Episode 131
If you spend any amount of time in or around the Twin Cities startup community, you’re bound to hear the name Daren Cotter. Today, most people know him as an investor and advisor. His personal portfolio includes over 100 of his startup companies, primarily focused on software-as-a-service and technology. But before Mr. Kotter could focus on his investments full-time, he needed to arrange his own exit. That’s his InBox Dollars, a rewards-based digital advertising platform he built in his college dorm room that at its peak annual revenue grew to his $25 million, and some 15 years later. Sold to a leading market research and insights company in May 2019. , prodige. Mr. Kotter shares his journey as an entrepreneur from idea to acquisition, as well as his investment philosophy and advice for founders, including not raising money prematurely.
“My personal view is that founders often develop a product, find a few customers, prove that they are solving a real problem that customers are willing to pay for, and then fund it. By thinking about procurement, you can get a much better service.”
Take-out
After our conversation, we return to our classrooms at the St. Thomas Schultz School of Entrepreneurship. Professor John McBea talks about entrepreneurship.
“There’s definitely a different attitude towards problem solving and getting things done.”
According to McBea, the main characteristics include “comfort in ambiguity, joy, problem-solving, an attraction to sticky situations that are difficult to solve…and learning to pivot and move away from them.” “The ability to continually move in the direction of.” . ”
