The Rise of AI-Powered Services + Ultimate Sales Crash Course for Founders | Chris Hladczuk, Hanover
Oct 3, 2024
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Chris Hladczuk, Co-founder and CEO of Hanover, shares insights from his transformative journey in fund administration. He candidly discusses his shift from Goldman Sachs to tech, revealing strategies to build an impressive online presence. The conversation dives into the decline of traditional B2B SaaS, the underrated importance of sales and copywriting, and how to navigate the startup landscape effectively. Chris also emphasizes the role of a strong company culture, utilizing AI for productivity, and his unique approach to networking and client engagement.
Transforming legacy fund administration requires a vertically integrated approach to improve efficiency and deliver real value to clients.
Building an audience online through proactive engagement, such as leveraging Twitter, is crucial for breaking into the startup scene.
Cultivating a strong company culture through personal interactions and shared experiences enhances team unity and drives performance in startups.
Deep dives
Transitioning Into Startups
Breaking into the startup scene can be a daunting task, especially for those coming from traditional career paths. Key insights include the importance of sending weekly updates to the CEO, which demonstrates hustle and accountability. Another strategy is to leverage platforms such as Twitter to connect with influential figures, as exemplified by the guest who gained a significant following in under a year. It’s about proactively engaging and creating value through unique content to open up opportunities in the startup world.
Revolutionizing Fund Administration
The conversation delves into the outdated practices of fund administration, likening it to an industry resistant to change. Traditional fund admin services tend to be decentralized and clunky, often resulting in inefficiencies. The introduction of a vertically integrated approach allows for a seamless flow of data across systems, enabling better insights and faster decision-making for venture capital funds. In essence, the aim is to move away from simply improving existing processes to providing comprehensive services that deliver real value.
The Power of Founder-led Sales
Founder-led sales are emphasized as a critical strategy for startups, reinforcing the necessity for the founder to have a hands-on approach in the early stages. By directly engaging with clients and understanding their pain points, founders can tailor their offerings to better meet customer needs. This proactive engagement also establishes credibility and builds trust, which are essential for successful sales. The message resonates that success in sales isn't purely strategic; it also requires authenticity and a genuine desire to help.
Cold Emailing Strategies
Effective cold emailing is outlined with clear guidelines: emails should be short, specific, and spaced appropriately to avoid overwhelming recipients. The suggested format insists on a five-line limit to enhance readability and engagement. Additionally, incorporating a lowercase subject line can make emails stand out in a cluttered inbox. The aim is to bring warmth and human connection to outreach while ensuring that each message has personalized relevance to the recipient.
Building a Winning Team Culture
The importance of cultivating a strong company culture is stressed, particularly in early-stage startups. Regular team dinners and in-person interactions are used as tools to strengthen bonds among team members, fostering a sense of unity and shared mission. The vision is to create an environment akin to a ‘cult’ where every member is deeply invested in the company’s success. This approach not only enhances morale but also drives performance as employees feel more connected to their work and colleagues.
The Shift from B2B SaaS to AI-driven Services
A significant shift in thought leadership is discussed regarding the transition from traditional B2B SaaS models to AI-driven services. The belief is that many software solutions now simply replicate existing products without adding meaningful value. Instead, businesses should focus on providing essential services that deliver tangible outcomes for clients. This philosophy advocates for a service-oriented approach, with software playing a supporting role rather than taking center stage.
Chris Hladczuk is the Co-founder and CEO of Hanover, where he’s building 1-click migration and 1-minute time to value fund administration for the $8 trillion in private market assets.
Chris takes us through his story of building an audience online at nights while working at Goldman, breaking into tech and going from an IC to Chief Revenue Officer at a Series A startup in nine months.
This episode is packed with advice on sales, getting your first startup role, and everything he’s up to at Hanover.
Timestamps (00:00) Intro (02:11) Why B2B SaaS is dead (07:20) Competing against companies that have “IT departments” (11:37) Going from 0 to 100k on Twitter in one year (19:06) The ASS networking framework (25:17) Interviewing at 50 startups before quitting Goldman to join Meow (28:41) Lessons going from sales IC to Chief Revenue Officer in nine months (32:47) Using SSS to send good cold emails (35:51) Learnings as a first-time manager (40:46) How to make a good first impression (47:22) Why sales and copywriting are underrated (49:17) Navigating the startup idea maze to fund admin (56:47) 1-click fund admin migration, 1-minute time to value (59:46) Turning down Hanover’s first term sheet with no backup plan (01:03:28) Using polite persistence to get customers (01:08:41) Why the best companies are cults (01:11:01) John D Rockefeller and vertical integration (01:13:26) Doing culture fit questions at the beginning of the hiring process (01:15:34) Chris’ favorite AI tools (01:17:58) How to make founder-led content