Those companies that move fast over 3 months will continue to be those that move fast over the next 5 years. Those that move slowly, that are on the cusp of productivity usually remain just that — on the cusp.
I was extremely excited that a couple of weeks ago, Portify, an Entrepreneur First company from our 8th London cohort, and one that I’ve mentored now for 18 months or so, announced their seed round (led by the excellent Kindred Capital), allowing them to further accelerate their mission to provide financial infrastructure to gig economy workers.
This was not just a great result for them, but the resolution of an important distinction for EF in our ability to correctly assess pre-seed teams and their potential. Portify’s result cemented their place in EF lore as confirmed ‘Committed Discoverers.’ This is vs. the less successful group of ‘Talented Meanderers’ with whom we so often fall in love, despite our best intentions.
But when new teams say to us before Demo Day, “I’ll just do a Portify”, this is still a worrying sign — and often triggers strong internal debate — as it often means they don’t yet have visible traction. The question is always, will they ever get it? Let me explain.