In this gripping episode of Founders Fortitude, Michael Fox opens up about one of the most challenging periods in his entrepreneurial journey—the closure of his startup, Shoes of Prey. Despite raising 25 million U.S. dollars and employing 200 people, the business ultimately couldn’t achieve the product-market fit needed for sustainable growth. Michael delves into the emotional toll of laying off employees and not being able to return investors’ money, while also sharing the invaluable support he received from his co-founders, team, and investors.
– The struggle of closing down Shoes of Prey after raising 25 million U.S. dollars.
– The importance of having a supportive team and co-founders during tough times.
– How investors like Blackbird Ventures and Mike Cannon-Brookes showed empathy and concern.
– The power of resilience and the lessons learned from failure.
Tune into Founders Fortitude to hear stories from founders like you, their challenges, and how they persevered.