Jennifer Dianne Thomas Founder's Update October 13, 2017
At Province, one of our values is "Frugality," which means we spend only as needed to achieve our mission and in keeping with our values. We waste nothing.
This is a value that we are working on quite a bit in the legal department and it often shows in our negotiations. There is a story that Larry Gagosian tells about how being frugal influences negotiations (above). We aim to spend every investor penny wisely and the best way to meet that goal is by making sure that we are shrewd negotiators in every step of an agreement.
Of course it is also important to apply this principal to not just our external agreements and expenses but also our internal expenditures. We “argue” internally about every penny spent to make sure that anyone who wants to spend money is able to justify the necessity of the expense to the internal stakeholders. If you can't justify the expense, then you cant spend the money. Come back to us when you have a better justification. This keeps us honest in our spending and keeps our burn rate low.