Secrets from Atlanta's Tech Titans: What They Wish They Knew Before Selling Their Startups

Atlanta entrepreneur and venture capitalist Jewel Burks Solomon was just 23 when she got the idea for her first startup, Partpic, an industrial parts search company using computer vision.

Snap a photo and Partpic’s technology could identify the part.

Partpic was accepted into the Advanced Technology Development Center at Georgia Tech, SouthTech, and a venture capital firm, receiving more than one promising grant.

"Being able to connect with entrepreneurs who had done it before allowed me to find a community," Solomon said.

Amazon bought Partpic in 2016, catching the attention of big online sellers.

Solomon Burks, who has founded her own coaching firm for entrepreneurs, shared that she made mistakes in her first company.

From the Women's Global Leadership Conference at Agnes Scott College, with speakers Jessica Owens, Jewel Burks Solomon, and Sanjay Parekh, here are some hard-earned lessons shared by these veterans.

When times get tough …

It's important to build a network of people who will help you even when things get tough, said entrepreneurs who have built successful companies like Atlanta Data, Digital Envoy, Margaret Parker, and Solitary.

"Even I've had 20 co-founders early on who I now know wouldn't work out today," said Parker.

"Keep in touch with those people who become helpful co-hosts and live in making news," Parker added.

People are super important

"People who don't help are also super important," said Parker. "It's important to know who will give help when you need it."

Parekh said it's easy to find people going through tough times who really want to help.

And Burks Solomon added: "Especially when things get hard, be sure to keep talking to people: don't make them feel closed off."

Managing entrepreneurship

"Entrepreneurship — figuring out how to manage those things with your team is super important," said Burks Solomon. "Maintaining relationships is key, but it can be difficult for entrepreneurs."

She added that it's important to understand what you're willing to sacrifice. Entrepreneurship is a big part of her life.

"For me, because I built a better business during the pandemic, I had to make many sacrifices, off my own dime, to sell something that took time away from family and friends," said Burks Solomon at age 20.

Capital is key

"I encountered underfunded gaps in my early years," said Atlanta's Burks Solomon. "Having access to a big amount of capital wasn't easy."

"With Partpic, I could have gone further if I had access to more capital," said Burks Solomon. "We made a lot of mistakes on my first company because we didn't have enough capital."

Only 2.1% of venture capital funding goes to Black female founders, making it particularly difficult for minority entrepreneurs in the funding landscape. Parekh said it's important to be aware that raising funds could lead to better outcomes.

"That's why it's important to have three paths to your money: public, private, or holding equity," said Parker. "Decide early on who controls the destiny of your business."

Sometimes, factors outside your control are added.

Don't trust everything you see on LinkedIn

The challenges entrepreneurs face aren't always visible, and sometimes those tough times go unnoticed.

"It's not that everyone's life is important, but looking at those on top, remember they've been through work," said Owens. "LinkedIn is amazing, but it's not the whole story."

"I didn't build just a part; I built a platform," said Owens.

And Owens added: "When building a startup, hear most of it from people who are going through the same thing."

When it's time to sell …

Owens has done it differently in her path to selling her startup.

She had to make important decisions on equity, deal terms, and having a baby company, realizing that she should have done it sooner.

"I thought it was just like a long-term vacation, but no, next one, no," said Owens. "It can be hard to have implications going forward."

Burks Solomon was prepared to sell when the time came for a different reason.

"I didn't do the tax implications before, and I needed to make one safe," said Burks Solomon. "I was really interested in someone who understood what was going on."

Now, having a financial expert, a head advisor, including a lawyer who knows her tax team, is important.

"I have to point out that maybe many entrepreneurs don't have that because they don't face the green, go ahead," said Burks Solomon. "It's important to know the details."

Life afterward

After selling, Burks Solomon found it difficult to establish her own identity and much of her self-worth tied into it.

"It was hard to break away from Partpic," she said. "My identity was wrapped up in it."

"When I built Partpic, I always associated it with company colors, dress code, and people knew me as that for four years," she said. "I wanted to be uniform with others."

And "Hello, I'm Jewel Burks Solomon, CEO, because I built a business, and actually, it was hard to introduce my identity as a person, not just as Partpic," she said. "It's really personal."

"I didn't know my business presentation because it was sold," said Burks Solomon afterward.

"That piece of advice is important: health is important," she said.

This article highlights executives, creators, and founders in the community, featuring stories from AJC's Her+Story. Email checkatlanta@ajc.com for suggestions on professional development.