Radish Case Study
During our Q3 strategic planning session, we explored which leaders of the company are accountable for which key measures. For example, as CEO, I am responsible for: (1) Profitability, (2) Share price or market share, (3) Percent of "A" Players on the team, and (4) Raising new money (fundraising). These are the smart numbers I track and the most important at this time are raising funds and hiring "A" players.
Radish 2.0 is a development-stage company funded to date by the founders. It's now time for Radish 2.0 to raise seed funds to carry it to the next stage of qualified financing. Thus, we have organized a Private Placement Offering to sell convertible debentures to selected accredited investors. These promissory notes may convert into equity interests in the firm at the time of its next qualified funding.
This approach worked well for Radish 1.0 and carried it until we secured a $3M round of venture capital financing. During that time, Richard A. Davis (the co-founder of Radish) and I got married to each other. The weekend of our wedding, we raised enough funds to support the company for an additional six months.
In terms of "A" players, Radish has a strong team, many of whom have worked together in Radish 1.0 and beyond. This team has demonstrated the ability to create exceptional success. Over the past year (July 15th was Radish's first birthday), we have made great progress while working in stealth mode and mostly for sweat equity. Yet in reviewing the accountability chart of people and goals, it became clear that we need to augment our team with an experienced Marketing leader. Can you recommend an available, talented Marketing Director with proven expertise in B2B marketing of innovative technology? If so, please contact me.
Interested in more of the story? Follow Radish @RadishSystems on Twitter. Next month I'll cover another set of the Habits and their application.
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Thursday, September 16, 2010. Mark your calendars now. Join Theresa at the Boulder Business and Professional Women's monthly meeting where she speaks on "To The Top: Growing your Business as a Pursuit of Passionate Purpose." A Spice of Life, Boulder, 5:30 - 8:00 PM MDT. Register at www.boulderbpw.org.
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Theresa M. Szczurek, Ph.D.
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CEO, Entrepreneur, Consultant & Business Coach, Speaker & Author
Technology and Management Solutions, LLC