Don't fundraise before you're ready - with Max Simonovsky

Max Simonovsky is the co-founder and CEO of Soapy, a pioneering company dedicated to infection prevention through innovative hand hygiene solutions. I’ve been following Max and Soapy’s journey almost since its inception in 2018, as it evolved from focusing on education in developing countries to creating high-end, user-centric medical devices used globally. 

Max was our guest on the Meet.Capital Startup Podcast. We spoke about Max's entrepreneurial journey and the challenges of bringing a complex product to market. We also discussed the nuances of raising capital for a hardware and software-integrated solution and the learning that helped him raise millions for Soapy and turn it into a growing international business while driving real impact and saving lives. 

Here are Max’s 5 tips for startup founders: 

1. Be Honest with Yourself: Honesty is crucial for founders and CEOs. Always be truthful with yourself, your investors, your clients, and your teammates. This honesty will guide you and help you build trust and integrity within your company.
2.  Don't Sell if You're Not Ready: This is especially relevant for complex B2B and enterprise sales. If you're not ready to do sales, don't rush into it. Don’t confuse sales with business development or marketing. Understand the sales process, learn how to manage it, get the right team members to complete it, and make sure your product is truly ready before you dive in. Prematurely focusing on sales can lead to unnecessary stress and distractions.
3. Don’t fundraise before you’re ready: Many founders feel compelled to raise at all costs. If you're not ready to fundraise, don't rush into it. Learn the processes involved, understand the market, and know what to expect. Get the help, knowledge, or advice you need, otherwise, you will burn a lot of your precious time.
4. Don’t make compromises on your team: Your team will either make or break your startup. Find people who can back you up and help mitigate risks. Pay them well enough to ensure they are motivated and capable of contributing to your success.
5. Acknowledge every success along the way: Acknowledge and respect your achievements, no matter how small they may seem. Celebrate your milestones, be humble, and recognize that each success brings you closer to your ultimate goal. These small victories are essential building blocks for larger successes.
   
   * Listen to the full conversation on our podcast. 
   * Watch our conversation on YouTube.