In this episode of the Ignite Podcast, Michael Waitze talks to Jakob Lykkegaard about building businesses from scratch, the lessons Jakob has learnt over the years, staying mentally healthy, and more. 

Jakob has been involved with a handful of startups over the past decade. Currently, he is a Co-Founder and CEO of a new concierge platform called Ask Ava. He also runs a gaming studio called Lykke Studios, a member of Apple Arcade. 

The entrepreneurial mindset

Michael kicked off the podcast by pointing to an unlikely similarity between dieting and building a business from the ground up. The level of discipline required, as well as the systems that need to be set up, are very much comparable to each other, he suggested. 

While Jakob agreed, he added that you also need to have the curiosity about how things work. By being curious, you will be able to find gaps in the market and form business ideas that provide unique solutions to potential customers. 

Entrepreneurial lessons

“The more time you spend building things, the more you figure out what you want to do and what you are not good at,” Jakob told Michael

In other words, Jakob’s experience in the startup space has allowed him to understand his skill set, which is the ability to develop ideas fast, accompanied by the ability to convince others to invest time in his ideas. 

Building Ask Ava from scratch

Michael asked Jakob how he got started with Ask Ava and how he plans to scale the business. When Jakob started renting out a villa he recently bought in Phuket, his customers were always asking him about transportation, nearby leisure activities, and other amenities.He realised that there as a gap in the market where villa and Airbnb stayers could not get access to the type of services that are usually provided by traditional hotels and resorts. 

Jakob then developed an online platform that allows travellers to book transportation, leisure activities, and other concierge services in advance. 

Currently, the platform has been launched in Phuket as a test.

Is exponential growth good?

The two also discussed whether exponential growth in startups are healthy for their long-term growth. Jakob argues that exponential growth is good, as long as the business can be monetised quickly. 

Without a way to monetise the startup and start generating revenue when exponential growth occurs, startups are only losing money. 

But what signals should you be looking for when accessing whether your startup is scalable? Listen to this episode of the Ignite podcast to find out more about running a startup business today.