationship to risk fee them? I think for me, I basically got to a point where if feels like there is no risk anymore. A worst case scenario is you have to get a job, and I had a company blow up and I had to get. Job and that was fine. So for me, the important thing is maybe it's a psychological trick. I play myself. I don't know. But making it feel like there's no downside. And let's just go play. I don't know if that's why it's necessarily I'm not successful realizing how quickly you can bounce back. If you hit rock bottom because I did that in a very real way. I think that's pretty important. Now, I think that totally is exactly what VC's loves hair in terms of asks you to risk in shooting for the moon. I speaking of VC's lights here before we discussed finding fed obviously a lot of businesses take pre seed and seed funding in the earliest days, and you said to me before that you would determine to never raise again before you started Lambda two years later, forty eight million dollars later, I have to offer. Ask changed your mind grace allow them to versus the initial district. Yeah. I think there was an error in the way I was thinking so floor. My last company we raised. What was then a seed round? What would now be like a pre seed round. We raise kind of half million six hundred thousand dollars, and we were going out to raise then you would call a series whatnot. Call seed round because all the names change raising. A couple million dollars felt like a lot at the time to clear is a lot. And so we had all the documents done. We had our lead investor in everything was fine. We only had a couple of months of cash left in the Bank. But who cares because we're just about to close this round, and we got through the due diligence. And then the person that was leading that rounds just called and said, well, actually, he had his assistant call and say, actually, I'm no longer going to invest and that was on December twenty third and that was the end becomes any? So I had a pretty visceral reaction to that. I mean, my daughter was born a couple months later. And was in the hospital for a long time. And I spent all my money making our contractors and employees hole. And so was not a good time. And I was not in a good place. And I was determined never to be put in that position again. And I felt like raising the in that position when a sales realizes that it wasn't VC per se that put me in that position. It was having a business that wasn't promising. And specifically it was not only not bringing in enough revenue that you had a back of plan. But I was thinking about the in tightly wrong way is thinking about VCE, and like, hey VC buys you time to figure out how to create a business or in our case, it was more time to Phillies on product. So you don't have to think about the business aspect of it as much as women went into. I see even still kind of like, okay? I'm not even sure we'll do delegate.."