LaHive had been an early-stage startup employee at technology companies such as Redbox and PayByTouch. Eventually he became the founder and CEO of Belly, the leading loyalty program and marketing solution that helps businesses enhance digital connections to strengthen customer loyalty. Since the beginning of 2011, Belly has raised $24.98 million from notable investors, including Andreessen Horowitz, Lightbank and Silicon Valley Bank. LaHive contributed much of his early success to meeting investors through startup events and surrounding himself with a team that is fueled by passion. LaHive has since stepped away as CEO from Belly but continues to be involved through the Board. After taking some time off, his true calling to help startups and mentor led him to Techstars Chicago where his friend Troy Henikoff decided to move on to other adventures. LaHive had been a mentor to the Chicago community since 2010, even at RedBox, and he felt this was the place for him to make an impact. In a blog post, LaHive said his intentions as managing director include investing in bad ideas, adding value to founders and teams, encouraging inclusivity, actively seeking diversity, and accepting that failure is part of the journey. While he’ll provide most of his advice from his desk in Chicago, he did offer some secrets to building a business with me that he learned along the way.
Secret #1: Social Validation
During the early stages, meeting people and telling them what you do is key to getting the word out about your company. Always building relationships is important, as you never know who you are going to meet.
Secret #2: It’s About the Team
In early-stage funding, 9 out of 10 key criteria for venture capitalists is the team. When talking with an investor, make sure they understand the depth of expertise in an industry or specialty of each team member and the value they bring to the company.
Secret #3: You Have Money, Now Go Focus On Traction
While staying active in the community and meeting new people is good, once you get that seed round, it’s time to hit the gas and gain customers.
Secret #4: There’s No Template
Ask any founder how they built their business and you’ll get an array of different answers. There isn’t one perfect way to build a business, you must figure out what works for your company and leverage your mentorship network.
Secret #5: Media Coverage Needs To Be Strategic
Getting known in your industry through media coverage can certainly help gain early adopters, customers, even investors, but it needs to be strategic. LaHive’s main advice to founders who wish to help their community is this.. Read more about Logan’s appointment at Techstars here. Get more startup advice to build your business here on Tech.Co
