Sophie Bohr Grønbæk, co-founder and former CEO of Undo, shares her experiences and learnings from her entrepreneurial journey as she embarks on a new venture with Bootstrapping.dk. From 85 colleagues at Undo to two in her new startup adventure, Me & Meno, Sophie shares her most important reflections on what she carries in her backpack as a second-time founder.
In the interview Sophie emphasizes the importance of early and direct engagement with potential customers and experts to validate startup ideas. She highlights the value of learning from founders who have faced similar challenges, particularly those who have had to shut down their ventures. This approach provides invaluable insights into potential pitfalls and industry nuances.
She also focuses on strategic financial planning: understanding whether a startup idea is suitable for venture capital (VC) funding or not. Sophie advises entrepreneurs to carefully analyze their business models to determine if they align with VC expectations or if bootstrapping might be a more viable path.
“One of the major ‘aha’ moments I had after Undo was when I went out and spoke with other startups that began around the same time as us (Undo was founded in 2017). In half of the cases, their investment ended up becoming a burden for the company because, in reality, it wasn’t a case suited for VC funding. Often, their business simply wasn’t geared to meet the multiples and return expectations that venture capital required.”
Sophie Bohr Grønbæk shares in the interview
She also stresses the importance of setting up vesting agreements that reflect the current startup landscape, where exits may take longer than the traditional four-year vesting period.
Read more about her insights at: bootstrapping.dk.
