October 5, 2014
Last month at our Tech Cocktail Chicago Sessions event, we had Talia Mashiach, the founder and CEO of event commerce company of Eved, join us to talk about how she’s ended up on this path towards building a billion-dollar Chicago company. On top of having raised over $11 million, the company client list includes major corporations, including the likes of Dell and Hyatt. But, according to Maschiach, she didn’t go into starting a business thinking that raising money needed to be her main priority:
“Everyone thinks that when they start a company the first things is that they have to go get money,” said Mashiach. “Don’t just assume that you need to go out and get money, but [rather] talk to the people who are giving money out. Why? Because they’re going to critique your idea.”
For Mashiach, you don’t necessarily have to go out and find external funding from the get-go. Rather, if you go around and share your idea with people who have the money, and if they validate your idea, then you should be willing to invest a lot of our own money into the business.
Prior to Eved, Mashiach founded a Chicago event services and destination management company that saw over $9 million in revenue in four years. Mashiach shares how she took out a second mortgage and opened a credit line to fund her company and was down to their last $50,000 when things finally hit it off and they landed Hilton as a client. From October to December of that year, the company ended up doing $400,000 worth of business, followed by $4 million in the next year. She later sold the business and used the first million dollars to start Eved. Even during Eved’s beginnings, Mashiach said that they extended the same credit line from before and see how far she could take it without needing outside investors.
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