How to Have A Successful Co-Founder Relationship; Inventory-Based Funding; Unique Marketing Strategies for Your Business with Phoebe & Kat, Founders of ettitude
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Hey, It's Alex! 💛
Welcome to your Weekly Traction Briefing - your 5-min weekly growth playbook where we break down what's happening in business, how to Get Sh!t Done, and how to grow. If this briefing is helpful to you, share it with your friends so they can grow with you & thousands of other entrepreneurs.
Since Twitter's acquisition, it's the never-ending train wreck that I can't look away from. Twitter Blue started with 150,000 users and is down to 68,000 users. Real talk - I was naive to think that Elon's operational experience would be good for the company but that died quickly after the new owner's "God-Complex" kept rearing it's head. Good news - they finally hired a CEO. Some men love for women to clean up their messes. What I will give Musk credit for is the fact that he forced tech companies to take a hard look at their overinflated workforces. Let's be clear - The way he cut Twitter's workforce was trash BUT most tech companies should be operating at a fraction of the number of people they've hired. But in pursuit of growth for growth's sake, companies hire in a frenzy to eat up as much market share without recognizing the repercussions of yo-yo-ing with people's livelihoods. We'll see what happens to Twitter but in other news, Buzzfeed's newsrooms bit the dust and its former news editor started a new platform but didn't raise venture capital. "This is an industry that shouldn’t be promising returns in 4 years." We're now seeing ongoing pressures for news and media companies to evolve their business models like Vice, which was formerly valued at $5B and is now bankrupt. Most of these companies are NOT VC-backable but that doesn't mean they can't have healthy returns. It's time for innovation because ad models ain't it anymore.
👑 Founder: Phoebe Yu & Kat Dey | Company: ettitude | Location: Los Angeles, CA
About Ettitude: ettitude is on a mission to create next-gen fabrics and products that reduce our impact and support the health of the planet. They’re here to make a material difference in the home and textiles industries for a more sustainable, regenerative future for all.
💸 HERE'S YOUR TRACTION BRIEFING
How They Developed a Healthy Co-Founder Relationship
Figure Out Which Skills You Need - "The first thing that I would recommend is to figure out what you need. What skills would be complimentary to your skills? What kind of person do you need?"- Phoebe Yu. Developing a healthy co-founder relationship begins with a deep self-evaluation, understanding your own strengths and weaknesses, and subsequently identifying what complementary skills are needed. Essentially, it's about discovering the right balance between your capabilities and those of your potential co-founder to create a solid, synergistic partnership. HERE's how they did this.
🛠️ MORE TOOLS TO GET IT DONE: Learn The Pyramid of Co-Founder Success HERE.
How They Were Able to Initially Fund Their Company
Look At All Your Options - "Nowadays, I think there are just so many more options for founders, whereas before you just needed to raise equity and not everybody was able to do that. Versus today, if you have any kind of inventory-based business - there are so many inventory-based lenders out there that make it easier."- Kat Dey. Securing initial funding for a company can be a daunting task. However, in the modern business landscape, there are more options available for founders than ever before. Gone are the days when you just had to scramble for equity. Got an inventory-based business? Brilliant! There's a whole crowd of lenders out there ready to back you up, making getting your startup off the ground a whole lot easier. Learn more HERE.
🛠️ MORE TOOLS TO GET IT DONE: What Is Inventory Financing and How Can It Benefit Your Business Growth? Learn more HERE.
How They Identified Unique Marketing Strategies to Fuel Acquisition
Think Out-of-the-Box - “It’s not difficult for a brand to partner with a subscription box. They are constantly looking for great products for their subscription boxes." - Kat Dey. A prime example of this is thinking outside the box, such as partnering with subscription box services. These services are continually seeking high-quality products to enhance their offerings, providing an excellent platform for brands to reach a larger, engaged audience. Learn more HERE.
🛠️ MORE TOOLS TO GET IT DONE: Learn how to build a company with social media marketing and how to find the right balance between paid promotion and organic growth
from Ceata Lash, Founder of PuffCuff HERE.
RSVP TO THIS MONTH'S TRACTION TRAINING
Tuesday, May 16th @ 6:00 pm EST: DIY Founder PR with Candice Smith. RSVP
Wednesday, May 17th @ 7:00 pm EST: How to Avoid Burnout & Prioritize Self-Care While Running Business with Cristina Costa. RSVP
Wednesday, May 24th @ 1:00 pm EST: How to Find & Use Relevant Data to Scale with Jana Gibelova. RSVP
THIS WEEK'S GROWTH GUIDE
Struggling to get convert leads? Learn how to successfully do that from Kate Bradley Chernis.
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With Love & Impact,
Alex Batdorf
Chief Get Sh!t Done Officer