Today he takes us back to a board meeting in January 2016.
The subject of discussion is a company he started with his Co-Founder, Jake, in 2008.
The business was a hot startup in the 2011/12 era and raised a lot of VC money.
But technology changed. The market moved. And suddenly the forecasts were falling behind what they needed.
It left them with 3 options.
Do you go and try to raise more money?
Perhaps try and sell the business?
Do you trim expenses and turn the business into something more self-sustaining?
Bob and his Co-Founder, Jake Stein had to navigate the daunting task of making critical decisions in a capital-constrained scenario.
They realised that their early success was fleeting and the market, a moving target, was drifting away from their product.
But what Bob and his partner did was turn failure into a lesson, and build a different business.
Despite facing a lot of rejection, they resiliently worked toward the future of a product they knew would ultimately be successful.
Their experience emphasises the importance of continuous innovation in technology.
In this episode we discuss,
- The importance of continuous innovation in technology
- The crucial role of optionality
- The importance of transparency, honesty, and continuous self-evaluation
Learning from mistakes
Bob Moore and Jake Stein openly discussed their humbling experiences from business failures.
These failures, rather than being roadblocks, served as lessons that were applied to Crossbeam’s journey.
A fascinating aspect of Bob and his Co-Founder’s journey was negotiating a $60 million cash deal with a publicly traded data infrastructure company.
The thrilling 19-month journey leading up to this deal revealed the importance of trust, rapport, and resourcefulness in negotiations.
They highlighted the crucial role of optionality and shared ingenious tactics they used to push the deal across the finish line.
As today’s episode wraps up, it leaves us with a lesson around the importance of transparency, honesty, and continuous self-evaluation in his approach to business, values that have shaped Crossbeam’s success story.
This mindset helped Bob and his partner navigate their challenges and emerge stronger.
Tune into today’s episode and learn from the ups and downs of Bob Moore and Jake Stein’s journey and how they applied these lessons to their business.