The Twenty Minute VC (20VC): Venture Capital | Startup Funding | The Pitch

20VC: From Construction Worker to Billionaire CEO; The 21-Year Epic Journey of Procore to an $8.6BN Company, Advice from Tobi at Shopify on Being a Great CEO & Why The Idea of "Becoming an Entrepreneur" is BS with Tooey Courtemanche

Dec 4, 2023

Tooey Courtemanche, founder and CEO of Procore, shares his transformative journey from construction worker to leading a billion-dollar company. He discusses the initial struggles, including the 13 years it took to reach $9.6M in revenue and why many investors laughed at him in 2008. Tooey emphasizes the balance between vision and adaptability in entrepreneurship. He also delves into the art of leadership, the importance of cultural fit in hiring, and the complexities of managing both a thriving business and being a present parent.

01:14:15

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Episode guests

Tooey Courtemanche

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Quick takeaways

The importance of staying true to your values and building a strong company culture through intentional hiring.

The role of persistence and luck in achieving success, emphasizing the need to follow passion and seize opportunities.

Deep dives

Lessons from Building Procore

One of the main lessons from building Procore is the importance of staying true to your values. Procore's hiring process focuses on hiring individuals who align with the company's values, such as being hungry, humble, and smart. This intentional approach to hiring has helped build a strong company culture. Another key lesson is the need to scale your own skills as a leader as the company grows. This involves stepping away from doing the work yourself and focusing on leading and empowering your team. Additionally, Tui emphasizes the importance of authenticity and being true to oneself, even in a high-pressure CEO role. Lastly, customer focus plays a central role in Procore's success. Regularly engaging with customers and addressing their needs helps to drive product development and maintain a strong customer base.

How to Hire the Right People at Pro-Core

02:45

The Challenges of Delegating and Overcoming Weaknesses in Leadership

02:57

Raising 30 Million for Pro-Core and the Bessemer Investment Thesis

01:01

Imbuing Values in Children When Money is Not a Problem

02:24

Intro

4min

From Struggles to Success: The Procore Journey

6min

Navigating SaaS Challenges in Construction

13min

Navigating Growth in Construction Tech

10min

Navigating Leadership Challenges

16min

The Importance of Capital Allocation in Successful Leadership

2min

Navigating Wealth and Values

5min

Balancing Act: CEO and Parent

15min

Tools for Success: Innovative Solutions for Podcasters and Startups

3min

Tooey Courtemanche, Jr. is the Founder, CEO, President, and Chairman of the Board of Procore. He founded Procore in 2002 with a mission to connect everyone in construction on a global platform. After 13 years of business, the company had just $9.6M in revenue, 8 years after that they have over $890M in revenue. Under his leadership, Procore has grown to become a leading global provider of construction management software, connecting over 2 million users across 150+ countries. Today Procore trades on the New York Stock Exchange under the ticker PCOR. Huge thanks to Brian @ Bessemer and Will @ Iconiq for some amazing question suggestions today.

In Today's Episode with Tooey Courtemanche:

1. The Founding of a $8.5BN Company:

How did Tooey's wife, Hilary and their house-building lead to the idea for Procore?
What does Tooey know now that he wishes he had known when he started?
Did Tooey always know he would be a success? What was the moment of most doubt?

2. The 13-Year Journey to $9.6M in Revenue:

Why did it take so long to hit the $10M revenue mark? What changed in 2015?
What is Tooey's biggest advice to founders and investors who face market timing risk?
Why was Tooey laughed out of VC offices in 2008? What are his biggest pieces of advice to founders raising from VCs today?
How does Tooey advise founders on the balance between vision and sticking to a mission vs realising when it is not working and giving up?

3. The Art of Great CEOship:

What advice did Tobi @ Shopify give Tooey on being a great CEO? How did it impact his approach?
What are the biggest differences between the reality of being a CEO and the Instagram version?
What have been Tooey's biggest lessons on hiring? Why does hiring smart, ambitious but not humble people never work?
Why does Tooey believe the idea of "becoming an entrepreneur" to be BS?

4. Parenting, Money and Marriage:

Why does Tooey believe great parenting is like great CEOship?
How does one bring up children to be ambitious and humble in a very privileged upbringing?
What are the secrets to being there as a husband while also being a rockstar CEO?
How does Tooey reflect on his own relationship to money and wealth today?

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