He pitched 100 VC and spent 3 years building— then grew to $7B AUM. | Doug Scott, Founder of Ethic

A Product Market Fit Show | Startup Podcast for Founders

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8d ago 45:14

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Doug Scott and the Ethic team spent years building technology before landing real customers. While other startups were growing fast, Ethic was focused on building, and after two years had only a modest amount of AUM. Until he and his team found a way to help his customers help them WIN new clients they couldn't land before.
That shift took them to ~$250M AUM in one year. He reveals why he left investment banking in Australia, sold everything, and moved to the Bay Area within three weeks with no idea what company to start.
He pitched over 100 investors to raise early rounds, survived years of building with no traction, and discovered the enterprise sales playbook that unlocked distribution in wealth management. Today Ethic manages $7 Billion and has raised over $160 Million in funding.
"If I knew how difficult it would be, maybe I wouldn't have done it." This is the reality of building a decade-long overnight success.

Why You Should Listen:

Why helping customers win new business is the killer ROI
How to survive a 3-year build phase when everyone else is growing fast
Why you should pitch 100+ investors even if only 5 will say yes
How to figure out distribution and go-to-market
Why the best value-add investors never pitch their value-add

Keywords:

startup podcast, startup podcast for founders, Ethic, Douglas Scott, wealth management, ESG investing, fintech, B2B2C, Series A, distribution strategy

00:00:00 Intro

00:01:47 What Ethic does

00:08:15 Leaving Australia for Bay Area with no plan

00:17:06 The breakthrough for 5x YoY growth

00:29:42 Three years building with no traction

00:38:36 Distribution partnerships unlock growth

00:42:44 Finding product-market fit

Send me a message to let me know what you think!

Chapters

1. Intro (00:00:00)

2. What Ethic does (00:01:47)

3. Leaving Australia for Bay Area with no plan (00:08:15)

4. The breakthrough for 5x YoY growth (00:17:06)

5. Three years building with no traction (00:29:42)

6. Distribution partnerships unlock growth (00:38:36)

7. Finding product-market fit (00:42:44)

227 episodes

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