During the early days of HootSuite, when social media was still seen as a fad, I made the decision to treat our funding as if it were my personal bank account. That's not to say I blew it on fast cars and fancy dinners. Exactly the opposite.
Amongst high unemployment rates, a competitive job market and a shrinking global economy, the emerging social media industry only continues to grow.
Tech companies have a finite lifespan: For the successful ones, an IPO or exit is never more than a few years off. But by recruiting locally and developing homegrown talent, companies can build something that remains after they're gone. People, skills and a culture of innovation persist.
Social media has shaken up the world of sales, with Facebook, LinkedIn and Twitter offering new ways to hound leads and unprecedented insights into clients.
We've all been inundated with so many ingenious, must-have, time-saving apps and tools that we really don't have a second left to spare.
One of the ironies of a conference dedicated to all things digital and virtual is that the best ways to connect with people are surprisingly old-school. Social media tools can improve the odds of a serendipitous encounter at SXSW, but old-fashioned hustle, palm-pressing and - above all - creativity go a long way.
Since social networks gained popularity extremely rapidly, there had been a debate as to whether social media was a fad. There are countless pieces of evidence now proving the contrary, among them the explosion in Twitter growth and Facebook's public listing.
No surprise that, as companies have adopted social media en masse, demand for software and applications to manage and monitor social use has exploded.
The point is that instead of a monolithic brick of printed content - delivered more or less unchanged to all subscribers - social media offers news that is personalized and nimble.
Sales departments use social to nurture leads and close sales. HR posts job openings and vets applicants. Community and support squads mine networks, blogs and forums with deep listening tools.
Importantly, companies are using social media to do things that go way beyond just chatting up existing customers on Facebook. Sales departments use social to nurture leads and close sales. HR posts job openings and vets applicants. Community and support squads mine networks, blogs and forums with deep listening tools.
An exit is only a success if you set an exit as your primary goal. My primary goal was to build a globally influential tool, to build something from the ground up that could literally change how we communicated in business and individually.
A critical question to ask when bringing in a new CEO to take the reins of a company you started is: Do you want someone who will maintain company culture or reinvent it?
I often talk about the PayPal mafia out of San Francisco, people that were in PayPal and got out of PayPal and continue to reinvest in other start-ups and create a huge pay-it-forward type of network there.
When my company was first getting off the ground, we were completely lost in the shuffle, despite our best efforts. In 2012, however, we had a 28-foot-long, 15,000-pound secret weapon. To stand out amid the gala parties and blow-out bashes hosted by much bigger tech companies, HootSuite decided to take to the streets.
While social media skills were once a 'nice-to-have,' accreditation in the space is becoming a requirement for many of these job titles. Hiring managers and job seekers are realizing that printing stacks of resumes is turning passe, and social media is rising as the new way of generating real-time networking opportunities.
For everybody in their busy lives, you need to invest in sharpening your tools, and you need to invest in longevity.
Anyone with an inbox knows what I'm talking about. A dozen emails to set up a meeting time. Documents attached and edited and reedited until no one knows which version is current. Urgent messages drowning in forwards and cc's and spam.
Tech companies don't exist in a bubble; they draw from and feed into a larger community. Ideally, the relationship is symbiotic.
One thing I would like to see in Vancouver and Canada is something similar to the PayPal mafia. They were all early employees of PayPal. They all had monster exits with PayPal, and they were able to take their winnings and form a syndicate that co-invests.