Local entrepreneur dips into own trust fund during latest down round
“Yeah, it’s been difficult, dad made an exit after financing our Seed & Series A.
Mum won’t answer my phone calls anymore”
Hunter Bedfords recalls how his father always told him that “working 80 for yourself is better than working 40 for someone else”. Unfortunately for Hunter, this was usually communicated in the way of a late night, slightly slurred ‘pep talk” after returning home from the members.
Today, the self proclaimed innovation catalyst, is beginning to come to the realisation that his property magnate father may have glossed over some of the finer points starting and running your own business involves.
“Yeah I guess my early revenue model and expected costs were a bit off. We expected our Series A round would give us an 18 month runway but we ended up burning through it in just under 7” Hunter remarked, as we lounged back in sleeping pods at his businesses Millers Point office.
Designed as a dot-com fun house with “innovation and community” at its core the office was planned as a major draw card to attract and keep the best talent.
The marble flooring now shows signs of scuffing from incessant pacing up and down the quiet hallways as Hunter informs me that he’s now worn through three pairs of RMs at this point.
However, Hunter informs me that despite this recent reality check he hasn’t lost any of his passion for business.
“Look, if worst comes to worst, I’ll either go work for Dad or get into consulting”