75 percent of 2,000 venture-backed startups failed over a period of 6 years. When we look for an answer, we stumble upon the obvious; “No market need, not the right team, company ignores customers, runs out of cash, […],” explains CB Insights’ 2019 survey. This reminds us that there is a small gap between being a successful and a failed startup. Thus, unplanned situations like the current pandemic bring another challenge to young entrepreneurs who need to adapt. As a businessperson, you might think, how can my future startup be prosperous like Korbit despite the economic crisis?
“There are no books which can tell how to handle any situations affecting your startup like the current pandemic, and there are no right or wrong answers. You simply need to do your best and learn from it.” Iulian Vlad Serban, CEO & CTO of Korbit Technologies Inc.
Taking Risks: Building a New Technology From Scratch
Iulian Vlad Serban, CEO at Korbit Technologies, says that “[Entrepreneurs] must be creative and take risks.” “You basically create something that doesn’t even exist yet, a new solution to an existing problem.” While the tech company has to handle the regular risks and the pandemic, they also have to consider the unprecedented technology: Is it possible to build this new technology at the moment, how fast and accurate will it be? “ These questions are yet to be answered by young startups. They are at best guesses, so you have to really work through them and keep updating.”
After going through the questioning process, you need to build your team. You need to be realistic and understand that you can’t solve it all by yourself; you need to build your own team of experts. “Obviously, you need someone on your team who knows the technology – maybe not all – and who is ready to learn. Not having the right team is one reason a startup can fail, entrepreneurs need to be precocious.” At the moment, our hiring process has been done remotely. To find the best match, we include a short exercise to test the candidate in order to see how the person work and how well they would fit the role.
After building your team, you select an approach to guide the development of your business and product. “At Korbit, we have been following since day one the Lean startup methodology.” The Lean approach encourages the product to be developed outside of the corporate bubble. This means that the company releases a product that might not be perfect but will be corrected with customers’ comments. This is a cost-effective way to push a product in a short period of time. This also encourages the company’s growth.
Facing Challenges: CEO Leads Its Growing Team Through Pandemic Storm
In the past 6 months, Korbit has doubled in size. “ We are growing really fast! Changing teams is a big challenge, and the COVID -19 crisis makes it even harder. Moreover, it’s particularly hard now and causing frustration, but you have to deal with it and move on. ” As a leader, you have to adapt and revisit some approach remotely. Korbit has decided to add the daily updates on Slack to follow up with their employees’ daily tasks every day. This platform is a great tool for social and business-related communication and building strong relation. It brings everybody together even if we are far apart. Moreover, every team has weekly meetings on Google Hangouts, which facilitate communication and coordination between members. It also helps to manage and establish new objectives each week.
In this growing environment post-COVID, Korbit also experienced a challenge of establishing the product market fit remotely. “You may have a great product, and your team loves it but no one else wants to pay for it. So you need to constantly fit the product with the market.” Korbit AI used the Lean approach in the past month to establish their new target for their new courses; the customer enterprise. They took a step back and tested it. They finally realized that they had to target companies’ employees who aren’t adequately trained in data science. Korbit’s rethinking data science program with a personalized curriculum and an AI tutor could help companies to reach their goal and saves money.
Helping Companies Post-Covid: Korbit Bring Hands on AI Technology & Support
After taking a step back to analyze the market during the pandemic, Korbit’s team clearly saw that companies are struggling to implement data science. Iulian saw a huge gap between what companies are doing today and what their employees are capable of right now. As an entrepreneur, you need to adapt fast in the current world situation “They have the data and the tools, but they haven’t actually trained their professionals to process that data.” Companies basically don’t have the team to support their development which jeopardizes their chance to succeed. They might be tempted to waste their time hiring data scientists who might not have the right fit. “Your competitors will gain the advantage, and eventually your company will go bankrupt.” Companies have to take control of the situation and take advantage of Korbit’s personalized training program to upskills their employees, while saving time and money. Korbit comes in with a solution to support highly qualified professionals and businesses with a cost-effective personalized training and an AI tutor in a post-COVID society.
Le Wagon Talk – Iulian Vlad Serban, CEO@Korbit, presenting’s Entrepreneurial Experience Post-COVID
Iulian had the opportunity to share his experience of effective management during these COVID-19 crises with young startup dreamers, to empower them with its concrete advice. Le wagon is organizing these free online networking events to get founders, accelerators and other important players together to share their experience with future entrepreneurs.
Presenting Le Wagon Montréal
Le Wagon is an immersive coding bootcamp, which teaches the skills and entrepreneurial mindset to young startup entrepreneurs. Throughout their courses, students receive support and advice in order to build robust and effective web applications all by themselves.