Dotan Bar Noy, CoFounder & CEO, Authomize
When did you start working with Nextage?
Authomize was established about a year ago, and we’ve been working with them from the start. I’ve known Nextage for about 10 years – they provided financial services to a previous startup I founded. So, I’ve been working with Etti Hanochi in some professional capacity for several years now.
What services do they provide you?
Etti Hanochi acts as our CFO, and Nextage manages everything financial for us – from day to day accounting to salaries. As CFO, Etti manages our budget planning and strategy.
When I was looking for financial services for Authomize, I wanted to work with someone who has experience with startups – that’s the golden standard. I was seeking white glove service, and I wanted to have a high level of confidence and reassurance – the peace of mind – to know that when it comes to daily operations, accounting wise, everything would be taken care of. Etti and Nextage provide that, as well as helping build the company and planning ahead.
What’s your working relationship like?
Etti and I have a routine – we have a call every other week where we go over what has happened and plan ahead. We also have ‘anchor’ events, such as board meetings and quarterly reports, that require working more closely together to get them ready to the desired level. We have a very close and open dialogue, and I feel like I get white glove service. I feel like I get special treatment.
How has Nextage helped you?
The first year of a startup is unique – it requires planning ahead in a way that makes sense. We’re starting to build our plan moving forward, and there are lots of things that are difficult to do. It’s hard to guess how much we’re going to spend on lawyers, for example, or HR and recruitment. We need to understand the resources that we will need.
In our first year, we’re focusing on R&D and building a plan to get to product marketing. I have my own experience with startups, but it’s extremely helpful when you have someone like Etti who has a broad perspective and deep experience with startups. She’s able to say this is what your budget and spend should look like, and when life starts happening and you see those things are accurate, then you have the confidence that you’re on the right track and executing the plan. There are fewer surprises you have to deal with. And the more you’re on the mark with what you’ve budgeted, you know what your growth will look like.
What is it like working with Etti?
There’s a lot of ‘sanity check’ needed when you build a plan – not just with the numbers of specific line items, but also in really understanding how the strategy develops moving forward, and what makes sense. You need to have a trusted advisor, someone who can check your plans and why things do or don’t work. That’s the safe zone that you build as an entrepreneur.
There are certain kinds of advisors where I feel comfortable breaking down all the assumptions and really getting into the details and reasons behind something, and Etti is one of those advisors. She provides a sanity check and safety zone. It’s important to learn from mistakes and listen to people who have experience.
For me, the peace of mind I get and the ability to say “take this issue and run with it”, and knowing that it’s taken care of with a high level of confidence – that’s what I get from Nextage and Etti. They help me take things off my mind. The peace of mind I get is extremely important.