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The final countdown has begun until we crown the first annual Coolest Startup tonight at the 6th Annual Momentum Awards. They’ve gone through several rounds of voting, a shark tank of judges, and now tonight, will pitch to 800 of Chicago’s business leaders and entrepreneurs.
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“Momentum Awards 2011…the whole thing was so inspirational, so energizing and overall so much fun, that 2 weeks later I quit my job and dove full time into the startup world.” – Andrew Nieman
Andrew Nieman, a founding team member and Director of Business Development for Scenetap, recently took some time to share the initial founding days of Scenetap and gave us a chance to get to know his entrepreneurial spirit. He will be pitching tonight to Chicago’s top business leaders at the Momentum Awards, in hopes of being crowned Chicago’s Coolest Startup.
What was the trigger that ultimately led you to start your own company? Did you have any fears? What were they?
“Attending the CEC Momentum Awards Dinner in 2011 was the event that put me over the top. I was working at an investment bank at the time and had been wavering with the idea of leaving to build a business for months. That night, I had the chance to speak with people like OpenTable founder Chuck Templeton, GrubHub founder Matt Maloney, VC heavyweights like Jim Dugan and Lon Chow… And the whole thing was so inspirational, so energizing and overall so much fun, that 2 weeks later I quit my job and dove full time into the startup world.”
What was the trigger that made you find the courage to take that initial leap into entrepreneurship?
“I love leaving my comfort zone. I chose a college where I knew virtually no one. I picked up and moved to the Middle East for work in 2009 where I, again, was starting from scratch. So for me, the idea of entrepreneurship didn’t scare me. In fact, I embraced the idea. It was the reality of entrepreneurship that scared me. The reality of inconsistent pay (and that’s best case). The reality of hearing “no” way more than hearing “yes”. The reality of eating peanut butter and jelly for lunch every day for 3 weeks straight (although who am I kidding, I used to do that even when I was making decent money). It wasn’t the initial leap that took the courage. Rather, it was sticking with it through the rough times after the leap that required the most courage.”
What prompted you to start this business? What was your aha moment? How did you come up with the idea?
“In a sentence, SceneTap is the product of a failed bar hopping experience. It was born out of night that consisted of jumping around from place to place, trying to find a certain scene, all the while spending a fortune on cabs along the way. It sparked a very universal thought, one that everyone around the world at some point in time, regardless of their country, language, age, etc has wondered: I wish there was a way to know exactly what a place was going to be like BEFORE we went there…
Sure, you can read reviews or look at old photos, but we wanted something more dynamic.”
One of the hardest things entrepreneurs struggle with is building an audience. What’s your advice for building the right audience?
“The big mistake that many early stage businesses make is trying to appeal to everyone universally. It’s a major trap for a new brand that’s trying to make a name for itself because you want everyone to like you. You want to try and win over every available customer out there. But unless you’re one of those rare, instantly viral concepts like Facebook or Twitter, you are not going to grow a loyal audience by trying to appeal to everyone (even Facebook started as a college-only service). Truth be told, if you don’t turn off one crowd, then you won’t excite another. If you stick to your guns, target the audience that you want and ignore all the other noise, you will develop a loyal following for your business.”
What’s the one question you don’t get asked, but wish you did because you have a great answer?
“I have been asked this a few times, but not nearly enough: What’s the most overlooked part of pitching an investor?
The story. Institutional groups might beg to differ because they try and break everything down to an equation, but an angel investor that is remotely honest with you will tell you that the story is a huge factor in whether they say yes or no. Venture-stage investing is highly emotional, and investors are more likely to put money into a story with which they can personally connect. At SceneTap, we have a very relatable story. Everyone has had a time where they walked into a bar or restaurant expecting one thing (whether that’s a big crowd or a bunch of open tables) and been disappointed to find the exact opposite. If you set the “problem” portion of the story up well, the investor will know exactly what you’re going to pitch next before you even say it.”
What challenges/failures did you face as you started the company? What steps did you take to work through those challenges?
“One of our biggest challenges early on was a common problem that plagues most companies regardless of size; lack of communication. Everyone was working from their living rooms at this point, so the dialogue across team members was fragmented at best. Crucial items were slipping through the cracks, and creativity was stifled. To overcome this, we went to a bit of an extreme…
We didn’t have the money for an office, and with the drastic pay cuts everyone was taking, it wasn’t long until rent money would be an issue, too. We decided to collectively rent a 5 bedroom house and all move in together. For nearly a year, 5 members of our core team all lived (and worked) together under the same roof. To make personal space even tighter, 3 additional members of the team would come over 5 days a week to work from the house. Needless to say, communication was no longer a major issue. In fact, the whole process made us friends first and coworkers second, which I would argue is a key ingredient for overcoming the stress of building a new business. “
“…as I discovered the creativity and determination of the startup culture here in Chicago, I knew I wanted to start my own company. Next step… what problem needed solving?”
– Coco Meers
Coco Meers, Founder of PrettyQuick, recently took some time to share her initial founding days of PrettyQuick and gave us a chance to get to know her entrepreneurial spirit. She will be pitching tonight to Chicago’s top business leaders at the Momentum Awards, in hopes of being crowned Chicago’s Coolest Startup.
What was the trigger that ultimately led you to start your own company? Did you have any fears? What were they?
“I moved to Chicago in 2009 and was contemplating my next career move after 5 years in brand management for the beauty industry. I started doing some Marketing consulting for local startups and totally fell in love with the creativity and determination of my entrepreneur clients. As soon as I discovered the startup culture here in Chicago, I knew I wanted to start my own company. Next step… what problem needed solving?”
What was the trigger that made you find the courage to take that initial leap into entrepreneurship?
“Once I was bit by the entrepreneurship bug, I really couldn’t imagine not pursuing my start up dreams. Passion for the startup process – when everything is new and evolving and scary and thrilling – is a bit intoxicating. I was an English major at Princeton and though I had managed hundred million dollar P&L’s before for L’Oreal, I felt that I still had some learning to do on the analytical front. To give any company I started the best chance at success, I thought it prudent to pursue an MBA and really round out my business perspective. I chose University of Chicago because they have a track record of helping entrepreneurs get their start. I knew I’d be able to start a business through their Entrepreneurship curriculum which lessened the “initial leap” fear.”
What prompted you to start this business? What was your aha moment? How did you come up with the idea?
“I was a young professional working very long hours in the international headquarters of L’Oreal in Paris. I had had very little time to myself and was about to board a flight for a much-needed vacation when AirFrance announced our flight was delayed. I thought, “Man! If I weren’t trapped in this airport, this would be a perfect time to get my eyebrows shaped (something I’d been meaning to do for a while!!)” It was at this moment that I realized the power of SOcial/ MObile/ LOcal technology had not penetrated the very large salon and spa industry. I had no easy way to find and book the service I needed, when I needed it.”
One of the hardest things entrepreneurs struggle with is building an audience. What’s your advice for building the right audience?
“Focus. Do NOT try to be all things to all people. Identify a segment that has a real problem, build a solution, and assess whether or not that segment will pay for you to solve it.
Don’t make up problems for solutions you really want to build. Don’t build solutions for targets that don’t have hair-on-fire problems.
Focus on a defined audience with a tangible problem that you can solve.”
What’s the one question you don’t get asked, but wish you did because you have a great answer?
“Do you like your job?
YES! And if you don’t, stop now. Being a startup founder is extremely anxiety-provoking. We’re all still struggling to optimize (or completely scrap and rebuild) our platforms. (or else, we’re no longer a start up) Most of us will not succeed. Many of us will achieve some traction, but will not get to 100% of the goals we set for ourselves and our shareholders. Those of us who do will (with careful planning and perseverance) take a nice chunk of change off the table. But is that the only reason you’re still in the game? I can honestly say that I have learned more starting PrettyQuick then I have from my entire 10 year career – about a whole range of topics. The day to day is never the same, but is always stimulating and fun. Ask yourself why you’re doing all this, and if you’re not in love with your day to day, then be honest with yourself about why you’re doing this. Remember, no one is forcing you to start a company. This is a choice you make every day because you believe – deeply – in the power of your solution.”
What challenges/failures did you face as you started the company? What steps did you take to work through those challenges?
“The burden of choice! For first-time founders, every decision we make is likely the first time we are forced to make that particular choice. The stakes seem so high and there are no textbooks or secret “success” wizards to help you answer every question. Don’t sweat every decision. Just make one, assess its effectiveness, and try again. Get out of your own head. The market (and trusted advisors) will illuminate the right path. Making choices and forcing yourself to course-correct quickly will orient your team towards execution as opposed to analysis which is one of the most important advantages a young team can have.”
“Solve real world problems that impact many people.” – Asif Khan
Asif Khan, Co-founder of Caremerge, recently took some time to share his initial founding days of Caremerge and gave us a chance to get to know his entrepreneurial spirit. He will be pitching tonight to Chicago’s top business leaders at the Momentum Awards, in hopes of being crowned Chicago’s Coolest Startup.
What was the trigger that ultimately led you to start your own company?
“With over 10 years in healthcare including a stint at GE Healthcare in a leadership role, I thought that I had things figured out. Until my mother got terribly sick and was put on ventilators in a developing country where she volunteers along with my father. Once I got there I saw my dad flipping through paperwork and didn’t have all the necessary information to share with the physicians. I was pretty upset with him and started to give him a tough time that he didn’t have his act together when it came to caring for my mother. Then he asked me a very simple question that forever changed everything for me. His question was ” Asif, you’re a global manager at GE Healthcare Technology, can you tell me which medications you took three months ago or which doctor your wife goes to see?”. I was speechless. It made me realize that as advanced we are in the western developed countries, we are as far back as a developing country when it comes to accessing medical information about your loved ones. Caremerge was born.”
Did you have any fears? What were they?
“Initially, yes. Not anymore. Primarily because we are getting great adoption by our customers and actual users (nurses, senior care staff, etc.). Every time we see our customers (nurses, senior care staff, etc.) using our solutions, we get hugs and comments like “we love you guys!”– primarily because we have made profound difference in the way they provide better timely care for the elderly, therefore making a big impact on the quality of life for everyone they serve.
It’s funny, the fears are now different that others may think. Its more about customer satisfaction, their experience, and making sure we continue to provide top quality products and support as we grow quickly.”
What was the trigger that made you find the courage to take that initial leap into entrepreneurship?
“I have always been an entrepreneur deep at heart. I was more like an intrapreneur (if there’s such a word) at GE. Always changing things for the better, introducing newer products by working collaboratively among various businesses and leading cross-functional teams. Caremerge was more like a natural progression for me after getting tons of experience at a great company like GE.”
One of the hardest things entrepreneurs struggle with is building an audience. What’s your advice for building the right audience?
“Solve real world problems that impact many people.”
What’s the one question you don’t get asked, but wish you did because you have a great answer?
“How are you overcoming the roadblocks currently facing big healthcare companies and innovating at such fast pace?”
What challenges/failures did you face as you started the company? What steps did you take to work through those challenges?
“We faced many challenges and figured out a solution for almost all. One thing that took the most time, was raising capital.
We spent most of 2011 in various senior care communities trying to understand the real problems that the providers, elderly and the families were facing. After much research and feedback we started building the solution and had a few paying customers. The next step was to solidify the solution and leverage earlier wins to gain more traction, for which we needed capital. That was one of the main challenges we faced to get to the next level. Eventually, we were very fortunate to find a strategic investor from EU (Poland). “
