The Fast Startup Story: A Founder's Journey

Domm Holland, the co-founder and Chief Executive Officer of the e-commerce company Fast, is experiencing what many entrepreneurs aspire to achieve.

The genesis of his innovative concept stemmed from a personal observation. Holland witnessed his wife’s grandmother struggling to purchase groceries online due to a forgotten password, preventing her from finalizing the order.

“The situation struck me as entirely unreasonable,” Holland explained. “The notion that a simple sequence of characters could impede a commercial transaction seemed unbelievable.”

Passwordless Authentication: The Core Idea

Driven by this realization, he developed an initial version of a passwordless authentication system. This system allowed users to input their details a single time, eliminating the need for future logins.

Remarkably, within just one day, the prototype attracted tens of thousands of users.

The appeal of this solution extended beyond individual consumers. Within a short period of under two years, Holland secured $124 million in funding across three investment rounds.

Notable investors include Index Ventures and Stripe, demonstrating significant confidence in Fast’s potential.

Challenges and Growth

Despite the rapid success of Fast’s one-click checkout product, the path to achievement has not been without its difficulties.

Initially, Holland faced the challenge of being an Australian entrepreneur entering the Silicon Valley ecosystem as an outsider.

Upon arriving in the U.S. in the summer of 2019, his professional network in the Bay Area consisted of only one contact.

He meticulously constructed his network from scratch, attributing this success to consistent and dedicated effort.

Building a Network and Avoiding Pitfalls

Holland shared his experiences on the “How I Raised It” podcast, discussing his networking strategies.

He emphasized the importance of networking, not only for securing funding but also for the overall development of the business.

Furthermore, he highlighted common errors that he observes among new founders, offering insights to help them avoid similar challenges.

Here are key takeaways from his approach:

• Strategic Networking: Building relationships from the ground up is crucial.
• Hard Work: Consistent effort is the foundation of success.
• Understanding the Ecosystem: Recognizing the dynamics of Silicon Valley is essential for outsiders.

Prioritizing Relevant Connections

A foundational element of Holland’s networking approach centers on proactively contacting individuals with pertinent expertise.

Holland explained his initial experience upon arriving in the United States: “My goal was network development, yet I lacked existing connections within the Bay Area. Consequently, significant effort was dedicated to contacting professionals in fields like payments, technology, and identity authentication – individuals actively involved in large-scale network construction within major technology companies.”

Among those Holland engaged with was Allison Barr Allen, who at the time served as the head of global product operations at Uber. While Barr Allen also oversaw an angel investment fund, Holland’s primary intention wasn’t to secure funding.

He sought her insights as a leader responsible for a substantial financial services organization.

Barr Allen quickly recognized the potential of Fast, drawing upon her industry experience, and offered to facilitate introductions to venture capitalists. Jan Hammer from Index Ventures extended a pre-seed investment offer following a single meeting, prompting Holland to invite Barr Allen to become a co-founder and COO of Fast.

“Securing capital is only one aspect of the process,” Holland emphasized. “Building a successful company requires attracting talent, cultivating customer and supplier relationships, and establishing comprehensive ecosystems. Therefore, I prioritized meetings with anyone who could offer valuable knowledge or assistance in these areas.”

Prioritize Brevity and Targeted Outreach

During his network development in the Bay Area, Holland routinely scheduled between 10 and 20 meetings daily, a practice he often maintains.

He outlines a dependable method for establishing connections with new individuals:

• Identify Key Contacts Through Research. Holland receives numerous daily emails from founders seeking advice or investor referrals. However, a significant number demonstrate a “spray and pray” strategy, lacking preliminary research – their communications offer no contextual background or target industries outside of Holland’s expertise. “This approach places you amongst a multitude of others,” he explains. “Greater effort should be invested in research and personalized communication.”
• Compose Concise Outreach Emails. Individuals within the startup ecosystem are typically pressed for time. Therefore, delivering a succinct message that is easily digestible is crucial. Holland discovered an effective template early on: “I would state, ‘I am a founder from Australia, recently arrived in San Francisco, developing X, and would appreciate the opportunity to discuss it.’” This brief statement conveyed his focus – already determined to be relevant through prior research – and also piqued interest with his Australian origin.
• Focus on Engaging Conversation, Not Immediate Requests. Holland points out that not all outreach attempts involve a direct ask for funding or any other immediate benefit beyond a brief discussion. “The more aligned you are with an individual’s interests, the less you need to make a request,” he states. Initiate conversation around shared interests and allow the discussion to unfold naturally. “Some interactions will lead to strong connections, while others won’t; this is simply part of the process.”

Genuine Relationships are Paramount

Despite his apparent rapid progress in the startup world, Holland stresses that success isn't achieved through shortcuts.

There is no readily available database connecting founders with a vast network of investors, nor is any presentation, regardless of its polish, guaranteed to secure funding.

“The most effective approach remains cultivating genuine human connections,” he asserts. “This is the key to successful fundraising.”

Furthermore, he adds that proactively reaching out and engaging in meetings demonstrates to industry peers your capacity for dedication.

“The ability to consistently pursue these connections also signifies your potential to build a business, as it mirrors the effort required to acquire customers and assemble a team,” he explains. “These are vital qualities that showcase your ability to execute effectively.”