Unconventional Genius

There are 16 million single-family rental investment properties in the United States. Yet, investors often only know about the limited real estate opportunities in their own local market. While many other investment opportunities have become accessible due to technological advances, real estate has remained largely analog.

As the founder and CEO of a tech PR firm, I spend my days working with companies that are developing cutting-edge consumer technologies. I use technology to manage virtually every aspect of my business, as well as my personal life.

I also own and manage single-family rental properties. But I realized that I've never used a website or app to help me purchase any real estate.

Gary Beasley, CEO and Co-Founder of Roofstock is changing that reality. Roofstock is not only making single-family rental investment easy, but it is also giving investors access to markets around the country.

In this episode of Unconventional Genius, you'll hear my conversation with Gary Beasley as he shares an inside look at starting and growing this revolutionary company.

What sets Roofstock apart from other Real Estate websites

There are several real estate websites out there. So what sets Roofstock apart? Gary Beasley says, "Most real estate sites are primarily advertising vehicles, but Roofstock is a comprehensive marketplace and transaction platform. We enable investors to treat their real estate investments more like stock portfolios, focusing on asset allocation rather than dealing with the hassles of researching and buying vacant homes."

The challenge is to help investors feel confident about buying a property they may never physically visit. "No property is perfect, and every one has its own idiosyncrasies," he says. "The idea is to make it open and transparent so investors can see all the information and select what they want to buy." Hear more about Roofstocks unique approach to single-family real estate investment during this episode.

Upending the traditional single-family real estate investment model

Gary and his co-founder Gregor Watson came up with the idea for Roofstock after Gregor tried to sell 500 homes that his fund management firm owned.

"The first broker said, 'Gregor, I don't have 500 signs, I can't possibly sell your 500 homes,'" he laughs. "Others would not list the properties on MLS until the tenants were out. That's when we realized we could upend the traditional real estate investment model of only buying properties that are vacant."

The brokers' collective reluctance to list houses on MLS (Multiple Listing Service), a free service realtors use to search for real estate, did not make any sense to Gary and Gregor. Why would buyers and sellers of single-family rental properties feel compelled to wait until the home is vacant to sell?

"You're trying to take advantage of the positive cash-flowing," adds Gary. "It actually costs the investor more money when you consider the fact that no one is paying rent, and the property remains vacant during the marketing process." Hear how Roofstock is changing this flawed approach in my conversation with Gary Beasley.

Valuable Lessons Gary Beasley has learned while growing Roofstock

While he has experience working for early-stage startup companies, Roofstock is his first turn in the role of founder. There have been many challenges, including balancing supply and demand, hiring new employees that mesh with the company's culture, and not letting his cautious nature hamstring his vision.

"I'm from the Midwest where people are prone to underselling themselves and their ideas, which is the polar opposite of the Valley's 'Change the World' mindset," he says. "What was clear to me is that in order to get the momentum that you need to create these businesses, you really need to think in a big way. We have been thinking big, and it's paid off."

The exciting future of single-family rental investment properties through Roofstock

Roofstock is growing rapidly under Gary Beasley's leadership. They are continuing to hire the right people who can develop and engineer the company's technical needs that are fundamental to building a tech business. Gary is also constantly looking to increase their geographic footprint. Roofstock's growth will continue to open up opportunities for single-family rental investors across the country.

"One big factor is that the category of real estate fintech is in vogue right now because it's arguably the largest segment of financial services that is the technology sector has not paid much attention to," says Gary. "This is a very large addressable market, and we have an innovative business model that brings down a lot of costs and inefficiencies."

Through my conversation with Gary, I learned that there are exciting new opportunities to invest in single-family rental properties by utilizing Roofstock. Listen to Unconventional Genius now to hear more.

If you are with a consumer technology company planning to launch a new product at CES, or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [3:40] Gary Beasley details what sets Roofstock apart from other Real Estate sites
• [4:26] How Roofstock makes investing in properties as simple and secure as possible
• [9:19] The secret knowledge of Real Estate investment that led to Roofstocks inception
• [12:04] Gary Beasley explains how they were able to secure investors in the company
• [16:01] The biggest challenges and lessons in growing Roofstock
• [22:57] How the future opportunities with Roofstock will benefit customers.
• [26:02] Insider tips on how to find a good Real Estate investment deal

Connect with Guest Name

• Roofstock

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Do startups have anything valuable to teach the world's largest companies? Can they work together to unleash innovation in a way that makes an impact in today's world? These are the questions my guest, Jim Stengel, Former CEO of P&G and author, sought to answer in his new book, "Unleashing the Innovators: How Mature Companies Find New Life with Startups."

On today's episode of Unconventional Genius, I have the privilege of talking to Jim about his book and the potential that business partnerships have to unleash innovation.

The movement of business and branding with purpose

In starting my conversation with Jim Stengel, I wanted to talk about one of his greatest impacts on the current culture of business. His book "Grow" calls companies to leverage their influence in business for more than just profits.

This movement is motivating companies to unleash innovation by looking beyond the bottom line to find ways impact the world around them for good. While focusing on purpose, a business will find that profits will follow. I don't think it's an overstatement to say that Jim started this movement. Find out more about how his influence is unleashing innovation during this great conversation.

Unleashing innovation through strategic partnerships

Jim Stengle's new book "Unleashing the Innovators: How Mature Companies Find New Life with Startups" is based on an idea Jim had while he was still with P&G. He says he was approached by a startup that wanted to work with P&G. That startup was Google, which at the time was relatively unknown. He visited with Google's executives and realized the two cultures were radically different.

That launched discussions about what to do to bridge the divide and move beyond an advertising transaction relationship. The lessons learned from this partnership led Jim to explore how startups can help enterprises conquer the "Innovator's Dilemma." Find out more about Jim's research and how the partnerships between startups and large companies can unleash innovation on this episode.

The playbook on how to use startups to change your culture

As Founder and CEO of a consumer tech PR company, I know the importance of developing and protecting a company's culture. One of the concerns I see in a partnership between a startup and large company is the potential for culture clash. Large companies have very different cultures than startups.

There can be mutual benefit from combining cultures as long as there is alignment in purpose. Jim Stengle talks about how these companies can avoid culture clash and unleash innovation together. He also shares stories of successful, as well as some not-so-successful, partnerships. Don't miss this enlightening conversation with Jim Stengle on this week's episode of Unconventional Genius.

How structure and serendipity help develop partnerships that unleash innovation

Companies that often work with startups usually have a clear process for doing so. They can clearly identify their areas of need and then find startups who can help address those problems. However, while having a structure is important, there is also a bit of luck involved.

During our conversation, Jim reveals how to allow room for both structure and serendipity so that a beneficial partnership might form. You can hear more about this and more on this episode of Unconventional Genius

If you are with a consumer technology company planning to launch a new product at CES, or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [3:20] Max gives Jim Stengel's extensive resume and expertise
• [5:38] Jim Stengel on the movement of businesses finding purpose beyond profit
• [9:45] The inspiration behind Jim's new book "Unleashing the Innovators"
• [16:55] What larger companies are leaning from startup companies
• [21:52] Jim Stengel on why a startup should consider partnering with a large company
• [24:40] How businesses can overcome a potential culture clash when working together
• [26:39] Lessons learned from the failed partnership of Quirky and GE
• [31:07] Successful innovations from company partnerships and why they work
• [33:48] How innovative business partnerships are made

Resources & People Mentioned

• Unleashing the Innovators
• Grow

Connect with Jim Stengel

• www.jimstengel.com

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

On today's episode of Unconventional Genius, I talk with Mark Gainey, Chairman and Co-Founder of Strava about how he helped build a successful social network for athletes. What began in 2008 as a website for cycling enthusiasts has become a community of tens of millions of runners, cyclists, and triathletes around the world. Mark shares the mission of Strava and the challenges that come with leading a global social community in a niche athletic market.

Men's Journal says that Strava is "the only fitness app that matters." That kind of recognition didn't come overnight. Now eight years old, Strava is adding one million new users from around the world each month. Mark shares how his athletic background and desire to motivate others through social connection led to the inception of Strava.

The secret to Strava's success

During our conversation, Mark Gainey explains how he and Michael Horvath created Strava with the goal of trying to recapture the competition and camaraderie they experienced through college athletics. Mark says what makes Strava special is the ability to connect with other users.

The community aspect of being able to compare performance against your peers and even engage in good-natured trash-talking is what users really enjoy. Mark also says that they never set out to develop an app that helped people get fitter or faster or stronger, but rather their goal in creating this social network for athletes was to "keep it fun."

The international appeal of a social network for athletes

One of the unexpected accomplishments of Strava is its international appeal. Mark Gainey attributes this broad reach to the fact that they focus on universal sports. I talk with Mark about how that reality affects the way he leads the company and how it impacts user experience.

Mark says that "the noise of opportunity" within a global social network for athletes presents a layer of complexity. He shares how they adjusted to fully capitalize on their global reach, not only getting the technology and language right, but also understanding how cultural differences change the dynamic of particular sports.

Keys to the growth of Strava

Strava started out small. Mark Gainey explains that they originally only targeted cyclists in their go-to-market strategy. This allowed them to understand the potential opportunity and then build a full-scale social network for athletes based on what they learned. Mark says, "We always said It is better to be great than to be big. Big will come with time, let's focus on just being great."

Starting small allowed the Strava team to focus on the quality of the experience. It also helped them stay true to the mission of motivating people to be active and athletic. Mark shares more about the keys to growth and his aversion to what he calls "vanity metrics" during this conversation.

Strava's commitment to serving users

Because users log their workout experiences, Strava has access to an incredible amount of data. This data helps Mark Gainey and his team maximize the experience of those utilizing his social network for athletes. It also helps them develop new features on the platform for the diverse group of people that use Strava.

Mark says that because of the data, they know who they serve. Their commitment is to keep current users engaged and motivated to meet their goals, whether it's training for the Olympics or running their first 5K. Listen to my entire conversation with Mark Gainey on this episode of Unconventional Genius.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:42] Introduction of Mark Gainey, Chairman and Co-Founder of Strava a social network for athletes
• [3:11] What is Strava?
• [4:05] The genesis of Strava and how the company started out right
• [7:42} How the Strava team stays committed to their mission
• [9:21] The impact of the international audience on the user experience
• [11:25] Mark Gainey shares keys to the growth Strava continues to see
• [14:33] Insights about runners and cyclists from the data collected through the app
• [17:40] The diversity of athletes who are using Strava
• [20:14} How future innovation might create new opportunities for Strava
• [23:58] Mark Gainey on what he's learned from building a social network for athletes

Resources & People Mentioned

• Strava

Connect with Mike Gainey

• https://www.strava.com/athletes/10
• https://www.linkedin.com/in/mark-gainey-b6536/

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

On this episode of Unconventional Genius, I talk to an entrepreneur who is disrupting the home automation market. Alex Capecelatro is the Co-Founder and CEO of Josh.ai, a company that is looking to make the truly smart home a reality through a voice activated home automation system.

During our conversation, Alex tells me about both the technological and operational side of Josh.ai. He shares what sets Josh.ai apart from other smart home systems and how he is leveraging his business and technology acumen to disrupt the home automation market.

Making the smart home smarter

Alex Capecelatro has developed an artificial intelligence platform, called Josh, which connects with already existing smart devices within your home and allows you to control them all by simply using natural language. What once seemed like something out of a science fiction film is now a reality. Alex explains how his company is making the smart home smarter by integrating the internet of things into one user-friendly device.

While there are many home automation devices currently on the market, Alex says that what sets Josh.ai apart is their whole-home approach. Instead of just creating a piece of hardware, Josh.ai is looking to integrate with the already-available connected devices within the home to make the user experience easier and more comprehensive.

The strategy behind developing a home automation product

Alex Capecelatro compares the Josh.ai go-to-market approach with that of Tesla. He says they started with high-end installations in larger houses with smart devices already included. This allowed them to learn and adapt the system so that they can be better and more affordable for larger markets.

They also found a niche that allows them to partner with other smart device manufacturers rather than competing with them. Instead of infringing on an already crowded market, Josh.ai is integrating with them. Hear more about Alex Capecelatro's development strategy during this conversation.

Getting investors excited about home automation

Trying to raise money for a tech product can be difficult, especially if you are presenting a new product. Alex Capecelatro details how his company was able to raise a lot of money from investors. He says it started by mitigating risk for investors citing his extensive experience and research that gave confidence to investors.

Another advantage Josh.ai had for raising capital was their focus on solving a problem in an already established market. Rather than creating a new category of products, they were simply improving one. This allowed investors to feel more comfortable backing Josh.ai.

How to come up with your next big product

Alex Capecelatro is creating an exciting and unique product in the home automation field. As an entrepreneur, how can you come up with your next product or service idea? Alex says his idea came from being a consumer in the smart home market and learning about the features he wanted.

Alex says, "Focus really intently on the user and the user's problem." If you only focus on the competitors, you'll constantly be playing catch up. Instead, focus on giving users the best experience possible, solve their problems, and you'll be successful.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:42] Introduction of Alex Capecelatro, Founder and CEO at Josh.ai
• [3:19] Alex describes Josh.ai is and how it is disrupting the home automation market
• [5:47] What sets Josh.ai apart from other home automation companies
• [9:35] The ideal customer and how installation is handled
• [12:31] Marketing to installers by leveraging the ability to integrate with existing tech
• [13:39] Current and future home automation features of Josh.ai
• [14:44] The types of homes that install Josh.ai and the potential for market growth
• [16:31] Why investors are excited to invest in a company like Josh.ai
• [19:04] How the home automation market has responded to Josh.ai
• [20:53] Alex Capecelatro gives advice to entrepreneurs looking to start a new company

Resources & People Mentioned

• Josh.ai

Connect with Guest Name

• Alex Capecelatro

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

As you think about the expenses required to fund your lifestyle, there is one thing you do month after month that operates unlike any other: paying your power bill.

You don't typically have any choice about where the power you use comes from, how much you pay for it, or whether or not you will work with the company in your area. Everything seems to be set in stone and you have to take what you get. But not any longer.

My guest on this episode is Kiran Bhatraju and the work he's doing through the company he co-founded, Arcadia Power is revolutionizing not only the power bill itself but the power industry as a whole, by providing consumers nationwide the opportunity to source their energy from clean sources.

Be sure you listen, Kiran's team is doing important work and changing the way we get and use energy.

Can you even UNDERSTAND your power bill?

Has anyone ever explained to you what a kilowatt-hour (kwh) is? What about "Single Phase Services?" No? Maybe you'd recognize the term, "Customer Efficiency Services?" Still no?

It's not surprising.

Even though those terms likely appear on your power bill every month, you don't know what they mean. And most of us don't care what they mean because until now we've had no option but to accept what the utility companies say about our energy usage and pay the bill. After all, they have a monopoly on power, don't they?

But Kiran and the team at Arcadia Power have changed all that. Listen to this episode and you'll learn how you are now able to choose where your power comes from and actually understand what you're paying for.

Is the energy you're using in your home aligned with your values?

The push to use more renewable and clean energy is sweeping the globe and many people today are very concerned that they are living lives consistent with sustainable approaches. But when you have no choice about where the power for your home comes from, you don't have the opportunity to live consistently.

Arcadia Power makes it possible for your entire home to be fueled by clean energy sources, no matter where in the country you may live. It's a simple concept that is growing rapidly and is something you should look into if you are eager to use renewable energy sources.

My guest, Kiran Bhatraju explains, on this episode of Unconventional Genius.

One person can make a difference, even in contexts that seem impossible

Kiran never expected to found a company that challenges the way an entire industry is doing business, but it's exactly what he's done. And it's working.

Arcadia Power is changing the way utility companies provide power to consumers by tapping into the consumer's desire to have more choices and determine their own energy usage patterns. In our conversation, he explains how every person who makes the choice to source their energy from clean sources is telling the power industry that things must change for the good of society.

Utility companies are starting to listen. Find out how you can be part of the movement to transform the power industry, on this episode.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:21] Clean energy nationwide for the average person: meet Kiran Bhatraju
• [7:22] Why one customer makes an impact in the clean energy industry
• [8:20] Why would power companies want to work with a clean energy coop like this?
• [12:01] How you can buy clean energy for free and stay true to your values
• [14:28] Examples of the benefits you receive from using a service like this
• [17:15] The most common ways people waste energy
• [19:58] How Kiran knew this model of providing energy could actually work
• [23:19] The percentages of the various sources of energy production that currently exist
• [28:30] How Kiran was prepared to begin and run Arcadia power
• [31:46] The message Kiran wants to share with the world

Resources & People Mentioned

• Google
• Elon Musk
• Coca-Cola
• Amazon

Connect with Kiran Bhatraju

• Arcadia Power

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

The team at eero have created a product that is driving the traditional approach to whole home wifi to obsolescence. Nick founded Eero just three years ago when the home networking market was dominated by some of the tech industry's biggest companies. However, he saw opportunity where they did not.

Nick has turned a company that began in his apartment into one that has raised over $90 million, employs more than 150 people, and has created a new market segment. I sat down with Nick and asked him how he was able to achieve such accomplishment in a short amount of time. Listen in on his keys to success that allowed his startup to change a developed market overnight.

Eero is the first company to figure out whole home wifi. Their product is built upon the idea that not only is technology changing but so are the ways we use technology. With a greater demand for internet reliability, Nick set out to design a product that would provide internet connectivity that is as reliable as our running water and power. The result was an easy to use the product that provides internet to every corner of the home.

When looking at the market, the challenge wasn't trying to figure out how to build a new wifi technology. The challenge was centered around user experience and design. So they first set out to create an aesthetically pleasing product that people would be proud to have all over their homes.

In an already developed market, companies had to have known that people were having trouble with internet connectivity throughout their homes. Nick explains that "Innovator's Dilemma" which prevents established and successful companies from seeing the need for something new in their market. The power of startup companies is the ability to build upon a simple idea and then disrupt the market.

Nick Weaver says, "That's part of the power of startups. You can start with such a simple idea and completely change the market overnight." Find out how eero is doing just that during my conversation with Nick.

In this conversation, Nick shares 2 keys that allowed him and his team to become successful in such a short time. Before developing a product, they focused on developing the company's culture and values. Putting these first allowed Nick to hire people who could instill the same into the work they are doing.

It's never too early to articulate the type of culture you want your company to have. Setting the tone and message of your brand early on helps employees know the mission of the company. This, in turn, helps them better serve the end user.

While the concepts Nick uses to develop his company are not new, the kind of thinking he employs is unconventional. Operating this way looks more like leading a community of like-minded people than leading a company. How you articulate these concepts and put them into action makes all the difference.

Nick believes it is this kind of thinking that will help eero stay ahead in the ever-evolving internet connectivity market. Nick confesses, however, that even methods of communication are always changing and that its difficult to keep the mission and vision of the company continually in the forefront. You'll be inspired by his transparency about the culture he is looking to create and the values on which eero is built.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:43] Nick explains eero and how he became the first company to figure out whole house wifi.
• [4:50] Why eero is different as a product
• [7:23] How startups have an advantage over established companies.
• [9:06] The reasons why eero is staying ahead of the competition.
• [10:55] Keys to going from an apartment startup to multimillion dollar company.
• [12:58] Eero's five core values.
• [14:30] The effects of prioritizing culture and values.
• [17:27] Where Nick learned to organize his company.
• [18:51] What's next for eero?
• [21:15]Nick's method for coming up with organizational ideas.

Resources & People Mentioned

• Betterment
• Uber

Connect with Nick Weaver

• eero.com

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

This week on Unconventional Genius, I sit down with Dr.Jeremy Corbett to discuss how he is revolutionizing the healthcare system with his company, RocketHealth. Jeremy is an emergency room physician and entrepreneur who has made it his mission to improve how the nation's healthcare system treats patients suffering from chronic diseases.

Under the current healthcare structure, patients who have chronic conditions are typically treated reactively. For instance, people with hypertension or heart disease may only seek medical attention after they have a heart attack. Rockethealth is looking to change that by offering preventative solutions for high-risk individuals.

A new way to manage health

Using data and coaching, RocketHealth has a better way to preemptively manage the health of those suffering from chronic illness. Patients are given resources based on their current health status which is managed by a coach. These patients are alerted to potential dangers and receive encouragement from their personal coach.

Their approach not only helps individuals but also benefits companies who provide healthcare for their employees. By focusing on those employees who are likely to be the most expensive to insure, a company can save money over time. Listen as Jeremy Corbett describes how he is creating a new way to manage health during this episode.

Changing the healthcare system by predicting the future

What sets Rockethealth apart from other Healthcare entities is the focus on the future. Dr. Jeremy Corbett explains that most healthcare plans rely on claims. This means that providers are focusing on past experience.

RocketHealth instead analyzes real-time data to predict the future. Coaches can then contact clients before they have a need to seek a healthcare provider or file a claim. This minor shift in approach could have a drastic impact on the healthcare system. Jeremy Corbett says, "We really believe that RocketHealth is helping our customer predict the future and ultimately change the future..."

How RocketHealth is helping diabetics

One of the population segments that RocketHealth is focusing on is people with diabetes and prediabetes. Jeremy Corbett shares some staggering stats about the number of people who suffer from diabetes and the exorbitant healthcare costs associated with these patients.

Because there are specific risk-factors typically found in diabetics, there is a way to develop a healthcare management plan for them before they have a major issue. Hear how the RocketHealth software is specifically helpful for people with diabetes.

Challenges to changing the healthcare system

The U.S. Healthcare system is difficult to change. There are traditional methods that, while seemingly effective in the past, could be outdated or even disproven through newer research. With the evolution of technology, there is a great need for chronic illness and disease management to evolve as well.

Jeremy Corbett says that RocketHealth didn't necessarily come up with a new idea, they just put two effective ideas together. Using best-practice patient management along with advanced technology, RocketHealth provides a solution to the healthcare systems traditional approach. Listen to this great conversation on this week's episode of Unconventional Genius

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:37] Introduction of Dr. Jeremy Corbett who is on a mission to impact the entire population through improving the healthcare system through technology
• {3:52] How RocketHealth is trying to use real time data to treat chronic illness
• [8:48] Jeremy Corbett explains where his software is being implemented
• [10:02] Responses of people using RocketHealth given the potential big-brother effect
• [12:05] How Jeremy Corbett came up with the idea for Rockethealth
• [14:15] Max asks Jeremy to explain the RocketHealth business model and how the company makes money
• [16:01] Determining return on investment with chronic disease patients
• [20:20] The commitment of RocketHealth to data-driven, fact-based marketing
• [23:46} Jeremy Corbett talks about the future of RocketHealth
• {27:06} The one message Jeremy Corbett wants to share with the world

Resources & People Mentioned

• RocketHealth

Connect with Guest Name

• Jeremy Corbett

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

On this episode of Unconventional Genius, I sit down with Chance Barnett, CEO, and Co-founder of Crowdfunder, to talk about the genius behind equity crowdfunding. Entrepreneurs know that there are ups and downs in trying to start a business. Chance created a new approach to assist entrepreneurs with the specific challenge of fundraising. Along the way, he has learned a lot.

Being a serial entrepreneur himself, Chance Barnett saw first hand the difficulties of securing funding. He decided that he could leverage the reach and convenience of the internet to create a new way of equity crowdfunding. This led to the start of angel and venture investing online company called Crowdfunder. Listen to our conversation to hear and gain wisdom from this incredible leader.

How equity crowdfunding sets Crowdfunder apart

There are several distinct differences between Crowdfunder and other online fundraising companies like Kickstarter or Indiegogo. While companies like Kickstarter allow for investor perks, if the company sells for a profit, those investors do not reap any long-term benefit. Investors in Crowdfund not only want to help launch a product or company, but they also want to gain a return on their investment.

The clientele is different as well. Early-stage companies looking to launch a first product might find success on a platform like Indiegogo. However, companies that go to Crowdfunder already have products in the market and are post-revenue. Crowdfunder is an equity crowdfunding platform that typically invests in seed rounds during which companies are giving up equity or board seats in return for capital.

Keys to successful fundraising for your company

The genius behind Crowdfunder is that it can connect entrepreneurs to high-net-worth investors much faster than traditional networking methods. However, in order for a leader to have success in fundraising, there are certain factors that must be present. Chance says that there are two main keys that increase the likelihood for an entrepreneur to receive funding.

First, great fundraisers understand how to communicate the facts of the business. Investors want to know if and how long it will take for them to see a return on their investment. Chance calls this appealing to the rational side. Secondly, entrepreneurs have to be able to appeal to the emotional side of investors. They must be able to communicate their mission and vision in a way that compels investors to want to be a part of something meaningful.

Important lessons from leading an equity crowdfunding company

After trying to raise funds for his own businesses as well as assisting others to fundraisers, Chance Barrett has learned a lot. He shared with me several lessons that have come from his experience. One important lesson is that venture capitalists often have different agendas than the entrepreneur.

Chance says, "You have to be very thoughtful about the investors that you bring on board. Investors aren't always aligned with the long-term best interest of the company." Investors can also help drive and push you to the next level. The bottom line is, value what you have enough to be selective.

A different way to think about failure

Chance Barnett didn't start with a successful equity crowdfunding company from day one. He had several failed businesses and ventures. Rather than hide those failures, Chance enjoys talking about them. "Not everything hits and wins. I think it is important when we talk about investing and entrepreneurship that we talk about some of the failures as well."

He goes one to share a few of the ways failures shaped how he approaches business. Chance encourages entrepreneurs to slow down. Find successful people who will give you advice and then be willing to pivot and change your idea based on their feedback. Here more of his advice on this episode of Unconventional Genius.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:29] Introduction of Chance Barnett, Co-founder and CEO of Crowdfunder
• [3:00] Because of his vast investment experience, Chance started an equity crowdfunding company
• [4:34] The difference between Crowdfunder and other online funding options
• [8:30] Examples of companies that have experienced success through Crowdfunder
• [11:16] Chance Barrett's advice for how entrepreneurs should raise capital
• [14:15] Surprising lessons learned from the last few years of leading an equity crowdfunding platform
• [18:00] How Chance's background led him to become an entrepreneur
• [20:46] Lessons from failures that have brought about long-term benefits
• [25:58] Advice that Chance would give to his former self if he could go back in time

Resources & People Mentioned

• Crowdfunder

Connect with Guest Name

• Chance Barnett

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

On this episode of Unconventional Genius, Jaclyn Baumgarten, CEO of Boatsetter, a peer-to-peer platform for boat rentals, shares advice on how to be a successful entrepreneur. Boatsetter is the #1 boat sharing community and leader in the boat sharing industry. During this episode, you will hear Jaclyn tell me about how she led the company to become a provider of over 4000 boats in 2500 locations.

Before starting Boatsetter, Jaclyn Baumgarten did everything from launching new divisions in Fortune 500 corporations that grew to over a billion dollars, to spearheading one of the largest commercial real estate developments in Los Angeles. Along the way, she has learned a lot about how to lead and grow a technology company. Listen to this episode to hear more about Jaclyn and to gain insight from her experience.

Turn a challenge into an opportunity

Jaclyn Baumgarten started Boatsetter out of a love for boating and a desire to earn money for herself instead of for someone else. Investing your time and energy into something that you are passionate about can give you the motivation to press on even through the most difficult situations. Jaclyn shares about some really large hurdles she had to jump over in order to make her idea a reality.

One of the biggest challenges to starting Boatsetter was solving the insurance problem. Under traditional recreational insurance policies, boat owners can't rent or charter their boats. Rather than letting that be a setback, Jaclyn faced the challenge head-on and worked with insurance companies to develop a new kind of policy that would allow for peer-to-peer sharing.

Growing a company into both a locally and internationally recognized brand

After determining the legitimacy of the idea, the next step for Jaclyn was to understand market potential and secure funding from investors. While there was already a value proposition in place, the operational side wasn't solidified. Jaclyn explains how being diligent in learning as much as you can while remaining flexible enough to make necessary changes can help you become a successful entrepreneur.

Boatsetter's model was proven in South Florida, but now has expanded all over the country and internationally as well. There is also great potential for continued growth by tapping into the 13 million privately owned boats in the United States alone. Regarding growth, Jaclyn says, "With any marketplace, it is essential to maintain the equilibrium between supply and demand."

How to be a successful entrepreneur by creating a compelling culture

One of the major reasons Jaclyn Baumgarten says she decided to start her own business was the opportunity to develop her own company culture. Engrained in the DNA of Boatsetter is a culture where people feel valued and are expected to contribute in meaningful ways. Jaclyn talks about the importance of having alignment of vision and communication within the organization.

There are several ways that the culture of Boatsetter is maintained. There are incentives given to employees who execute above and beyond the set expectations. There is also built in opportunity for honest and constructive feedback. Jaclyn shares with me her views on culture and how she continues to monitor it at Boatsetter during this insightful conversation.

3 keys to being a successful entrepreneur

So much of what is learned in business comes from making mistakes. Though they often seem like setbacks, often mistakes can open the door for greater understanding that can help you become a successful entrepreneur. Hard work and determination can help counter the inevitable missteps that you will make while trying to get a startup off the ground.

From being in business and management to now starting a successful tech company, Jaclyn has learned several keys to success. She has especially pertinent advice to entrepreneurs looking to start or lead their own companies. During our conversation, she gives 3 keys to success. Hear those and much more on this episode of Unconventional Genius.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:08] Introduction of guest Jaclyn Baumgarten, CEO of Boatsetter, a peer to peer boat sharing platform
• [2:41] How Boatsetter works and how it affordably exposes people to boating
• [5:47] What led Jaclyn to start Boatsetter and how she changed recreational insurance
• [8:10] The challenges of starting the company and how Jaclyn overcame them
• [13:28] Surprising lessons that have shaped the business model of Boatsetter
• [16:04] The growth and trajectory of Boatsetter based on the success in South Florida
• [20:26] Jaclyn's entrepreneurial spirit is not only inherited but also fostered through education and experience
• [24:05] How culture is instilled and how to remain unified around that culture
• [32:28] Advice that has guided Jaclyn as she leads Boatsetter
• [34:26] 3 Keys to being a successful entrepreneur

Resources & People Mentioned

• Boatsetter

Connect with Guest Name

• Jaclyn Baumgarten

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify

On this episode of Unconventional Genius, I sit down with David Mandelbrot, CEO at Indiegogo, to find out how his company is breaking down barriers for entrepreneurship. Indiegogo is a crowdfunding platform that allows entrepreneurs to launch their companies or products with the backing of individuals who truly believe in their vision. Listen to this fascinating conversation and hear how Indiegogo is impacting the world.

Since launching in 2008, Indiegogo has allowed people to back more than 800,000 products. By breaking down barriers for entrepreneurship, the platform has seen over 1 billion dollars in funding. David Mandelbrot says, "Crowdfunding is a great way to get funds early so you can actually fund the development of the product."

3 reasons people back projects on Indiegogo

During our conversation, David Mandelbrot shares with me some of the reasons that campaigns are successful. He says that they have researched to try and learn what makes people invest in the products or companies that use the platform. The key to breaking down barriers to entrepreneurship through Indiegogo lies in appealing to at least one of these three motivators.

Once an entrepreneur begins to gain traction with a campaign, Indiegogo can help boost them to even greater success. People will invest in companies that either bring unique value to the world or provide special perks in exchange for their investment. David says that tech products and unique hardware solutions usually see the best funding results on Indiegogo.

The magic number of 1 million

A million dollars seems like the magic number that every entrepreneur wants to raise. I ask David how to achieve that goal on Indiegogo. He suggests that it is best to create a groundswell prior to starting the launch of the crowdfunding campaign. Building momentum by cultivating a following will give the entrepreneur a better chance to raise a million dollars in funding.

In order to do that, it takes moving beyond your friends and family. Building a network outside of those who already know you can greatly increase the chance of success. It is important to get the word out to a broad base of potential investors.

Indiegogo as the avenue to proof of concept

Indiegogo is breaking down barriers to entrepreneurship by making it easier for companies to prove the market. Different from traditional retail channels, Indiegogo has created an avenue to get a product to consumers online. This eliminates the necessity of raising capital for production before you have proven that there is a market.

Indiegogo is helping to mitigate risk for entrepreneurs. A traditional product launch that doesn't perform well could threaten to sink an entire company. However, on Indiegogo even if the campaign proves that there isn't a market, failure becomes less costly. There is still an opportunity to make adjustments and continue to move forward.

How Indiegogo will continue breaking barriers for entrepreneurship

Larger companies and corporations are now using crowdfunding platforms to expand their portfolio of products. By proving the concept on indiegogo, these companies can take greater risks without incurring potentially crippling costs. It also helps them to sidestep some of the red tape inherent in large companies.

David Mandelbrot says that Indiegogo will continue to transform the way entrepreneurs get their product to market. By providing a platform that fosters innovation, the opportunities are endless. Listen to this episode of Unconventional Genius to hear how Indiegogo plans to continue breaking down barriers for entrepreneurship.

If you are with a consumer technology company planning to launch a new product at CES or are even looking ahead to CES 2019, the Max Borges Agency can help you succeed. To learn more, check out: www.maxborgesagency.com.

Topics Featured In This Episode

• [2:06] What indiegogo is and how it aides in breaking down barriers for entrepreneurship
• [6:06] The types of products or categories that get the most funding on Indiegogo
• [9:31] How to get a million dollars in funding with a campaign on indiegogo
• [13:32] Why should a company or entrepreneur use indiegogo to fund their project
• [18:23] The impact of indiegogo on entrepreneurism
• [24:24] How crowdfunding helps mitigate risk and provides critical feedback that leads to success
• [29:12] The benefit of indiegogo for larger, established companies looking to take risks
• [33:49] Does indiegogo ever fail to prove a market for a product that then goes on to be successful
• [36:00] The vision for the future of indiegogo and how the company will continue to impact the world

Resources & People Mentioned

• Indiegogo

Connect with Guest Name

• David Mandelbrot

Connect With Max Borges

• www.MaxBorgesAgency.com
• LinkedIn

Subscribe to Unconventional Genius onApple Podcasts, Otto Radio, Player FM, Soundcloud, or Spotify