Nathan Beckord: Forging Paths in Startup Fundraising and Venture Capital
Welcome to the Gildre Spotlight Podcast, where we explore the journeys and insights of some of the most innovative minds in the startup world. In this edition, we had the privilege of speaking with Nathan Beckord, the dynamic CEO and founder of Foundersuite and FundingStack. With a career deeply rooted in helping startups and venture funds raise capital, Nathan has leveraged his expertise to build platforms that significantly enhance the fundraising process. Join us as we dive into Nathan's experiences, his drive for entrepreneurship, and his perspective on building successful startup ecosystems.
Early Days in Raising Capital
From a young age, Nathan was fascinated by the world of capital markets. Having majored in finance, he was drawn to the gravitational flow of capital — how it naturally seeks out brilliant innovations and invigorates the best ideas.
“I thought it’d be great to be part of that ecosystem.”
This passion steered Nathan into investment banking, where he began his career as a research analyst covering public companies. Although investment banking was an exciting and lucrative venture, Nathan soon realized that the entrepreneurial bug was one he could not shake. His journey from college to becoming a pivotal figure in the startup capital ecosystem is nothing short of inspiring.
Transition to Entrepreneurship
Nathan's shift from investment banking to entrepreneurship was marked by a decisive move to start his own consultancy, Venture Archetypes, focusing on helping startups develop pitch decks and financial models. This experience enabled him to get into the granular details of startups’ stories, learn about their business models, and strategize on how to attract the right investors.
“Being in the room while CEOs pitch to investors is how you learn.”
Through this hands-on approach, Nathan honed his skills in fundraising and established a powerful network.
Building a Network from Scratch
In the early 2000s, when social networking platforms like LinkedIn were either nascent or non-existent, networking required a much more personal touch. Nathan's strategy involved attending numerous events, mingling with key speakers and investors, and even hosting his own events. His knack for creating engaging events with "magnet speakers" — high-profile personalities who draw attention — played a crucial role in expanding his network.
Strategies for Networking Events:
Identify and Corner: Meet investors ahead of their speaking engagements to avoid the post-panel crowds.
Host Events: Collaborate with law firms or large companies for venue space, creating pitch events that gather industry insiders.
Recruit Magnet Speakers: Secure well-known individuals to attract attendees and boost event credibility.
Choosing the Risky Path
Despite the security and potential wealth in investment banking, Nathan was driven by the allure of entrepreneurship — the opportunity to be his own boss and to steer the direction of a company. This decision was underscored by his stint at JP Morgan, a job many would vie for, but which Nathan left to follow his entrepreneurial dreams.
Understanding the Investor Mindset
Drawing from his investment banking background, Nathan learned the importance of simplicity in pitch decks. A clear, concise pitch ensures memorability and piques investors' interest, a point he emphasizes for any founder.
“Simplifying your pitch into a super MVP ensures clarity.”
The Origin of Foundersuite and FundingStack
The idea for Foundersuite was born out of necessity. While consulting, Nathan realized a significant gap in the tools available for managing capital raises. The solution? A technology platform dedicated to streamlining the fundraising process. Foundersuite thus became a structured platform tailored for startups.
Key Features of Foundersuite:
Comprehensive investor database.
Tools for crafting and refining pitch decks.
CRM to manage investor interactions.
After its initial success, a demand emerged from venture funds for a similar service — a tool to aid in raising capital for new funds and managing relationships with multiple startups. This demand led to the creation of FundingStack, aimed at meeting the specific needs of venture funds and consultants.
Navigating the Challenges of Fundraising
Nathan's story underscores the relentless hustle required in fundraising. From bootstrapping his platform using consulting revenue to facing multiple rounds of rejections, his journey exemplifies perseverance. His advice to entrepreneurs is unequivocal: treat fundraising as a full-time job, and embrace a "burn the boats" mentality to demonstrate commitment.
“Investors want to see that you’re all in, with no safety net to fall back on.”
The Hustler's Mindset
For Nathan, one key trait necessary for entrepreneurial success is the hustle mentality. This mindset encompasses a relentless drive to overcome obstacles, a profound belief in one's vision, and the ability to pivot and adapt as challenges arise.
Traits of a Successful Entrepreneur:
Persistence and Resilience: Bounce back from setbacks and remain laser-focused on goals.
Adaptability: Navigate the evolving startup landscape with agility.
Dedication: Invest time and effort beyond the typical workweek to see projects through.
Strategic Capital Allocation
Upon successfully raising capital, determining how to strategically allocate funds is critical. Nathan underscores the importance of having clear milestones and working backward to allocate resources effectively, focusing on areas that will propel the startup to the next level.
Building a Global Team with a Lean Framework
Foundersuite's success is partly attributed to its lean operations framework. Nathan highlights the advantages of hiring globally, leveraging talent from all over the world while maintaining a unified company culture across different time zones.
Embracing the Entrepreneurial Journey
Nathan’s experiences epitomize the unpredictable yet rewarding nature of entrepreneurship. His journey from investment banking to managing successful platforms like Foundersuite and FundingStack offers lessons in resilience, strategic insight, and network building.
“It’s a roller coaster ride, but one worth taking.”
For aspiring entrepreneurs, Nathan leaves us with this thought:
“Enjoy the process, for it is the journey — the highs and the lows, the challenges and the triumphs — that builds not only a business but also a legacy.”
With a blend of grit and strategic foresight, Nathan Beckord continues to shape the entrepreneurial landscape, offering aspiring founders the tools and guidance needed to succeed in the competitive world of startup fundraising.
Listen to the full Gildre Spotlight Podcast episode here.
Learn more about Fundingstack here.
Learn more about Foundersuite here.
