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⚙️ Why ambition could be killing your finance team

Aman Samra, VP of Finance at Spellbook

Author

Rameel Sheikh
September 22, 2024

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Aman Samra's journey from Big Four accounting to VP of Finance at AI unicorn Spellbook offers a route forward for many wanting to break into startup finance. In our conversation, Aman shares:

  • Why traditional accounting skills aren't enough for startup finance roles

  • How to build and structure an early-stage finance team

  • The evolving challenges of finance in AI startups, including gross margin considerations

  • Why hiring for cultural fit can be more important than pure ambition in finance roles

  • The unsexy but crucial tasks every finance leader must tackle

Listen now on Apple Podcasts, Spotify, and YouTube.

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Chat soon,

Rameel

Aman Samra's path to becoming VP of Finance at Spellbook is a testament to the evolving nature of finance roles in startups. Starting his career in traditional accounting at firms like BDO and RSM, Aman made the leap to startups, serving as an early finance hire at multiple companies before landing at Spellbook.

His experience spans various industries, including biometrics SaaS, consumer product marketplaces, and B2B fintech, giving him a unique perspective on the challenges facing finance leaders in high-growth environments.

Key takeaways:

  1. Prioritize generalist skills for early finance hires: Look for individuals who can adapt to the evolving needs of a startup rather than deep specialists.

  2. Structure your finance team thoughtfully: Start with a leadership role, then add specialized roles in accounting, biz ops, and eventually FP&A as the company grows.

  3. Be cautious with fractional CFOs: While they can be valuable, choose carefully and ensure they have relevant startup experience.

  4. Plan for unique gross margin challenges in AI startups: Be prepared for potentially lower gross margins due to LLM costs, and focus on building a scalable, repeatable business model.

  5. Balance ambition with cultural fit: When hiring for finance roles, consider the nature of the work and look for individuals who will be satisfied and effective in their roles long-term.

  6. Embrace the unsexy tasks: As Aman notes, tasks like data cleansing are crucial for accurate financial reporting and decision-making.

  7. Adapt finance strategies for AI businesses: Understand the unique cost structures and potential future challenges in AI-driven businesses.

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