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Scaling Success: Strategic Insights for Growth-Stage Founders with David Peterson

originally published: 2024-04-29 16:42:59

Lastly, Peterson discusses the harsh reality of startup failures, emphasizing that many such failures occur because the financial runway was not adequately planned. Founders often face a critical juncture where they decide whether to continue pouring money into their venture or cut their losses. Peterson advises that getting timely advice and having contingency plans are vital to navigating these challenges. Founders should engage with advisors and coaches early on to avoid these obstacles as these relationships can provide the external perspective needed to evaluate the viability of continuing the business and exploring alternative strategies. He explains, 

“Let us create a plan. Let us see what other opportunities are out there. Maybe some other types of investors are there or maybe repacking is the move. It could also be bringing it down slower to something that is more manageable and cost-effective in terms of what you can sustain or keep alive. Everybody’s journey is different.” 

Peterson ends on an important question for all founders to consider: “Do you have a plan? And what does that plan look like? Is it written down because that is the first task, otherwise you are winging this with no way to measure your success, figure out when you need to pivot, or understand what you need to get back on track. So, it just comes down to this one question–do you have a plan?” 

This is a integral piece of advice for any entrepreneur that stresses the importance of having a concrete, well-documented plan which would serve as the roadmap to guide firms through their growth phases. 

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Altitude Accelerator
Altitude Accelerator is a not-for-profit innovation hub and business incubator for Brampton, Mississauga, Caledon, and other communities in Southern Ontario. Altitude Accelerators’ focus is to be a dynamic catalyst for tech companies. We help our companies grow faster and stronger. Our strength is our proven ability to foster growth for companies in Advanced Manufacturing, Internet of Things, Hardware & Software, Cleantech and Life Sciences. Our team consists of more than 100 expert advisors, industry, academic, government partners. The team helps companies in Advanced Manufacturing, Internet of Things, Hardware & Software, Cleantech and Life Sciences to commercialize their products and get them to market faster.

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