Catching Up with Liz O’Connell From Arolytics

Hello friends! Looking back over 2021, in putting together our Annual Report, we realized—wow—we’ve met and funded a lot of really cool companies! 

So we wanted to take a second and go back and talk to some of our Summit winners. 

First up is Liz O’Connell from Arolytics. 

TNT: Hey Liz! How’s life been since winning the Summit? 

LOC: Well, winning the Summit was like rocket fuel for us. Not only did it help raise awareness of our company and increase our credibility in the investment community, it also helped expedite the process of closing our first round of fundraising.  

It was wonderful to close then build on the momentum, like “Let’s get to work! Put that money into action!” 

On top of winning the Summit, we also did a side deal with investors that we met through the Summit. Those investors joined our board, and have become great advisors for us. 

TNT: That’s so great to hear! I love when these genuine relationships and connections are formed in the community. So you close your fundraising round, and get to work. What are some major goals or milestones that Arolytics has accomplished in the last year or so? 

LOC: It’s been a great year. We’ve been able to double in size, and we’re still hiring. By the time we finish hiring, we’ll be at 15 people. We’ve been hiring across Canada—emissions analysts, operations specialists, software devs, etc. It’s been rewarding to grow the team Canada-wide, while maintaining a  strong company culture. Part of that culture has been to put a focus on making sure everyone is heard. We hold weekly meetings and brainstorms to hear from every department, which encourages  open dialogue, diverse opinions, and cross collaboration. 

And on the product end, we launched a new field app to support oil and gas companies in collecting all field-related emissions data, which is complementary to our main SaaS platform AroViz. We also participated in a Houston clean energy accelerator, which helped us to get our foot in the door in a new geographic market and foster strategic partnerships. 

TNT: That’s exciting! Ok, so this was your first time raising capital. What are some lessons you’d like to pass onto other founders as they try to raise capital? 

LOC: I think you’re always learning when you’re fundraising. Obviously, you’re going to get a lot of “No’s” and they’re just as valuable as the “Yes’s”. The constructive feedback you get from the ‘No’s’ allows you to evolve your story and your pitch. Don’t expect your first version of the pitch to close the term sheet. You’re always learning, tweaking, and tailoring- embrace the iterative process with patience and a willingness to listen and adapt. 

TNT: And what do you think are the biggest mistake(s) that founders will make when they’re trying to raise capital? 

LOC:  Not balancing the analytical and storytelling portions of your pitch. You need to be able to connect the story on an emotional level, but have the data to back it up. In our case, methane-based emissions aren’t sexy, (laughs), but the solutions can be, and the problems we are addressing are massive, global, and pressing. Detailing those solutions, demonstrating their value, and connecting to a diverse audience, will allow you to be more successful. 

TNT: 100% agree… storytelling is key. And what are some of the biggest lessons you’ve learned as a founder? 

LOC: From a fundraising perspective, I think it’s important that you have a strong level of trust with your investors, because it’s so much more than money. You need to be able to develop a real relationship —find people who will answer your call at 10pm if or when you have a crisis! 

And from a leadership perspective, I think it’s important to lead with curiosity and with an openness to learning. I didn’t have all the business credentials when I started 4 years ago, but I had an extreme appetite to learn, and I grew a lot. 

And as a founder, remember to embrace the highs and lows. Don’t lose sight of how lucky you are to be working on something that brings challenge and growth. The fun part of the job is the potential; no two days are the same. 

TNT: Love it—so many different perspectives. Thanks so much for your time today, Liz! 

LOC: Anytime. Have a good one!