Building a Startup Without Sacrificing Mental Health? Andy Dunn Says Yes!

Bonobos founder Andy Dunn believes it's possible to create a successful startup without compromising mental health. In a discussion about entrepreneurship, he shares valuable insights and strategies for maintaining well-being while navigating the challenges of building a business. Dunn emphasizes the importance of finding balance and prioritizing mental wellness, proving that entrepreneurs can thrive both personally and professionally.

Bonobos founder Andy Dunn is back in the entrepreneurial world, developing an in-person social media platform called Pie. However, he notes that the most significant lessons he gained from selling Bonobos for $310 million are less about entrepreneurship and more about maintaining mental health.

While in college, Dunn received a diagnosis of bipolar disorder, but it wasn't until 2016, after a second hospitalization during a manic episode, that he received proper treatment.

"The manic state is just a disaster — it's like being in psychosis, experiencing messianic delusions. … You can't achieve anything in that condition," Dunn stated during his presentation at TechCrunch Disrupt 2024. This experience served as a wake-up call for Dunn, who, 16 years after his initial diagnosis, began taking his condition seriously by attending therapy, taking medication, and tracking his sleep.

In his book, “Burn Rate: Launching a Startup and Losing My Mind,” Dunn chronicles his journey of building Bonobos alongside learning to accept and manage his bipolar disorder. The insights from the book resonate with entrepreneurs, regardless of whether they share Dunn’s diagnosis.

“We all have mental health, right? It doesn't require a diagnosis to struggle or suffer,” he remarked.

Entrepreneurs, however, often report experiencing higher rates of mental health issues than the general population.

“There is definitely a connection between neurodivergence and creativity,” he explained. “I can’t say if entrepreneurship attracts neurodivergent individuals or if it amplifies their traits, but there seems to be both a beneficial and sometimes detrimental cycle at play.”

Dunn feels the link between mental health and entrepreneurship is especially pronounced for him. He believes that hypomania—the elevated state associated with bipolar disorder—can actually be beneficial for running a startup.

“Here are the DSM criteria for [hypomania]: rapid speech, increased ideation, grandiosity, reduced need for sleep, and enhanced creativity … basically the traits of an entrepreneur having a productive day,” he noted. “I benefited from that state, but ultimately, the cost was too steep. I dealt with depression and suicidal thoughts for two to three months each year, and the full-blown mania and psychosis would eventually return, which was devastating.”

Despite his high productivity during hypomanic episodes, Dunn acknowledges that he may not have been the best leader or colleague. He pointed out that irritability is a common side effect of hypomania, particularly when faced with differing opinions—something essential for collaboration in a company. Now, as he leads Pie, he encourages open debate.

“When we disagree, let’s fully engage in that disagreement, because it will lead to better decisions,” he said.

Although discussions about mental health have become more widespread, founders still fear the stigma associated with disclosing a diagnosis to colleagues and investors. Dunn advises the Founder Mental Health Pledge, which encourages investors to support the mental well-being of the entrepreneurs they back. However, he acknowledges that stigma still exists—when asked for advice on when to share a mental health issue with investors, he suggests waiting six weeks after closing a deal.

“When we raised $125 million at Bonobos, would you give $125 million to someone who might be psychotic or catatonically depressed?” Dunn questioned. “But you also shouldn’t follow my example and conceal it, as a crisis will catch people off guard.”

Despite being open about his bipolar disorder, Dunn’s transparency hasn’t hindered his fundraising efforts—Pie recently secured an $11.5 million Series A round. He openly discusses how his therapy and medication regimen have contributed to his stability.

“I treat my bipolar condition like an Olympic training program. For Simone Biles, it’s about how to compete and win gold. For me, achieving the gold medal means living long enough to die of something other than my disorder because the suicide rate associated with bipolar disorder is alarming.”

Now, Dunn faces the challenge of ensuring Pie’s success while maintaining his mental health.

“The challenge is clear: we want to prioritize good mental health for ourselves and our teams, yet a standard 40-hour workweek isn't sufficient. You can't change the world with just 40 hours of work per week,” he stated.

To manage this balance, Dunn is upfront with potential hires about the demands of the job and how the company will support them.

“I have a new approach when recruiting: this job will require 50 to 60 hours a week, but in exchange, you will gain two major benefits. First, you'll learn, grow, and develop more than ever. Second, you’ll receive equity,” he explained.

Dunn, like any startup leader, desires hard work from his team, but he believes it's possible to achieve that without negative repercussions. Reflecting on his time at Bonobos in “Burn Rate,” he admits, “I came to a classic mistaken conclusion of an inexperienced startup founder: if the business isn’t thriving, we must not be working hard enough.”

While hard work is undoubtedly crucial, self-care is an essential component of that effort.

For questions or comments write to writers@bostonbrandmedia.com

Source: techcrunch‍