Serial entrepreneur Michael Paolucci learned three valuable lessons while hunting for funding for his new venture, temporary tech-help 2.0 company Solvate: Never neglect your contact database, don't be afraid to go up to bat again where you've previously struck out, and be ready to start on the farm team.
When he went on the stump for Solvate's Series A funding round with co-founders Julie Ruvolo and Rick Lamb last summer, Paolucci first looked up a couple of old contacts. More than a decade back, he had pitched his previous startup, ad network 24/7 Media, to RRE Ventures partners Stuart Ellman and James Robinson IV. But they passed.24/7 went public in 1998 and sold in 2007 to communications services giant WPP Group for nearly $650 million. Although Ellman and Robinson hadn't backed him, Paolucci says he'd stayed friendly and in touch with the RRE partners over the years, often running into them at New York City venture-capital events.Labels: Australia, Michael Paolucci, Stumpjump, Wayne Mansfield |
