#056: Brett Sharenow - Landmines to Avoid to Get Your Startup Funded

"Stick with your vision and keep working on stuff... someone else is going to do it if you don't... Use your imagination more and more. It’s not just about being an entrepreneur, it's about being a gritty, dynamic person that survives chaos."

Welcome to "Establishing Your Empire," where we dive into the journeys of successful entrepreneurs and innovators. On this episode I’m excited to host Michael Devellano, a dynamic figure in the tech industry with over 25 years of experience. As a founder, executive, and investor, Michael has left his mark on numerous technology startups and is currently the founder & CTO of Opps.ai.

Michael is not just a business leader but also an author, with his latest book, "Form Your Own Pack," exploring the power of collaboration in the business world, drawing inspiration from a unique Japanese business model. He’s also the driving force behind the Founders Pack community, offering a platform for entrepreneurial networking and growth.

In this episode, Michael shares his profound insights on business strategy, the transformative role of AI and blockchain in education, and offers valuable advice for aspiring entrepreneurs. This is a must listen for anyone wanting to leverage the exciting opportunities in the evolving world of technology and AI to their advantage.

Key Topics Discussed:

Business and Money: The conversation begins with a discussion about the influence and challenges of money in business settings. It emphasizes the need to be aware of financial dynamics and their impact on business objectives and problems.

Strategic Partnerships and Community Building: The speakers delve into the concept of creating an "information pack" in business, focusing on the importance of strategic partnerships, community engagement, and the role of investors and advisors in scaling a business.

Business Goals and Revenue Generation: The dialogue touches upon the balance between focusing on future goals and the necessity of revenue generation in business ventures. The importance of having clear, achievable goals is highlighted.

Team Dynamics in Startups: The discussion shifts to the significance of assembling the right team or "pack" in startups, stressing the need for diverse skills, clear communication, and aligned expectations among team members.

Educational Transformation through Technology: There is a significant focus on the transformation of education through AI and blockchain, discussing personalized learning experiences and the potential for these technologies to revolutionize the educational landscape.

Personal Entrepreneurial Journeys: The speakers share their personal backgrounds and experiences, providing various perspectives on entrepreneurial journeys and the lessons learned along the way.

Equity and Startup Partnerships: The conversation explores the complex topic of equity distribution in startups, addressing the challenges of aligning contributions and expectations in partnerships.

Blockchain Technology Potential: The potential applications of blockchain technology are discussed, particularly in education, emphasizing the need for innovative applications beyond its current usage.

Writing and Publishing a Book: Michael Devellano shares insights into his process of writing and publishing a book, including challenges, strategies, and the importance of marketing and promotion.

Advice to Younger Individuals and Entrepreneurs: The speakers provide personal advice for younger individuals and budding entrepreneurs, focusing on perseverance, vision, risk-taking, and the importance of learning from failures.

Future Plans and Aspirations: Devellano talks about his future plans, particularly in the fields of AI and education, with a strong desire to provide mass-customized education and contribute positively to these sectors.

Reflections on Personal Motivations and Legacy: The episode concludes with reflections on personal motivations for writing and contributing ideas, along with thoughts on the legacy and impact one hopes to leave, especially in entrepreneurial and technological spaces.

Welcome back to the Establishing Your Empire show. Today's episode is a unique and indeed an extraordinary one for me. My guest is someone who's had a profound impact on my life, my career, and my understanding of what it takes to build a successful business from the ground up. He's not just a mentor, but a lifelong friend who's stood by my side, shared wisdom, and taught me that creating a business is not just a dream, but a possibility within everyone's reach.

His name is Eric Wagner. Eric isn't your average businessman; he's a true empire builder. Over three decades ago, he founded Showcase Diamond Jewelers in a small town of just over 20,000 people in the middle of Kansas. Today, despite its modest location, his store generates over seven figures in revenue, proving that success isn't just about where you are, but what you do and how well you do it.

Eric is a master of his craft, and today he's brought along some high-end pieces from his collection, stunning pieces of jewelry, interesting coins, precious diamonds, and luxury watches, to make this episode a visual treat for us.

For the first company I ever created, Eric was right there, teaching me, guiding me, showing me the ropes. And today, it's my honor to welcome him to the Establishing Your Empire show.

So sit back, tune in, and get ready for an inspiring journey into the mind and heart of a true empire builder. Ladies and gentlemen, please welcome my mentor, my friend, and a jewel in the crown of entrepreneurship, Eric Wagner.

00:00:00 - 00:10:00:
Daran Herrman introduces Eric Wagner, a jewelry store owner from Hays, Kansas, and his mentor. They discuss Wagner's background, the buying habits of their local community, and the importance of investing in precious metals.

00:10:01 - 00:20:00: Eric elaborates on the possibility of the US dollar declining value and how assets like precious metals can maintain their value. He discusses how he entered the jewelry industry, despite having no experience.

00:30:01 - 00:40:00: The conversation shifts to the topic of mentorship and its role in their respective professional journeys. They discuss the impact of mentors and share anecdotes about the advice they received that shaped their careers.

00:40:01 - 00:50:00: Eric talks about the challenges of running a jewelry store during economic downturns, and how even during recessions, jewelry retains its value. He speaks about his customer interactions, especially regarding their choice between spending on travel or buying jewelry.

00:50:01 - 01:00:00: They discuss the evolution of the jewelry industry with the advent of technology.

01:00:01 - 01:10:00: The conversation moves to entrepreneurship, where Eric shares his perspective on startups. They chat about how starting a business today seems easier due to technology but warns about authenticity and transparency in the digital era.

01:10:01 - 01:20:00: Eric shares some of his interesting sales experiences in the jewelry business and discusses how the sentimental value of the jewelry he sells creates an emotional bond with his customers. He also talks about being part of significant moments in people's lives, which he views as rewarding.

01:20:01 - 01:13:00: As the interview comes to an end, Eric expresses his desire to be remembered for his role in creating sentimental memories for his customers through his jewelry. Daran appreciates Eric for being on the show and acknowledges their shared history and experiences.

In this episode of Establishing Your Empire, host Daran Herrman interviews guest Mike Trigg, an experienced Silicon Valley executive, entrepreneur, and author with an impressive career spanning over 25 years. Trigg discusses how he followed his interests throughout his various career transitions and found joy in climbing the learning curve of new challenges. He emphasizes the importance of enjoying your job and being passionate about what you do, as well as not being intimidated by entering new industries and embracing the possibilities that come with naivety. Trigg also shares insights on entrepreneurship and discusses his recently published novel, Bit Flip, which offers readers an authentic insider's view of the corrupting influences in technology startups. Listeners will gain valuable insights from Trigg's experiences and career journey in the tech industry.

Links:
Bit Flip: A Novel
About Mike Trigg

It isn’t easy to be an entrepreneur. You have to be in the industry and find out what would make a change in the industry and how you can give a solution for the problems that people have. In this episode of Establishing Your Empire, we have a fascinating conversation with Tyler and John Richards, Entrepreneurs and Angel investors. If you are interested in finding out how to become the entrepreneur you have always dreamt of, this episode is just for you. 

Starting the conversation, Tyler dives into how he got into being an entrepreneur, how his family background helped him to establish the environment to be an entrepreneur, and what kind of ideas he had getting started. 

Tyler shares how he identified the need for programmers for every company in Utah and started coding classes in a co-working space. Getting into a startup by sacrificing the current job with a salary is terrifying. But if you work hard at it, you can get back to the same rate as the previous job in one or two years, according to Tyler and John. 

It’s important to go out into the industry and find out whether your idea of doing a startup is worth the time or not. It will help you to either abandon the idea or change the idea. Tyler and John share advice on how to pivot when you are going to do a startup. 

Wrapping up the conversation, both John and Tyler share how they want to be remembered. According to John, he wants to be remembered in two ways; a good husband and a father and a person who helped others achieve their dreams and goals. Tyler wants to be remembered as a person who provides true value to other people. 

[02.15] As an entrepreneur -  Starting the conversation, Tyler and John dive into how they have been working in the entrepreneurial world and how their relationship is going on as father and son. 

[03.51] Becoming an entrepreneur – Tyler shares how he grew up in an entrepreneurial background and how he was motivated to become an entrepreneur like his father. 

[09.21] Yellowpages – John dives into the journey of Yellowpages becoming .com. 

[18.26] Utah – John discusses the difference between silicon-valley and Utah, saying that Silicon Valley does deeper tech and better engineering, but Utah knows how to sell stuff. 

[21.30] The two industries – Utah is the center for two industries; the Network marketing industry and the summer sales industry. 

[22.38] Finding the need – Tyler shares how he identified the need for programmers and developers in Utah and started a coding class for interested people. 

[32.45] Sacrifice – Startups are always a risk. Tyler dives into how scary it is to abandon a paid job and start a business and how to overcome that fear. 

[34.46] DevMountain – A basic training program for coding and design. 

[38.40] Advice – Talking to your target market is one the best things to do if you are thinking of doing startups. It will help you to identify whether people buy your product or not, says Tyler, as a piece of advice for entrepreneurs out there. 

[41.06] The Startup Owner’s Manual - The Step-by-step Guide for Building a Great Company by Steve Blank. 

[44.41] Mentors and mentorship – John dives into how to find a mentor, the two kinds of mentors that you need to find, and what kind of mentor you need to find to share the obstacles you are going to face. 

[48.45] Boot camps/ incubators/ accelerators – John and Tyler dive into the experiences they have with boot camps, incubators, and accelerators. 

[55.21] Funding – Both John and Tyler share their opinion on the importance of having a business model when it comes to funding. 

[01.00.09] Pivoting – Tyler and John share some advice on how to pivot when it comes to being an entrepreneur. 

[01.08.04] Advice for 16 old self – John shares the advice he gives to his 16 years old self. 

Resources

https://www.linkedin.com/in/johnrichards/

https://www.linkedin.com/in/tylerjordanrichards/

https://www.startupignition.vc/

https://startupignition.com/

Quotes

“Be your own boss”

“It’s a tough decision. But if you’re all in on entrepreneurship, and you keep at it, a lot of the equity you get in these companies can make up for the salary sacrifice the first couple of years”. 

“‘It’s really scary at the moment for a lot of unknown entrepreneurs to give up a job and get into a startup. But if they do things right, and use good science, as well as make good decisions, often one two years later, they’ll find themselves back at the same salary they were plus the equity in hand”. 

“Build a product that people actually want and entrepreneurship is super easy”. 

“Talk to the people you think you can sell to and validate that they will actually buy what you’re going to make or produce or sell”. 

“There’s nothing better than an incredible engineer who learns the business side of business.”.

“There’s nothing better than peer to peer mentorship, where somebody is literally six months, 12 months down the road from where you are right now”. 

“Listen to the market inside the brains of your target customer is the magic business model that make all your dreams come true”. 

“When everybody’s greedy, be fearful and when others are fearful, be greedy”. 

Startups aren’t easy. You will make mistakes and you will fail but success is there to be found in the end if you keep trying no matter what. In this episode of Establishing your empire, we have a fascinating conversation with Brett Sharenow, the CEO and founder of Broadscope Consulting, a trusted advisor for startup and high-growth firms on strategy, capital raising, and exit. Make sure to go through the full story to find out the valuation, funding, mistakes people make and how to avoid them, the foundation, advice, and more when it comes to startups. 

When life offers you opportunities, you have to take them. That defines who you are and what role you have in society. To create a startup you have to be open to new experiences, new directions, and new opportunities, and you have to work under people who know what they are doing. The same thing happened to Brett. According to him, working with his two mentors, Joe and Morris, was the best time he had as a mentee. Learning from them and experiencing new things with them is the very foundation of his career. 

When it comes to startups, it doesn’t matter if you have a product to change the world in a whole new direction. If you can’t make your investors excited about your product, it’s all for nothing. You only got one chance with your investors to make that happen. 

Wrapping up the episode, Brett shares that when you are starting a business it’s common and natural to make mistakes. We are human. We make mistakes all the time. But you have to be aware that you’ve made a mistake and do the needful to make it right. You have to learn from your mistakes, so you won’t repeat the mistake. Making mistakes, learning from them, and moving forward are one of the principles of anything in life. 

[01.40] Who is Brett- Brett explains the two major things he does as; increasing the chances to raise capital and reducing the time to race. 

[02.33] Path to Consulting- Brett shares his journey through building engines, becoming a chemist, working in Silicon Valley, and starting to consult on his own. 

[09.24] Magni Gyro - Vittorio Magni established the Italian aircraft manufacturer Magni Gyro in 1986. The company is situated in Besnate and focuses on the design and manufacturing of ready-to-fly autogyros.

[10.57] Finding Mentors- Brett explains how his two mentors, Joe and Morris, helped his journey as a mentee and gives some advice to people who are looking for mentors. 

[15.18] Changes In Funding- Brett talks about three capital raises going on at present in three separate companies. 

[20.20] Valuation- Brett shares his idea of valuation being two major parts; art and science, and he dives into the things that you need to do with the issues of valuation. 

[26.48] Rule Of Thumb- As the first principle of valuing a startup is to get to customers as early as possible, says Brett. And also, it’s hard and complex raising money in a business because every business is different. 

[32.40] Valuation Number- Putting less money into the financial model and hoping for an external market change are the two ways of dealing with valuation issues, according to Brett. 

[36.55] Avoiding mistakes in startups - Brett gives some important advice to all the people who are working with startups out there, and one of the major pieces of advice he has is that it doesn’t matter if you have the best product that can change the world unless u make the investors exited. 

[45.34] The Foundation- In the foundation of a startup, the balance between developing the product, the prototype of the product to show, and spending money to set up is the most difficult thing that people are going to face. 

[51.24] Advice For Younger Self- Brett shares some pieces of advice to the 16 years old himself back in the time. 

[56.32] Advice For Young People out there- The valuable advice which Brett has to give to young people out there trying to do something new is that we are human, we make mistakes, but we have to learn from them, step up on the ground, and plan the next step that you need to take. 

[1.00.00] To be remembered- Brett shares that he likes people to be remembered as a person who helped them to build their lives, a person who was there to listen to them. 

Resources

LinkedIn- https://www.linkedin.com/in/broadscopeconsulting/#experience

Website- https://www.broadscope.com/

Magni Gyro- http://www.magnigyro.it/en

Quotes

‘’Being a mentee is about being open to taking direction and learning like a sponge, from people who really knew what they were doing.’’

‘’When you do a startup, you are walking into a minefield. There’s no way to avoid it.’’

‘’Whatever you do, stay in the moment, and the rest of the world would go away- 

‘’We are human. We make mistakes. Pick yourself up from the ground, brush it off and move on.’’

Leadership and management are two different things. However, many of us have grown to believe that these are the same thing. In corporate organizations, failing to grasp the distinction between management and leadership is one of the key contributing factors that prevent organizations from utilizing their full potential. In this episode of Establishing Your Empire, we have a fascinating conversation with an expert business consultant who helps businesses transform and achieve seemingly impossible business results. Kimberly Wiefling, Founding Member & Global Consultant at Silicon Valley Alliances, joins us today to talk about transforming managers into leaders.

Although Kimberly’s current work is in business consulting, she comes from a background in science and engineering. Kimberly served in the United States Department of the Air Force in the late 70s and moved to corporate positions related to engineering and management. Over the years, she built a reputation for her work in leadership development, and in 2016, Kimberly founded her business, Silicon Valley Alliances.

We start our conversation with why it’s important to get clear about the distinction between leadership and management. Kimberly shares with us how she approaches educating professionals about this key distinction and the results they achieve by transforming managers into leaders. Another key point we touch on is how to figure out the true value of the services we’re providing. Kimberly shares with us some of the events and interactions that helped her figure out the right pricing for the value she creates for her clients.

Communication is a key contributing factor to success in any line of business. Kimberly dives into some of the communication tips and tricks she has learned over the years. She also dives into why we need to get ourselves out of our comfort zone in order to achieve greater results in our personal as well as professional lives. We also touch on some of the marketing strategies Kimberly utilized to make her business successful. Wrapping up the episode, we talk about some of the books that were helpful for Kimberly’s success and her advice for youngsters.

[54:22] Manager to Leader – How to build awareness around the distinction between management and leadership and how to transform managers into leaders.

[03:37] Kimberly’s Story – We talk about Kimberly’s transition from working in a corporate role to starting career coaching and ultimately building her own business.

[08:09] Pricing – Kimberly shares her thoughts on how she figured out the right pricing for her services.

[13:32] Virtual Services – Like many other businesses, Kimberly had to pivot to providing her services virtually during the pandemic. She shares what she learned from that experience and how it changed her business.

[18:38] Communication Tips & Tricks – Kimberly shares some of the things she learned throughout her keynote speaking work.

[23:48] Advice for Consulting – Kimberly’s advice for those who wish to enter the consulting business.

[30:33] Getting Out of Comfort Zone – Kimberly shares her thoughts on how we can make a habit of doing things that are out of our comfort zone and a framework that allows businesses to be more creative and innovative.

[31:58] Marketing – We dive into some of the marketing practices and strategies that made Kimberly’s business successful.

[37:02] Books & Mentors -  Kimberly talks about some of the mentors and books that helped her throughout her career.

[45:43] Advice for Youngsters – Kimberly shares her advice for young adults to build a successful and satisfying career later in life.

Resources:

Connect with Kimberly

Website: wiefling.com
Twitter: twitter.com/kwiefling
LinkedIn: linkedin.com/in/scrappykimberlywiefling

Kimberly’s Books

Scrappy Project Management: The 12 Predictable and Avoidable Pitfalls That Every Project Faces:
www.goodreads.com/en/book/show/2257130.Scrappy_Project_Management

Inspired Organizational Cultures: Discover Your DNA, Engage Your People, and Design Your Future
www.goodreads.com/book/show/52320116-inspired-organizational-cultures

Quotes

“We grow up not understanding the distinction between management and leadership.”

“I’ve got my pricing very clearly outlined, so I know what I’m worth, and it’s a really important thing to have as an entrepreneur.”

“We have to find ways to be a more well-rounded person if you really want to show up for the people in our lives in a healthy way.”

“So much it seems counterintuitive, you need to take breaks, and you need to have some fun.”

“When you feel uncomfortable, it means you’re making progress.”

On this very special episode of Establishing your Empire I host Richard Turner. Richard has been declared one of the world's most influential and inspirational figures of modern times, and is described by peers and audiences around the globe as the playing card manipulator who creates “Astonishment Beyond Comprehension.” 

Richard Turner is a world-renowned playing card mechanic whose skills are unparalleled. Turner’s skills leave audiences baffled beyond belief as he manipulates a deck of cards like no other human being on this planet. As a global celebrity he is a recognized Fortune 500 keynote speaker with clients that include Apple, Facebook, AT&T, IBM, the U. S. Air Force, and scores of others. In addition to these prestigious corporations, Richard has entertained millions of people worldwide, including notables like Johnny Carson, Bob Hope, Colin Powell, and boxing legend Muhammad Ali. Richard fooled Penn & Teller on their TV series “Fool Us” faster than anyone before and has earned a Sixth Degree Black Belt Master’s Ranking in Karate. 

Richard is also the CEO of the tech company “52 Productions” co-founded with Adam Cheyer, a tech entrepreneur best known as the creator of SIRI. 52 Productions’ mission is to develop a series of unique, conversational-interface gaming apps. 

But, what makes all of Richard Turner’s accomplishments truly incredible is that he is blind, and has been since childhood. Thankfully, he discovered at an early age that being blind empowered him with an ability to develop an enhanced sense of touch that, when he picked up a deck of cards, changed his life forever.

Good investment advice can be hard to come by as you always wonder if you’re getting taken advantage of, working with the right people or making the best decisions. On this episode of Establishing Your Empire I host Patrick Geddes and he just released a book titled ‘Transparent Investing’ and all net revenues—including net proceeds from the sale of the book, speaking fees or other incomes—will be donated to nonprofits focused on financial education.

In this episode, we explore Patrick’s entrepreneurial journey from idea to start-up to being acquired by BlackRock for over a Billion dollars.

As with many other fields, the investing space has been going through rapid changes with new technologies that are popping up every year. And with these shiny new technologies, we’re getting used to more and more instant gratification from our investment portfolios as well. This is one of the many issues our guest today is trying to address with his new book. Patrick Geddes, the author of Transparent Investing: How to Play the Stock Market without Getting Played, and the Co-Founder & Former CEO of Aperio Group, joins us today to talk about investing, entrepreneurship, tax-loss harvesting, and more.

Patrick’s career journey starts in the oil industry, where he got interested in the finance aspect of the business. Since then, Patrick has been in several executive roles and eventually started his first company. We start our conversation with how he stumbled upon the path of entrepreneurship and the development of his first company.

A key area we touch on today is the concept of tax-loss harvesting. Patrick dives into how it works and the benefits this concept can provide for businesses. Patrick also shares his take on retail investing and his thoughts on the newly emerged technologies that bring instant gratification-based activities to the investment space and some of the red flags investors should keep in mind when it comes to investment opportunities.

Moving onto Patrick’s book, we talk about what inspired him to write his book and the issues he’s trying to address with it. Furthermore, he shares with us some of the personal habits and practices that came in handy for writing his book, his vision for the future, and some advice for young entrepreneurs.

[00:15] Getting to Know Patrick - We start the conversation by talking about who Patrick is, his career journey, and some of his amazing achievements.

[04:55] Transition into Entrepreneurship – Patrick reflects back on how he was inspired to get out of the corporate space and start a company and the experience of making the first hire.

[08:55] Getting Traction – We dive into the measures Patrick did to gain traction for the new company.

[12:00] Tax-loss Harvesting – Patrick explains what the concept of tax-loss harvesting is about and how companies can benefit from it.

[14:45] Retail Investing – Patrick shares his thoughts on the increasing popularity of retail investing and how it may shape the future of investing.

[18:30] Transparent Investing – We dive into the concept behind Patrick’s Book, “Transparent Investing: How to Play the Stock Market without Getting Played.”

[29:50] The Purpose – Patrick shares his thoughts on the reason for writing his book and the issues prevalent in the investment space that he’s trying to address with the book.

[34:05] Red Flags – Patrick dives into some of the red flags investors should be aware of.

[37:15] Habits & Practices – We ask Patrick about the personal habits and practices that helped him write his book with a clear vision.

[45:10] The Future – Patrick shares with us his vision for the future as an entrepreneur and an author and what he would do differently if he had the chance to start his career all over again.

[54:15] Advice for Youngsters – We ask Patrick what advice he’d give to the young version of himself.

Connect with Patrick

LinkedIn: linkedin.com/in/patrick-geddes-929b15213/
Website: patrickgeddes.co

Patrick’s Book

Transparent Investing: How to Play the Stock Market without Getting Played
goodreads.com/en/book/show/60190068-transparent-investing

Quotes

“The stuff that’s a really good idea is boring, uninteresting, and anything but sexy. And it’s almost like we have to talk ourselves out of the fun stuff in order to have a lot more money.”

“The smartest thing to do is invest in capitalism, take a 20-30 year time horizon, assuming that it is your time horizon, and just don’t look at your portfolio.”

“The hardcore hobbyists who really love investing, in a way, have the bigger challenge.”

“It’s not as easy to sell people stuff when they know the real story. But investing, that’s got a big impact on people’s lives, where they are consumers, but they’re also looking at their financial future and to watch the amount of money being siphoned off from people’s retirement, into the revenue coffers of an industry that’s frequently not very honest.”

Developing an idea to be a successful business venture requires lots of blood, sweat, and tears. And for every startup founder, wisdom from people who have built startups can be invaluable. So we dedicated this episode of Establishing Your Empire to sharing the knowledge of someone who’s been in the startup space for a very long time. Sam Wong, Startup CEO coach, Interim CEO of Fundable Startups, and the author of ‘21 Secrets of Successful Startups: Pillars for an Entrepreneur’s Foundation,’ Joins us today to share what he learned throughout his long career in the startup ecosystem. 

The startup space is not for the faint-hearted. Many startups don’t really succeed, and the ones that do have to go through numerous obstacles. And it has been the same way for Sam as well. We start the conversation with Sam’s background, some of the stories from the early startups he was working on, and the learning points from the high and low points of those startups.

Getting into the startup strategies, we dive deep into how to start a business venture properly. Sam shares his experience on what startup founders can do to evaluate the potential of business ideas, reach out to potential users to identify what the market needs, and how to create a business plan that practically helps founders make their businesses successful. Sam also dives into why founders should treat investors like they are customers and some of the mistakes he’s seen startup founders make when pitching their ideas to investors. 

Sam’s book is packed with lessons he learned from his long career in the startup space. We talk about what inspired him to write the book, the process of writing it, and how he made writing a part of his daily routine while writing the book. Wrapping up the episode, Sam shares some of his future plans for helping more startup founders, his work in photography, and teaching photography to children.

[00:30] Sam’s Story – We talk about Sam’s fascinating career journey through engineering, non-profit, management consulting, and startups.

[04:05] Lessons Learned – Sam shares with us some of the lessons he learned from the ups and downs of some of the early startups he was a part of.

[13:19] Founding a Startup – The process of creating Sam’s first startup and his advice for people who aspire to create their own startups. 

[20:18] Idea Validation – Sam elaborates on the first step of any new business venture: evaluating the business idea.

[26:48] Business Planning – How the way business plans are created has evolved over the years and some tips and tricks for creating a great business plan.

[32:28] Telling Your Story – What most startup founders fail to do when telling their story to investors and how to deliver a successful pitch to potential investors.

[37:27] Sam’s Book – The inspiration behind Sam’s Book, “21 Secrets of Successful Startups,” and the process of writing and publishing the book.

[41:14] Lessons for Young People – Sam brings up some stories from his life and the lessons that came with those experiences.

[48:57] Future Plans – Sam shares his future plans for sharing his knowledge and wisdom with more entrepreneurs.

Resources

Connect with Sam

LinkedIn: linkedin.com/in/sam-wong-startup
Website: fundablestartups.com

Sam’s Book: 21 Secrets of Successful Startups
goodreads.com/book/show/45915892-21-secrets-of-successful-startups

Mentioned in the Episode

Business Model Generation by Alexander Osterwalder:
goodreads.com/book/show/7723797-business-model-generation

Running Lean: Iterate from Plan A to a Plan That Works by Ash Maurya
goodreads.com/en/book/show/13078769-running-lean

Quotes

“If there’s a wave that’s cresting, ride that bad boy!”

“Success is more enjoyable when you have people to celebrate it with, together.”

“When you’re fundraising, you are selling.”

“I started to realize that the things I thought were so important really weren’t that important.”

Successful products in the tech space are quite often created by large teams from big players in the market. Every once in a while we see some of those outliers who prove it’s totally possible to compete with tech giants with small teams and little to no resources. In today’s episode of Establishing Your Empire we’re joined by Ivan Kutskir who is the creator of Photopea which is a browser-based image manipulation app that brings features available on programs such as Adobe Photoshop, Illustrator to every device for free. Throughout the episode, we dive deep into Ivan’s app, his journey of building it, and some lessons he learned.

Ivan was born in Ukraine and graduated from Charles University in Prague. Ivan had a background in programming from a very early age, and his idea for Photopea has a long history as well. We start the discussion with what inspired him to start developing this application and the problems Ivan wanted to solve with it. Once Photopea gained enough traction, Ivan decided that he wouldn't be looking for corporate jobs and would continue developing Photopea. We dive into the considerations that went into that decision and the growth that came after.

Every app needs a fair bit of marketing to attract users. We dive deep into how Ivan utilized different social media platforms to spread the word about his app. Since Reddit was one of the platforms he utilized the most, Ivan shares some advice for app makers to take advantage of Reddit to market their apps. As Photopea grew over the years, it has gained a fair bit of interest among investors as well. Ivan shares his thoughts on the investment offers he has received and why he prefers to keep the business under his control. Wrapping up the episode, we talk about what Ivan has in mind for the future of Photopea.

[00:34] Introducing Photopea – We start the conversation with a brief look at Ivan’s app, Photopea, the idea behind it, and the story of developing and growing it.

[08:14] Building a Career – How the gradual and steady growth of Photopea led Ivan to create a full-time career out of it.

[12:50] Technology – We dive deep into how Ivan has maximized the performance while reducing operating costs by taking advantage of the client-side web technologies.

[15:00] Marketing Strategy – How Ivan utilized social media to make his app popular and some of the learnings from the process.

[18:35] Tech Support – We dive into some of the strategies Ivan uses to provide Photopea users with tech support and documentation with minimal resources and effort from the developer.

[25:00] Investors – Ivan shares his thoughts on the interest among investors and venture capital firms about his app.

[29:14] Advice for Youngsters – Ivan shares his advice for you people who want to get into the technology space and start projects that grow big.

[33:00] Growth & Future Plans – Ivan talks about the gradual growth of Photopea and the future plans Ivan has for the app.

[37:05] Protecting the App – Ivan shares with us some of the measures he takes to ensure his proprietary code is safe from counterfeiting. 

[40:02] Continuous Updates – Why Ivan keeps adding new features and how user feedback is integrated into the process of introducing new features.

Resources:

Connect with Ivan: twitter.com/ivankutskir

Photopea: www.photopea.com