Welborn dd presentation
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Transcript of Welborn dd presentation
![Page 1: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/1.jpg)
FAILING AT FINSERVEThe difference between failing fast and failing slow
![Page 2: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/2.jpg)
3 Companies with different results
Slow Fail Fast Fail So Far So Good
![Page 3: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/3.jpg)
My First Fast Fail
![Page 4: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/4.jpg)
Slow and steady growth
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More complicated story
![Page 6: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/6.jpg)
Initially, it looked like it would work• We had meetings
• People paid to join
• People agreed to become Board Members
• We were in the paper
![Page 7: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/7.jpg)
Brought in great fin tech companies
Raised $1.6 million from Peter Thiel and 500 Startups
But people liked to invest locally
Couldn’t sell enough memberships
![Page 8: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/8.jpg)
It didn’t take off
![Page 9: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/9.jpg)
The moment where the feedback hit me
• Feedback is a powerful tool
• A few people I respect pulled me aside and asked me if this niche format was really working
• I fought it for awhile
• I thought I could work through the challenge
![Page 10: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/10.jpg)
Merged with St. Louis Arch Angels
…which really meant they saved me
![Page 11: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/11.jpg)
I thought failure was fast• It was over in an instant
• There was no way to fight it
This type of failure is rare
![Page 12: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/12.jpg)
However, slow failure can be disguised as something else – you make the call
![Page 13: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/13.jpg)
We are pushed to believe that failure is a lack of will
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Companies don’t always work• Not for a lack of hard work
• Not because you’re not smart
• Not because you aren’t a real entrepreneur
![Page 15: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/15.jpg)
Soul Searching• Somebody wanted me
to fail
• I was never given the resources to succeed
• People didn’t support me
• NONE OF THIS WAS TRUE
![Page 16: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/16.jpg)
Hard to quit when it’s your creation
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I had a market insight, not a customer insight
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Failing with grace• The entire concept didn’t work, but there were things I
built that did have value
• Turn those next things into your next business
• The due diligence team I built for FinServe lives on with the Arch Angels and Cultivation Capital
• This team did diligence on 16 companies, eight of which got funded for a total of $2.5 million
![Page 19: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/19.jpg)
Good advice from Nixon
Always give your best; never get discouraged; never be petty. Always remember others may hate you, but those who hate you don't win unless you hate them, and then you destroy yourself.
![Page 20: Welborn dd presentation](https://reader030.fdocuments.in/reader030/viewer/2022032502/55ba99d8bb61eb6a268b4632/html5/thumbnails/20.jpg)
In Summary• We fail sometimes even when at first it appears to be
working
• We need people who give us real feedback – don’t stop until someone doesn’t like your idea
• Figure out the value you are creating, and double down
• Customer is something you never stop learning about