Starting with the End in Mind: Insights from Boston TechStars Founders
Ben Carcio
I recently spoke with the new Techstars Boston class, focusing on an essential but often overlooked aspect of building a company—starting with the end in mind. As early-stage founders, we can become too focused on immediate milestones, but it’s equally essential to envision your end state and build optionality into every decision.
During our discussion, I encouraged the founders to picture their ideal outcomes. Interestingly, the group’s aspirations broke into three paths:
1. IPO – About a third could visualize ringing the opening bell on Wall Street.
2. Large Acquisition – Others saw their future in strategic acquisitions by private equity or portfolio companies.
3. Merger – The remainder imagined a merger or integration with a complementary company.
These end goals influence critical decisions like bootstrapping or seeking venture capital. For instance, aiming for an IPO often requires significant capital, which dilutes ownership and brings in a board with more control, potentially affecting a founder’s role. Conversely, a founder focused on a more modest acquisition must clearly set expectations with investors, aligning on a growth path suited to a lower-capital approach.
I shared a personal lesson from my time at Promoboxx. When we raised $8+ million, I hadn’t fully assessed the total addressable market (TAM). Ultimately, we found our market was too small to deploy that capital effectively. Had I better understood the TAM, I would have opted for a smaller round, preserving our profitable status and flexibility.
At every stage—whether friends & family, seed, series A, or beyond—your journey is a series of tests. Keep optionality open and stay grounded in realistic assessments. Each choice supports your long-term vision while allowing you to adapt as you learn more.
