AI Startups, Fundraising & the Pivot That Transformed Sylvester.ai – with Susan Groeneveld

This transcript has been generated using AI technology. There may be errors or discrepancies in the text. The opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views of the show or its hosts.
Susan Sly – 00:00
Hey everyone, wherever you are in the world, I hope you're having an amazing day, and I am super excited about this episode of Raw and Real Entrepreneurship. Periodically, I will bring my friends back on their entrepreneurial journey because it's the best service to you—whether you are currently an entrepreneur or thinking of becoming one—to be able to see what happens one year later.
My guest today was on a year ago. She had a startup that she was building in the AI space, and she pivoted hard. She then went on to say, "I'm not going to go direct to consumer—B2C, as we call it." Instead, she decided to go B2B, business-to-business. In this episode, we are going to find out what happened for her, what she learned, and we are getting really deep into how to raise money and be scrappy—especially for women.
Now, Raw and Real Entrepreneurship is a show for all of you, and it has been such a great joy to bring men and women who are crushing it in the entrepreneurial space, as well as those who have had their struggles and even lost businesses. We are going to talk about the challenges women face, but this also relates to men because money is not cheap right now. Depending on when you are listening to this show, interest rates are still high, and VCs are being a lot more cautious in terms of how they deploy capital. We are going to give some real, actionable tips on raising the money you need to grow and scale.
So, it's going to be a fun episode!
Before we jump in, I am asked all the time, "Susan, how did you build your network?" When people look at thePause™, my new startup, and see me with Hewlett-Packard, Microsoft, Samsung, and all of these incredible people, they want to know how I made those connections.
The thing I will say to you is:
You have to get creative.
You have to be memorable.
When you are at an event with thousands of people—like the Consumer Electronics Show, where there are 150,000 attendees—how do you stand out? A business card isn't going to cut it.
For the last few years, including with every single guest I have on this show, I use a product called Promptings. It allows me to literally take a photo with my camera, capture the person's address, and send them a personalized card in about five seconds—whether it's, "Hey, it was so great to meet you at CES," or "I really loved those red shoes!" Whatever the case is, I have built incredible long-term relationships through this tool.
You can go to SusanSly.com/trustedpartners and check out Promptings—it has some amazing packages, and you can get started in just moments. The key is: be memorable, build relationships, and scale your business.
And if you haven’t checked out my newest project, it is called thePause™. We are getting some amazing support because by the year 2030, there will be 1.1 billion women in menopause. Women enter menopause, on average, at age 51, and we spend 40% of our lives in menopause.
So, we have built a digital health platform—available in the App Store—that is going to save you time and money. Instead of guessing, "Am I in menopause? Am I in perimenopause?" you will be able to determine quickly which stage you are in.
We also have a generative AI agent named Harmoni™. She does everything from writing a grocery list to creating a workout plan. She will help you optimize your schedule, and if you need a coach in the middle of the night because you are struggling with your mood, she is there to assist.
So go to www.thePause.ai to check it out.
With that, speaking of AI, let’s get into today’s show.
My guest is a distinguished serial entrepreneur specializing in agricultural science, not AI, and she has grown several technology-based businesses. Her 25-year career has included leading commercialization for some of the largest global companies in animal health and agriculture.
She co-founded an award-winning North American marketing agency and has been recognized as a top finalist for Entrepreneur of the Year for Women in AI. That is how I met her—I was a top five finalist too! That’s how we connected, and now, her latest project, Sylvester.ai, is helping people understand their amazing pets—especially cats—in a whole new way.
This technology helps cat owners recognize when their cat is in pain and understand what their pet is going through.
And if you're not a cat lover, you will still love this episode. Did you know that cats are now the #1 pet companion? People are learning more about cats than ever before, and this technology is gaining widespread adoption, helping kitties everywhere.
I have two kitties—Nigel and Luca—and they are living their best lives with this kind of innovation.
So, I am excited for you to hear this episode with my dear friend, Susan Groeneveld.

Voiceover – 05:59
This is Raw and Real Entrepreneurship—the show that brings you the no-nonsense truth about what it takes to start, grow, and scale your business.
I am your host, Susan Sly.
Susan Sly – 06:13
Okay, Susan, so we have a show to do because you and I started chatting before the record button, and we're catching up. We haven't spoken in a year, and I always love bringing back founders to do a check-in. You have so much good news happening, so let's catch up. What has happened for Sylvester.ai in the last year?

Susan Groeneveld – 06:38
Yeah, you know, as an entrepreneur, we don't generally look backwards, right? This is actually really hard work for me—to think about what's behind me—because I’m always thinking about what's ahead.
But we've had a really good year, and I think I'll start with where we are today and then move backward.
So today, we're scaling into a potential 1,000 veterinary clinics. If you recall, our technology is for cats, and cats are now the fastest-growing companion animal segment. The pet care industry itself is bigger than pediatrics in human healthcare, and our companions have become a crucial part of the family—as emotional support, for well-being, and so much more.
For cats, this is a huge deal for us. With 1,000 potential clinics using our technology, if you think about how many cats per clinic, the doors are wide open for us.
Right now, we have two contracts in place. If we get just one of them even half right, we are already miles ahead in what we're doing.
So, what’s really changed in this past year? People are far more comfortable with AI in their lives. I’d say that’s probably the biggest shift for us.
A year ago, when we talked about AI, people weren’t really sure how it worked. Investors weren’t sure how to make money in it. And now, as you know, if you follow PitchBook, Crunchbase, or any industry news, AI is everywhere—and people are betting on it.
That shift has been huge for us.
Then, couple that with the fact that the trend around cats is skyrocketing, and we’re hitting all the right points in terms of what’s exciting in the pet care industry. There are not a lot of options for cats—and if this sounds familiar, like the way women’s health has been overlooked compared to men’s health, that’s exactly how I think about it.
We are focusing on a species that has been widely overlooked for a long time.
A lot of the research done for cats has actually been conducted on dog products, and even today, there is still a huge bias against cats. These biases show up in small but meaningful ways, and that’s what we’re addressing.
So, when I think about your journey, Susan, and the work you’re doing in women’s health, it’s a parallel path. It’s a long road, but things are finally starting to escalate quickly for us.

Susan Sly – 09:27
Well, and for the listeners who didn’t hear our first show, you did a massive, fast pivot, which I found—candidly—so inspiring.
You initially launched in a B2C model, and you had great traction. I seem to remember something like 30,000 downloads in the first week because the Associated Press picked it up.
And then you said, “You know what? No. We’re going to pivot.”
Instead of B2C, you went B2B—which, honestly, most founders wouldn’t do after seeing those kinds of numbers.
But you made the call and now, fast forward a year, you are expanding into 1,000 vet clinics and growing.
You also just completed your pre-seed round and are opening your seed round now.
So, my burning question for you, Susan, is this:
Do you find that VCs who have cats are a lot more receptive than those who don’t?
Susan Groeneveld – 16:18
I think—this isn’t just about women, I would say this applies to any entrepreneur.
I talk to a lot of founders now, and I’ve also worked in the past with groups that have raised $100 million in VC funding, and to a fault, I’d say: they’re not thinking big enough.
If you’re going to play it safe, we already—and now I’m going to put on my female founder hat—we already know that we are great at managing businesses.
We’re prudent, we’re committed, and we have that relentless pursuit that keeps women at the forefront.
We know the stats—right? Our businesses are more successful.
But on the flip side, we often don’t think big enough.
In the VC space, when you're going after funding, investors want to hear a big story.
So what’s really interesting now is that you can either:
1️⃣ Play it safe and not think big enough—and never even get a chance at funding
2️⃣ Feel uncomfortable and make promises you’re not entirely sure you can deliver on
And honestly, that’s what’s happened in the past with a lot of raises.
If you look at the SaaS world in the early 2020s, the overvaluation of companies was shocking, right?
And now, they’re backpedaling like crazy.
So, in a way, I feel like this is a great time to be raising as a startup—because everyone is being more realistic.
Yes, it’s harder, but it’s always harder than we think.
So—choose your hard.
One of the biggest pieces of advice I’ve been given is: just take what you need.
As a woman, it's probably going to be more than you think—because we tend to believe we can just "get it done" with a little more elbow grease.
So, take a little more than you think you need—but you don’t have to sell yourself as if you’re going to the moon.
That said, I almost guarantee that people aren’t thinking big enough.
So, the question is—what’s that middle ground?

Susan Sly – 18:32
I love what you said about just take what you need.
So, for our seed round, we are raising $1.5 million—which, to be candid, if I were a man, I’d probably be raising more.
But we are taking what we need to get to profitability and scale.
Why raise more and over-dilute when we don’t need to?
For many women founders, this means stepping back and figuring out key questions:
1️⃣ What do I need to get my minimum marketable product out the door? (If that’s your pre-seed round.)
2️⃣ What do I need to scale and reach profitability? (If that’s your seed round.)
3️⃣ What do I need to hit my next moonshot? (If that’s your Series A, B, etc.)
And the key? Surround yourself with women who have walked that journey.
Because the reality is, men raise more capital.
In fact, the statistic actually went down.
It used to be 2.5% of women-led VC pitches got funded—and now, it’s down to 2.3%.
If you are a Brown or Black woman, that number is far lower.
So, there are already headwinds against women raising capital.
That’s why you have to walk in with confidence—that Amy Cuddy power pose!
And know that you might have to pitch 3x, 4x, 5x—maybe even 10x more than a man—to get those yeses.
So, my burning question for you:
Is this a priced round, or are you doing a convertible note?

Susan Groeneveld – 20:10
It’ll be a priced round.
We’re just finalizing the terms right now.
I’m fortunate that, because of the space we’re in and the interest we already have, investors are lined up for conversations.
I was actually going to wait until I had more of my monthly recurring revenue sorted—because we have projections with all these clinics.
But right now, we’re executing with contract people—who are fantastic, but it’s still a grind.
Because we are constantly moving things forward.
Our lead VC said:
"Hey, you know what? Let’s raise now—on the opportunity—so you can put in the right people to hit the milestones."
And honestly? Sometimes you have to go slow to go fast.
Even though last year flew by, we actually slowed down with our pivot—so that now we can scale much faster.
So, I am really excited to roll into this seed raise.
For your listeners who haven’t raised pre-seed yet, or are still dealing with angel investors and SAFEs, let me just say this:
Pre-seed is hard.
It’s probably the hardest money you’ll ever raise.
And another insight?
You’re never going to stop raising.
For about six months, I told myself, “Oh, I’ll be glad when I don’t have to worry about money and can just focus on the product.”
And now?
I realize—I will always be thinking about money.
And once I accepted that, it was totally fine.
So, we’re never done raising.
Even when you’re profitable, there’s always going to be the next round, the next expansion, the next opportunity.
This is why the passion you have for your company has to be everything.
Because if you’re in this for the long game, you need to be 100% all-in.
One last piece of advice?
Start with an exit in mind.
That’s what I mean about thinking bigger.
This isn’t just about proving people like your idea.
This is about taking the long view and asking yourself:
Who is going to buy this product or this business?
How big is the market?
Where are the boundaries?
I’ve just resigned myself to thinking this way in life.
And honestly, it’s so great talking to you, Susan, because I feel like you think the same way.
I look at business models all day long.
When I’m buying clothes, I’m thinking about the business model I’m supporting.
I don’t think about products—I think about business models.
I’m not thinking, “Oh, I love this makeup brand.”
I’m thinking, “What’s their competitive advantage?”
I literally live in the land of business models.
I don’t know if you’re the same way, but honestly, that’s all I think about now.
Susan Sly – 23:18
I do.
And we were actually talking about this before the show started.
So, I think we are around 400 episodes now—and I actually stopped the show last year when my dad died.
Because honestly, Susan, I was grieving—but I was also standing up a company.
And I told our producer, “I can only do what I can do.”
Being an only child, living in the U.S., but with my father in Canada—there was a lot to manage.
And for anyone who has ever lost a parent or a loved one, you know there’s so much that happens.
You deal with everything else first, before you can even begin to process your own emotions.
So, at the same time I was raising money, my dad had passed away, and I was also finishing a second program at MIT in the engineering school.
There was just only so much I could do.
And you asked me a great question—
"You're still doing the show… what drives you?"
And it’s conversations like this.
Because people tell me all the time, “Oh, you really break things down.”
On some shows, you hear things like:
"We raised $100 million!"
But that makes it sound glamorous—when in reality, you nailed it on the head:
🚀 You are always raising money.
🚀 You are always thinking about business models.
🚀 You have to be able to pivot—fast.
Because the moment you start getting traction, competitors will be on your heels.
You have to assume that there are other people out there working on similar ideas.
So, every single day, you have to be in it.
Now, I want to ask you—
In the last year, what has been your biggest personal growth as a founder?
Because I heard something recently—
I was listening to The Lewis Howes Podcast, and one of his guests said:
"The consciousness of the company is directly related to the consciousness of the CEO."
And that hit me.
Because if we aren’t growing, the company isn’t growing.
So, Susan—what has been your biggest growth in the last year?

Susan Groeneveld – 25:36
Boy…
I think you hit a lot of it on the head—
Balancing family, other competing priorities, and really getting clear on where I want to spend my time.
I’ve become an absolute barracuda about how I spend my time.
Before, I used to want to be the nice person who took all the calls, helped whoever I could, and listened to every sales pitch.
But now?
I am ruthless about it.
I just can’t take all of that on.
So, I’ve grown a lot in that area.
I’ve also grown in realizing that running and scaling a startup is like doing a mini MBA every single day.
One day, you’re in HR.
The next, it’s product management.
Then, it’s sales, operations, and fundraising.
You are just constantly in the water, swimming.
For me, one of the biggest areas of growth has been learning how to get the right people on the team.
Because now that we’re scaling, I can lead it—but I can’t do everything.
So, I’ve started using EOS—which is an operational system—to make sure I have the right people doing the right work.
And let me tell you—
Two of the people that, this time last year, I would have sworn were my ride-or-dies?
They are no longer with us.
I actually just met with one of them yesterday, and it’s all good—because there’s a fluidity in startups.
You need the right people for the right period of time.
I am pretty transparent about that.
It doesn’t have to be a bad experience for anyone, but not everyone is meant to go the whole way with you.
And something funny—when we bring people on board, we always ask, “Do you have cats?”
And almost everyone on our team does.
We don’t specifically select for it, but on those really hard days—the ones where you wonder if you should just pack it in—you look at your pet, or you look in the mirror, and you remember:
"How many other people are going through this exact thing?"
That’s when you have to get really transparent with yourself.
So, I think I’ve done a lot of growth in just getting real about life—because there are so many illusions in this world.
At the end of the day, what really matters?
The other thing I’ll say—
I used to think I didn’t need to understand everything.
Like, “Let’s hire a CFO, because they’re an accountant.”
But the reality?
If you don’t know it, you are going to have to learn it at some point.
So, it’s better to just dive in and learn all the things.
Don’t resist it, because you will have to figure it out eventually.
And one more thing—
As successful women, I think we sometimes have a little bit of imposter syndrome.
Because we want to be at the table, and we know we are as good—if not better—than anyone else at that table.
But the reality is—it’s okay to ask questions.
It’s okay not to know everything.
Surround yourself with people you trust.
I have an amazing team—
✅ A strong lawyer
✅ A strong head of operations
Those roles are crucial.
So my advice? Just rip the Band-Aid off and do it—because it’s going to happen anyway.

Susan Sly – 29:29
Oh my gosh…
I was trying not to laugh—like that deep, deep laugh—when you said, “You have to understand everything.”
Because it’s so true.
I just had this exact conversation this morning.
So, for this seed round, we are doing a convertible note, and then the lead investor will set the price and terms.
So, right now, we are dating potential leads.
And this morning, I was talking to my CFO, and I said,
"Did you review the draft from the attorneys?"
And he said, “Well, I glanced at it.”
Then he asked, “Did you review it?”
And I said, “Listen—I am expecting YOU to review it before I review it.”
Because my time is valuable.
I am involved in every single aspect of this company—
AI development
Sales
Marketing
Operations
You name it, I am in it.
So, I told him—I expect you to review it first and then weigh in.
And the funny part?
Susan, my CFO is my husband.
So, that was our 7 AM discussion today.
Susan Groeneveld – 30:39
That’s good, though. That’s good.
You know what? Because you keep it real that way.
But I think establishing expectations is super important.
Because we’ll jump in and do things, right?
And I’m sure that every founder would as well.
But I do feel like, when a company is male-led, especially for women in support roles—which is where we are often placed—we tend to dig in operationally.
So, as a female founder, I think it’s very, very important to have clear directives and say:
"No, this is your role. This is my role."
I’m not doing that.
If I were in your role, that’s what I would do.
But I’m not—I’m in this role.
So, make it very clear in terms of delineation—and don’t apologize for it.
Because…

Susan Sly – 31:35
Yes!
Don’t apologize.
Don’t apologize for being a badass.
Don’t apologize for your knowledge.
I love that you said that—because women have to stop apologizing for their knowledge.
You might go into a VC pitch, and this actually happened to me.
I was pitching a past company, and it was all men in the room.
After the pitch, the lead investor takes me aside and says:
"Women like you often have to compensate for their gender. You came off as overconfident or something."
And I’m like…
Wow.
Do you say that to men, too?

Susan Groeneveld – 32:20
Like, really?!
Yeah, it’s incredible.
I have another business that my husband and I have had for 20 years.
It’s been very, very good to us.
And recently, we had to change some payroll services.
The provider asked me for proof of ownership—to confirm that I actually owned the company—before making the change.
And I’m like…
Really?
After 20 years?
Like, if I were a man, would they have even questioned it?
That is wild.
And look—I’m not saying the world isn’t changing.
It is changing.
It’s not about being problematic—but it is about standing in our power.
Because there are so many men who support where we’re going.
So, when you run into someone like that VC, it is just so off-putting.
It’s hard to know how to respond—because you’re just not expecting it.
Do you just sit there and take it?
Or do you have a TV moment where you decide,
"I’m going to drop the mic right now."
It’s off-putting, because you just don’t expect it.

Susan Groeneveld – 30:39
That’s good, though. That’s good.
You know what? Because you keep it real that way.
But I think establishing expectations is super important.
Because we’ll jump in and do things, right?
And I’m sure that every founder would as well.
But I do feel like, when a company is male-led, especially for women in support roles—which is where we are often placed—we tend to dig in operationally.
So, as a female founder, I think it’s very, very important to have clear directives and say:
"No, this is your role. This is my role."
I’m not doing that.
If I were in your role, that’s what I would do.
But I’m not—I’m in this role.
So, make it very clear in terms of delineation—and don’t apologize for it.
Because…

Susan Sly – 31:35
Yes!
Don’t apologize.
Don’t apologize for being a badass.
Don’t apologize for your knowledge.
I love that you said that—because women have to stop apologizing for their knowledge.
You might go into a VC pitch, and this actually happened to me.
I was pitching a past company, and it was all men in the room.
After the pitch, the lead investor takes me aside and says:
"Women like you often have to compensate for their gender. You came off as overconfident or something."
And I’m like…
Wow.
Do you say that to men, too?

Susan Groeneveld – 32:20
Like, really?!
Yeah, it’s incredible.
I have another business that my husband and I have had for 20 years.
It’s been very, very good to us.
And recently, we had to change some payroll services.
The provider asked me for proof of ownership—to confirm that I actually owned the company—before making the change.
And I’m like…
Really?
After 20 years?
Like, if I were a man, would they have even questioned it?
That is wild.
And look—I’m not saying the world isn’t changing.
It is changing.
It’s not about being problematic—but it is about standing in our power.
Because there are so many men who support where we’re going.
So, when you run into someone like that VC, it is just so off-putting.
It’s hard to know how to respond—because you’re just not expecting it.
Do you just sit there and take it?
Or do you have a TV moment where you decide,
"I’m going to drop the mic right now."
It’s off-putting, because you just don’t expect it.

Susan Sly – 33:43
And to your point—there are so many great men out there.
That’s why people have asked me,
"Why don’t you just make Raw and Real Entrepreneurship all about female founders?"
Because I love collaborating with great men.
And I love learning from them.
I think, historically, men were the first to enter the startup world.
Yes, some women did, but not many.
If you look at all the big tech companies—Apple, Microsoft, and so on—they were all started by men.
Not because women weren’t interested, but because women weren’t encouraged to be in STEM.
They weren’t encouraged to code.
So, we have a lot to learn—and there are fantastic men who support us.
Of course, there are bad actors in every group—regardless of gender.
And that’s why raising capital as a woman is going to be different.
To your point—women-led startups are 68% more profitable.
But our first two years are usually scrappy.
We cobble things together and figure things out.
And as you said—just because we CAN do everything, doesn’t mean we SHOULD.
Let me give you an example—
Because this is Raw and Real Entrepreneurship, and I share my life.
So, right now, I’m in Scottsdale.
After you and I spoke, we decided to buy a house in Montana.
The plan was to live in Montana, get the company going slowly, and do everything virtually.
And, like you and your husband, we also have another business we’ve had for over 20 years.
So, I thought, "I’ll just work remotely, solidify things, and do virtual meetings."
But then?
There was more and more demand for face-to-face.
So, I kept flying back and forth between Montana and Arizona.
And I just couldn’t do it anymore.
My husband, Chris, and I had a huge fight.
And, by the way—people say, “Oh, Susan tells people she and Chris fight.”
Yes, I do.
Because if I tell you myself, then there’s nothing to hide.
If you want to gossip about me, just listen to my show—because I tell you everything.
So, Chris and I had a big fight.
He said, “I don’t really want to move back, but I know you need to go back. I know we need to go back.”
So, on New Year’s Day, I got on a plane with our youngest daughter, flew back to Arizona, and now the house is on the market in Montana.
And I’m building this company as a single mom during the week.
I’m making dinners, running to track practice, doing all the things—while also standing up a startup.
And we’ve off-ramped all of our external developers—we are hiring direct now.
We are up to 13 employees.
And at this time last year, it was just an idea on a PowerPoint.
So, just because we CAN jump in and do everything—
Make dinner, help with homework, clean up everything—
It doesn’t mean we have to bring that ethos into our startups.
Let me ask you this—
You mentioned, you know, two of your ride-or-dies are no longer with you. How have your standards changed in terms of who deserves to come on this journey at Sylvester.ai with you at this inflection point in the company?
Susan Groeneveld – 37:21
That’s a hard question. That is such a hard question.
When I started, I didn’t fully know what I needed—because the way the business has evolved over the past year is wildly different.
Now, we have revenue knocking on the door—which is significant.
Before, when we were still conceptual, you needed people who could grab something out of thin air and make it mean something.
But as the business becomes more concrete, you need people who can scale processes.
And this ties back to our pivot from B2C to B2B.
We are trying to build something that is scalable and repeatable—not just a business with profit or revenue.
To do that, you need people who think in processes.
People like you and I—founders—we are visionaries.
We are looking over the next horizon.
But the people around me?
I need people who can build out process and scale.
The people coming to me now are those who have been in a startup before.
They have exited a startup—so they have seen it through to an exit.
They understand digital, because I live in the AI and digital space.
And they understand the veterinary space.
So, I am being very intentional now.
It’s not just, “Oh yeah, this person is a friend, and she has good organizational skills, so she’ll be great.”
No. It’s very intentional.
Because, again, I ask:
What is that exit?
And who can help me get there?
Because we are trying to scale something.
The people I need now understand ESOPs, they know when to come in with a share, and they have a different level of experience.
And the people who are ready for you—they will find you.
You can tell—just from LinkedIn, from your company’s visibility—people will be attracted based on where you are in your stage of growth.
And if someone is just showing up at a startup for a paycheck—which can be really tempting when you’re raising money—they won’t last.
You know, I deal with four different lawyers for different aspects of the business.
And they are always the happiest people when I do a raise—because they get paid to do the paperwork, right?
But when you are working through a raise, the people who are only in it for the paycheck?
They are not going to last.

Susan Sly – 40:16
Absolutely.
And to your point—what drives me crazy?
I was speaking with one of our team members—we have some contractors, and we also use some overseas resources because it is more cost-effective.
But if someone has stake in the ESOP, and they refer to the company as “your company” instead of “our company”, I will shut that down immediately.
Because early employees get the best equity.
So, no—this is our company.
And if you don’t think that way, you are not a fit.
That’s just something I don’t tolerate.
And honestly, since the last time you and I spoke, I would say two things have really changed for me:
1️⃣ I guard my time fiercely. Just like you.
2️⃣ I will fire fast.
If you are not a cultural fit, you are gone.
Another thing we changed—none of our advisors get equity unless they are investors.
So, if you see someone on our website, it’s because they are an investor.
Right now, I have two investors who are highly skilled technologists who are volunteering their time.
One of them is fixing problems for MIT—literally getting into our code, helping with processes, and interviewing candidates.
And I don’t have an ego about it.
Like you said—you have to be able to ask for help.
And especially when you are raising money—my advice for any founder is this:
🚨 Do not give a bunch of equity away to advisors who aren’t investors.
Because—let’s be honest—I have never really seen them do much of anything.

Susan Groeneveld – 42:11
Yeah, totally agree.
Susan Groeneveld – 42:11
And, you know, that's interesting, right?
Early on, I had people coming to me asking to be a co-founder.
From an investment point of view, I’ve been told that having co-founders makes a company more attractive, in case someone gets burnt out.
But then, you also have to deal with the co-founder, right?
So, I have actually said no to anyone who wants to come in without a check.
I’m the same as you.
Because if someone believes in it so much, I ask, "Why don’t you invest?"
And then, I think the second part of that is having a minimum investment amount.
Because you don’t want to take everybody’s money.
You don’t want 40 different investors—because when you convert into equity, that’s a lot of people.
And in the next round, it just makes things more complicated.
So, I set a minimum investment amount.
What was your minimum in…

Susan Sly – 43:19
Your pre-seed?
If you’re willing to share.
$50,000?
Yeah, we did $25,000, because we are in the U.S., and a lot of my connections are in Canada—so the exchange rate was amazing.
Our check sizes ranged from $25,000 to $500,000.
I wanted to make it accessible in that regard.
But now, our minimum is $50,000.
We won’t take a lot of individuals in the seed round—it will be mostly VCs.
But we have people who missed the SAFE round and really wanted in—so that’s what we decided to do.

Susan Groeneveld – 44:00
Yeah, no, that makes sense.
We did a SAFE in pre-seed, and we raised just over $1 million in pre-seed.
Now, we are moving to seed.
We haven’t set the valuation yet, but I brought in a VC during pre-seed—which usually, you wait and do in seed.
But man, they have been fantastic.
They are a pre-seed-focused investor, so they are here for it.
They are local to my area, out of Calgary.
Their name is Antiquity—I’ll give them a plug.
They have been super smart, super engaged, and super supportive.
And they will lead our seed round and help bring in other investors.
So, that was a big deal last year—getting that all sorted, getting people converted.
A lot of founders don’t think about dilution—but they should.
Since we last spoke, I’ve had other female founders in the same space as me, and some of them have had to take jobs because they weren’t paying attention to dilution.
They had revenue, but they didn’t know how to scale because they had already given too much away.
And then, they were just working for someone else anyway—because they felt stuck.
That is a cautionary tale.
The odds are already against us as founders.
When you do a startup, the odds are not in your favor.
You have to be really thoughtful about this.
Don’t just take money because someone says, "Oh, you have a great idea."
Do your homework.
And you know—you talked about dating.
I hate to say it like that, but these investors are people you will be tied to for a long time.
So, if you get bad vibes, walk away—it’s not worth it.

Susan Sly – 46:09
No, not all money is equal.
And that’s the thing, Susan—there is so much we could talk about.
I took a full page of notes during this conversation!
You are such a badass.
And as a two-cat mom…

Speaker 1 – 46:29
What? Did you just have one cat last year?

Susan Sly – 46:34
So, we got a rescue cat named Nigel.
Yeah, when you and I first met in Toronto, I didn’t have Nigel yet.
And—shoutout to Women in AI—I’m now on the jury, so I’ll be vetting AI stars.
But now, we have Nigel.
He is a gray tabby, and he is rambunctious.
He was a rescue—found on the streets of Phoenix in 120-degree heat.
And he loves to be rocked like a baby—but only by me and our youngest daughter.
He has these big green eyes, and he is darling.
We don’t specifically ask people if they have cats—but we do ask if they have pets.
And if someone doesn’t have a pet, we make them an AI in our Slack channel for pets.

Susan Groeneveld – 47:27
Did you know they just did some research—and, probably no surprise, but—
We get an oxytocin release around cats.
Probably dogs too, but I’m more familiar with the cat research.
So, the fact that Nigel loves being rocked like a baby—it’s just as good for you as it is for him.

Susan Sly – 47:43
Absolutely. I totally feel that.
So, what do we do if our vet doesn’t have Sylvester.ai yet?

Susan Groeneveld – 47:50
You know—ask them about it.
Our ideal customers are actually digital platforms.
Clinics can use Sylvester.ai directly, but ideally, we work with their digital providers—the ones handling appointment reminders and client communication.
So, if your vet doesn’t have Sylvester.ai, tell them about it!
And reach out to us—or we can reach out to them.
It’s only a matter of time, because this technology is profoundly changing the lives of cats—and the people who love them.

Susan Sly – 48:37
Well, Susan, it is always good to catch up with you.
And sister, you are crushing it.
Every time we chat—which is apparently once a year—you are such an inspiration.
Because we know the startup odds—to your point, 90% of startups fail.
Most do not get to where you are—raising a seed round, generating revenue, and scaling.
That is a testament to your leadership, your willingness to grow, and your ability to execute.
So, thank you for being on the show.

Susan Groeneveld – 49:10
Well, let’s do a face-to-face.
I was in Arizona last January, so we’ll plan something.
It was a pleasure to talk to you.
Sounds like we are on a similar journey.

Susan Sly – 49:22
We definitely are.
And yes—we will have a face-to-face, no question.
For everyone listening—follow Sylvester.ai, follow Susan, and check out the show notes for all the links.
And if you love cats, ask your vet about Sylvester.ai!
We have to get this technology into all the clinics that care for your fur babies.
So, Susan—thank you again for being here.

Susan Groeneveld – 49:52
Thank you so much.

Voiceover – 49:55
This has been another episode of Raw and Real Entrepreneurship.
I would encourage you to go back and listen to my first interview with Susan.
And if you love the show—please share it and give us a 5-star review.
See you in the next episode!

This transcript has been generated using AI technology. There may be errors or discrepancies in the text. The opinions expressed by the guests on this podcast are their own and do not necessarily reflect the views of the show or its hosts.