eqtble Watercooler: Issue #4
Why use an Accelerator?
People often ask why we chose the path of Y-Combinator or what motivated us to quit our jobs and give building eqtble a real shot. For as long as I can remember, I’ve wanted to build a product—not just for the sake of founding a company, but to create something valuable and to be part of making things better, part of meaningful change. However, having the urge or dream to build something and actually bringing it to life are two different things altogether. When we conceived the idea for eqtble, it was just that—an idea. We knew we were statisticians and engineers with experience building internally, but we were unfamiliar with the venture capital world. We decided against bootstrapping the business as it would take too long to scale without the necessary resources. Thus, we determined that applying to Y-Combinator (YC) was the best way to compensate for what we lacked. YC proved invaluable as they challenged us in three major ways:
Speed of Build: They pushed us to move quickly in developing our product and iterating. During a meeting with our YC advisor, we mentioned that a certain aspect of our app would be done in three weeks. Our advisor responded by saying we had three days ??. Amazingly, we built it in three days! Often, when faced with a challenge, you have no option but to rise to it. YC challenged us, helping us realize that we would face many challenges in building eqtble, but also showing us that we were capable of overcoming them time and again.
Case for Selling: YC made us sell our product even when we felt it wasn’t ready. They taught us that perfection is the enemy of progress. We were encouraged to sell the product as it was, get design partners, gather feedback, and then iterate. This approach allowed us to build the product alongside our customers, making them feel part of the journey as they saw their feedback materialize in our product. It helped us overcome the fear of shipping features and receiving feedback, with customers understanding and appreciating our iterative journey.
Fundraising: Since neither of the founders came from a VC background, we didn't know what to expect. YC made us practice our one-liner and two-liner pitches daily. We practiced them so often that if you woke me from a deep sleep and asked for the one-liner, I could deliver it clearly, even though I was half-awake with one leg in the dreamscape and the other in reality! This repetition was incredibly beneficial for our demo calls with investors. We continually refined our pitch and received valuable feedback from our advisors. This rigorous preparation was instrumental in helping us secure funding from investors.
We successfully secured our seed funding, led by Initialized Capital. The conversations and events leading up to this funding are both hilarious and fascinating. However, I’ve already spoken at length this week, so I’ll have to continue the story in our next episode. Stay tuned!
Theme of the Month: Actionable People Analytics
People analytics is a fascinating domain! When I started my career, I never thought that I’d end up in this space. However, I am glad I did. It has been both an amazing learning and transformative experience for me. People Analytics is interesting because certain parts are fast-moving while others change slowly. For example, the tools we use—over the last seven years, there has been an explosion in People Analytics tooling and philosophies on how to approach this work. There has also been a conversation regarding moving from primarily reporting to analytics (hold this point because I will come back to it later). On the other hand, the process of getting access to data is still something that will always move slowly due to conversations with legal and security teams, as well as the sensitive nature of the data, which requires careful handling. Therefore, regardless of the pace of innovation in certain respects, some things do not change much simply because they cannot.
Remember I told you to hold the thought of Reporting and Analytics? One of the topics that has been popping up lately is the conversation of Reporting vs. Analytics in People Analytics. In fact, we've had people ask us that question several times over the past couple of weeks. So let me break it down—what is reporting, what is analytics, and what are the differences?
Reporting involves organizing data into summaries to monitor business performance and providing a snapshot of the current state of performance metrics through structured formats like charts and dashboards. It answers the question, “What happened?” and is typically used for routine monitoring and compliance. Tools like Excel and BI tools such as Tableau and Power BI facilitate this process.
On the other hand, analytics goes deeper, exploring and interpreting data to uncover patterns, correlations, and insights that inform decision-making and strategy. It answers “Why did it happen?” and “What will happen?” using advanced statistical tools and techniques like regression analysis and machine learning.
Analytics is dynamic and exploratory, often used by data scientists to drive strategic insights and proactive management. While reporting provides transparency and accountability, enhancing routine decision-making, analytics delivers strategic insights and foresight, enabling businesses to innovate and remain competitive. For instance, in People Analytics, reporting might show monthly employee turnover rates, helping to monitor retention, whereas analytics would predict turnover trends and identify underlying causes, guiding retention strategies. Together, reporting and analytics offer a comprehensive view, empowering organizations to track their current state and strategically plan for the future.
There is room for both reporting and analytics in the People space. We don’t throw away reporting for analytics because the basics are still needed for daily routine work and compliance. At the same time, being stuck in reporting and never moving to analytics means you can’t be proactive and make data-driven decisions based on insights. Again, the aim of people analytics should be to inspire action. If it isn’t doing that, then you are not doing people analytics.
External News Review
Article: Cutting-edge technology on show at Euro 2024 is changing the face of soccer
For soccer fans, the Euro 2024 games have been exciting regardless of who you are rooting for! But one of the things that is quite interesting is the new technology that has been introduced into the tournament.?
A new high-tech soccer ball has been introduced, featuring advanced "Connected Ball technology" developed by Adidas. This technology includes a microchip embedded in the ball that can detect even the slightest contact. The primary goal of this innovation is to assist in making more accurate and faster decisions during matches, particularly for offside and handball incidents.
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The microchip in the ball transmits data in real-time to match officials, enhancing the precision of the Video Assistant Referee (VAR) system. This technology was previously used at the 2022 FIFA World Cup and will now make its debut in the European Championship. The ball, named "Fussballliebe," will help ensure that referees can make more informed decisions, reducing the time and controversy associated with VAR reviews.
The key here is real-time, actionable decisions! It seems that people in all facets of industry are looking for ways to be more efficient in their decision-making. You might ask, "Well, Joseph, this is an interesting article about soccer, but what does this have to do with People Analytics?" I am glad you asked.
Correlation with People Analytics
Just as the "Connected Ball technology" enables referees to make faster and more accurate decisions on the soccer field, advanced technology in People Analytics will allow organizations to enhance their decision-making processes. The fast pace of innovation in data analytics and artificial intelligence is transforming how businesses operate. Here are a few parallels:
1. Real-Time Data Transmission:
2. Enhanced Decision Precision:
3. Efficiency and Speed:
4. Innovation Driving Better Outcomes:
Parting thoughts (Until Next Week)
The adoption of advanced technologies in both soccer and People Analytics underscores a broader trend toward leveraging data for better decision-making. As demonstrated in Euro 2024, real-time data and precise analytics can significantly improve performance and outcomes. Similarly, in People Analytics, the integration of innovative data-driven tools enables organizations to make informed decisions quickly, fostering a more dynamic and responsive business environment. The focus on insights for decision-making is a natural progression, especially given the rapid rate at which data is generated and the growing need for precise decisions. As practitioners, we shouldn’t shy away and stay in our comfort zones but should rather embrace these advancements to stay competitive. Although there might be an overwhelming amount of knowledge out there, "to get lost is to learn the way." We might not have all the answers right now, and that’s okay. Remember, “Birds sing not because they have answers but because they have songs.” Let’s keep singing and seeking answers!
Until next time!