Guiding your life’s biggest financial moments

Refine your idea early and with little money

“Too many people, before determining a company’s goal, hire engineers and do some crazy branding exercises,” says Fishman. “The way we start is the two of us in a room with a laptop. It is a question of proving a thesis even at a low price. In other words, experiment early and inexpensively so you don’t end up with an expensive product that no one wants.

Brat evolved from a simple operation, sending in a few people with cameras and ultimately showing he had a big following. “Get disjointed and start something.” Fishman said. “Once you find the demand, increase it. “

Even if you have the right idea at the right time, however, only the people around you can implement it. “What drives success are the people you hire and partner with,” says Lachtman. At Niche, he and Fishman focused on creating a culture of teamwork, and they bonded with the same investors on several occasions, including Shari Redstone.

The money will come if you do it right

Fishman and Lachtman never wait for wealthy investors to be impressed with their latest idea.

“One thing venture capitalists respond to is success,” says Fishman. “There’s kind of a Silicon Valley myth that they’re trying to save things in your garage. But in fact, when you first enter the market, what investors are really looking for is something that has been proven to work. “

While Brat may have started doing it, he racked up $ 12.5 million in two rounds of fundraising, including from NBA star Kevin Durant, which isn’t a bad name. of celebrity to have on his CV. Of course, Fishman and Lachtman’s past relationships haven’t hurt.

“We have a few big-name investors, and you’re seeing more athletes and actors coming into the space,” Fishman said. “It’s always nice to work with the best people in the company. I think this sends a strong signal to platforms, partners and advertisers that your investors are people who have started great companies, who have the best track record. “

But everyone, he insists, must start from the same premise. “I don’t think it’s very easy to fundraise for a great idea, especially if you’ve never done it before. So my recommendation is always this: start with whatever resources you have, and show that there is a market there, and you will have people coming and knocking on your door to invest in it. “

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