3 Questions with a Tech Lady: Amrit Richmond, Founder of CMYK Ventures

amrit_richmond

Hi Amrit! Can you tell us a little about your company CMYK Ventures?

CMYK Ventures is an agency designed to help technology companies thrive. We work closely with investors, founders, and executives who want to support, grow, or partner with startups. CMYK is not a fund, yet, but in the meantime we can help companies connect to revenue opportunities and investors in our network.

Before starting CMYK, I spent nine years collaborating with VCs, founders, global brands, technology platforms, advertising agencies, and media companies. CMYK brings all of those people together as an ecosystem and platform of resources that companies can leverage to grow their businesses.

What have learned working in VC that you think is good career advice for our Tech Ladies?

I learned so many things from working with four venture capital funds, particularly about finance and scaling a startup after the company has product market fit. The best skills I learned were how to make detailed financial models and budgets, and creative ways to cut operations costs that don’t require downsizing!

Whether you’re running a company, a department, or a new program at work, you should always know your runway (how much money you have left in your budget), your burn rate (what you currently spend per month), and the cost of scaling if you were to expand resources, cities, or headcount. When you treat the responsibility of managing a company’s capital as if it was your own money, it becomes much easier to get budgets approved and buy-in from your colleagues for new programs.

Do you believe in goals? If so, how do you create and measure them?

Goals are important to have something to work towards, and for benchmarking success, either individually, as a team, or for client projects. While I have 1, 5, and 10-year goals for CMYK, I’m more driven by purpose in the short-term.

Before committing to something new, I think through the why — what’s the purpose of X? Why does this matter? Who or what does it impact? After those questions are answered, I outline specific goals driven by one or more of the following: engagement, awareness, revenue.

On creating goals for yourself: If you genuinely want something, such as a new job, or if you think your product should exist in the world, don’t wait for permission, a paycheck, or funding to get started. What can you do now to get started?