INVESTOR SPOTLIGHT: Jim Estill, CEO Danby Appliances
Every month we spotlight people from our incredible network who support MATR Ventures and our mission to change the game in Venture Capital and actively invest in the Underestimated founder.
We are honoured to spotlight Jim Estill, CEO, Danby Appliances.
What was your biggest investment mistake? How did you overcome it?
First big investing mistake was participating in unpriced investment rounds.
Second was continuing this practice across multiple unpriced rounds. Eventually, when a priced round was completed, the company was valued at a $1 billion dollar valuation. Yes, I obtained a discount — but nowhere near the fair price a seed investor should have received. I learned my lesson to never do unpriced rounds.
What was the biggest factor that contributed to your success?
Luck. I was partly lucky because of the network that I nurtured and the number of people I helped and they, in turn, came back and helped me.
Second factor that contributed to my success was to fail often, fail fast, and fail cheap. So I tried lots of things. Some things worked, and I thought I was a genius. But I tried many others that didn’t work. So it was a series of experiments and failures, that once in a while, led to successes as well.
What was the one book that has influenced your path?
I read all the time, and there are so many relevant books that have helped me along the way.
- I really liked the 22 Immutable Laws of Marketing. It was a quick and easy read that talked a lot about branding. Ries and Trout are the authors and they have a great view on life and I’m a marketing guy, so I loved it.
- I also like Dr. Robert Cialdini Influence: The Psychology of Persuasion. Again, I love that he did real scientific studies on why people do what they do.
- And then on a slightly more boring basis, I really quite like E Myth, which helps the average person vastly improve individual performance, through systems process training, coaching and mentoring.
If you could name one thing you’re most proud of, what would that be?
So interestingly enough, that’s my most difficult question. I would typically prefer a business question. Even though its somewhat arrogant, I’m proud that I haven’t become a jerk as I’ve made some money. And I think that’s an imporant lesson: to keep your humility. Just be a real person, regardless.
Why have you chosen to invest in MATR Ventures?
First: You, Giselle [Melo].
Second: The sector is also undervalued. I hope to invest in these types of sectors because, over time, they will gain full value. We have to pay to match these companies doing well. But these companies’ founders who work harder, and end up with better results will be more fairly valued over time. So I believe it’s very much on trend. And one way to make money is to invest while things are on trend. Trends give you momentum.
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