I cofounded an in-game fantasy sports product and we've been growing solidly the last year, since regulations have been enforced and the outlook is fantastic.
I am technical, and running my own services company which I've used to date to develop the platform, and my co-founder came up with the idea, got a patent and has managed, and solely funded the business so far. The products are stable and awesome and we have 200 users playing every day. But we need investment, and this is outside of our wheelhouse. We really want to find a COO who has a network and knack for raising money and has experience within a startup in this all-important growth stage. I've been told it's an amazing opportunity by a couple of people I had pegged for the role, but they are locked up in their own successful businesses.
So where on earth do I find these kind of people? Most founders, and thus startup CEOs are arriving with their own ideas and/or people. What about those who can step in at this stage and solve the chicken-and-egg situation by having a network they can tap to bring a solid seed round. All suggestions appreciated.
It is my opinion that you may be looking for two roles. Why two roles? Firstly the person that you are looking for as a COO is someone who able to attract funding and has experience with a startup in the growth stage. I assume that you want someone with drive and capability.
The person that you want is out there but they are already doing it for themselves.
I suggest a different approach. Get a mentor who will work with you during this growth stage, connect you with funding sources and work with you to define and select the person who becomes your COO.
If you find a good mentor then they may become part of your journey long term, helping you to navigate the as yet undefined challenges you will face on your journey to success.
You don't need COO for raising funds.
1. From my experience, usually, it is not COO who is doing it, but CFO.
2. You can outsource raising the funds. There are plenty of specialized companies. Do your market research, choose and work with them. They have connections, they know where to rub the investor, so that he would like the proposal, etc.
1. In the meantime, while you are looking for a COO, why don't you let us help you do an equity crowdfunding. Under Regulation CF you can do an equity crowdfunding to small investors in amounts as little as $100 for raises of $50K to $1M. A $100K raise is a nice sweet spot as you do not need accountant reviewed financials for under $107K.
2. While in the process of doing the raise, you can let your investors know you are looking for a CFO and that you are offering a reward of $500 for anyone who refers a successful candidate to you.
3. What you need first will be a CFO. And a good CFO may be able to bring along an investor who has worked with him or her. In the process of interviewing CFOs you can start networking for an appropriate COO.
truCrowd, an SEC/FINRA licensed Equity Crowdfunding platform
Great question. Perhaps the solution is not an internal person, but an outsourced professional. Altima provides outsourced COO, CFO, CMO and access to capital to empower management to focus on what moves their needle. We can assist you with moving through your critical path and guide, negotiate and achieve investment for your opportunity. If you would like to discuss further, please respond to: firstname.lastname@example.org. Website for review: www.altimabusinesssolutions.com.