Entrepreneur Loop https://entrepreneurloop.com/ Fueling Your Entrepreneurial Journey Sat, 27 Apr 2024 12:16:23 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.2 https://entrepreneurloop.com/wp-content/uploads/2023/11/favicon-150x150.png Entrepreneur Loop https://entrepreneurloop.com/ 32 32 Japanese Investors Eye Opportunities in Southeast Asian Startups https://entrepreneurloop.com/japanese-investors-eye-opportunities-in-southeast-asian-startups/ Sat, 27 Apr 2024 12:16:23 +0000 https://entrepreneurloop.com/?p=1152

A specialized unit within Bank of Ayudhya, known as Krungsri, is enhancing its resources to facilitate partnerships between Japanese companies and promising startups across Southeast Asia. Bunsei Okubo, Head of Krungsri’s Japanese Corporate and Multinational Banking Group, outlined plans to better connect investors with innovative early-stage firms in high-growth industries. By organizing business matchmaking events […]

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A specialized unit within Bank of Ayudhya, known as Krungsri, is enhancing its resources to facilitate partnerships between Japanese companies and promising startups across Southeast Asia. Bunsei Okubo, Head of Krungsri’s Japanese Corporate and Multinational Banking Group, outlined plans to better connect investors with innovative early-stage firms in high-growth industries.

By organizing business matchmaking events and advising on expansions into new markets, Krungsri aims to stimulate deal-flow and foster sustainability. Their first Japan-ASEAN Startup Conference last year resulted in over 60 startups from six nations linking up. Another is scheduled for June to drive deals between entrepreneurs and investors. The bank is also widening efforts in Laos and Vietnam to showcase digitally-focused products addressing social and environmental issues.

Areas of focus for startups include fintech, automation, food technology, healthcare, agriculture, and other sectors aligned with environmental, social and governance (ESG) goals. To accelerate sustainable development regionally, Krungsri leverages expertise from strategic partner Mitsubishi UFJ Financial Group in developing finance options like green bonds and a fixed deposit supporting such initiatives.

As a top foreign investor – especially in Thailand – China represents opportunities that Krungsri stands ready to facilitate through East Asian expansion advising. The nation’s infrastructure, manufacturing base and tax privileges appeal to companies from China, Taiwan, Hong Kong and South Korea seeking growth. Advisory services through their “ASEAN LINK” program ease market entry across nine Southeast Asian markets.

With a 7% loan growth target, Krungsri pledges enhanced financial and knowledge assistance for both industrial and technology customers transitioning to sustainability. As Thailand’s fifth largest conglomerate with 79 years in banking, their synergies with MUFG position them well to capture arising prospects through these tailored services.

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Guiding Businesses to Growth: A Conversation with Orbiss Co-Founder Laurence Ruiz https://entrepreneurloop.com/guiding-businesses-to-growth-a-conversation-with-orbiss-co-founder-laurence-ruiz/ Thu, 25 Apr 2024 11:30:44 +0000 https://entrepreneurloop.com/?p=1148 Laurence Ruiz

Laurence Ruiz, Co-Founder of Orbiss, recently shared his entrepreneurial journey and advice for aspiring founders in an exclusive interview with Entrepreneur Loop. As someone with over two decades of experience in accountancy and financial analysis, Ruiz has a wealth of knowledge when it comes to launching and growing a business. In 2020, Ruiz embarked on […]

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Laurence Ruiz

Laurence Ruiz, Co-Founder of Orbiss, recently shared his entrepreneurial journey and advice for aspiring founders in an exclusive interview with Entrepreneur Loop. As someone with over two decades of experience in accountancy and financial analysis, Ruiz has a wealth of knowledge when it comes to launching and growing a business.

In 2020, Ruiz embarked on a new venture and co-founded Orbiss – an advisory and tax firm specializing in enabling international business expansion in the US. “It is an exciting moment when a company expands into a new region like the United States. It signals increased growth and new opportunities,” says Ruiz. However, he realized that many companies face complex regulations and policies when entering new markets. This complexity can hinder growth if not properly managed.

Orbiss was created to fill this gap. The company’s mission is to “simply scale up” operations for international businesses expanding to the US. Backed by a stellar team and leading technology, Orbiss streamlines day-to-day operations and provides guidance on following regulations properly.

When asked about advice for new founders, Ruiz emphasized “celebrating achievements, finding balance, and prioritizing personal well-being.” He states that being a successful founder involves weathering emotional highs and lows – and self-care is key to maintaining resilience.

  1. Please provide a brief introduction of yourself and your professional background.

    I am a Co-Founder of Orbiss, an advisory and tax firm specialized in business growth in the United States. Before starting Orbiss, I held multiple leadership positions in international accounting firms based in Europe and the US. With more than two decades of experience, I have expertise in accountancy, financial analysis, and strategy.

  2. Please tell us a bit more about your company – what does it offer, what problem does it solve, and who is your target audience?

It is an exciting moment when a company expands into a new region like the United States. It signals increased growth and new opportunities. While this is a thrilling time, there are many new rules and regulations that an internationally expanding company faces. Without the proper guidance in place to follow these policies, the company can, unfortunately, face a negative experience expanding and ultimately hinder its development.

Founded in 2020, Orbiss is a CPA firm with unique expertise in enabling international business expansion in the US. Orbiss helps businesses “simply scale up” and streamline their complex day-to-day operations. Backed by outstanding people and leading-edge technology, Orbiss is driven to provide the best services and deliver unparalleled peace of mind.

  1. What inspired you to start your own business? What was the “aha” moment?

The “Aha Moment” that led to the idea for Orbiss was rooted in bringing modernity to the very traditional sector of accounting and tax. In an industry where the human element is often underutilized, we identified the crucial role of tone of voice and the absence of a comprehensive onboarding process. Our experience revealed the need for flexibility, emphasizing the importance of adapting based on individual experiences in a challenging industry that often lacks modern processes.

Having encountered consistent challenges in our previous professional experiences, where growth was frequently hindered by the struggle between team dynamics and managerial expectations, we wanted to create something better. We decided to reevaluate and reconstruct the traditional CPA firm model, prioritizing values and resembling more modern industries in terms of structure and practices.

  1. What were some of the biggest initial challenges you faced in getting your business off the ground? How did you overcome them?

One particular challenge stands out vividly from the beginning of my journey. On February 14, 2020, I had just signed a new client. While this was a significant milestone, up until that point, I had struggled with securing any clients at all.

Just one month later, the COVID-19 pandemic hit, and I found myself confronted with the daunting reality of navigating business during a global crisis. Despite this global challenge, Orbiss saw an opportunity to differentiate itself by delivering exceptional quality work and implementing a meticulous COVID plan with stringent rules. While these measures were challenging to adhere to, they proved to be immensely beneficial as clients appreciated our dedication to safety protocols.

Despite the initial struggles, our reputation for excellence in COVID policies and client satisfaction propelled our business forward, resulting in a strong client base.

  1. How do you stand out from the competition in your space? What sets your product/service apart?

First, Orbiss has developed a high-quality, distinctive product that not only distinguishes itself from competitors but also provides a more streamlined solution to industry challenges compared to more traditional, rigid platforms. As a company, we prioritize streamlining processes and keeping them organized. We want the same straight-forward procedures to occur with every client, so they have a positive experience working with Orbiss.

Second, ​Orbiss lives and stands by its values, which helps us stand out in the market. We are focused on the happiness and satisfaction of our employees. We want them to be satisfied and fulfilled in an industry where these types of values are traditionally absent and employees are typically under-recognized.

Our values that represent our company are the following: “Kindness,” “Commercial Honesty,” “Respectful Relationships,” “Partner Selection,” and “Professional Integrity.” These guide our daily operations and how we treat both our customers and our internal teams.

  1. What do you know now that you wish you knew when you were first starting out?

Earlier in my career, many of the companies I worked for had a culture in which employees were treated like they couldn’t be trusted. Some of the former leaders I worked for would constantly monitor employees’ whereabouts, and enforce specific office hours from 9 am to 6 pm. The leadership also advocated that it was better to be physically present in the office for better productivity and oversight.

However, I came to realize the fallacy in this approach. Contrary to this belief, I learned that placing undue emphasis on physical presence and micromanagement stifled creativity and productivity. Instead, embracing remote work and allowing flexibility in working hours not only fostered a more positive work environment but also improved overall team performance. Ultimately, the advice to trust the team, regardless of their location, proved to be far more beneficial.

7. What are the most important skills someone needs to be a successful founder, in your opinion?

Kindness, quality, and maintaining a strong work ethic have all been instrumental to my success as a business owner. Embracing kindness has not only shaped positive relationships within our team but has also fostered a collaborative and supportive work environment. Prioritizing quality in all aspects of our work has been a key driver in achieving excellence and building a reputation for delivering high standards. Finally, being a hard worker and demonstrating determination have been crucial in overcoming challenges and driving the company forward.

  1. What advice would you give to aspiring entrepreneurs who want to start their own company?

To weather the highs and lows of starting a new business you have to celebrate achievements, find balance, and prioritize personal well-being. Another benefit to recharging and practicing self-care is that by stepping away from your usual environment, you often come back to work with new ideas and solutions to problems. I cannot overstate the importance of engaging in self-care and physical activities. For example, I am an avid runner and find that this helps me to step away from work and disconnect.

Laurence Ruiz’s experience building Orbiss into an advisory powerhouse for international businesses is an inspiring case study for entrepreneurs. By identifying an underserved niche and staying laser focused on their core values, Ruiz and his team have found a formula for success. For any founder facing the rollercoaster ride of emotions that comes with running a business, Ruiz’s advice to celebrate wins, find work-life balance, and prioritize self-care is sage wisdom. Orbiss proves that with persistence, passion, and the right team, huge accomplishments can be made in even well-established industries.

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Korea Launches Landmark Venture Fund to Supercharge Startup Scene https://entrepreneurloop.com/korea-launches-landmark-venture-fund-to-supercharge-startup-scene/ Wed, 24 Apr 2024 07:30:38 +0000 https://entrepreneurloop.com/?p=1145 Korea Launches Landmark Venture Fund to Supercharge Startup Scene

The Korean government has unveiled an ambitious new initiative aimed at turbocharging the country’s burgeoning startup ecosystem. Dubbed the “Startup Korea Fund”, it represents a landmark public-private partnership designed to unlock billions in fresh venture capital. Under the scheme, 21 corporations and financial institutions will pool over 300 billion won to invest alongside 200 billion […]

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Korea Launches Landmark Venture Fund to Supercharge Startup Scene

The Korean government has unveiled an ambitious new initiative aimed at turbocharging the country’s burgeoning startup ecosystem. Dubbed the “Startup Korea Fund”, it represents a landmark public-private partnership designed to unlock billions in fresh venture capital.

Under the scheme, 21 corporations and financial institutions will pool over 300 billion won to invest alongside 200 billion won from government coffers. This combined 500 billion won war chest will be deployed to back promising local startups. Plans call for increasing the total fund size to a sizable 800 billion won going forward.

What makes the program truly innovative is its emphasis on crowding in private capital. Typically, most state-backed VC vehicles allocate 60% of funds from taxpayers. But Startup Korea Fund inverts this, with 70% private money and just 30% public financing. Further sweetening the pot are incentives like loss coverage and performance bonuses to really get corporations leaning in.

Seven major players like Hanwha and Kakao will also participate in VC investing for the first time thanks to this program. The expectation is that with such generous co-investment terms on offer, ever larger sums can be unlocked from risk-averse but deep-pocketed companies.

If successful, it would cement Korea’s status as Asia’s premier startup hub. According to the Minister, nothing before has matched the potential for this effort to supercharge local ventures. Plans are in motion to have investment operations in full swing by mid-2024 after projects are selected next May. With bold ambitions and market-leading design, Startup Korea Fund seems primed to fuel the next wave of innovation.

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Sam Altman funds renewable energy startup to meet surging power demands of artificial intelligence https://entrepreneurloop.com/sam-altman-funds-renewable-energy-startup-to-meet-surging-power-demands-of-artificial-intelligence/ Tue, 23 Apr 2024 12:20:40 +0000 https://entrepreneurloop.com/?p=1142 Exowatt

As concerns rise over the ability of conventional power grids to sustainably fuel advances in artificial intelligence, one major AI investor is taking action to support the development of clean energy solutions. OpenAI CEO Sam Altman recently headed a $20 million funding round for Exowatt, a startup working to supply renewable power customized for data […]

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Exowatt

As concerns rise over the ability of conventional power grids to sustainably fuel advances in artificial intelligence, one major AI investor is taking action to support the development of clean energy solutions. OpenAI CEO Sam Altman recently headed a $20 million funding round for Exowatt, a startup working to supply renewable power customized for data centers.

Altman and other tech leaders recognize that as AI capabilities continue expanding at rapid rates, electricity usage by data centers housing advanced systems and algorithms will grow exponentially. However, traditional power sources may struggle to reliably meet surging long-term demands. This has led rising support for innovative approaches like that pursued by Exowatt.

The company aims to provide AI companies nearly free electricity through modular solar arrays with integrated thermal storage. This approach could undercut prevailing industrial power costs by over 50% according to Exowatt CEO Hannan Parvizian. Through a scalable and sustainable platform, Exowatt hopes to address current challenges while ensuring ongoing AI advancement has necessary clean energy resources.

While commercial deployment remains pending and conventional grids satisfy present needs, investments like Altman’s underscore the vital importance of cultivating renewable options for a technology-dependent future. Major challenges certainly remain but supportive initiatives illustrate proactive strategies to couple booming AI with environmental protection and dependable long-term energy supplies. With exponential tech growth, such foresight could prove invaluable for continued scientific progress.

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How a Latin Grammy Award Helped This Drumming App Drumap Find Global Success https://entrepreneurloop.com/how-a-latin-grammy-award-helped-this-drumming-app-drumap-find-global-success/ Mon, 22 Apr 2024 07:37:46 +0000 https://entrepreneurloop.com/?p=1138 Drumap

Raul Rodrigues had always been passionate about music and drumming. In the early days of developing his idea for an app to digitize drum lessons and scores, he knew gaining recognition could help take the concept to the next level. That’s why presenting at the Latin Grammy Cultural Foundation proved so pivotal. Rodrigues walked away […]

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Drumap

Raul Rodrigues had always been passionate about music and drumming. In the early days of developing his idea for an app to digitize drum lessons and scores, he knew gaining recognition could help take the concept to the next level. That’s why presenting at the Latin Grammy Cultural Foundation proved so pivotal. Rodrigues walked away with an award valued at €5,000 for his plans to preserve musical knowledge through technology.

The timely funding allowed Rodrigues to transition his prototype into a fully-fledged product. “That money let me get out of the prototype to be able to grow,” he explained. Just as important as the capital, however, was the validation from such a respected award show. “Of course, the recognition from the Grammys helped me a lot,” Rodrigues noted.

Emboldened by this early backing, Rodrigues incorporated his startup in Valencia, Spain. He had originally come to the country from his native Brazil six years prior in search of new opportunities. While in Madrid, Rodrigues discovered he loved Valencia and decided to set up shop there. The city’s thriving entrepreneurial scene, including incubators like Lanzadera, provided the perfect environment to scale his vision.

Now called Drumap, the app had around 30,000 users, with 1,000 paying subscribers. Those monthly membership fees generate an estimated €5,000 per month currently. Rodrigues aims to grow that tenfold by years’ end. Beyond monetizing through subscriptions, Drumap gives drummers at any skill level easy access to lessons and tools to create their own scores. “It’s very easy for people who don’t know music to learn,” Rodrigues noted.

Securing that early validation from the Latin Grammys helped launch Drumap on its path to global success. With a dedicated team growing and revenue increasing, this drumming app is poised for even greater impact in the music education world.

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Webflow Acquires AI Startup Intellimize to Enhance Website Personalization Tools https://entrepreneurloop.com/webflow-acquires-ai-startup-intellimize-to-enhance-website-personalization-tools/ Sat, 20 Apr 2024 12:17:04 +0000 https://entrepreneurloop.com/?p=1134 webflow intellimize

Webflow, the prominent web design platform, has expanded its capabilities with the purchase of Intellimize. This move allows Webflow to optimize websites and better engage visitors through artificial intelligence-powered personalization. Intellimize was founded in 2016 to build AI-driven personalization directly into websites. Leveraging machine learning, it analyzes user behavior and dynamically tailors content in real-time. […]

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webflow intellimize

Webflow, the prominent web design platform, has expanded its capabilities with the purchase of Intellimize. This move allows Webflow to optimize websites and better engage visitors through artificial intelligence-powered personalization.

Intellimize was founded in 2016 to build AI-driven personalization directly into websites. Leveraging machine learning, it analyzes user behavior and dynamically tailors content in real-time. Several notable companies utilize Intellimize to boost conversion rates and enhance the digital experience.

Through the acquisition, Webflow aims to offer these capabilities within its existing design and hosting services. Vadim Magdalin, Webflow CEO, noted customers frequently ask for tools supporting ongoing performance after initial site development. Intellimize’s tech and team address this need by refining websites based on user data.

Guy Yalif, Intellimize co-founder, will now lead personalization product strategy at Webflow. Most Intellimize employees have joined the company as well. While Intellimize will still be available separately, tighter connections to Webflow are planned. The goal is to deliver a unified solution combining the strengths of both platforms.

For users, the merger promises a more powerful way to design, manage and optimize digital properties. Advanced personalization powered by AI should engage audiences more effectively. Webflow deepens its solutions for diverse needs across marketing, growth and analytics. Together with Intellimize, an even stronger foundation is established for managing full digital experiences.

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DPIIT promotes e-commerce in J&K, urges startups to join ONDC platform https://entrepreneurloop.com/dpiit-promotes-e-commerce-in-jk-urges-startups-to-join-ondc-platform/ Fri, 19 Apr 2024 12:22:46 +0000 https://entrepreneurloop.com/?p=1122

Amid concerted efforts to modernize commerce across Jammu & Kashmir, DPIIT urged local startups to leverage opportunities presented by initiatives like ONDC. Speaking at an event organized by JKEDI reviewing the progress of startups in the region, Joint Secretary Sanjiv Singh highlighted how networks such as ONDC could help democratize e-commerce and boost participation of […]

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Amid concerted efforts to modernize commerce across Jammu & Kashmir, DPIIT urged local startups to leverage opportunities presented by initiatives like ONDC. Speaking at an event organized by JKEDI reviewing the progress of startups in the region, Joint Secretary Sanjiv Singh highlighted how networks such as ONDC could help democratize e-commerce and boost participation of sellers from the state.

Singh impressed upon startups to onboard ONDC which aims to connect buyers and sellers online in an open public network. He believes this will help connect local artisans with a global market, mentioning how 112 Indian toy manufacturers recently gained access to Walmart’s global supply chain. Singh urged entrepreneurs to take advantage of the growing Indian consumer base as well as have more control over domestic supply chains.

The event saw participation from incubators and university startups working in various domains including logistics, e-commerce, agriculture-tech, healthcare, tourism and clean energy. Singh advised entrepreneurs to tap into the booming tourism sector and leverage cricket’s popularity by exploring manufacturing of cricket gear. He emphasized understanding market dynamics to identify viable opportunities.

Startups shared challenges of competing nationally. JKEDI, the state startup promotion body, is committed to supporting such initiatives that can revolutionize commerce and boost the local economy through entrepreneurship and digitization. With focused interventions, Jammu & Kashmir’s startup ecosystem appears set for transformational growth.

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Bristol startup launches world’s most sustainable baby crib in circular economy first https://entrepreneurloop.com/bristol-startup-launches-sustainable-baby-crib/ Wed, 17 Apr 2024 12:08:28 +0000 https://entrepreneurloop.com/?p=1106 sustainable bedside crib

Three entrepreneurs from Bristol have created what they believe is the world’s most sustainable baby crib in a bid to reduce wastefulness in the industry. Mike Hoffman, Nina Szamocki and Angus Whiston established Alora Baby last year after discovering how many baby products end up in landfill each year despite only being used for a […]

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sustainable bedside crib

Three entrepreneurs from Bristol have created what they believe is the world’s most sustainable baby crib in a bid to reduce wastefulness in the industry. Mike Hoffman, Nina Szamocki and Angus Whiston established Alora Baby last year after discovering how many baby products end up in landfill each year despite only being used for a short period.

The founders spent over a year developing their eco-friendly bedside crib with a product designer. Key to their design is a unique ‘circular economy’ model where the crib can be returned to the company after use and its materials remanufactured into an entirely new crib. This allows the raw materials to be continuously reused rather than ending up as waste.

Alora Baby is manufactured locally in Bristol and delivered near-assembly for easy set up. Customers simply return the crib when finished and it is collected, dismantled and remolded into a brand new product. The entrepreneurs believe this innovative system revolutionizes the baby market by providing a high-quality sustainable option that benefits both consumers and the environment.

After securing innovation funding and launching at a major baby trade show, Alora Baby is hoping to expand both its product range and geographic reach sustainably over the next year while creating new green jobs locally. The founders view Bristol as an ideal base for their circular business model due to the city’s reputation as a hub for creative, eco-friendly enterprises. If successful, Alora Baby could help divert countless baby goods from landfill each year through its unique sustainability focused design.

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Sol Nasisi, Founder of Online Publishing Platform Booksie, Shares his Insights into Building a Successful Startup https://entrepreneurloop.com/sol-nasisi-founder-of-online-publishing-platform-booksie-shares-his-insights-into-building-a-successful-startup/ Sat, 13 Apr 2024 10:09:51 +0000 https://entrepreneurloop.com/?p=1098

Sol Nasisi has always had a knack for bringing creative ideas to life. As a student building rockets and gadgets with friends, to forming a band in high school, Sol saw the potential in nurturing creativity from a young age. This drive led him to pioneer one of the internet’s first digital companies and eventually […]

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Sol Nasisi has always had a knack for bringing creative ideas to life. As a student building rockets and gadgets with friends, to forming a band in high school, Sol saw the potential in nurturing creativity from a young age. This drive led him to pioneer one of the internet’s first digital companies and eventually found Booksie – a global online publishing platform aiming to elevate writers worldwide.

During a recent interview with Entrepreneur Loop, Sol reflected on Booksie’s 18-year journey and shared insights every startup founder should heed. From recruiting the right team to weathering challenges, Sol’s story offers a inspiring blueprint for building sustainable ventures focused on empowering communities. Under his guidance, Booksie continues pushing boundaries through pioneering AI and blockchain tools that provide avenues for artistic expression and monetization.

Sol Nasisi’s Journey

Neha Mehra: Please provide a brief introduction of yourself and your professional background.

Sol Nasisi: I grew up in a suburb of Boston in a small neighborhood with two friends living next door. We spent most of our time building things – forts, games, rockets, gizmos and gadgets. In high school, I formed a band and we spent hours writing and rehearsing our songs. We played a few gigs where we opened for some well-known local Boston bands. I think all of this provided me with a taste of creating something new and the exhilaration that comes from seeing it come to life.

In business school I started playing around with this thing called the Internet. It was early days and I was captivated. I started my first Internet company with a classmate selling posters and prints. Since then, I’ve started two more online companies, worked in the digital space for a Fortune 500 company, start-ups, and a higher education institution. I started Booksie eighteen years ago as a community of writers and readers and have bootstrapped it into an increasingly robust and large platform. AI is the first of several new technologies we’re going to be adding over the next couple of months.

Neha Mehra: Please tell us a bit more about your startup – what does it offer, what problem does it solve, and who is your target audience?

Sol Nasisi: Over the past 18 years, Booksie has helped hundreds of thousands of writers from across the globe tell their story via its online publishing and promotion platform. Its vibrant platform is a place where writers have practiced their craft, received feedback on their work, and connected with readers eager to find the next big writer. With the introduction of its AI and blockchain tools, Booksie will become an even better platform for writers to develop their craft and monetize their creativity. The Booksie Online Bot has been trained on millions of pieces of content, books, poems, short stories, and more so that it can provide writers with specific advice on how to make a work commercially and artistically successful. In addition, there will be new features launched on the platform throughout the year to continue to elevate the capabilities of Booksie for the writers. Booksie is an entity of TheNextBigWriter, LLC, a private, bootstrapped company founded to help writers tell their stories.

Building Booksie

Neha Mehra: What were some of the biggest initial challenges you faced in getting your business off the ground? How did you overcome them?

Sol Nasisi: One of the biggest challenges I faced early in my career was finding the right people to work with to build the products I dreamed about. When you’re young, you think the right fit comes along all the time. Like meeting someone romantically. But it doesn’t. I learned you really have to be deliberate in looking for people, have to put yourself out there, and once you find the right people, hang on to them.

I think another challenge was getting people to see the future. I started my first digital company in the early days of the Internet. At the time, I remember my business school classmates looking at me like I was cr@zy. They were all getting jobs at management consulting companies or Wall Street and here I was betting in something called the Internet. I took the plunge and never looked back. You have to make calculated bets and have the conviction to stick with it.

Neha Mehra: What have been your key strategies for growth and gaining traction/users?

Sol Nasisi: Our strategy has been to listen to our users and develop easy-to-use tools to help them achieve their goals. We’ve paired that with an acquisition strategy that cost effectively allows us to market and acquire new customers. For example, we run frequent writing contests which aren’t big money makers, but they draw a lot of traffic to the site and we’re successful at cross-selling our other services to these users.

It’s a formula. How much does it cost to acquire a customer versus the lifetime value? We’re constantly monitoring those metrics and increasing our marketing budget when the ROI is positive. Our product development roadmap is to create new products that increase our conversion rate and positive ROI. At least that’s the financial way of looking at it. Going back to where I started, we really want to create a great, valuable experience for our users so that they are willing to engage and take advantage of the platform.

Succeeding as an Entrepreneur

Neha Mehra: How do you stand out from the competition in your space? What sets your product/service apart?

Sol Nasisi: With a few clicks, we provide writers with the ability to publish their work, get feedback on their writing from humans to AI, promote their work, build an audience and following, and soon, earn money via blockchain platform we are calling Limited Editions. For readers, we provide an intimate way to discover new writers, become a fan, interact, and support your favorite work and authors. It’s a comprehensive site made to benefit writers and readers and we don’t think anyone has a platform that comes close.

And we’re going to keep adding functionality based on what our users tell us but also based on where we think the industry is going.

Neha Mehra: What do you know now that you wish you knew when you were first starting out?

Sol Nasisi: I wish I knew how hard building a business could be. You read all of the stories of entrepreneurs becoming overnight successes but I realize now that’s not the norm. It can take years of hard work with lots of ups and downs. Some people win the lottery with their company, but I suspect the vast majority need to put in years of toil to make it a success. Related to this is the fact that the highs are never so high and the lows are never so low. It’s important not to get stuck in the moment but keep moving towards that original dream. Progress can come in fits and starts but that’s normal. Entrepreneurs need to stay mentally tough.

Neha Mehra: What are the most important skills someone needs to be a successful founder, in your opinion?

Sol Nasisi: One of the most important skills is not really a skill but a mindset. As I mentioned, founders need to be mentally tough. You don’t receive any pats on the back or congratulations or adulation. It’s a constant grind to make your customers happy and satisfied and there are lots of long hours and hard work. So, being willing to put up with that is a key necessity.

As far as skills go, I think the most important is being able to recruit and retain the right people for your project. Without other people to help you achieve your vision, you won’t go far. No person can start and grow a successful venture by themselves.

In Booksie’s case, I needed technical people to code the website and maintain it because I’m not a developer. And I needed legal advice and help managing customer service. Creating a well-functioning team is as important as the initial idea, maybe even more so.

Neha Mehra: What advice would you give to aspiring entrepreneurs who want to start their own company?

Sol Nasisi: I would tell them to make sure they pursue something which they believe in and feel some passion for. There will be times when the money won’t be there and you need some higher motivation to keep you going. If it’s just the money, then when the money is tight, you’ll fold. For Booksie, I was always interested in helping people across the world tell their stories. This is my north star and what motivates me to keep going. I think the world is a better place for it and it keeps me motivated. Find your north star, whatever it may be, and apply it to the business you want to start. Then, you’ll create something fantastic and the money will follow.

Sol leaves us with an important reminder that entrepreneurship is a marathon, not a sprint. While the excitement of an initial idea fuels many founders, long-term success requires mental fortitude and true belief in a vision. Booksie has flourished due to Sol’s commitment to nurturing creativity and bringing writers’ dreams to life. Through ambitious plans to incorporate AI and blockchain, the platform looks primed to revolutionize the publishing industry. Most of all, Sol’s journey exemplifies that by empowering community, both founders and their customers can reach

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CosmoGlo: Illuminating Innovation in the Beauty Industry https://entrepreneurloop.com/cosmoglo-illuminating-innovation-in-the-beauty-industry/ Fri, 12 Apr 2024 11:33:38 +0000 https://entrepreneurloop.com/?p=1078 Mary Harcourt: Founder of CosmoGlo

CosmoGlo began with a simple napkin sketch, a vision born out of frustration and necessity. As an eyelash extension spa owner in bustling Los Angeles, I experienced firsthand the struggles of inadequate lighting in treatment rooms. Precision determined the quality of our work, yet all existing lighting options fell short. My staff and I were […]

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Mary Harcourt: Founder of CosmoGlo

CosmoGlo began with a simple napkin sketch, a vision born out of frustration and necessity. As an eyelash extension spa owner in bustling Los Angeles, I experienced firsthand the struggles of inadequate lighting in treatment rooms. Precision determined the quality of our work, yet all existing lighting options fell short. My staff and I were tired of dealing with multiple lights casting shadows, heating up the room, being top-heavy, unstable, and hindering our ability to perform with accuracy and efficiency.

I knew there had to be a better way. The beauty industry is huge, and it’s only growing from here. How has no one ever created the perfect lighting for beauty professionals to work under? The idea took shape on a napkin, a half-circle design with a rotatable top halo, delivering full-coverage, shadowless light. It wasn’t just about brightness; stability and adjustability were key. I wanted it to have a flat base, I was done tripping over tripods.

From a napkin sketch to reality, CosmoGlo was born. I worked with engineers and manufacturers to perfect the design. With the very first prototype – we knew that we had something that would change how beauty providers delivered their services. The bar was raised, and a new standard was created.

The early prototypes showed us there was room for improvement. I redesigned and improved the features it offered. We added adjustable and customizable options to fit every service provider and reach more industries. When I got to the third prototype, I knew we had a winner. Although we have made one hundred tiny adjustments to the current design, that third design is the one we still produce today.

As we all remember the pandemic in 2020, my salon was no different. We were forced to close temporarily as we were classified as a personal care service. As I was sweeping up and cleaning for the last time in who knew how long – I looked at the light and thought to myself, ‘I always say if I ever get the time, I would launch it as a product, but when will I ever get the time when I’m so busy running a salon?’ I realized I was just gifted the time. Just like that, I switched gears completely and went into product launch mode for CosmoGlo. I placed my PO for my first CosmoGlo Lights set and opened the website for pre-sales. We got sales that first day, and I sold out of that first batch before it shipped.

The decision to focus on CosmoGlo paid off. I chose to manufacture in the USA because anything overseas was shaky with the pandemic. I am now so thankful I manufacture in the USA and consider it one of my competitive advantages. I can walk through our product plant at any time; I am very involved in every step of the production process. When lights are assembled, quality checked, and packaged, they ship to the customer that same day. This makes correcting any issue fast and with little wasted inventory, as issues are easy to isolate and correct. We do not spend time or resources with products sitting on ships, and it allows us to keep our overhead costs lower with less money spent on logistics.

Our patent paperwork was filed, production was in full swing, and CosmoGlo quickly gained traction. We were able to launch in very unusual circumstances, and that became a springboard for the company.

We could finally reopen my salon months later, and CosmoGlo was in full swing. I knew the potential to be the global leader of lighting for treatment rooms would be far greater than that of a neighborhood salon, so I sold the salon to focus solely on CosmoGlo.

With each milestone achieved, from securing design patents to expanding our product line, CosmoGlo’s ascent has been nothing short of magical. Our team’s dedication and our customers’ support propelled us forward, driving exponential growth and solidifying our position as an industry leader.

Today, as we are available in 81 countries, we have patents all over the world, and we are dedicated to becoming the global industry leader for multiple industries. The journey of CosmoGlo serves as a testament to the power of perseverance and innovation, as well as taking advantage of timing opportunities that present themselves.

What began as a simple sketch on a napkin has blossomed into an innovative solution, illuminating treatment rooms and empowering service providers worldwide. And as we look ahead, the future shines bright. Possibilities are fueled by our commitment to excellence and a strong vision to light the way.

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