Welcome back to this week’s episode of Exit Stories, proudly sponsored by Robinson Bradshaw. Prompted by host Kevin Mosley, Matchwell Founder Rob Crowe walks listeners through the startup’s journey through its September 2022 acquisition by Medical Solutions, one of the nation’s largest providers of healthcare workforce solutions.
Founded in 2018, Matchwell helps healthcare organizations access and put to work a flexible workforce without needing to rely on traditional staffing agencies. Crowe talks about outsourcing the development of Matchwell’s MVP and launching it eight months before the pandemic hit, and how he navigated the world of venture capitalists that led him to raise $4.5 million in 90 days. (We first profiled Matchwell in February, 2021, and wrote about its acquisition in July, 2022.)
Here are three key takeaways from his interview:
- There is a thing called “too much money.” Crowe admits the mistakes made with signing up with too many organizations too fast with not enough resources to service them. Remember to slow down and set realistic expectations for your company and potential investors. (21:22)
- Don’t be afraid to be a little rebellious. Crowe cautiously encourages taking a step out of your comfort zone to speak transparently with bigger, well-known VCs and organizations to get a chance to wow them with what your company can bring to market. (24:15)
- Surround yourself with people who truly understand your industry. It sounds like a given, but Crowe emphasizes the importance of knowing that the investors funding your business actually understand your business. Otherwise, high valuations on paper can lead to disappointing cash returns upon an exit. (27:52, 40:45)
You can listen to the rest of Crowe’s interview below, and be sure to subscribe so you’ll never miss an episode. Thanks again to our sponsor, Robinson Bradshaw!