Marc Lore tells startup founders: ’you have to be all in’

Marc Lore, he of Jet.com and Walmart fame, has taken to social media to discuss startup life.

“As an investor, one of the first things I ask a founder is, "Tell me why you can’t let this fail?" There are a lot of smart people and a ton of great ideas out there, but to be worth investing in, you have to be all in,” he said in a LinkedIn post.

“All in meaning you put yourself in a situation where if it doesn't work, you’ve got a lot to lose. When I was starting my second business I took my entire bank balance and invested it in the company.”

“Once you make a move like that, you're able to focus in a way that is impossible without that pressure.”

Lore added that putting himself in a situation where, if he failed he would lose everything he had ever earned, gave him the ability to find extra gears.

“I think in business, even when you’re working hard, you might find yourself in 3rd or 4th gear. It’s only when you feel like your life is on the line that you can find that 6th gear.”

“If you can’t afford to fail, you're going to find a way. It might not be the way that you started out with, it might be a different way (oftentimes it is) – but, if it exists, you'll find it,” Lore concluded.

Walmart departure

In January, Lore announced he was leaving Walmart, where he served as President and CEO, Walmart E-commerce US, at the end of the month. He will stay on as a consultant through to September.

He came onboard in 2016 when Walmart acquired Jet.com, the startup that he co-founded, for $3.3 billion.

Also of interest: Walmart shuts down Jet.com as online sales surge

He said: “Reflecting on the past few years with so much pride. Walmart changed my life and the work we did together will keep changing the lives of customers for years to come.”

“It has been an honour to be a part of the Walmart family and I look forward to providing advice and ideas in the future.”

“Looking forward, I’ll be taking some time off and plan to continue working with several startups. Excited to keep you all up-to-date on what’s next.”

Lore’s team will now report to Walmart US CEO John Furner. The big box retailer had previously combined its store and e-commerce teams.

A company wide email credited Lore for the pace of the company’s e-commerce growth and its ability to keep up with online demand during the coronavirus pandemic.