How to Build a Business With Staying Power: Andrew Hoag of Teampay
Summary of Episode
#23: Andrew joins Annaka and Ethan to share his story founding Teampay, a B2B fintech startup that works to streamline company-wide purchasing. Andrew discusses his experience founding various companies, how to create company culture while remote, the decision to pursue venture capital, and how to navigate a difficult economy as a startup.
Andrew Hoag is the CEO and founder of Teampay, a startup working to simplify businesses’ financial processes. Andrew began his career working for the National Science Foundation Internet, and he later went on to work at NASA. Following his time at NASA, Andrew started numerous ventures. Today, he serves as an angel investor for startups and has raised over $21 Million for Teampay.
Podcast Episode Notes
How Andrew’s own experience and observations led him to create Teampay [1:16]
Getting energized to create [3:45]
What does Teampay do? [5:01]
Acquiring your first customers, using your network, and finding an ideal market [6:20]
Constantly changing your messaging and harnessing the power of second and third degree connections to find customers [8:50]
“If you aren’t explicit about the culture, the culture will form itself” [12:28]
Navigating remote work and building company culture across teams [17:42]
All employees want autonomy, purpose, and mastery [18:44]
Why Andrew choose to pursue venture capital to fund his company [23:10]
If you are looking to raise funding, show that you have paying customers and can build a successful business [28:52]
Focus on building a sustainable business and the things within your control [30:42]
Integrating with other platforms and the importance of user experience and design [34:41]
Getting over the resistance employees have to change and using new tools [37:52]
When customers express needs make sure they are quickly addressed [39:55]
Andrew’s advice for navigating through an uncertain economy [46:11]
Survival is important for ridding out difficult economic times [48:38]
Committing fulltime to your startup is important, and this process must be verified before going all in [53:44]
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