When my company, SkuVault, first learned about Endeavor, we were actively planning and looking for investors for a round. We had two goals: capital and mentorship. We wanted a board to help steer us, as this was our first time scaling a business, and we wanted help so we could avoid mistakes and stay on the right path. Going through the process of mentorship and selection we quickly saw the value. Endeavor helped us realize that we should have a team, and an advisory board, in place before raising funds that could help us through a round to ensure we do it correctly. The advice throughout the whole process helped us define our strategy and helped us to avoid many pitfalls.
For example: We were toying with the idea of a very ambitious second product launch. When we shared this plan with our advisory board, they liked the idea but questioned the timing. The capital expenditure would be large, and keeping my focus would become a challenge. Their immediate question was: why now? Our board drew the analogy that we had built a race car, and had done some light racing — but now, instead of taking it to competition, we were about to start building a second race car. Why not go race the one we already built first? The idea was so simple but was something I had missed because I had been so caught up in the new idea.
So, Endeavor has not only helped us with practical advice, strategy, getting us out of the weeds, and connections, but also with a mindset shift. We were not thinking big enough, and we didn’t have enough focus on the core. The education and strategic mindset we employ today, not only as the executive team but around the founder’s mindset in all employees, is a framework that was learned from the education and mentorship provided through Endeavor. Being part of the Endeavor network means you are available to help other Endeavor members with your mind and skill sets as well as that you get the full benefit of the connections to other like-minded entrepreneurs who are more than willing to give their time and learned expertise to help you get on the right track as well.