In this episode, we are joined by John Franklin from FFVC Ventures, a game changer in the finance industry since 2005. John, a successful venture capitalist, has a very rich professional experience spanning over 20 years in the financial sector. He shares valuable insights and advice to succeed and sustain one’s presence in the very competitive investor/founder ecosystem and how to avoid making common mistakes that lead to business failure.
Owing to his exposure to the entrepreneurship cultures in different countries, John’s views about differences and similarities among founders echo the theories of both Thomas Friedman and Pankaj Ghemawat (developer of the CAGE framework). While the world is “flat” in terms of the opportunities available for founders and aspiring businessmen to work on their visions, there remains some unevenness in the ease of conducting entrepreneurial activities across different geographies. These differences stem from infrastructure, local industries, education, economic ideologies and even cultures that businesses need to address when operating locally or abroad.
Talking specifically about the field of finance and accounting, the industry stands to gain a lot from both AI/machine learning technologies, as well as a change in its overall infrastructure. A lot of nascent and experiences businesses fail primarily because companies simply do not keep track of their numbers. 10-15% of VCs report an accounting problem in their portfolios. If it is hard to keep up with your numbers, outsource. This is especially crucial if founders are looking to raise funding for their business; what with the incredibly competitive and strict standards set in this arena, high quality financial reporting is an absolute essential.
John also highlights how entrepreneurs can approach FFVC for funding purposes.