Marshall Smith’s Post

Grit & Capital - What Drives Sustainable WealthTech Startups I’m on my latest Global #WealthTech tour which has taken me to Singapore, Hyderabad and Pune. First Rate Ventures is evaluating investment opportunities across all three of these markets. The markets a clearly very different in terms of funding, market maturity, and AUM invested. The default thinking in startups is that more funding equals better talent, perks, and ultimately high flying unicorns. Singapore has a great reputation with plenty of Venture Capital, a supportive government subsidies for startups and an ecosystem of accelerators. But does the equation of more investment, more subsidies and more ecosystem mean more success… I’m not so sure. Bootstrapping, while not glamorous, is a key skill that is required for sustainable growth and success. These are the types of entrepreneurs I have been meeting in Pune and Hyderabad. If you are bootstrapping, Celebrate it. Here’s why. 1. Grit lasts forever, Funding doesn’t. It reminds me of a Napa Valley vineyard owner who said the best grapes come from a bit of strain. Similarly, WealthTech startups born in the strain of limited capital and resources are more resilient and successful. They stay focused on the customer and what drives revenue and efficiency. 2. Substance > Hype. Chasing trends and big funding rounds might make you look cool in Silicon Valley circles, but I’m convinced those that will survive in the next decade in WealthTech startups are those with a scrappy disposition. You may not have flashy perks or unicorn valuations (yet), but you have something far more valuable - the grit and resourcefulness to succeed against all odds. Is Venture Funding all bad… of course not. Do I admire bootstrapping founders, Yes. Do I see venture funding in WealthTech returning to the 2021 highs anytime soon… No. Strap in founders and prepare accordingly. #WealthTech #Bootstrapping #Resilience #VentureCapital #CorporateVentureCapital #ImpactInvesting #FaithDrivenInvesting Rohit Mahadik Tina Gidwani Nayan Madhamshettiwar Valerie Q. Praveen P Pamela Cytron Prabhakar Reddy C. Nichole Rush Mason Morris

DFW Venture and Tech Community. Join us on July 23rd in Arlington for the The Founders Arena Cohort 2 Demo Day. The best and most impressive startups in global #WealthTech. I'm attending The Founders Arena: Spring WealthTech Accelerator - Demo Day . Join me on July 24.

Excited to be in Pune, India for this exciting occasion. First Rate Ventures is proud to launch our studio in Pune. Join us next week! #WealthTech #CorporateVentureCapital #Startup

Exciting News in WealthTech: First Rate Ventures Invests in Fispoke! 🚀 First Rate Ventures is thrilled to announce our latest investment in Fispoke™ , a #WealthTech startup revolutionizing how #RIAs deliver holistic banking solutions to their clients. Here's why we invested in Fispoke: Exceptional Founding Team: We had the privilege of meeting Robert Clare, Nathan Berk, and Terry Mullen in person at the April Tiburon CEO Summits in Boston. Their passion, vision, and cultural alignment with our values were immediately evident. We're confident in their ability to execute and drive transformative change in the industry. Solving a Critical Problem for RIAs: As RIAs compete with #banks to provide comprehensive financial services, Fispoke empowers them to offer white-labeled banking products seamlessly integrated into their offerings. This enables RIAs to deliver a private banking-like experience, enhancing client satisfaction and loyalty. Stewardship as the Cornerstone: We firmly believe that stewardship should be the guiding principle in wealth management. Fispoke's platform enables RIAs to serve as true stewards of their clients' financial well-being, providing a holistic and client-centric approach to wealth management. We couldn't be more excited to partner with the Fispoke team and support their growth journey. Our #WealthTech experts will join the Fispoke team in helping to accelerate the delivery of the platform. Together, we'll work towards reshaping the WealthTech landscape, making it more inclusive, accessible, and impactful for all stakeholders. Read the full press release here: https://lnkd.in/gs54W6VF #WealthTech #RIA #FirstRateVentures #Stewardship #Investing #VentureCapital #CorporateVentureCapital #VenturesinWealthTech #Fintech #Startup Pamela Cytron Prabhakar Reddy C. Nichole Rush Tina Gidwani Rohit Mahadik Michael Wuest Kendrick Wakeman, CFA Dave Stone Trina Stone Craig Wietz Rob Bethmann Chip Roame Paul Howard Tiburon Strategic Advisors WealthTech Strategy Partners The Founders Arena Valerie Q.Grayson Greer Emily Traxler Nayan Madhamshettiwar Ameet Patel FirstRate WealthTech #WealthManagement First Rate, Inc

Doing Business in Frontier Markets? Most business books will tell you to focus on productivity and efficiency. Frankly, I love reading them. But Curt Laird "The Culture Key" flips the script. Using his experience building the largest mobile telephone company in Afghanistan, Curt's book is a masterclass on frontier market entrepreneurship. Here’s why this book is a game-changer for anyone doing business in frontier markets. 1. **People > Tasks**: In Western cultures, productivity means staying on task. But in frontier markets, it's all about relationships. Investing time in socializing and honoring potential partners can unlock more value than a checklist ever will. 2. **Community > Individuals**: Most frontier markets are community driven cultures and this means spending time not just with your counterparty but their community, family and elders. 3. **Trust Takes Time**: Building trust isn't about quick wins. It's about taking the time to meet and nurture relationships. In frontier markets, this principle is gold. Lose your watch and focus on depth of relationships. "The Culture Key" isn't just a book; it's a blueprint for navigating the unique challenges and opportunities in frontier markets. If you're an entrepreneur or investor looking to make a real impact in frontier markets, this book is your guide. PS: Yes, I read this book at the beach. Bonus points if you can guess the beach. #CorporateVentureCapital #FrontierMarkets #WealthTech #VenturesinWealthTech #BusinessAsMission Paging my frontier markets entrepreneurship friends. Curt Laird Dave Stone Trina Stone Craig Wietz Deborah Repak Bo McWilliams Andrew Winker Philip Gobble Aaron Hughes Grayson Greer Injee Jung C. Nichole Rush Andrew Firman, CFA Henry Kaestner John K Choi Nayan Madhamshettiwar Praveen P Sam Lam Dr. Ahmad El-Katib Prabhakar Reddy Tina Gidwani Rohit Mahadik Michael Wuest Cameron J. Price, CFP® Kate Baird Emily Traxler

Founders - Embrace Your Tech Debt! Most VCs and "Experts" will tell you that tech debt is BAD. They see it as sloppy code that needs to be cleaned up ASAP if you are going to get top dollar on an exit. But I have a different take, Tech debt is a sign that you've made it. Embrace it. Here's why. 1. You Survived! You have a product that's been in market long enough to accumulate tech debt. That means customers are using and paying for what you've built. Revenue is the ultimate validation and you generated enough to survive. Congratulations. 2. You Valued RESULTS. Your codebase has been battle-tested and leveraged extensively to deliver that customer value. The fact that it's a bit rough around the edges now means you prioritized speed and hustle in those critical early days. You ran a lean startup and focused on the user experience vs the backend. Well done. 3. ROI > Clean Code. You got strong ROI from your initial engineering investments. Tech debt is like your favorite shirt you have worn for the last decade and now is starting to tear at the seams. You have gotten so many wears out of it because it fits right, it feels good and who cares if it's the latest and greatest fashion fad. They don't call code tech debt that is never used and sat on the shelf collecting dust. That said. I'm not saying to ignore tech debt forever. There comes a time to pay it down and refactor. But in a startup's early days, the name of the game is finding product-market fit and generating REVENUE... Not impressing some third party tech person on your "clean code". You can have the cleanest code, using the latest approaches, with the latest toolset and... have no revenue. I'd rather back a startup with a scrappy minimum viable product that's generating revenue than one with a pristine codebase that nobody is using. Embrace your tech debt- The bill will come due eventually in the form of refactoring, but that's a champagne problem because it's a sign that you've graduated from building to growing to optimizing. #VentureCapital #Startup #TechDebt #PrivateEquity #CorporateVentureCapital #WealthTech #VenturesInWealthTech Paging my scrappy bootstrapping friends. Praveen Ghanta Greg Head Dave Stone Kendrick Wakeman, CFA Prabhakar Reddy Pamela Cytron Ryan Kerry Dr. Ahmad El-Katib Nayan Madhamshettiwar Craig Wietz

Are you a recent graduate (or know one) who is fascinated by startups, tech and venture capital? This fellowship is a year long commitment where you will be immersed in the only global accelerator focused on WealthTech. Will you get to travel? Yes. Will you get to meet dozens of founders of innovative early stage tech companies? Yes. Will you get a front row seat to the venture capital industry? Yes. Will you gain experience that can launch your career into startups or venture? Absolutely. Apply below. Thank me later. Paging my friends who may know someone: Rodney D'Souza Andrew Hicks Scott Parsinen Paul J. Corson Michael Jacobson Greater Arlington Chamber of Commerce Xavier Egan Syreeta Y. Mitchell, PMP® Ayesha Mayhugh Wayne Miller Carey Ransom Joel Bruckenstein Joel Brightfield Russ Kliman Judson M. Stone Dave Stone Trina Stone Kathryn Stone Michael Wuest Pamela Cytron Lama Yammine-Hocks C. Nichole Rush Prabhakar Reddy Mark H. Stisser Mark Plummer Andrew Winker Tamanno Hodjihanova

Announcing the Latest Addition to First Rate, Inc and First Rate Ventures !!!! We are honored to announce that C. Nichole Rush has joined First Rate, Inc and First Rate Ventures as Managing Director of Corporate Development. Nichole will lead First Rate's strategy to add complementary #WealthTech platforms to our family of products, services and capabilities via acquisition. We are focused on Asia Pacific, Middle East and Europe. Nichole has worked alongside First Rate Ventures for the past two years as a consultant, advisor and strategist. Nichole embodies the values of First Rate and we are more than honored that she has agreed to join us in our endeavor to multiply the impact of First Rate for our Clients, Coworkers and Communities. Trina Stone Dave Stone Craig Wietz Prabhakar Reddy Tina Gidwani Rohit Mahadik Pamela Cytron Kendrick Wakeman, CFA

What Drives Corporate Venture Capital? Financial or Strategic Return? The answer: Yes. First Rate Ventures First Rate, Inc WealthTech Strategy Partners The Founders Arena Prabhakar Reddy Tina Gidwani Rohit Mahadik C. Nichole Rush Pamela Cytron Kendrick Wakeman, CFA #WealthTech #CorporateVentureCapital