Extraordinary Pursuits by BIP Ventures

Hire Well: Interviewer Skills for Startup Leaders

In this mini episode of the Extraordinary Pursuits podcast, BIP Ventures talent expert and SVP of portfolio performance, Jacki Hertenstein, sits down with Renata Matheson, co-founder of aquesst. This brief, compelling discussion focuses on what startup leaders need to do to interview candidates well and hire strategically. 
Renata and Jacki explain how to craft a positive candidate experience, when remote interviews are acceptable, and why the hiring team must be aligned with the company. Renata also touches on why integrating DEI into the hiring process is so complex, and the role of compliance in hiring. This is essential advice for leaders looking to hone their talent strategies and nurture a healthy workplace culture. 
  
Timestamps: 
01:26 Enhancing Candidate Experience in Hiring 
03:47 The Impact of Remote vs In-Person Interviews 
04:11 Diversity and Inclusion in Hiring Practices 
05:34 Compliance in Interviewing: Best Practices 
 
Points of Wisdom: 
"If a candidate gets the sense that multiple individuals within the organization have different wants or initiatives or understanding of the role, that can go sideways very, very quickly." 
"Diversity is always supported by the HR or people organizations, but I rarely see it trickle down to be exercised by hiring managers, especially in startups where there are aggressive deadlines." 
 
About Renata Matheson: 
Renata is the Managing Director and Co-founder of aquesst, a specialized Information Technology search firm. aquesst has sourced talent for hundreds of organizations ranging from small businesses to mid-sized enterprises to Fortune 500 companies. Renata brings a wealth of recruitment experience. You’ll come away with a sense of how to identify individuals who possess the required technical expertise and align seamlessly with the culture of the organization. 
 
Renata Mathison 
LinkedIn: https://www.linkedin.com/in/renatamathison/ 
LinkedIn: https://www.linkedin.com/company/aquesst/ 
Website: https://www.aquesst.com/ 
 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 

The Blueprint for a Thriving Startup Ecosystem: A Conversation with Venture Atlanta CEO Allyson Eman

A thriving innovation ecosystem has many components that work together to create progress. They include the businesses building there, the visionary entrepreneurs, and the support system comprised of legal, financial, accelerators and incubators, consultants, and mentors. Among all the contributing factors to a startup’s ability to build and grow, access to capital may be one of (if not the) most important for an early-stage company. The right growth capital and post-investment support can help a founder transform an idea into reality. It can mean the difference between a lingering problem and a breakthrough solution.  
In this episode with Venture Atlanta CEO Allyson Eman, we talk about the state of startups and venture investing in Atlanta and across the Southeast. She shares the history of Venture Atlanta, which has grown into the largest venture capital conference on the East Coast. Allyson also details how Atlanta’s venture community supports entrepreneurs by providing access to funding, resources, and connections with industry leaders. Lastly, she shares some compelling trends and technology innovations she has seen in preparation for Venture Atlanta 2024, happening October 7th and 8th. 
 
Timestamps: 
[00:01] Intro and introduction to Allyson Eman 
[02:29] About Venture Atlanta 
[05:07] How Venture Atlanta’s objectives in the innovation ecosystem have evolved 
[10:39] Overview of how the venture space has grown in the Southeast 
[13:30] How Atlanta is rising in the ranks as a national innovation ecosystem 
[18:16] A sneak peek into the 2024 Venture Atlanta conference 
[22:00] Why founders should be excited about growing their startups in Atlanta  
[27:44] How funding contributes to startup progress  
[31:30] Why collaboration is central to Atlanta’s success 
[36:21] What is on Allyson’s bucket list 
 
Points of Wisdom: 
“Connecting to talent and easy access to capital can easily propel a region to the top in innovation.”- [08:31] 
“A rich network of accelerators and incubators can overwhelm startup founders on what support system to go to.” [15:01] 
 
About Allyson Eman: 
 Allyson Eman is a seasoned professional with over 30 years of experience in marketing, communications, sales leadership, and business development. Since 2007, she has served as Executive Director, and later CEO, of Venture Atlanta, the largest venture capital conference on the East Coast. Under her leadership, the conference has grown significantly, attracting over 1,500 attendees and helping emerging technology companies raise over $7.5 billion. Before Venture Atlanta, Allyson was key in expanding SouthStar Funding from a small team to a nationally respected mortgage lender and managed marketing for SouthTrust Bank's Georgia branches. She holds a BS from the University of Florida. 
 
About Venture Atlanta & Allyson Eman 
Website: https://www.ventureatlanta.org/ 
LinkedIn: https://www.linkedin.com/in/allysoneman/ 
  
About BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 
 

Building Scalable Product-Market Fit: Abstrakt.ai Founder & CEO Greg Reffner

Scaling an innovative startup requires agility, particularly in an evolving marketplace. But agility comes second to establishing the right fundamentals for your startup – the ideal client profile (ICP), go-to-market (GTM) strategy, and product-market-fit (PMF).  
All of them require a willingness to listen to customers, but none more than PMF. Ensuring your product continues to have a place in the market starts with understanding your most important customers’ pain points, needs, and goals. That’s not a one-and-done effort. As the market, customer base, company, and product change, you must embrace change and evolve.  
In this episode of Extraordinary Pursuits from BIP Ventures, Abstrakt CEO and Founder Greg Reffner talks about finding and keeping product market fit. He explains why it’s so important to listen to your team and focus on customer insights. Check out the episode to hear some of the lessons Greg and his team have learned as they have sustained the growth of their sector-disruptive AI platform. 
 
Timestamps: 
[08:55] How Greg found the market opportunity for his product  
[11:52] Abstrakt's target market and how it has grown and evolved  
[14:05] How Abstrakt first built and has evolved its product market fit  
[18:26] Abstrakt's success strategies for developing an ideal customer profile  
[20:20] How to adapt your market strategy to maintain product market fit  
[24:13] How a discovery about hardware informed Abstrakt's success  
[28:13] Metrics to track to continually meet the demands of your target market  
[31:56] Ways to continually educate the market on your product  
[34:26] How AI is changing contact centers 
[36:53] How to align and evolve with the changing market  
 
Points of Wisdom: 
“One of the mistakes that early entrepreneurs make is that they overthink things; they try to gather too much data.”- [10:36] 
“Being successful in life comes down to your ability to have confidence in yourself so that if you fail, you will be able to figure it out and get back on your feet.” [20:29] 
“Don’t be afraid to go against the grain or stick to your guns and educate the market about it; technology hypes come and go.” [32:50] 
“Listen to your team. The moment you have multiple people involved in your company, it’s no longer just about you.” [36:55] 
“Listen to your team, and don’t be afraid to ask for hard feedback.” [37:27] 
 
About Greg Reffner: 
Greg Reffner is the founder and CEO of Abstrakt, an innovative AI platform that is enhancing call center operations by providing real-time guidance to agents and automating quality assurance. With a background in solving complex challenges for call center supervisors, Greg has built Abstrakt into a prominent player in real-time agent success and QA automation. His focus on finding and maintaining product-market fit has been crucial to Abstrakt’s market traction and scaling success. Under his leadership, Abstrakt has grown significantly within the BIP Ventures portfolio.  
 
Website: https://abstrakt.ai/  
LinkedIn: https://www.linkedin.com/in/gregreffner 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 

Mastering Marketing Metrics: ARR, CAC, and CRR Explained

In this episode of BIP Capital CMO Tammy McQueen joins the VP of Content, Rachelle Kuramoto, for a short discussion about the most important key performance indicators (KPIs) for marketing and sales teams. Learn what to zero in on as you scale, including annual revenue (ARR), customer retention rate (CRR), adoption rates, and customer acquisition costs (CAC). These metrics are crucial for understanding and communicating the financial health of the business, customer loyalty, marketing effectiveness, and budget efficiencies. As expected, they are metrics that matter to investors.
Listen in.
 
Timestamps:
01:16 Key Performance Indicators for Scaling Startups
02:16 Measuring Customer Loyalty and Adoption Rates
03:14 The Cost of Acquiring New Customers
04:08 Understanding the Financial Health of the Business
05:07 Communicating Metrics to Investors
Points of Wisdom:
"The number one metric that any startup and every company is going to be measuring in a SaaS growth or technology enabled business...is how much money you're bringing in every year."
About Tami McQueen:
A builder, founder, and operator, Tami McQueen has sat on both sides of the table at hyper-growth organizations. She brings deeply rooted experience in B2B software and tech-enabled services businesses to her role as Chief Marketing Officer (CMO). Tami has led successful initiatives ranging from go-to-market initiatives to building process-driven, scalable, and repeatable marketing models.
Before joining BIP Ventures in 2021, Tami helped build the community for digital events at SaaStr, the world's largest community of SaaS executives, founders, and entrepreneurs. She made her leap into entrepreneurship as co-founder of 31south, after serving as the first marketing hire at Salesloft, one of the fastest-growing B2B SaaS startups in the U.S. At Salesloft, Tami helped to lead the company through Series A to B fundraising rounds and pioneered the Rainmaker conference.
Tami earned both her M.S. and a B.S. from Murray State University, where she was a four-year NCAA D1 tennis athlete, scholarship recipient, and McNair Scholar. She is a mentor for Techstars, a podcast host, and a speaker at SXSW, and a moderator for SaaStr digital events.
 
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures
 
Listen to and watch this episode and other episodes of the Extraordinary Pursuits podcast.

How to Choose the Right Outsourced CFO: Expert Advice for Startups with John Frazier

Outsourcing your CFO could be a game-changer for your company as it allows you to access expert financial guidance without the hefty cost of a full-time executive. An outsourced CFO can help you navigate complex financial challenges, optimize cash flow, make informed strategic decisions, and set a solid foundation for long-term success. This support is crucial for early-stage companies, where resources are limited, and every financial decision can significantly impact growth.
In this episode of the Extraordinary Pursuits podcast, John Frazier from InDinero shares why it’s important to choose an outsourced CFO and accounting partner carefully. He and our Mike Vandiver discuss why it’s especially critical for early-stage companies to have access to financial and accounting resources, the ramifications of getting it wrong, and tips for making the best choice.
Timestamps:
[02:16] The benefit of investing in expert financial resource
[04:11] The best-case outcomes of outsourcing account operation services
[05:55] How to build a strong foundation for solid financial reporting and results
[08:29] The ramifications of not outsourcing right
[09:26] Measuring and managing metrics that run your business predictably
[11:46] Key indicators that it’s time to outsource financial expert
[16:30] What to look for to maximize the value of an outsourced CFO
[20:04] Common pitfalls to avoid when engaging a fractional CFO
[21:41] How CFO shortage is impacting hiring decision
[27:38] 2 key things to look for when outsourcing a financial partner
[30:34] Success stories of companies that outsourced CFOs function at an early stage
[33:36] The impact of remote work on today’s generation and businesses
 
Points of Wisdom:‍
“The best outcome in outsourcing is when you’re partnering with a financial expert and working on them understanding your business so that the output you get is tailored to what you do.” [04:39]
“You can’t manage what you can’t measure.” [09:17]
“As you grow and step away from the day-to-day interactions, it’s important to rely on data to help guide the business and ensure everybody within the business is clear on the expected results.” [09:55]
“If you don’t have a solid grasp on your day-to-day transactional activities, you should focus there first; you can bring in the broad view resources, but if you have no structure behind them to execute, it’s wasted energy and resources.” [26:17]
 
About John Frazier:
John Frazier is the CEO of InDinero, an accounting and financial services solution provider. InDinero specializes in relationship-driven tailored support that helps growth-oriented companies navigate the complexities of financial management. John has more than 25 years of experience in the service space and a unique background that blends electrical and electronic engineering with cloud services, which has helped him deliver guidance to modern financial solutions.
 
John Frazier
Website: https://www.indinero.com/
LinkedIn: https://www.linkedin.com/in/iamjfrazier
 
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures
 
Listen to and watch this episode and other episodes of the Extraordinary Pursuits podcast.

MINI-EPISODE: Tech Company Tax Tips

In this mini-episode of Extraordinary Pursuits, BIP Ventures financial performance authority Mike Vandiver talks with Stephen Bradshaw, a partner in Bennett Thrasher's state and local tax practice. They discuss ways that technology companies can navigate complex tax landscapes to stay compliant and gain advantages.
In a few short minutes, you’ll learn ways to minimize sales tax exposure, including business-to-business exemptions and obtaining exemption certificates. The conversation also covers ways to mitigate prior period exposure and the importance of charging sales tax to comply with regulations. The conversation provides valuable insights for technology companies looking to ensure compliance and strategic advantages.
Takeaways
Technology companies should be aware of the opportunities to minimize sales tax exposure.
Business-to-business exemptions can be utilized in certain states to exempt software sales to businesses.
Obtaining exemption certificates from customers is important for compliance and mitigating prior period exposure.
Charging sales tax is expected by customers and should not be a concern for technology companies.
Complying with sales tax regulations is crucial for avoiding potential issues and maintaining strategic advantage in M&A scenarios.
Standout Quotes
"What are the opportunities to minimize or mitigate your sales tax exposure as you go through that process or just in general?"
"Getting those exemption certificates is also a key way to mitigate prior period exposure."
"You, the customer, are responsible for sales taxes."
About Stephen Bradshaw:
Stephen Bradshaw is a partner at Bennett Thrasher specializing in State and Local Tax, and a frequent speaker on the topic. His focus includes conducting nexus studies, advising on tax categorizations, negotiating voluntary disclosure agreements, preparing for diligence processes, and establishing best-practice procedures for automated sales tax software like Avalara. Stephen's insights have been featured in prestigious publications such as the Atlanta Business Chronicle, Accounting Today, Thompson Reuters, and the Georgia Society of CPAs. Before joining Bennett Thrasher, he spent five years at Deloitte Tax, LLP in the Multistate Tax Services division, providing state income/franchise tax consulting, compliance, and ASC 740 (provision) services to major corporate clients.
 
Let's Connect
Stephen Bradshaw
LinkedIn: https://www.linkedin.com/in/stephenbradshawbt/
Website: https://www.btcpa.net/
 
BIP Ventures
Website: bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Optimizing Sales Strategy: ICP, Buyer Personas, and Market Segmentation with Michelle Seger

Focusing your sales strategy on ICP, buyer personas, and market segmentation is more than just identifying basic demographics, behaviors, pain points, and decision-making processes. It involves gaining a personal view of your potential customers and dividing the broader market into distinct groups. This targeted approach enables businesses to allocate resources more effectively, tailor marketing messages, and develop products that meet the unique needs of each segment.  
In this episode of the Extraordinary Pursuits podcast, Michelle Seger from SalesGlobe joins BIP Ventures Chief Performance Officer Christy Johnson to discuss the crucial distinction between the ideal client profile (ICP) and buyer personas. They explain ways to optimize resources and create market relevance by focusing on specific market segments, and they share tools early-stage companies can use to take a strategic approach to growth and earn market penetration. 
Timestamps: 
[02:16] ICP and market segmentation and how they play in buyer persona 
[07:23] Where to start working on ICP, buyer persona, and market segmentation 
[13:05] How to leverage AI to find pain points for value proposition 
[16:36] How to hone your vertical and bring up your close rate 
[22:10] Focusing on your core and building a great brand presence   
[26:09] Essential front-end motions that have to be done 
[31:56] Enhancing buyer process by combining value and customer experience  
[34:07] The buyer and how to identify the right buyer persona 
[42:12] Michelle’s recommendations on how to get started with ICP 
Points of Wisdom: 
“If you know who your ideal client profile is, then you are going to service them in the way they want to be serviced and offer the best product and services you are equipped to offer.” [03:44] 
“Focusing on a vertical that has the greatest fit helps you develop your product and bring a ton of momentum to your company.” [20:12] 
“There is no risk about missing out on the universe, focus on where you can win and the right people will find you.” [23:29] 
About Michelle Seger: 
Michelle Seger is the COO and partner at SalesGlobe, a firm dedicated to helping customers solve complex sales challenges by aligning their sales strategy with their bottom line to achieve profitable growth. With a deep expertise in sales change management, Michelle has extensive experience in mergers and acquisitions (M&A) and modern sales coverage models. At SalesGlobe, she leads the consulting operations and heads the private equity consulting services practice. Michelle is committed to helping leaders tackle their most significant sales challenges, enabling them to drive better revenue growth and achieve lasting success. 
 
Website: https://www.salesglobe.com/ 
LinkedIn: https://www.linkedin.com/in/michelleseger/ 
 
BIP Ventures 
Website: www.bipventures.vc 
LinkedIn: https://www.linkedin.com/bipventures/ 
Instagram: https://www.instagram.com/bipventures/ 
Twitter: https://twitter.com/bipventures 
YouTube: https://youtube.com/@bipventures 

Mini-episode: The Startup Dilemma – Working on the Business and Working in the Business

In this mini-episode of the Extraordinary Pursuits podcast from BIP Ventures, successful serial entrepreneur Jan Heybroek shares a skill he’s built in his entrepreneurial journey: the ability to simultaneously work in the business and on the business. The capacity to strike this balance is critical for staying ready for known and unexpected opportunities. Jan offers specific ways for founders to manage this challenge and a great case study for what can happen if you do.
Time Stamps:
02:24 The Role of Perseverance and Thinking Ahead
04:33 Reverse Engineering Goals and Being Prepared for Pivots
05:03 Being Opportunistic and Seizing Unexpected Opportunities
05:30 Preparing for an Exit and Strategic Planning
Points of Wisdom:
Conviction in a market opportunity is a necessary starting point for entrepreneurs.
Confirming product-market fit is crucial for success.
Thinking ahead and being prepared are critical skills for founders.
Perseverance is essential in the entrepreneurial journey.
Working on your business, not just in it, is important.
Metrics, dashboards, and accountability are key to measuring progress.
Reverse engineering goals and measuring what matters keeps you accountable and prepared for pivots.
Being opportunistic can lead to unexpected opportunities and outcomes.
Preparing for an exit requires strategic planning and systems in place.
About Jan Heybroek:
Jan Heybroek is a serial entrepreneur with more than 30 years of senior leadership. He applies his knowledge and strategic marketing and product experience within life sciences and biopharma. He is particularly adept in building out new solutions, optimizing existing products and overseeing product portfolios to deliver industry and category-leading returns. Jan is also a thought leader in the areas of entrepreneurship, organizational partnerships, licensing and market insights.
LinkedIn: https://www.linkedin.com/in/janheybroek

From Pitch to Press: How Startups Can Earn Media with Maija Ehlinger

Capturing earned media is one of the most powerful marketing tools a company can achieve. Positive, relevant, wide-reaching media coverage can literally change the trajectory of a startup’s future. But effective public relations is hard.
In this episode of Extraordinary Pursuits, journalist and Hypepotamus editor-in-chief Maija Ehlinger offers strategies for crafting and pitching compelling stories that resonate with publications and audiences. She explains how to strategically time announcements and storytelling opportunities to capture the attention of journalists and earn media. Maija also shares what works to capture earned media, why a great story often hides behind timely announcements, and how entrepreneurs can have more luck getting more coverage.
Earned media can increase brand exposure and reach, differentiate a company, build credibility, and establish a critical share of voice. As a technology and innovation journalist, Maija is the ultimate resource for any company seeking to understand how to use media strategically and effectively.
Tune in!
Timestamps:
[00:01] Intro and what’s in for you in today’s show
[01:52] Maija’s journey as a journalist in the innovation economy
[04:41] Maija’s role at Hypepotamus and how her skills have evolved
[07:40] What PR is and how it’s different from other forms of marketing
[12:04] What to prioritize when sharing earned media story
[14:38] How to establish yourself as a thought leader or expert
[18:03] The most ideal way to reach out to a journalist
[22:52] Editorial calendar and how entrepreneurs can use it as a guideline
[25:35] The timeframe journalists need to write a story
[30:17] Writing a full-blown and timely story
[32:31] How and when to make your pitch to a journalist
[35:34] Who can reach out, and how to connect with Maija
[37:49] Wrap up and end of the show
Points of Wisdom:
“There is a real need for convincing storytelling, and it’s incredibly valuable to a young startup, but very few know how to harness it.”- [06:41]
“If you want to be part of a high-quality conversation, make sure you are putting yourself out there in a way that will attract the media.” [13:23]
“Build relationships with people in the business community and people will find you as the thought expert.” [16:53]
“If you work with a journalist under embargos, they will love you.” [27:54]
About Maija Ehlinger:
Maija Ehlinger is the editor-in-chief of Hypepotamus (aka “Hype”), the leading innovation digital news source in the Southeast. Maija's experience as a journalist has given her the chance to cover companies of every size, from seed to enterprise, but her passion is innovation companies. She took the helm of Hype after spending close to five years at CNN.
 
Website: https://hypepotamus.com/author/maijaehling
LinkedIn: https://www.linkedin.com/in/maija-liisa-ehlinger
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Instagram: https://www.instagram.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures

Mini episode: Sales Core Competencies for Startups

Investing in skilled sales professionals or managers is essential for business growth. Knowing the right qualifications and characteristics to hire for should happen before any interview takes place.
In this mini episode of Extraordinary Pursuits, Christy Johnson speaks with John O'Brien, the founder, CEO, and managing partner of Sales Talent Group. They discuss the most necessary qualifications for the first hire in a startup, including cultural fit, adaptability, strong communication skills, passion for the product, willingness to take risk, alignment with the vision and mission, and a successful track record.
John and Christy highlight core competencies and behaviors to look for, such as being a top performer and having proficiency in the company's tech stack. They conclude with a conversation about attitude, aptitude, and desire as essential qualities for success in sales.
Timestamps:
[02:38] Cultural Fit, Adaptability, and Communication Skills
[03:06] Passion, Risk Orientation, and Alignment
[03:36] Core Competencies and Behaviors
[04:34] Attitude, Aptitude, and Desire in Sales
Points of Wisdom:
"One of the big headlines is the cultural part...talking about an entrepreneurial spirit, because if there is only three or four members, the resources are lean and mean."
"You need the ability to take on risk and understand it and work in an environment of chaos and madness and be okay with it."
About John O’Brien:
A seasoned executive in the field of sales, John specializes in placements across the United States. As the Founder, CEO, and Managing Partner of Sales Talent Group, he oversees the day-to-day operations of the Professional Sales Search Division, focusing on both outside and inside sales professionals across various leadership levels. With a track record of success, John has consistently ranked in the top three among over 600 nationwide sales professionals during his 15-year tenure at Lanier Worldwide. His experience includes roles such as Sales Manager in New Orleans, Louisiana, National Sales Trainer, and Director of Marketing & Sales Center in Atlanta, Georgia.
 
LinkedIn: https://www.linkedin.com/in/johnsalestalentgroup/
LinkedIn: https://www.linkedin.com/company/sales-talent-group/
Website: https://salestalentgroup.com/
BIP Ventures
Website: www.bipventures.vc
LinkedIn: https://www.linkedin.com/bipventures/
Twitter: https://twitter.com/bipventures
YouTube: https://youtube.com/@bipventures