Versana CEO Cynthia Sachs won startup professional of the year category in the 2023 Women in Technology and Data Awards.
Cynthia Sachs, CEO of Versana, wins the startup professional of the year category in the 2023 Women in Technology and Data Awards. It goes without saying that starting a business from scratch in any industry is anything but a trivial undertaking. That challenge is all the more acute in the unforgiving world of financial services where the attrition rate for new entrants is staggeringly high—upwards of 90%.
There are numerous reasons why startups fail, chief among which is running out of funding due to an inability to generate sustainable revenue, the significance of which Sachs is all too aware of. “With tech, speed is paramount―you have to be fast; you have to be able to deliver your product as quickly as possible; and you have to be able to generate revenue as early as possible and rely less on raising capital, which is time-consuming and dilutive,” she says. “The lesson I have learned during my time in the industry is that you have to hire an A-team immediately, because they will work well in a more structured way compared with startups in general, which tend to have a more chaotic and less productive beginning.”
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