Andrew Lacy

percent of investors are like, we don't like this baby. We're not going to invest in it. It is tremendously hard because that's what you have just spent oftentimes two or three years getting ready for that moment. It's really, really hard. To this day, I still find it very stressful. Until you get one or two yeses and then you're like, okay, cool. It's going to clear.

percent of investors are like, we don't like this baby. We're not going to invest in it. It is tremendously hard because that's what you have just spent oftentimes two or three years getting ready for that moment. It's really, really hard. To this day, I still find it very stressful. Until you get one or two yeses and then you're like, okay, cool. It's going to clear.

But that could be 50 meetings in. And I don't have a lot of advice for it because I don't think I've figured it out. It still affects me a lot. But I guess the one thing I've learned is having done it a few times now, it doesn't matter how many yeses you get. It just matters you get one or two.

But that could be 50 meetings in. And I don't have a lot of advice for it because I don't think I've figured it out. It still affects me a lot. But I guess the one thing I've learned is having done it a few times now, it doesn't matter how many yeses you get. It just matters you get one or two.

There's a number of contradictions that you have to find a way to reconcile when you build a company. And I think one of them is that, of course, if a bunch of investors are saying no, it's really important to listen and try and understand why they're saying no. But you also sort of have to be prepared to have conviction and ignore a lot of the things that you're hearing.

There's a number of contradictions that you have to find a way to reconcile when you build a company. And I think one of them is that, of course, if a bunch of investors are saying no, it's really important to listen and try and understand why they're saying no. But you also sort of have to be prepared to have conviction and ignore a lot of the things that you're hearing.

And that's the challenge. And in very many ways, entrepreneurship is about finding ways to accommodate these contradictory point of views. It's incredible to be mission driven. It's like such a powerful motivation for a company and for its employees. But you can be tremendously mission-driven on horrible execution. Or you can be great at executing but have a hollow mission.

And that's the challenge. And in very many ways, entrepreneurship is about finding ways to accommodate these contradictory point of views. It's incredible to be mission driven. It's like such a powerful motivation for a company and for its employees. But you can be tremendously mission-driven on horrible execution. Or you can be great at executing but have a hollow mission.

So you sort of need so many of these different things that in some ways are contradictory. Because being mission-driven is like sitting around the table and talking about saving lives and we're going to change the world and all these sorts of things.

So you sort of need so many of these different things that in some ways are contradictory. Because being mission-driven is like sitting around the table and talking about saving lives and we're going to change the world and all these sorts of things.

And then being able to go back to your desk after a minute and say, okay, I've got to work on like 100 little tiny things that get me 0.01% of the way there. So the same is true with investors. I think it's about listening and ignoring. And if you only ignore and don't listen, you may never raise money. And if you only listen and don't ignore, you may just get despondent and like give up.

And then being able to go back to your desk after a minute and say, okay, I've got to work on like 100 little tiny things that get me 0.01% of the way there. So the same is true with investors. I think it's about listening and ignoring. And if you only ignore and don't listen, you may never raise money. And if you only listen and don't ignore, you may just get despondent and like give up.

I see that all the time with companies that I advise.

I see that all the time with companies that I advise.

I do some angel investing, obviously, but I would say this about the company that I'm in as well. The most interesting business are ones where there's like an information asymmetry. When you understand something about a market that investors and other people don't.

I do some angel investing, obviously, but I would say this about the company that I'm in as well. The most interesting business are ones where there's like an information asymmetry. When you understand something about a market that investors and other people don't.

And Prunuvo is that company because we understood better than anyone else how MRI, the technology that we're using, has evolved in the last 10 years. It's been around for 30 years, just like cell phones have. But like the cell phones of the last few years are totally different to the ones 20 years ago.

And Prunuvo is that company because we understood better than anyone else how MRI, the technology that we're using, has evolved in the last 10 years. It's been around for 30 years, just like cell phones have. But like the cell phones of the last few years are totally different to the ones 20 years ago.

And so we understood, and we have this information that the average medical practitioner or investor doesn't have. And because we have this asymmetry, we have very little competition. But also because there's this asymmetry, it's much harder to get investment. So for me, sometimes when you struggle, one possibility here is that you know something that other people don't.

And so we understood, and we have this information that the average medical practitioner or investor doesn't have. And because we have this asymmetry, we have very little competition. But also because there's this asymmetry, it's much harder to get investment. So for me, sometimes when you struggle, one possibility here is that you know something that other people don't.