In this episode, we have an insightful conversation with Varun Badhwar. Varun sold his first company, Redlock, to Palo Alto Networks for over $200 million. He has recently embarked on his second venture, Endor Labs, where he raised $70 million in a Series A round to secure the software supply chain. This is a must-listen for any founder seeking practical advice on building companies in competitive markets and aiming to make a significant impact!

1. Hiring on a Budget: Not everyone has the luxury of spending millions to hire top-tier engineers and specialists. When Varun was at RedLock, he prioritized investing in the best talent for engineering, architecture, and data science early on. To manage this, he had to be resourceful in other areas, often taking on roles like janitor, HR, and operations himself. He encourages founders to explore the trade-offs and strategies for hiring effectively on a limited budget.
2. Two Types of Founders: The first type of founder recognizes their weaknesses and hires to cover those gaps. The second type feels insecure about their weaknesses, which can lead to significant problems because you need to think about the gaps you are trying to fill. Remember, you don’t know what you don’t know. It's crucial to have a well-rounded team. As Varun says, “You need a multi-dimensional signal, not a one-dimensional signal.”
3. Founders' Intuition: It's impossible to get every decision right 100% of the time. However, reasoning with people and exploring different paths can bring clarity to your thoughts. While data-driven decisions are essential, many decisions will also rely on intuition. Trust your intuition, knowing that it won't always be correct. If your intuition is right more than 50% of the time, you'll be on the right track. Make decisions, stick with them, and strive not to be fickle.
4. Play the Long Game: For a successful go-to-market (GTM) strategy, build a multi-touch, systematic approach that includes technology, partners, education, digital marketing, SEO, and more. Gain confidence in your sales pitch and value proposition, and understand how people decide to engage with you. Once you have figured out these elements and achieved repeatability, start hiring help. The type of help you need will depend on your specific requirements depending on you as the founder and what your company needs. No company is the same. 
5. Hire in Twos: When implementing a GTM strategy, Varun recommends hiring in pairs—two different reps from two different territories with slightly different backgrounds. This approach helps you determine the best sales market fit and seller profile. Hiring two reps provides a comparison point, preventing you from misattributing a sales issue to a product problem. This reduces the risk of pivoting your company based on one person's potentially misleading performance or incompetence.
6. Skip the Conference: Instead of spending money on events, focus on building groundswell, education, and meaningful connections with people who see you as a valuable asset. Be strategic about engaging with your existing contacts and deepening those conversations. Don't overlook cold emailing—customize your messages, be personal, and take the time to understand who you're reaching out to. Cold calling is also effective, according to Varun. Invest in partner relationships early and host intimate events with 5-7 people, prioritizing quality over quantity.
7. Treat Your Partners Like Customers: Invest in the relationship and offer value before expecting anything in return. Value creation is a two-way street. To capture their attention amidst thousands of companies, focus on what you can give them first. Then you will find that your potential partners will meet you halfway and provide more value to you. 
8. How Do You Know You've Reached Your Mission? From Varun’s perspective, you can’t start with the end state in mind because it's unpredictable. Founders are on a mission, and for Varun, the goal is to build a legacy company that has endured over the years. It's not just about the money made but about looking back and seeing the problems you've solved and feeling good about the solution. 
9. How Can I Get Acquired? You can’t plan to get acquired, but there are steps you can take to make it more likely. Focus on building a sustainable, financially viable company for the long term. Avoid taking shortcuts just to sell quickly; that approach is not ideal.
10. How Do You Mentally Recharge Yourself? For Varun, spending time with his wife and children helps him unplug. He also designates Saturdays as a "no-work day." Compartmentalizing his day-to-day life, he dedicates part of his evenings to family and the rest to work. While there is no perfect balance, integrating work and personal life is crucial. As a founder and CEO, Varun leads by example, showing the importance of taking time off while also getting things done when needed. He respects that everyone works and communicates differently. For instance, if he sends a Slack message at 10 pm, he doesn't expect an immediate response. 

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