Being obsessed with startups is something Logan LaHive, the new managing director at Techstars Chicago, is willing to admit.
“I’ve always been involved in a startup and sort of obsessed with startups and technology. My heroes, and the people I’ve looked up to, have been people in tech companies,” said LaHive.
LaHive had been an early-stage startup employee at technology companies such as Redbox and PayByTouch. Eventually he became the founder and CEO of Belly, the leading loyalty program and marketing solution that helps businesses enhance digital connections to strengthen customer loyalty.
Since the beginning of 2011, Belly has raised $24.98 million from notable investors, including Andreessen Horowitz, Lightbank and Silicon Valley Bank. LaHive contributed much of his early success to meeting investors through startup events and surrounding himself with a team that is fueled by passion.
“I was working at RedBox and attended a Tech.Co (formerly Tech Cocktail) event and through Frank Gruber ended up meeting a few investors and life-long friends in the technology community. The next day I went to pitch the idea for Belly to this investor in Chicago and it just so happened that I was hanging out with the analyst from the venture firm the night before. I feel that social validation helped me get the seed funding [we needed],” LaHive said.
LaHive has since stepped away as CEO from Belly but continues to be involved through the Board. After taking some time off, his true calling to help startups and mentor led him to Techstars Chicago where his friend Troy Henikoff decided to move on to other adventures. LaHive had been a mentor to the Chicago community since 2010, even at RedBox, and he felt this was the place for him to make an impact.
“The opportunity to work with founders and mentoring was too good of an opportunity to pass up,” LaHive said.
In a blog post, LaHive said his intentions as managing director include investing in bad ideas, adding value to founders and teams, encouraging inclusivity, actively seeking diversity, and accepting that failure is part of the journey.
While he’ll provide most of his advice from his desk in Chicago, he did offer some secrets to building a business with me that he learned along the way.
Secret #1: Social Validation
During the early stages, meeting people and telling them what you do is key to getting the word out about your company. Always…