What's Happening?
Kass and Mike Lazerow faced bankruptcy with their first startup, losing friends and facing lawsuits from family. Despite the setback, they bought back their company for $500,000 and later sold it to Time
Inc. for $24 million. Their next venture, Buddy Media, was sold to Salesforce for $745 million. Kass advises founders to seek accredited investors who understand the risks of venture funding.
Why It's Important?
The Lazerows' story underscores the challenges and resilience required in entrepreneurship. Their ability to recover from bankruptcy and achieve significant success with Buddy Media highlights the importance of perseverance and strategic financial planning. This narrative serves as a cautionary tale for entrepreneurs about the risks of relying on personal networks for funding and the benefits of engaging accredited investors.
What's Next?
Kass and Mike Lazerow's success with Buddy Media may inspire other entrepreneurs to pursue venture capital funding and focus on strategic growth. Their experience could lead to increased awareness about the importance of financial literacy and risk management in startup ventures. As they continue their entrepreneurial journey, their insights may influence emerging business leaders.
