Five questions with Ideally Co-Founder James Donald
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Morning, Caffeinators!
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We’ve all got busy days ahead, so let’s dive right in.
Have a great Monday.
Lauren & the CAFFEINE team
Time for round #2 of our new Founders in 5 series — five questions with NZ’s startup leaders. We uncover their key lessons, the best and worst advice they've received, and their thoughts on taking the NZ startup scene to the next level. James Donald is up this week. James has spent the last 8 years in SaaS across product, sales and leadership roles, currently founder/CEO of Ideally, a research platform for marketing teams developing ad and innovation concepts. Prior to that James founded and exited Yonder, a customer communication and automation tool for tourism business with AI at its core.
What do you wish you had known before becoming a founder?
One of the key things I wish I had known before becoming a founder is the importance of balance, not just working my ass off to 2am daily. In my first venture, I believed that relentless hustle was the only path to success. But it’s not sustainable, you genuinely need to take care of your mind, body and relationships, like a high performing athlete might. No one tells you this, you need to take control of it.
What's the most useful advice you've ever received [and followed]?
The best advice I’ve ever received—and one that I’ve stuck to — is to obsess over working on things that move the needle today. You have to earn the right to exist tomorrow, cash is king and you need momentum, you can’t afford to wait for perfection.
And the worst? [Followed or not]
The worst advice I received was, “Build a great product and people will come.” This couldn’t be more wrong. Even the best product won’t sell itself. You need to think about sales and craft a distinctive story from the start to attract people to it. In my first venture, I learned that without a clear brand story and proactive sales strategy, even a great product can go unnoticed.
What do we need to do to take the NZ startup ecosystem to the next level?
To elevate the NZ startup ecosystem, successful founders need to give back by using the power of their networks to fuel the next wave of businesses. Early traction often comes down to the trust others place in warm referrals, and a strong network can be pivotal. There’s a large cohort of Kiwis who’ve found success internationally, and they can bring invaluable lessons back to help new founders navigate those markets.
I’ve been fortunate to have a number of people in my circle, both as investors and advisors, but it requires effort to nurture these relationships. You need to actively get out there and embrace networking because it won’t come to you. Secondary networks can be incredibly powerful in creating valuable connections, and Icehouse Ventures, in particular, excels at fostering these kinds of relationships.
What's the hardest thing about being a founder?
The hardest thing about being a founder is managing the emotional rollercoaster. The highs of success are exhilarating, but the lows can be deeply challenging. Being a competitive person, the pressure to succeed can be overwhelming. Balancing this with personal life and maintaining resilience through the tough times is hard, but it's also where I’ve developed experience now to put into action in my current company Ideally and be able to lead others through it.
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"If you want to change the world, start with one person and keep going. The ripple effect will take care of the rest."
~ Sir Ray Avery
