The Full Ratchet (TFR): Venture Capital and Startup Investing Demystified 453. Building and Scaling in Unsexy Spaces, The Next Generation of AI-Based Accounting, Backchanneling your Investors, and If the AI Hype Cycle is Bad for Venture (Mike Whitmire)
Sep 30, 2024
Mike Whitmire, co-founder of FloQast, revolutionizes the accounting landscape with AI-driven solutions. He shares his journey from senior accountant to entrepreneur, navigating the challenges of a pre-IPO firm and fostering investor relationships. The discussion covers how AI is reshaping accounting roles, enhancing collaboration, and impacting venture funding trends. Mike emphasizes the importance of strategic partnerships and the shift in CEO responsibilities as companies scale, making for an insightful conversation about innovation in unsexy spaces.
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From Auditor to Entrepreneur
- Mike Whitmire, Flowcast CEO, shares his journey from auditor to entrepreneur.
- He quit his job at Cornerstone OnDemand after realizing the need for better accounting collaboration tools.
Flowcast's Unique Approach
- Flowcast blends project management, collaboration, and workflow tracking like Salesforce, but tailored for recurring accounting tasks.
- It addresses the talent crisis in accounting by optimizing team workloads and reducing burnout.
Recruiting Challenges
- Attracting talent to a stereotypically "unsexy" field like accounting was challenging.
- Flowcast focused on personal networks and highlighted growth opportunities to recruit strong leaders.