Published Aug 31, 2018

20VC: Casper Founder Philip Krim on The Right Way To Think About Marketing Channel Diversification, When To Accept Strategic Investors & How To Successfully Build Out Your Exec Team

Philip Krim, founder of Casper, reveals insights into building a global sleep brand by integrating online and offline retail experiences, forging strategic partnerships like with Target, and strategically hiring executive talent to enhance financial strategies and drive growth.
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Episode Highlights

  • Hiring Patience

    Philip Krim emphasizes the importance of patience in executive hiring, reflecting on his experience at Casper. He acknowledges that while the temptation to fill key roles quickly is strong, finding the right cultural and skill fit is crucial for long-term success. Philip advises founders to initiate searches early, as the right hire can significantly impact the business.

    You have to stay patient to find the right cultural fit and the right fit for the role that you're looking to fill.

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    He also stresses the value of aligning with investors who share the company's vision, highlighting patience as a virtue in both hiring and fundraising 1 2.

       

    CFO Impact

    The recent addition of Greg McFarland as CFO at Casper marks a significant step in professionalizing the company's financial strategy. Philip Krim shares that Greg's extensive experience with Fortune 500 companies has already made a substantial impact, particularly in preparing Casper for potential IPO readiness. This hire underscores the importance of having a well-rounded executive team to support business scaling.

    Greg has really helped us think about what are the right processes, what are the right ways to continue to build this business.

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    Philip also highlights the CEO's role in building an executive team that can scale the business and ensuring it is well-capitalized, which he considers core responsibilities 3 4.