Jay Shaffer, an angel investor and former oil rig worker, shares insights from his versatile career, highlighting how a 4am realization propelled him towards success. He emphasizes the crucial role of networking and a bit of luck in seizing opportunities. Jay provides valuable tips for startup founders seeking investors and discusses navigating the challenges in the startup ecosystem, especially during the pandemic. He advocates for work-life balance and mental health to prevent burnout among entrepreneurs, encouraging proactive risk-taking and learning from experiences.
Jay Shaffer's diverse career journey exemplifies the power of adaptability, emphasizing the need to play the cards you're dealt.
The significance of building connections and luck in entrepreneurship is underscored, highlighting how opportunities often arise unexpectedly.
Jay advocates for mental health awareness among founders, stressing the importance of self-care and work-life balance in entrepreneurship.
Deep dives
Early Life and Aspirations
Jay Shafer shares insights from his upbringing in Oklahoma City, emphasizing the strong sense of community he experienced as a middle child among five siblings. He recounts his involvement in sports, particularly football and basketball, highlighting the competitive nature that defined his early years. Despite the lack of advanced equipment compared to modern standards, his high school sports experience shaped his teamwork and resilience. Jay fondly remembers how he and his brothers would imitate their sports idols, showcasing the dreams that fueled their childhood ambitions.
Career Beginnings in the Oil Industry
After completing his interdepartmental science degree, Jay began his career at Schlumberger, working on oil rigs in the Gulf of Mexico. Initially uncertain about his career path, he took an opportunity that allowed him to gain valuable hands-on experience in a challenging environment. His time on the rig taught him the importance of preparation, as he learned to carry backup tools, anticipating potential failures. The lessons of resourcefulness and adaptability gained during this period proved crucial for his later ventures.
Venture into Entrepreneurship
Jay transitioned from the corporate world into entrepreneurship by co-founding Voice Quilt, a customizable music box intended to foster connections among family and friends. Although the concept aimed to provide a heartfelt gift solution, the challenge of attracting customers proved daunting, and the venture eventually closed down. Throughout this experience, he learned the significance of recurring revenue for sustainable business growth, as the gift model relied on one-time purchases. This journey, despite its difficulties, helped Jay refine his business acumen and understand the nuances of consumer demand.
Shifting Focus to Angel Investing
Following the closure of Voice Quilt, Jay shifted gears by diving into angel investing, connecting with startups and guiding founders through the often complex funding landscape. He highlights the significance of screening entrepreneurs for their capacity to adapt and learn, distinguishing between those who are rigid and those who can pivot effectively. The onset of the COVID-19 pandemic propelled him into virtual networking, facilitating discussions with various founders and investors. His involvement with Venture South in Chattanooga allows him to tap into the region's growing entrepreneurial ecosystem, helping to foster connections and opportunities.
Vision for Chattanooga's Entrepreneurial Landscape
Jay envisions a vibrant future for Chattanooga's entrepreneurial community, where the abundance of startups attracts eager investors and creates a competitive environment for innovative ideas. He credits the city's lower cost of living and quality of life as key factors that will continue drawing in founders. Highlighting the importance of mental health in entrepreneurship, he advocates for a balanced approach to work and life, emphasizing self-care among founders. His goal is to enhance the resources available for entrepreneurs, ensuring they have the necessary support to thrive in a dynamic marketplace.
Jay Shaffer has had a dynamic career path, from starting in oil rigging and pivoting to lending, then tech and startups, and now angel investing…
In this episode, Jay shares why he’s always prepared to play the cards he’s dealth, how a 4am realization changed the trajectory of his career, and how connections play a big part in finding new opportunities (but sometimes it’s a whole lot of luck too).
Plus, he shares a few tips for all startup founders, especially those who are looking for investors.
Jay Shaffer is the Market Director for Venture South, an early stage angel investor firm. You can learn more about Venture South on their website (venturesouth.vc) and you can connect with Jay on LinkedIn (linkedin.com/in/jaydshaffer).