Family Dinner Recap: Matt Sacks

On Tuesday, November 12th, The Garage had the honor of hosting Matt Sacks, co-managing partner at Lightbank and co-founder and executive chairman of Luminary, for Family Dinner. Drawing from his experiences as an entrepreneur, Matt shared candid learnings of his journey through the highs and lows of startup life, leaving attendees with invaluable insights into navigating the ever-changing landscape of entrepreneurship.

Matt began by recounting his early experience with entrepreneurship during his time at the University of Pennsylvania and then later on working on building Luminary, which quickly transitioned from a fast-paced startup to a more measured, growth-focused company. One critical lesson he learned: money can’t buy product-market fit. “Prove that your idea works before you bring in capital,” he advised.

‍Key Takeaways from the Evening

1. Solving Real Problems
   Matt emphasized that startups should focus less on competition and more on addressing real, hard-to-replicate problems. “Is there a real problem you're solving? Are you solving it in a creative, innovative, hard-to-replicate way?” If yes, it’s worth pursuing, regardless of external noise.
2. Quick Feedback Matters
   He highlighted the importance of releasing products quickly to gather user feedback. “Nobody cares if it’s your first or third launch,” he said. “Get it out there, iterate, and improve.” However, he cautioned that in high-stakes industries like healthcare, the first launch must be perfect.
3. Resilience in Fundraising
   Fundraising, especially in a city like Chicago, requires persistence. “Don’t limit yourself to local investors—talk to people everywhere and anywhere,” Matt urged. He recommended always ending investor calls by asking for referrals to other potential leads.
4. The Midwest Advantage
   Matt shared his belief in the untapped potential of the Midwest for startups, praising the hard-working, loyal workforce and entrepreneurial spirit of the region. “You can build big businesses here,” he affirmed, citing the talent pipeline from institutions like Northwestern.
5. Learning from Failure
   Reflecting on his own experiences, Matt underscored the value of failing early and often. “The same playbook rarely works for long,” he noted, stressing the need to adapt to changing circumstances.

During the Q&A, Matt shared insights into Luminary’s evolution from a podcast-focused platform to its current model as a content production powerhouse. He explained that the team’s passion for quality storytelling has guided them through market challenges, proving that with the right vision and team, you can overcome even the hardest of obstacles.

As the evening concluded, Matt left Residents with many insights about perseverance, being passionate about what they do, and relying on their team. His words served as both inspiration and a challenge for the entrepreneurs at The Garage to push boundaries, embrace failure, and stay committed to solving meaningful problems.

The evening was a testament to the power of persistence, adaptability, and Midwest grit - leaving Residents with new perspectives and renewed motivation for their entrepreneurial journeys.