Soonicorns Sessions 1 - Steve Sy of Great Deals
EPISODE INTRODUCTION
For our very first Soonicorn Sessions episode, Steve Sy of Great Deals E-Commerce Corp tells us how they became a Soonicorn after raising Series B last year. Steve shares their key milestones and the metrics that they had to hit in the middle of the pandemic. He will also share the hardest things he needed to overcome and the most difficult decisions that he had to do before they raised Series B. Steve also shares great tips on raising, scaling teams and how he pays it forward by investing in other Filipino startups in this episode.
GUEST LINKS
Follow Steve on LinkedIn or reach him through his Facebook.
Find more about Great Deals on their official website and LinkedIn.
EPISODE TOPICS
[1:40] Introducing Soonicorn and Steve Sy
[3:40] Great Deals’s Growth to Series B
[6:05] Great Deals’s Milestones During 2020 to 2021
[8:48] Expounding on the Growth of Great Deals During the Height of the Pandemic
[12:29] What Helped Great Deals Propel Faster
[13:49] Steve’s Advice for Startup Founders
[14:08] How to Hire the Right People for Your Team
[15:31] Story of When Steve Hired His First 6-digit Employee
[17:54] The Importance of Hiring the Right Team
[21:32] How Steve’s Leadership Style Evolved
[26:29] The Mentality of a Series B Founder
[29:15] How Steve Stays Focused on His Goals
[33:37] Steve’s Series B Learnings
[36:57] How Steve Pays It Forward as an Angel Investor
[39:37] How Steve Brings Value to Other Startups as an Angel Investor
[41:49] Steve’s Advice to Other Entrepreneurs
QUOTES FROM THE EPISODE
“Here is my motto: People, process, then tech.”
“Always build the right team because only then can you make the right processes Without the right team, there will be no growth.”
“As a founder, you need to let go and find people that can help you build the castle and fortify that fortress. If not, you become the one that is holding your company back.”
“Not all opportunities are opportunities. Some are temptations. You need to discern.”
“Life is short. The best thing we can do is to bring impact or be a blessing to others.”
“It’s not a straight line going up.”
“For you to get to the peak, you first have to ride through valleys”
“Challenges are part of the process.”
JARGON USED
Soonicorn - Soonicorns are companies that are principally funded and financially supported by an Angel Investor or a venture capitalist. It is done by viewing the future possibilities of the market or an apparent valuation. The term soonicorns is a shortened word to describe 'Soon to be Unicorn' companies. (source: eatmy.news.com)
Unicorn - Unicorns are privately held startup companies that have a value / venture capital of over $1 billion. (source: investopedia.com)
Pre-Seed Funding - Refers to the period in which a company's founders are first getting their operations off the ground. The most common "pre-seed" funders are the founders themselves, as well as close friends, supporters and family. (source: investopedia.com)
Seed Funding - Seed funding is the first official equity funding stage. It typically represents the first official money that a business venture or enterprise raises. Most companies raising seed funding are valued at somewhere between $3 million and $6 million. (source: investopedia.com)
Series A Funding - In Series A funding, investors are not just looking for great ideas. Rather, they are looking for companies with great ideas as well as a strong strategy for turning that idea into a successful, money-making business. For this reason, it's common for firms going through Series A funding rounds to be valued at up to $24 million (source: investopedia.com)
Series B Funding - Series B rounds are all about taking businesses past the development stage. Companies that have gone through seed and Series A funding rounds have already developed substantial user bases and have proven to investors that they are prepared for success on a larger scale. Series B funding is used to grow the company so that it can meet these levels of demand. Most Series B companies have valuations between around $30 million to $60 million. (source: investopedia.com)
Series C Funding - In Series C rounds, investors inject capital into the meat of successful businesses, in an effort to receive more than double that amount back. Series C funding is focused on scaling the company, growing as quickly and as successfully as possible. The median pre-money valuation for Series C companies is around $68 million, although some companies going through Series C funding may have valuations much higher. (source: investopedia.com)
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