Andrew D’Souza is the co-founder & CEO of Clearbanc, the biggest ecommerce investor in the world. Clearbanc has invested $1 billion into 2,800+ ecommerce and software companies using data science to identify high-growth funding opportunities in less than 24 hours. This data-driven approach takes the bias out of decision making and helped fund 8x more female founders than traditional VC. Andrew has raised hundreds of millions of dollars in venture capital and is an adviser and investor to companies such as WealthSimple, Properly, and Tulip Retail. Prior to Clearbanc, Andrew was the president of Nymi, a wearable platform focussed on identity and security and the COO of education startup, TopHat. Andrew began his career as a consultant with McKinsey & Company after receiving his degree in Systems Design Engineering from the University of Waterloo.
What is your key advice to small business owners during these challenging times? And what steps should they take to keep their small business afloat during the current crisis?
Focus on why you started your business in the first place and how that ties to the change you want to see in this world.
It’s more important now to be rooted in your mission and values. With all the changes we’re seeing in the economic climate, it’s easy to get overwhelmed or default to a repetitive pattern. Many times you forget what motivated you or what sparked your passion to be a founder in the first place.
Remembering the reason you began your business and your company’s mission will not only keep you going, but help your team stay confident throughout these uncertain times.
Cash is king. It’s no secret that to keep your business afloat during these times, you must remain as liquid as possible. There’s a ton of uncertainties in this new world as we’re all trying to figure it out day by day. So take the time to try and get ideal payment terms from your suppliers and vendors. Negotiate with your landlord, or offer incentives to customers for early payments. Businesses should be pinpointing any source of capital that can easily be accessible to stay afloat. Once you’ve been able to determine how exactly you can do that, then you’re set to take the next step in moving forward.
