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Clarity

Milan Roy

Vancouver, Canada Area

I am currently the CFO at Bench Accounting, a tech-enabled bookkeeping service (http://bench.co) for SMB.

Founder of EKA Growth Capital, advising emerging B2C and recurring-revenue B2B companies in raising growth capital, assisting with financial modelling, negotiating acquisitions and pursuing exit options for founders.

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Raising Venture Capital Capital Raising Due diligence Valuation Corporate Development Financial Modeling Research Corporate Finance Growth Strategies Financial Analysis

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Answers

Milan Roy answered

Is it OK to change the product/business model before meeting with a VC whom we had previously approached with another product/model?

You may want to consider showcasing the more narrow, focused application which will be (ideally) your more capital-efficient beachhead that proves the product and market fit. Meanwhile, I would present a few select slides or datapoints from the original presentation as something that showcases the broader opportunity which can be pursued at a later milestone or development stage.

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Fundraising

Raising capital

Business Model Development

Milan Roy answered

Should I spend time talking to 100+ potential customers before building, or just consult the handful I already work with?

My suggestion would be to connect (face to face if possible, Skype otherwise) with a couple from each category of users quickly (and multiple genres if that is an important category for differentiation) and then look to work towards the MVP,before getting more feedback (and ideally sales). Important to get that some of your initial consults are with users/customers outside of your network to ensure there isn't some kind of friendly bias.

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Customer Development

Product Development

Lean Startups

Milan Roy answered

Bookkeeping automation resources for early stage enterprise health IT software company?

Take a close look at Bench Accounting (bench.co), particularly its features page (https://bench.co/features/) which should give you an idea if it is a fit. It is a combination of the bookkeeping technology along with actual bookkeepers so it is a technology-enabled service (end-to-end) but does not offer tax accounting or more complex outsourced CFO functions. Might be a good fit for you (full disclosure, I'm the CFO at Bench). Hope that helps!

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Tax Accounting

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Member since July 2013