Openly's 00M Playbook: Cofounder Roles, Accelerators, and Why Stealth Mode Is a Mistake
Openly raised 00M by nailing the fundamentals first. Learn their co-founders' playbook for defining roles, deciding on accelerators, and why you should kill "stealth mode" before it kills you.
TL;DR: Founders Ty Harris and Matt Wielbut raised 00M for their insurtech startup, Openly. Their success highlights critical, often-overlooked early-stage principles: define cofounder roles with extreme clarity from day one, share your idea widely to get feedback, strategically evaluate accelerators instead of joining by default, and consistently celebrate small wins to maintain momentum.
Key takeaways
- Stop hiding your idea. The risk isn’t theft; it’s building something nobody wants.
- Define cofounder roles and equity in writing before you start. Who is CEO? Who breaks a tie?
- Treat accelerators as a strategic choice, not a default path. Weigh the equity cost vs. network benefit.
- Don't wait for the funding announcement to celebrate. Systematize celebrating small wins to keep morale high.
- Your cofounder agreement is your startup pre-nup. Get the uncomfortable conversations out of the way early.
- Use a simple script to get feedback on your idea from experts without asking for money.
Stop Hiding Your Idea. It’s Costing You.
One of the most common mistakes first-time founders make is obsessing over secrecy. They operate in “stealth mode,” terrified someone will steal their brilliant idea. The founders of Openly, who have raised over 00M, learned the opposite lesson: share your idea relentlessly.
The value of a startup is in its execution, not the initial concept. The brutal truth is that your initial idea is probably flawed. The only way you discover the flaws is by exposing it to the harsh light of feedback—from potential customers, industry veterans, and experienced operators.
The Real Risk of Stealth Mode
You might spend six months and $50,000 of your savings building a product based on a secret idea, only to launch and discover no one wants it. The risk isn’t that someone steals your idea; it’s that you waste your time building the wrong thing. Execution is 99% of the battle, and a dozen other teams are likely already thinking about something similar. The winner will be the team that learns and adapts the fastest.
How to Safely and Effectively Share Your Idea
Sharing your idea doesn’t mean shouting it from the rooftops indiscriminately. It means systematically de-risking it with targeted feedback. Here’s how:
- Target Customers: Identify 20 people in your target demographic. Don't sell them. Ask them about their pain points. Do they even recognize the problem you’re trying to solve?
- Industry Experts: Find 5-10 seasoned professionals in your market on LinkedIn. Ask for 15 minutes of their time to get their opinion on a concept you’re exploring.
Here’s a simple script you can adapt for reaching out:
Subject: Quick question re: [Your Industry]
Hi [Name],
My name is [Your Name], and I’m an early-stage founder exploring a new concept in the [your industry] space. Your experience at [Their Company] is exactly the perspective I’m hoping to learn from.
I’m not selling anything or raising money. I’m just trying to validate an idea and would be grateful for 15 minutes of your candid feedback on whether you think it solves a real problem.
Would you be open to a brief chat sometime next week?
Best,
[Your Name]
This approach respects their time, clarifies your intention, and makes them more likely to help.
The Cofounder Prenup: Define Your Roles Before Day One
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