Everything I learned from Bob Frady in Less Than an Hour

Blending startup strategy with slopes

InsurTech Slopes is one of the most powerful niche events I attend every year. It's not just a chance to enjoy breathtaking views and quality skiing—it is an invaluable opportunity to dive deep into the entrepreneurial journey.

This is the case every time I have the chance to attend, and last year, Bob Frady gave a one-hour presentation sharing insight he's learned along the way of building and exiting two startup companies. And at the time, he was just launching his third company, Property Lens.

Here's everything I learned in that very limited amount of time we had with him (Thank you, Bob!):

Embracing the Entrepreneurial Spirit

• Be Boldly Different: In a world that often walks the beaten path, entrepreneurs choose to trek through uncharted territories with a belief that they can make a difference. Keep walking the paths least traveled and pave your own.
• Find Your Support System: The entrepreneurial journey can feel lonely, but it's less so when you're surrounded by people who believe in your vision as much as you do. Surround yourself with the right people. I had to learn this the hard way, just like a lot of founders out there. Qualify the people in your circle and do not brush aside those glaring red flags!!!!
• Create the Company You've Always Wanted: Bob's history of being let go from jobs didn't deter him; instead, it fueled the desire to build a company that was worth working for.

Navigating Business Challenges

• Complement Your Strengths and Weaknesses: Identifying what you're good at and finding partners who excel where you don't makes all the difference. Do your co-founders, investors, partners, your personal board give you value that you could never give yourself and will that value directly affect the success of your company?
• Decide on Your Share of the Pie: Whether you aim for a larger slice of a small pie or a smaller piece of a large one, clarity on this choice can guide your growth strategy. Do you want to own 100% of $10M or 10% of 100M?
• Identify and Target Weaknesses: Knowing your competitors' vulnerabilities allows you to focus your efforts more effectively. It's not just about differentiating, but capitalizing on their weaknesses. And weaknesses come in many forms, such as a lack of strategic partnerships. This was so good!!! At RevUp, we conduct a competitor positioning analysis. We dive deep into your competitors' web performance, messaging and ads--it's incredible what you uncover when you just look at how they are selling their technology. This is the insight you need to truly stand out and differentiate your company among every other company that has the potential to get ahead of you on the tech roadmap.

Thriving in Insurtech

• Patience Pays Off: In the risk-averse world of insurance, proving the long-term safety and reliability of your tech is key.
• You Are Your Best Salesperson: Convincing others of your product's value is a crucial skill, necessitating a blend of passion and persistence. Founders, you are the best at this and you can get others to be just as good by leading them into the passion and drive you have for your own technology!
• Pick a lane and stay focused. Pick a lane and stay focused. Pick a lane and stay focused. It's worth repeating. Pick a lane and stay there!!!
• Don't confuse effort with results. Busyness isn't winning.
• Your job is not to have the best product in the world, your job is to become safe – be around long term, you know what you’re talking about, partnering with you is going to reduce risk buy the safety your product represents. Bob Frady's first company was successfully acquired. This innovator knows what he's doing and is someone who has a great level of and very unique industry insight that you can bet is infused into the value PropertyLens delivers.

Demystifying Venture Capital

• Building Momentum is Crucial: Attracting venture capital is about creating a business narrative that makes investors come to you, showcasing your progress and potential. And nothing accelerates funding more than showing the investors the interest from other investors.

Planning for the Future

• Have an Exit Strategy: Understanding your end goal and protecting your equity ensures that when success comes, you're ready for the next steps. Protect your business through strategic allocation of voting rights.
• Due Diligence Matters: While challenging, thorough preparation for exit processes pays dividends in the long run.

Fostering Accountability

• Learn from Mistakes: A culture that acknowledges and grows from errors, rather than fearing them, is resilient and adaptive.

InsurTech Slopes is more than an escape to the mountains; it is a reminder of the power of community, the importance of strategic thinking, and the resilience required in the entrepreneurial world. Here's to the journey ahead, with fewer bumps and more victories. Will we see you at InsurTech Slopes in February?