The host of The Deep Wealth Podcast and post-exit entrepreneur Jeffrey Feldberg speaks with Mike Cardamone, the CEO and managing partner at Forum. Mike’s journey and his mission to help founders in the B2B SaaS space shine a light on what it takes to make a startup successful. Let’s uncover some key lessons from the interview that might just help you transform your own business journey.
Michael’s story begins with his role at Box, where he was among the first 25 employees. This experience laid the groundwork for his foray into the world of venture capital.
“As CEO and managing partner at Forum, Michael Cardamone focuses on developing Forum’s investment strategy with the mission of making the B2B SaaS journey easier, more accessible, and more successful for early-stage founders,” Jeffrey Feldberg explains. Michael’s hands-on experience with startups has shaped his approach to investing, making him a trusted advisor for new entrepreneurs.
Making the SaaS Journey Easier
Mike Cardamone has dedicated his career to making the B2B SaaS journey smoother, more accessible, and more successful for early-stage founders. “Our mission at Forum is to ease the SaaS journey for founders,” Mike said. From his days as an early employee at Box to leading Forum, Mike has a unique perspective on growing startups into large, thriving companies.
One of the standout bits of advice Mike shared was the importance of focusing on your customers. “Be maniacally focused on the customer,” Mike advised. This means having an endless number of customer conversations to truly understand who they are, what they need, and how you can solve their problems.
Mike’s upbringing in an entrepreneurial family shaped his approach to risk. “I have an identical twin who’s very risk-averse, even though we grew up in the same family,” Mike shared. He has always had an appetite for risk, which he leveraged to venture into tech and eventually start his own fund. It’s a mix of nature and nurture that gave him the courage to take the plunge into starting Forum.
Building an Effective Founder-Investor Relationship
When Mike invests, he looks for founders who have a deep understanding of their market and can articulate their vision clearly. “We look for founders with a unique insight or experience,” he explained. The right team and a sound market opportunity are also essential elements he considers before writing that important check.
Forum isn’t just another accelerator program. It’s a program by SaaS founders for SaaS founders. “We think there’s an opportunity to support and fund the unproven founders,” Mike noted. By investing deeply in founders who may not yet have a proven track record but who have valuable industry experience, Forum helps turn dreams into successful ventures.
A powerful personal insight Mike shared was about balancing work and family. When you’re building a startup, it’s easy to get consumed by work. “I spent the early parts of my kids being born, grinding, trying to build this business,” Mike recalled. He stressed the importance of being present with family, offering a valuable lesson to all entrepreneurs.
When it comes to choosing the right path, Michael emphasizes the importance of passion over financial gain.
“Money was not the main motivator for many successful founders I’ve worked with. They were driven by a vision of the future or a desire to solve a problem they experienced firsthand. This made them more convincing and passionate about their mission,” says Michael.
Founders who chase their passion are more likely to inspire others to join their mission, making it easier to recruit talent and raise capital.
Forum’s Deliberate Approach to Growth
When it comes to growth, Mike emphasized the importance of not raising a bunch of money and hiring too many salespeople too soon. “Prove more at each stage to raise capital,” he suggested. With a strong belief in customer validation, Mike advocates for capital efficiency until you see a clear product-market fit.
For Mike, investing is about anticipating the inevitable. “Do we believe this is what the future is going to be?” He looks for companies that have a clear vision of the future and founders who can articulate this vision convincingly. This helps in making investment decisions that are likely to pay off.
Mike has seen many founders succeed and just as many struggle. So what are the key traits of successful founders? “Money was not the main motivator,” he observed. Instead, successful founders have a burning desire to solve a problem or enable a future they believe in. They’re good at communicating their vision, which helps attract both talent and investors.
Whether it’s starting companies from scratch with their venture studio, making first-check investments with their accelerator, or putting larger sums into more established companies through their seed fund, Forum employs different strategies to succeed. Each strategy has its criteria, but at the core is customer validation and a compelling vision.
One of Michael’s key pieces of advice for entrepreneurs is to focus on customer conversations. He stresses the importance of understanding what the customer wants and needs.
“As a founder, it’s crucial to have more customer conversations than you think you need. Talk to 40 or 50 customers if you can,” Michael advises. This extensive research helps founders develop a product that truly solves a problem for their target audience.
Vision and conviction play a significant role in a founder’s success. According to Michael, being able to clearly articulate your long-term vision and how your company will achieve it is essential.
“Founders with a clear and compelling vision can more easily attract talented people and capital. They make others believe in their mission,” he says.
Michael dives into the topic of risk, something every entrepreneur inevitably faces. Coming from an entrepreneurial family, Michael was accustomed to the ups and downs of running a business.
“I was fortunate to take risks because my parents were supportive, and I had some financial cushion from my time at Box. But more important was the ability to leverage luck when it came my way,” he explains.
Michael’s journey highlights the importance of being prepared to seize opportunities when they arise and not being afraid to take risks.
Building a Team
When selecting companies to invest in, Michael looks for founders who can build and lead teams effectively.
“A big part of our decision is whether we would want to work for this founder. If they can communicate their vision well enough to attract top talent, then we believe they have a higher chance of success,” Michael shares.
While raising capital can give your business the resources it needs to grow, Michael cautions against doing so prematurely.
“It’s important to prove your concept and show strong customer pull before scaling. Hiring too many people and burning through cash without clear market validation can lead to failure,” he warns.
Michael also touches on the personal side of entrepreneurship—finding balance between work and family. His advice to young entrepreneurs is to be present for their families, even amid the pressures of building a business.
“I wasn’t as present as I could have been in my early years of building Forum Ventures. It’s important to set boundaries and ensure you’re there for the moments that matter with your family,” he advises.
Reflections: Advice to Younger Self
Reflecting on his career, Michael shares a poignant piece of advice he would give to his younger self.
“I’d tell myself to find more balance. I spent a lot of time focused on getting the business off the ground at the expense of family time. It’s essential to be present and blend work and family life harmoniously,” Mike advises.
In summary, Michael Cardamone’s journey from a startup employee to the CEO of Forum Ventures offers invaluable lessons for aspiring entrepreneurs:
- Focus on Customers: Understand your customer’s needs deeply.
- Pursue Passion: Let passion, not money, drive your mission.
- Articulate Vision: Clearly communicate your long-term vision.
- Embrace Risk: Be prepared to seize opportunities and accept risks.
- Build a Team: Attract talent by being a compelling and visionary leader.
- Prove Your Concept: Ensure strong market validation before scaling.
- Maintain Balance: Blend work and family life effectively.
These insights are not just theoretical but come from someone who has walked the path and tasted both successes and setbacks. We hope you find these strategies as empowering and actionable as we did.
Concluding Thoughts
Deep Wealth Nation, Mike Cardamone’s journey offers a treasure trove of insights that can help you in your own entrepreneurial endeavors. From the power of customer focus to the importance of balancing work and life, Mike’s lessons are both practical and profound. Remember, the path to success is often winding and filled with challenges, but with dedication, the right mindset, and a bit of luck, you can achieve your goals.
“Increase the probability of getting from zero to one and raising that next round of funding,” Mike advised. Let’s take those words to heart and continue to push forward on our journeys.
Whether you’re just starting out or already on your entrepreneurial journey, take these lessons to heart. As Michael Cardamone illustrates, the road to success is paved with passion, vision, and an unwavering commitment to understanding and serving your customers.
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