Ending graciously

The Unexpected Pitch

Decades ago, while seeking investment for a fledgling venture, I managed to leave a significant mark on a potential backer. My pitch wasn't solely about our assured triumphs; it also candidly addressed the possibility of failure. Later, in a casual conversation, I inquired about his decision to invest. He recounted a specific moment during my presentation: I had declared,“And if all our predictions and expectations are wrong, we will use the last of our funding for a magnificent farewell dinner for all our investors. You’ll have lost your money, but at least you’ll get a great evening for it in return.”

I honestly don't remember this remark being a pre-planned part of my strategy or presentation. It was likely an impromptu comment, perhaps an attempt to lighten the mood. Nevertheless, it genuinely resonated with the investor. He shared that he found it incredibly refreshing to encounter an entrepreneur who wasn't entirely consumed by their own vision. My readiness to consider both favorable and unfavorable outcomes convinced him of my integrity and pragmatic outlook.

When Plans Don't Pan Out

As it turned out, that particular startup didn't achieve its intended success. However, we did uphold our promise, hosting a delightful and lavish dinner for our investors. In fact, we exceeded expectations. Upon recognizing that our projections and aspirations wouldn't materialize, we presented our investors with a clear choice: either we could persist, pivot, and cling to the hope of a breakthrough, or we could return the remaining capital. We favored the latter, and they readily agreed. Consequently, everyone received a portion of their investment back—approximately 40%—in addition to enjoying a wonderful evening filled with superb food and beverages. This approach proved invaluable; years later, when we embarked on funding another startup, nearly every one of those initial investors participated in our very first round.

Naturally, my primary hope was for that startup to flourish. Yet, I still consider the entire undertaking a success. I pursued the venture wholeheartedly, but crucially, I had a contingency plan for when my experiment didn't yield the desired results. Through this process, I forged enduring relationships that extended far beyond the lifespan of that single company.

The Sunset of TNW

Many of you will already know thatThe Next Web (TNW), the company I founded in2006, is approaching the conclusion of its journey. The events and media divisions are being phased out, with onlyTNW Spacesset to continue operating.TNW Programswas divested some time ago and also remains active under new ownership. Regrettably, there will be no future TNW Conference, and soon, new articles will cease to appear on the site. This means that many individuals, myself included, are facing job losses. While undoubtedly a difficult period, I find myself accepting it with a sense of calm, as it feels both organic and inevitable. When we soldTNWto theFinancial Times (FT)in2019, our ambitions and optimism were sky-high, and I genuinely wished for the company and its brand to outlast my own career. However, as the business encountered difficulties, I also grew quite comfortable with the notion of the company concluding its operations with dignity.

A Good Story Needs a Good End

It's akin to reading a captivating book: nearing its conclusion, you instinctively slow your pace, reluctant for the story to conclude. I cherish those moments, as they signify a truly enriching experience. Yet, concurrently, one understands that even the finest narratives require a fitting finale. Therefore, this marks the conclusion of a remarkable story in which I've had the immense pleasure of playing a part.

While my writing journey will continue, this piece stands as my final official contribution toTNW. I warmly invite you tosubscribe to my future writing on Substack. There, my content will be less focused on technology, more varied and unpredictable, but consistently as insightful as you've come to expect.

Boris, signing off.

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