Fintech Takes

Killing It! The Hidden Toll of Startup Success: Matt Harris on Founder Burnout

Feb 29, 2024

Former fintech founder Matt Harris shares his roller coaster journey of success and burnout, highlighting the challenges and emotional toll faced by founders. He discusses the unhealthy dynamics between investors and founders, the importance of setting boundaries, and finding purpose in helping others navigate the startup world. Harris emphasizes resilience, self-care, and the valuable lessons learned from failures in the entrepreneurial journey.

54:43

Episode guests

Matt Harris

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Episode notes

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Quick takeaways

Founders face mental health challenges due to codependency with investors.

Transitioning from founder to coach helps maintain mental well-being.

Balancing feedback and decision-making is crucial for founders' success.

Deep dives

Bloom Credit's Journey to Addressing Credit Reporting Errors

Bloom Credit Founder Matt Harris discusses the company's mission to address credit reporting errors. The journey began with recognizing the high number of consumers being declined for loans due to minor discrepancies in their credit reports. By integrating data points for accuracy, Bloom Credit significantly reduced error rates to 0.07%, showcasing the importance of thorough and reliable credit reporting to facilitate better financial opportunities.

Embrace Acceptance and Recognition of Failure

01:44

Importance of Informal Conversations with Founders

01:23

Dealing with Bureaucratic Issues and Burnout While Running a Business

01:29

Coaching Without Advice but Strong Opinions on Burnout and Fundraising

01:17

Introduction

4min

Navigating Burnout: The Founder's Journey

11min

Navigating Stress and Burnout Through Intensive Self-Care

4min

Navigating Mental Health and Investor Relationships in the Startup World

24min

Enhancing Founder Resilience and CEO Responsibilities

8min

Navigating the Emotional Roller Coaster of Startup Failures

2min

Founding a startup is the thing so many fintech entrepreneurs dream about. So what happens when that dream turns into a nightmare?

In this special crossover series with Breaking Bank’s Jason Henrichs, Alex and Jason are joined by Matt Harris, former founder and CEO of Bloom Credit, and founder/executive coach of TwentySeven Nine, to discuss the challenges and emotional roller coaster that founders face in the startup world.

Matt shares his story of startup success and burnout, revealing why the journey to foundership, for him, was akin to eating glass. Why did he choose to step down from his role as CEO of such a promising startup?

Matt unpacks how the unhealthy, codependent dynamics between investors and founders play a huge role in founders’ mental health and reveals how he found a new purpose in helping others reshape their personal work-life boundaries. Hear how he helps others like himself to redefine past trauma and create a healthier, more sustainable workplace for all, and discover why Matt believes that failure doesn’t have to be the end of the story.

00:03:39 - Entrepreneur's Journey: From Success to Struggle

00:09:53 - Transitioning from Infrastructure to Entrepreneur

00:14:13 - Stepping Down from Bloom

00:24:07 - Importance of the Journey in Entrepreneurship

00:27:37 - Navigating Vulnerability in Startup Funding

00:29:11 - Understanding the Difference Between Therapy and Coaching

00:33:08 - Navigating Investor Feedback as a Founder

00:35:22 - Understanding Codependency in VC Relationships

00:42:33 - Challenges in Raising Business Funds

00:43:47 - Helping Founders Manage Burnout Successfully

00:54:17 - Navigating Failure: Embracing Acceptance and Growth

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Check Out Breaking Banks:

Apple: https://podcasts.apple.com/us/podcast/breaking-banks/id641357669

Spotify: https://open.spotify.com/show/4mhqSxyBCHZ1wTQwXlAvCG?si=2964cce20998440e

Follow Matt:

LinkedIn: https://www.linkedin.com/in/mattdharris113/

Website: https://www.twentysevennine.co/

Follow Jason:

LinkedIn: https://www.linkedin.com/in/jasonhenrichs/

Follow Alex:

YouTube: https://www.youtube.com/channel/UCJgfH47QEwbQmkQlz1V9rQA/videos

LinkedIn: https://www.linkedin.com/in/alexhjohnson