Tiana Laurence is the General Partner at Laurence Innovation, an Austin-TX based pre-seed investment fund. The fund has a focus on early-stage tech companies in the Fourth Industrial Revolution (4IR) verticals that are tackling some of the most pressing challenges the world is facing. Another core priority for the fund is having a robust portfolio of companies founded and led by women, under-capitalized entrepreneurs and geographies.
Tiana is known in the blockchain industry and the venture capital space. She’s the author of two books,Blockchain For Dummies and Introduction to Blockchain Technology, the co-founder of Factom (a blockchain company in Austin, TX), and has been an angel investor for tech startups for five years.
What is Laurence Innovation all about?
Laurence Innovation is a pre-seed investment fund. The fund has a focus on early-stage tech companies that are pre-revenue in the Fourth Industrial Revolution (4IR) verticals that are tackling some of the most pressing challenges the world is facing. Another core priority for the fund is having a robust portfolio of companies founded and led by women, under-capitalized entrepreneurs and geographies. We are looking for incredible innovation that would fundamentally change industries and improve the human condition. We also believe in the democratization of capital; because intelligence, integrity, and conscientiousness are universal human traits not bound by gender or geography.
Tell us a little bit about your background and how you started your company?
I’ve always been fascinated by the nature of money. I knew I wanted to be an investor and build companies from an early age. I started my first company when I was 16 years old and finally had an exit at 29 years old. From that very humble beginning, I started investing and raising capital for a software company I co-founded back in 2015. Three years later, I was investing full-time, first as an angel, learning how, and now as a General Partner.
What was the biggest problem you encountered with your business and how did you overcome it?
Going into business with partners is fun and easy at first. The hard part comes when things get complicated. For example, when there’s not enough money for payroll or the company’s direction is unclear. It has always been difficult navigating these situations while not destroying what has already been built. To stay calm and focused, I practice stoicism and remain focused on the three things I can control: my thoughts, words, and actions. I also work on two other things: interrogating reality.
- Do I know what is happening and what my assumptions are?
- Staying in alignment between what I’m thinking and feeling and the words and actions I’m taking.
What were the top mistakes you made starting your business and what did you learn from it?
One of my biggest mistakes in my career was thinking that other people thought, believed, and valued what I do personally. I’m naturally optimistic, self-directed, and have a high-risk tolerance. Assumptions about people are always a bad idea. I have learned from this to always get agreements in writing and to spend the time to uncover people’s motives in a deal. I have also learned to play with people in it for the long run and want a long-term relationship. People playing short term games are in it to get themselves rich.
What is one thing that you do daily to grow as an entrepreneur?
I read every day. I let my curiosity dictate what I read, but I’m always looking for new knowledge.
What are three books or courses you recommend for new entrepreneurs?
- The Almanack of Naval Ravikant by Eric Jorgenson
- Principles by Ray Dalio
- Art of Living: The Classical Manual on Virtue, Happiness, and Effectiveness by Epictetus
What was your first business idea and what did you do with it?
Like most kids, my very first business idea was a lemonade stand. So I squeezed all my mom’s lemons and limes and made some truly horrific lemonade.
What are you learning now? Why is that important?
I am learning how to effectively run a venture fund and deploy capital with founders that will make the most of it.
What is the one thing you wish you knew before starting your business?
In this economic cycle it’s hard to say, I think we are going to have a stronger and faster recovery than I thought 8 months ago.
What has been your most effective marketing strategy to grow your business?
It’s not being afraid to get out there and share my thoughts and experiences with my audience. I’m naturally an introvert so I am happy staying in my cave and working, but it’s really important to connect with other people.
If you only had $1000 dollars to start a new startup, knowing everything you know now, how would you spend it?
I would spend it building a website and testing the idea I had with adwords or through a social media campaign to see if my startup idea had legs.
What’s your best piece of advice for aspiring and new entrepreneurs?
Just keep trying. I made a deal with myself years ago around failure. That it was okay to fail and that I would keep trying until I figured it out. Getting comfortable with the worst-case scenario helped me keep my focus on solving problems and growing.
What’s a productivity tip you swear by?
I block time in my calendar for the things I need to do.
What is your favorite quote?
“Happiness and freedom begin with a clear understanding of one principle: Some things are within our control and some things are not. It is only after you have faced up to the fundamental rule and learn to distinguish between what you can and can’t control that inner tranquility and outer effectiveness become possible”.
– Epictetus
- Streak in Gmail is great
- Two12.co for portfolio management and startup tools
- Confluence for the investor community.
How is running a company different than what you thought it would be?
On one hand, it’s lonely and also more rewarding than I ever imagined. I’m pretty sure I didn’t even think about those aspects as a young entrepreneur, I just loved the game. Now it’s about reward and connection.
How can readers get in touch with you?
Follow me on Twitter @LaurenceTiana
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