September 22, 2024

From Financial Trader to Pioneering Car Subscription Entrepreneur w/ Toby Kernon S3 E9 P1

49 minutes

Welcome to Founders Unplugged! I'm your host, Greg McCallum. In Part One of my conversation with Toby Kernon, the CEO and founder of Wagonex, we discuss his entrepreneurial journey in the car subscription industry.

Toby shares the challenges he faced in transitioning from trading to startups, the importance of building strong partnerships, and the realities of running a startup.

We delve into the complexities of customer acquisition, integrating insurance into a platform, and the significance of resilience and relationships in achieving success. Toby also sheds light on the dangers of following generic startup advice and emphasizes the need for a supportive network. Join us as we explore the future of Wagonex and the strategies that have propelled Toby's success.

Takeaways:

Events like demo days are invaluable for founders to share their journey and learn from others.

Entrepreneurship requires constant pitching and can be both exhausting and lonely.

Starting a car subscription platform involves securing key partnerships with manufacturers and insurance companies.

Early customer acquisition combines direct outreach with strategic marketing efforts.

Integrating insurance pricing into a platform is complex and requires collaboration with insurers.

Running a startup demands resilience to handle rejection and weather storms.

The startup journey often involves waiting periods, not just rapid movement.

Comfort levels in running a startup can be influenced by funding and corporate governance.

Building relationships and face-to-face meetings can lead to unexpected opportunities.

Be cautious with generic startup advice; it's not a one-size-fits-all solution.

Consider profitability and potential exit strategies from the early stages.

Partnerships can accelerate growth and help achieve long-term goals.

Episode Highlights:

The Inspiration Behind Wagonex

The Value of Demo Days for Founders

The Danger of Generic Startup Advice

The Power of Partnerships in Accelerating Growth

Chapters:

00:00 Introduction and Meeting at Demo Day

03:01 Toby's Journey from Trading to Startups

09:01 The Inspiration Behind Wagonex

15:13 Early Days and Customer Acquisition

19:00 Securing Partnerships and Competition

22:03 Vehicle Delivery and Insurance Integration

26:07 The Importance of Resilience

28:00 Moving Fast and Breaking Things

30:37 The Role of Luck and Support Network

36:09 Navigating Corporate Governance

39:14 The Danger of Generic Startup Advice

49:00 The Path to Profitability and Exit Strategies

51:05 The Power of Partnerships

Follow Toby here: https://www.linkedin.com/in/toby-kernon-b611a853/

Check out Wagonex here: https://www.wagonex.com/car-subscription-software

Want a 1 hour free advisory session with our host Greg McCallum?

Use the link on his LinkedIn profile.👇👇👇👇👇👇👇

https://www.linkedin.com/in/gregmacuk/

...more

View all episodes

By Greg McCallum