Convene raised over $280MM over 10 years and was on the path to an IPO...then COVID hit.
“Our leadership team accepted reality quickly. Once you accept reality and acknowledge the situation that you face, the second thing to do is quickly plan for the worst. It allowed us to move into action mode relatively quickly and give the company a shot to get through it.”
In response to the crisis, CEO Ryan Simonetti had to re-invent their business and launch a digital event services product in the span of months.
When embarking on an entrepreneurial journey, you have to accept that things will break and go awry.
Those moments have an outsized effect on the outcome of a business.
Here's what Ryan learned:
- The companies that see the reality most clearly will likely win.
- Don’t be afraid to address the elephant in the room (every challenge is an opportunity in disguise).
- Building a bridge that funnels learnings from TOFU back into the product building cycle is critical to success.
- Having discipline is key because when motivation wanes discipline has to take over.
- Momentum metrics should be the primary focus when launching a new product.