How to Build a Successful Tech Company {Private Q&A Session}

As a seasoned tech founder with over 26 years of experience, I've had the privilege of building successful companies throughout my career. Recently, I had the opportunity to speak at a closed-door event where I was asked a variety of insightful questions. Fortunately, the host has graciously permitted me to share some of my answers publicly. Below are highlights of the most valuable insights that I believe will benefit you. I hope you find them valuable and enjoy!

What matter most when building a technology company?

Starting a business demands a touch of madness. You're diving into a relentless stream of problem-solving. Initially, you identify a gap - an itch waiting to be scratched. You ponder, "How can I fill this void effectively? Is no one else addressing it?"

Upon discovering others share your itch, you set out to solve this market problem. Then comes tailoring the solution for your target audience. Yet, as sales escalate, the reality dawns: you can't manage it solo. Recruiting becomes imperative, followed by navigating financing and product management hurdles. The journey is an unending quest for solutions.

Scaling requires honing your problem-solving prowess, whether for clients or internally. Along the way, you must relinquish ego, embracing a mindset of service. It's a transition from "me" to a grander vision and mission. By nurturing this broader purpose, you attract bright minds aligned with your cause, capable of surmounting challenges beyond your reach.

What is the biggest mistake you've ever made?

In my 26 years of experience, I've traversed various industries and cultures, from Silicon Valley to Paris, encountering both successes and failures. One significant mistake I made was during a period of rapid expansion in the real estate sector. Feeling the pressure to keep up with growth, I hastily hired multiple individuals solely based on their technical skills. I overlooked the importance of assessing their character and compatibility with our company culture. As a result, within a month, chaos ensued as these hires failed to gel as a cohesive team. I realized my error: I had prioritised short-term gains in revenue over cultivating a supportive and aligned company culture.

Over the following three years, I underwent a process of self-reflection and learning from these missteps. I shifted my hiring approach, placing greater emphasis on evaluating candidates for their character, values, and alignment with our company's vision and mission. I sought individuals with a strong foundation in work ethic and problem-solving skills, believing that technical expertise could be taught. This shift in focus towards hiring for character rather than solely for skills resulted in a more cohesive and effective team.

My experience taught me a valuable lesson: by prioritising character and values in hiring, one can foster a culture where employees are not only skilled but also deeply committed to the organisation's mission. From there, developing the necessary skills to tackle internal and external challenges becomes a smoother journey.

As a founder, What is my role in building the company?

My definition of selling is straightforward: it's synonymous with solving. Consider this room we're in right now. Once empty, it now houses couches and chairs. How did they get here? Someone sold them. It's as simple as that. Whether you're pitching a vision, a dream, a mission, or a product, selling is integral. I understand the negative connotations associated with sales, often linked to pushy tactics or unwanted solicitations. However, when I talk about selling, I'm referring to solving a specific problem for a particular market.

When starting a venture, many envision growth as a steady upward trajectory. Yet, the reality is far from linear, especially in the realm of Software as a Service (SaaS), which is where my expertise lies. Transitioning from a concept to a viable company involves navigating what I call the "messy middle." This phase, typically spanning from reaching $1 million to $10 million in annual revenue, is marked by intense challenges and fluctuations.

Imagine a graph with year one on the left, year five in the middle, and year ten on the right. The initial phase is characterised by founder-led growth, fuelled by sheer determination and hustle. But the journey to sustainable success is far more tumultuous than commonly perceived. It resembles a rollercoaster ride through the "messy middle," where you're constantly adapting and problem-solving.

In this phase, you're grappling with fundamental questions: Who is our ideal customer? What problems are we truly solving? What features do we need to prioritise? It's a period of trial and error, punctuated by breakthroughs and setbacks. This is precisely where I find myself with my current venture at Station F, experiencing the highs and lows of progress.

Establishing a cohesive team and fostering a shared sense of purpose is paramount during this turbulent period. Core values serve as guiding principles, anchoring the team amidst uncertainty. As a founder, my role extends beyond mere leadership; it's about nurturing a collective spirit that perseveres through the challenges of the "messy middle."

Indeed, this journey is not for the faint-hearted. It's a relentless pursuit that keeps us awake at night, driven by the belief that success lies not just in selling, but in solving problems and building a resilient, purpose-driven organization.

How do you think about failure?

If you view failure as a dead end, a moment of "oh shoot, can I curse? No, it's a family show," then you're missing the point. Failure isn't the end-all; it's feedback. It's recognizing that this setback isn't about you personally; it's about figuring out what went wrong and how to move forward.

Let's face it: failure is inevitable. Whether it's missing the mark, running out of funds, or struggling to make payroll, these challenges will arise. But instead of wallowing in shame or defeat, view failure as a stepping stone to growth.

Consider this: a staggering 87% of businesses fail within five years, with many more faltering within a decade. So, if you manage to push past the ten-year mark, you're among the top 3-4% of businesses that have weathered the storm. That's something to be proud of, a testament to resilience and perseverance in the face of adversity.

What advice do you have when it comes to explaining a product to clients? I feel like they just don't get it.

So, let's talk about headaches and pain relief. We all know the desperation of a severe headache or migraine. In those moments, we'd gladly pay a hefty sum just to make the pain disappear, right? Yet, when it comes to vitamins and supplements, it's a different story. Are they really effective? Do they actually work? The truth is, it's often unclear.

Now, consider this analogy: Are you selling vitamins or painkillers? In other words, are you offering something that provides immediate relief, like a Tylenol or Advil, or something more uncertain, like a daily supplement? The key lies in addressing the immediate pain points of your customers.

Imagine someone suffering from chronic headaches. You provide them with instant relief by alleviating their pain. With their headache gone, they can think clearly and engage fully in life. But you don't stop there. You delve deeper, exploring the root causes of their headaches and offering a solution tailored to their needs.

Now, let's apply this concept to your business. If you're delivering beverages to businesses, what pain points are you addressing? Is it convenience, quality, or something else? Once you've identified the immediate pain, you can then explore how to provide lasting solutions. Maybe it's optimising delivery schedules or offering custom blends to meet specific preferences.

In essence, focus on selling the painkiller—the solution that directly addresses your customers' needs and provides tangible value. By doing so, you'll build trust, loyalty, and lasting relationships with your customers. After all, in a world filled with uncertainty, everyone appreciates a reliable remedy for their headaches.

How do you know when is it time to admit defeat?

There's a remarkable book out there that I highly recommend everyone reads. It confronts a truth that often gets overlooked: we each have approximately 4,000 weeks to live, on average. It's a stark reminder of our finite time on this planet. So, what will you do with that time? Will you pursue something that truly matters to you, something that ignites passion within you? Or will you spend it constantly chasing approval and meeting others' expectations?

The reality is, living authentically means making tough choices. It means learning to say no far more often than saying yes. When embarking on the journey of starting a company, this rings especially true. You might enter with grandiose ideas of what you think you should be doing, only to realise that simplicity is key. It's about listening to the market, understanding what people truly want, and having the courage to pivot when necessary.

Sometimes, the answer is right in front of us. It means facing challenges head-on and embracing the discomfort that comes with growth. Ultimately, it's about having the heart to pursue your passions and make the most of the time you have.

My latest company, Diwy - Do it With You, builds $1,000,000+ sales pipeline within 6 months for promising innovative B2B tech companies. We use common sense, AI, Automation and rock solid targeting that goes beyond accessing database that everyone else has access to.

If you are interesting in learning more send me a direct message and we can talk.