2 Acquisitions to Save My VC Funded Startup to SPAC IPO
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Running a startup during a global pandemic can feel like navigating through a storm. This is the story of Joe Davey, the entrepreneur behind the tech startup Banzai.
Starting with venture capital backing, Joe’s venture began to gain momentum, but the arrival of COVID-19 put everything at risk. Faced with the potential collapse of his company, Joe needed to make a critical decision quickly.
He proposed a strategic pivot to his investors: acquiring two companies that could provide the necessary stability and growth. This move not only saved Banzai but also set it on a new path forward. Following this, the company ventured into the public markets through a SPAC to support its expansion.
However, the challenges were far from over. Despite a promising start, the SPAC’s value fell dramatically from $10 to just 30 cents a share. Despite these setbacks, Joe Davey’s journey with Banzai is a lesson in persistence, adaptation, and the realities of navigating a startup through unpredictable times.
Watch the video to see how Joe’s decisions shaped the future of Banzai and what it takes to keep a dream alive in the face of adversity
00:00 Introduction and Background
07:07 Adapting to the Impact of COVID-19
12:35 Acquisitions: High Attendance and Demio
26:01 Going Public and Seeking Acquisitions
35:19 Lessons Learned and the Importance of Resilience
Banzai, tech industry, COVID-19, marketing, events, virtual events, webinars, SPAC, public company
