Key insights

• Moving On and Entrepreneurship Reflection

  • 🌱 Emotional and practical considerations of moving on from a venture and emphasizing learning and growth
  • 💬 Open conversations around failure and the impact of raised capital on decision-making
  • 🌟 Passion for solving problems, building a modern village, and staying true to the mission

• Decision-Making and Business Shutdown

  • 🔬 Running experiment-driven business and evaluating slow growth and economic dynamics
  • 🔄 Consideration of shutdown, acquisition, or pivot options
  • 📣 Importance of transparency, communication, and controlling the narrative during difficult times
  • 💔 Reflecting on emotional impact, responsibilities, and commitments after shutting down the business

• Challenges of Scaling the Childcare Business

  • ⚙️ Complexities of economics and changing dynamics as the company grew
  • 🔍 Discovery of untapped talent in the community and experimenting with different approaches

Q&A

• What values and missions did the founder emphasize?

  The founder was passionate about solving problems for working mothers, building a modern village to support parents, exploring different interests and maintaining a kind approach to herself and others, all while staying true to her mission despite potential challenges.

• What lessons were emphasized regarding failure and moving on from a venture?

  The importance of learning and growth from the experience, open conversations around failure, the impact of raised capital on decision-making, and the concept of serial entrepreneurship were highlighted.

• What were the emotional and practical considerations after the company shutdown?

  The emotional impact on the founder, ongoing commitments to users and employees, the grieving process, taking time off for introspection and healing, and uncertainties about the future and personal identity were key considerations.

• How important was transparency and communication during the process of winding down the company?

  Transparency and communication were crucial, especially during difficult times. Controlling the narrative, making tough decisions, and having open communication and trust with investors and the team were emphasized.

• What were the considerations before shutting down the business?

  The founder considered options of shutting down, getting acquired, or pivoting the company, evaluated the likelihood of success for each option, and communicated with the team, partners, and investors throughout the decision-making process.

• Why was the decision made to shut down the childcare business?

  The decision was based on factors such as slow growth, economic dynamics, dwindling runway, and the evaluation of options including a pivot, team cuts, or shutting down the service.

• How did the founder discover untapped talent in the community?

  The founder successfully connected talented individuals from various backgrounds to childcare opportunities and conducted experiments to uncover and qualify such talent in the community.

• What were the challenges in scaling the childcare business?

  The challenges included the complexities of economics, changing dynamics as the company grew, pricing model and margin challenges, impact of scale on operations, and the shift from a personalized service to a larger gig economy approach.

• 00:00 Avni Patel Thompson, founder and CEO of Poppy, discusses the challenges of scaling her childcare business, highlighting the complexities of the economics and the changing dynamics as the company grew. She also talks about discovering untapped talent in the community and experimenting with different approaches.
• 06:53 The founder reflects on the challenges of running an experiment-driven business and the decision to shut it down due to slow growth and economic dynamics. Monthly investor updates and a focus on revenue helped sustain the business for a few years. Despite bold experiments and hypotheses, dwindling runway forced the founder to evaluate the future. The decision to shut down was a gradual realization rather than a single moment.
• 13:39 The founder considered options of shutting down, getting acquired, or pivoting the company. After evaluating the likelihood of success, they decided to shut down the business based on the original mission and hypothesis. Communications with team, partners, and investors were necessary during this decision-making process.
• 20:04 The speaker emphasizes the importance of transparency and communication, especially during difficult times like winding down a company. They stress the need to control the narrative, make tough decisions, and communicate openly with investors and the team.
• 26:51 The founder discusses the importance of transparency with investors, the emotional challenges of shutting down a company, and the responsibilities to investors, employees, users, and oneself. The founder acknowledges the emotional impact of shutting down the company and the ongoing commitments to users and employees.
• 33:04 The speaker reflects on the decision to shut down the company, the grieving process, and taking time off for introspection and healing. They express uncertainties about the future and the complexity of identity after the company's closure.
• 39:20 The speaker discusses the emotional and practical considerations of moving on from a venture, emphasizing the importance of learning and growth from the experience. They highlight the need for open conversations around failure and the impact of raised capital on decision-making. The concept of serial entrepreneurship and the value of collecting knowledge from different ventures is also emphasized.
• 45:51 The speaker is passionate about solving problems for working mothers, considering building a modern village and exploring different interests while maintaining a kind approach to herself and others. She emphasizes the importance of staying true to her mission despite potential challenges.