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Billion Dollar TechAuthor: Brendan Dell
Advice & growth frameworks from three comma founders, VCs, and executives (and those on their way there.) Language: en Genres: Business, Entrepreneurship, Marketing Contact email: Get it Feed URL: Get it iTunes ID: Get it |
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The Secret To Achieving Product-Market Fit - With Lama.ai Founder
Episode 62
Tuesday, 11 April, 2023
"Something that doesn't slice the pie differently or steal someone else's breakfast, but something with a potential to grow the overall pie," is Omri Yacubovich's description of Lama.ai, of which he is co-founder and CEO. Lama.ai provides business lending to banks, credit unions, SaaS companies, fintech and B2B brands. Through his research, Omri found that 80 percent of businesses that applied for a loan through their primary banking relationship were declined. Alternative methods included exorbitant APRs that could reach as much as 400%, as well as a very high cost of acquisition and capital. Lama. ai offers to lower these expenses to nearly zero while also offering a more specialized strategy to fit varying needs of businesses versus a cookie cutter plan. Omri offers insights into the number of entrepreneurs who have emerged from Israel. He speculates that it has something to do with having to perform mandatory service at 18, having major responsibilities and decisions to make. He and Brendan discuss the myth of the young Ivy league-educated entrepreneur success story–the vast majority of majorly successful business people had years of experience–even whole careers under their belts before founding their first big business. There is a balance between the bravery of youth where you have very little to lose and the experience and wisdom that come with being older. Omri shares his unpopular opinion on the concept of work/life balance. He talks about what he might have done differently if he had the process to do all over again. Quotes: "There are 1000s, or tens of 1000s, or hundreds of 1000s of startups that fail.. the validation was an important piece." (15:13-15:27 | Omri) "What we've done, which I think is also important for the first time founders that are listening to this episode, is we left some room for strategic investors...including my previous CEO." (24:32-25:26 | Omri) "The Northern Lights or where you want to go and what you want to sell is way more important than the actual technology and features that you're building and you're probably very proud and excited about. So, my recommendation is to talk about the problem and why you and your team are the right ones to solve that problem." (27:31-27:52 | Omri) "If you're not running fast enough, if you're in the right or wrong direction, you're never going to get to the finish line. So I think it's crucial for startups to have the ability to move fast. And unfortunately, moving fast requires a lot of dedication and working hours. So, it's not popular, but that's my opinion." (35:47-36:13 | Omri) Connect with Brendan Dell: LinkedIn: https://www.linkedin.com/in/brendandell/ YouTube: https://www.youtube.com/c/BrendanDell Instagram: @thebrendandell TikTok: @brendandell39 Buy a copy of Brendan's Book, The 12 Immutable Laws of High-Impact Messaging: https://www.indiebound.org/book/9780578210926 Connect with Omri: Omri.y@lama.ai lama.ai Check out Omri's recommended books: Start-Up Nation: The Story of Israel's Economic Miracle by Dan Senor and Saul Singer https://bookshop.org/p/books/start-up-nation-the-story-of-israel-s-economic-miracle-dan-senor/16646834?ean=9780446541473 The Hard Thing About Hard Things: Building a Business When There Are No Easy Answers by Ben Horowitz https://bookshop.org/p/books/the-hard-thing-about-hard-things-building-a-business-when-there-are-no-easy-answers-ben-horowitz/6432758?ean=9780062273208 Zero to One: Notes on Startups or How to Build the Future by Peter Thiel and Blake Masters https://bookshop.org/p/books/zero-to-one-notes-on-startups-or-how-to-build-the-future-peter-thiel/9402001?ean=9780804139298 The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses by Eric Ries https://bookshop.org/p/books/the-lean-startup-how-today-s-entrepreneurs-use-continuous-innovation-to-create-radically-successful-businesses-eric-ries/9422262?ean=9780307887894 Please don't forget to rate, comment, and subscribe to Billion Dollar Tech on Apple, Spotify, or wherever you listen to podcasts! Use code Brendan30 for 30% off your annual membership with RiverSide.fm Podcast production and show notes provided by HiveCast.fm
