Meeting in the middle
November 21, 2022
This past Wednesday we held our latest board meeting and it was our first real one in months given the amount of time dedicated to fundraising this year. It was also the first time we presented our plan for the upcoming year and the key workstreams we're going to be focusing on to help make that transformation into a pure play technology company.
All in all it was a productive discussion about where we came from, why we pursued the various paths we did, and where we go from here. Each workstreams' key initiatives were carefully dissected to assess whether we were spreading ourselves too thin or if there was a realistic chance to achieve these objectives. For the very first time, we also paired various different KPIs with each workstream, fully tied out to the target revenue within each line of business. Unlike prior years, we went with arguably the most conservative approach and revenue target we've ever done as we tried to factor in the challenging macro environment facing everyone in 2023.
The good news is there was unilateral agreement on where we go from here through the various workstreams and key initiatives. Where there was discourse was on the revenue projections for next year. Some of the board members wanted more growth to get to cash flow positivity even faster. Others wanted us to demonstrate 24+ months of runway even in a challenging revenue environment. These are fundamentally different philosophical approaches and highlights the disconnect even among VCs today in this market.
With this in mind, we went back to the drawing board to figure out what the happy medium needs to be. This round will most certainly be the last round we will ever be able to do unless we turn cash flow positive, but at the same time a few board members highlighted that we have a unique opportunity to be on the offensive in a year when everyone else is forced to play defense. We'll be sharing the full board deck along with this revised financial model that locks in our projections and targets for 2023 in the all-hands next week 🗓️
