Won Funding? Why You Should Wait to Celebrate.
The founders of PVP Live were itching to make the announcement: They'd raised a big Series A! This was in 2015, and the company -- which covers competitive video games the way ESPN covers sports -- had just accepted an investment from a local Dallas private equity firm.
Illustration by Edmon de Haro
"We were three days away from making a public announcement," says CEO and co-founder Casey Wehr, "but our PR firm had told us to sit tight and not say anything until the money was in the bank." It was good advice. As it turns out, their investor was heavy into oil and gas. Between the time PVP Live signed with the investor and the money was supposed to enter their bank, the energy industry took a dive, the investor got spooked and the investment disappeared.
Continue reading this article - and everything on Entrepreneur!
Become a member to get unlimited access and support the voices you want to hear more from. Get full access to Entrepreneur for just $5.
Entrepreneur Editors' Picks
-
This Co-Founder Was Kicked Out of Retailers for Pitching a 'Taboo' Beauty Product. Now, Her Multi-Million-Dollar Company Sells It for More Than $20 an Ounce.
-
Have You Ever Obsessed Over 'What If'? According to Scientists, You Don't Actually Know What Would Have Fixed Everything.
-
After He Was Fired From the UFC, This Former Fighter Turned His Passion Into a Thriving Business
-
Most People Don't Know These 2 Things Are Resume Red Flags. A Career Expert Reveals How to Work Around Them.
-
How One Woman Turned Pandemic-Induced Boredom and a Makeshift Garage Art Studio Into a Thriving Franchise
-
Use These 4 Self-Care Rituals for More Resilience and Less Depletion
-
Shark Tank's Barbara Corcoran Wants to Invest in 'Someone Who Probably Needs a Good Shrink Instead of a Business'
