Spotlight interview with...
Michael Brennan
Co-founder and CEO at Welcome to Bob
Spotlight interview with...
Michael Brennan
Co-founder and CEO at Welcome to Bob
Can you walk us through your entrepreneurial journey, from your first venture to your current role as CEO of Bob? What were the key milestones and transitions in your career?
I started my first tech business straight out of university, which was significant as it meant that I had no network to leverage or prior experience to guide me. What I did have was an idea. My vision was to digitise the ‘worry box’ system that schools traditionally use by building an app for children to report bullying and mental health issues to schools. This was an entirely new concept and was the first of its kind, achieving various accolades and teaching me a lot in the process.
My next step was to launch a version to adults called Stribe, which is a staff voice and employment engagement platform which, together with my first venture, kept me busy for nine years. Most recently I’ve launched a new business in the male grooming industry, taking the world’s first refillable body wash bars to market (Bob).
What's your perspective on the fundraising process for startups, and what advice would you give to founders who are just beginning their fundraising journey?
The truth is that fundraising is hard. There’s often an element of entitlement in founders who believe that their ideas are great and getting investment will just happen, which is usually not the reality. There’s an intricate and detailed process that investors need to go on to learn about your business and founding team. It can’t be rushed, this stage is crucial for building relationships, establishing trust and proving yourself. Without that, you have quite a big mountain to climb.
"There’s an intricate and detailed process that investors need to go on to learn about your business and founding team. It can’t be rushed, this stage is crucial for building relationships, establishing trust and proving yourself. "
Michael Brennan, Co-founder and CEO at Welcome to Bob
How did you approach fundraising for your ventures, and what insights can you share about building relationships with investors?
I took a proactive outreach approach to contacting investors, which worked for me. I came from a small town and had no existing network, so I had to go out and research the right people. I managed to convince a couple of people to invest quite early, and I was then able to leverage their network.
For me, investment isn’t just about the financial input. The value founders can get from investors in other ways can be hugely underestimated. Whether that’s being put in contact with their connections, learning from their own experiences or simply taking their feedback on board, all of this can help you to achieve your financial ambitions quicker in the long run.
What's one of the most important lessons you've learned about communicating with investors, and how has your approach evolved over time?
One of the biggest things I’ve learnt is that investors want honesty in every aspect. I used to try and make everything seem perfect, whether it was giving an overly positive picture of where the product was or how close we were to other milestones, I felt I had to make out that everything was always amazing.
In time I found that it’s much easier to be honest and upfront, and it helps to build trust with investors too. It’s a much better approach to break your journey down into achievable bite-sized stages and give an honest overview of how investment will help you get to the next stage if you’re aiming to get people involved early or state their interest for the future.
"There’s a crucial point in your startup journey where building your personal brand becomes important. In the early stages, having a notable online presence can help in opening certain doors"
Michael Brennan, Co-founder and CEO at Welcome to Bob
How has your approach to personal branding evolved throughout your startup journey, and at what point do you think it becomes crucial for founders to focus on their personal brand?
There’s a crucial point in your startup journey where building your personal brand becomes important. In the early stages, having a notable online presence can help in opening certain doors. I try to be vocal and available online and in all aspects of the business in the beginning as people buy in to you as a founder and then trust your vision. I’ve had cases where people have backed me, my concepts and the product potential because they’ve seen my activity on LinkedIn and appreciated some of the honesty and transparency around what I’m doing.
As the business then grows there comes a point where I step back. I think there can be cases where the business brand gets lost in your personal brand and can lead to concerns around how the business would perform if you were to step back. When the product has built good momentum, that’s my cue to step back.
What key advice would you give to founders preparing their pitch for investors, and how can they effectively communicate their vision?
One of my key pieces of advice is to have a really clear narrative. Ask yourself, if I were to explain this to a grandparent, would they understand? The answer should be yes. Don’t underestimate the power of being able to talk in simple terms about what monster it is you’re trying to slay, what the solution is and who it’s aimed at. The best decks I see as a mentor are the ones where I understand what the business is doing early on.
My other tip would be to understand the numbers and deliverables. This isn’t necessarily just about financials, for example it could also be about the number of weeks it’ll take for your product to be developed. Whatever the question is going to be, you need to know the answer. If this sort of thing isn’t your strength then find advisors or people you can leverage to bridge that gap.
Lastly, I’d say to be really clear on what investment is going to get you in the long run, not just the present moment, keep your communication concise and don’t over explain, and do your research on your investor and what they’re interested in.
Michael Brennan
Michael Brennan is a Forbes 30 Under 30 honouree with a decade of experience in co-founding and leading SaaS and D2C businesses. His passion lies in creating innovative products and services that solve real problems and make a positive impact on the world. Currently, Michael is the Co-Founder and CEO of Welcome to Bob, a refillable body wash brand for men aimed at reducing plastic waste and promoting sustainability. Previously, he co-founded and grew two global SaaS products, Stribe and Tootoot, which empower teams and communities to communicate, collaborate, and thrive. Michael has successfully raised over £3 million in angel and VC funding, secured six-figure enterprise contracts, and won multiple awards and recognition for his work. Michael’s business philosophy centres on putting people first, building strong and diverse teams, and pursuing a vision with purpose and passion. His track record demonstrates his ability to turn innovative ideas into successful, impactful businesses across various sectors.
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