Meet Erica Wassinger, Co-founder & General Partner @ Proven Ventures

How would you describe the startup culture in Nebraska?

Nebraska’s startup ecosystem reflects the best of its culture: collaborative, down-to-earth and eager to help. We often say it’s a community of “barn-raisers and casserole-makers” — people who will gladly make connections, introductions and lend support. 

Just like many coaches say, there are balconies and basements with those strengths. With our humility comes a challenge getting on the radar of customers, talent and potential acquirers. The SPN resurgence is helping spotlight companies, founders and support networks, making the community more visible and accessible to all. We need more of that.

How do you balance taking risks and making calculated decisions in pursuit of innovation?

Our fund’s focus is on sustainable scaling, with a strategy rooted in customer-led innovation. When customer needs drive the business operations, risks naturally decrease. We adore founders who have made their career about solving a customer’s problem. That is the genesis of decreasing risks.

On any given day, month or quarter, we are optimizing our approach to supporting the portfolio companies to increase their valuation multiple through profitability. 

How do you define success and what metrics do you pay the most attention to?

Success, for us, is when founders solve a meaningful problem for customers they love, ideally building a valuable business in the process. We prioritize:

• The problem the company addresses
• Founders’ industry experience
• Customer-driven development and sales
• Sustainability in scale

During due diligence, we dive into key operations, financial forecasts and team dynamics to assess alignment of thesis.

What are the top one or two challenges / opportunities Nebraska startups face?

Balancing revenue growth with expense control is a constant challenge. Profitability isn’t always the goal, but companies closer to it attract better investment terms and acquisition offers. They also are able to operate with a calmness that drives strategic decision-making.

Day-to-day, the real opportunity is in a strong focus on sales and customer acquisition — founders that prioritize daily time on sales always outperform those who don’t.

What is one emerging industry or technology that you believe will have a significant impact on the Nebraska startup ecosystem in the next few years?

Large language model (LLM) technologies are transforming the landscape, enabling everyone to work faster and smarter. Startups that leverage LLMs to streamline operations and scale efficiently will have an edge, undoubtedly. 

Outside of the everyman AI, I see founders blending SaaS and white-glove service more frequently. Not sure if I am sold on that as the future, but with this tight market, I appreciate the approach.