5 Lessons I Learned Creating a Million Dollar Tech Startup
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- Опубліковано 10 чер 2024
- In 2014, me and a couple of my friends started working on creating a marketplace-based tech startup. In 2015, we got our initial seed funding from a venture capital firm that valued our startup at 5 Million Dollars. Today, I wanted to share some lessons I learned from that experience and hopefully provide some insight into what it is like to create a tech startup.
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/ utsavized (personal)
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TIMESTAMPS
Start 0:00
It is hard 0:54
Pick the right team and tools 2:52
Ideas are worth nothing 3:32
Don't chase the money 5:44
Have fun 6:56
#engineeringwithutsav #softwareengineeringwithutsav #softwareengineering #utsavized
DISCLAIMER: Links included in this description may be affiliate links. When you buy a product or service with these links, I may receive a small commission. However, there is no additional cost to you :) I genuinely appreciate you supporting my channel so I can continue to provide you with awesome software engineering content for free! - Наука та технологія
“11 out of 12 startups fail.. so you can create 12 startups”… haha.. loved it.
Can you make a video talking about your startup journey from beginning to the end ? You could make a series out of it.
would love that
That would be awesome
You can watch pitchers on yt only. You might get an idea. But it is series to watch it in free time for educational purpose
Yes! Would love to see this too :)
I am so glad that I found your channel! Your video seemed to be like validating so many points I found in my startup journey but I was thinking maybe I am making excuses but you validating these points gives me confidence on my decisions. Thanks!
Wow! Wow! Wow! Simple, Straight , Stunning and Satisfying. Thankyou!
As a small business owner in its early stages these tips are really helpful. Thank you 🙏🏼
Glad it was helpful!
I love the ending statement!!! Loved this video, thank you!
Please keep sharing your honest insights.....we really need this!
Thanks, will do :)
Great video with deep message (I could feel the honesty)
This was a really good video! Honest, no BS.
Great delivery, Great suggestion dai; would love to hear more about your startup journey....
Completely accurate. 💯 THANK YOU FOR YOUR HONESTY, YOUR STORY AND YOUR ENCOURAGEMENT!
Having an idea means nothing but having an idea of how to execute makes the difference. At the end ideas matter especially those ideas on how to execute it.
4:13 the idea is what starts the entire thing. It's probly the most important but the easiest to nail down. The other parts to materialize the idea are the hard parts.
you must fail 20 (or whatever number) times to succeed once!
the difference between veterans and beginners is that the veteran has failed more than the beginner has even tried
Great video! Very helpful, informational and inspirational at the same time 👍👍
Glad it was helpful!
Cool video and great chanell. I'm just starting coding and university in the fall so it is great to hear advice from an experienced software engineere.
Great video! Finally someone who is knowledgeable about the topic! Thanks!
Awesome video :) This is very insightful and of great value. Thank you for sharing.
Hi Utsav, your content is amazing. I'm so glad I stumbled across your channel! Just wanted to say keep up the great work. I'm sure the channel will blow up soon
Thank you 🙏
I guess it has :O Great video !
I really love your videos Utsav. Thanks a lot
Thank you. I needed this today.
Really good explibation, and sober explination thanks
great stuff.
Stats show that most small businesses fail. not only tech startups.
But from what I've learned, if you do it correctly, you can improve your odds significantly. I don't know the numbers, but I guarantee that successful founders do much better than the norm in their second ventures. mostly because they work with a good process and such.
This is so helpful, thanks 👍
Just what I was searching for. Couldn’t get any better explanation. Was looking for an answer possibly found a mentor 🙂. Thank you dai !
Being enteproneur is a lifestyle! love it
Why is this channel so underrated 🤨. Lucky that I found this channel randomly
Because his titles are too clickbaity. It’s better u feel that way, it’s a defense mechanism you’ve slowly built over your time here on UA-cam
Great, candid video!
Waoooo man! you really make me thing a lot on my current Ideas!
thanks for all the advices ❤❤
Extremely informative
Thanks very interesting, you gotta get to through the grind and rewards come eventually
Loved your story man.
Thankyou for sharing your experiences dai..!! Your tips were really meaningful..
Glad to hear that
UA-cam algorithm brought me here. Great insights, Utsav!
One of the most sincere videos
Each of the 12 startups are independent events. Meaning once you start a new company the same 1/12 chance of success is what your odds are.
Gambler’s fallacy?
I would argue that they're not completely independent events. I'd imagine you gain skills, experience and the network necessary to increase your chances at each subsequent attempt.
I love the last one #Enjoy the ride
Very nice and informative boss. 🙏🏻
Such a great video... honestly
Great, informative, and inspirational video! Thank you!
wow this is really insightful
Very interesting, can't agree more 😁.
great insights Sir thank you very much. New subscriber here.
Wow... Thanks for this
//M shirt 😍 love the content as always
I am glad i found your channel.
Welcome!
Great video thx
Inspired!
First of all id like to thank you for your great content. And i have few questions. You were mentioning about starting your business with friends. How did you find your friends and how can i build a social network?
such a wise man tbh :)
Great bro 👍
100k POG!!!
This is precious
Also did you have a full working application before you got funding? would you suggest that a developer have a full working product or at least a partial working porotype before approaching VC's?
Superb.
I would forget about the fancy label - "startup". Forever. Instead... become an solo indie developer and make your own little thing. Little by little. Make MINIMUM feature set and start to sell it. Even 1 customer will be success for you. Talk to this customer. Improve. Add features. And if you do the right thing, you will get more and more customers. You will not get rich overnight. Nor famous. But it will be your own thing with already established workflows and traction. You don't need massive marketing so that masses of users f***k up your servers, or hackers get attracted. Make and improve your thing slowly. At some point you will be able to hire second developer, or sales person. And so on. Rushing into "startup" bandwagon almost means failing due to many reasons. If only your business model is not to sell ideas. Then go ahead and sell the dreams for friends, colegues, VCs.
Man you're a workaholic. Very commendable but I think you must have exhausted your energy drastically.
Just as usual crystal clear insights explaination. Keep it up
What is series A, B and C?
Comment liked, but nothing explained.
How did you pitch your company? like how did you calculate the evaluation on it?
THANK YOU FOR TIMESTAMPING
This is reallly great insightful video....but will you go inlittle depth like why you choosed to work in microsoft then....your life experience will definitely help me and millennials....amazing work gonna check more videos.♥️🔥
Good advice sir
thank you sir
sir, I like you so much !!!
Thanks
Having been VC funded can you share your point of view regarding debt funding and bootstrapping?
bruv u earned a sub, like and a bell icon and commentt
Is it possible to do a double or triple like on a youtube video, cos this content's worth more a like... Thank you for this!!
#startups
It's my first video watching you and i just wanna fall in love with hustle 😎 and "grind is real"...
Welcome aboard!
I'm enthralled by this content. I had the pleasure of reading something similar, and I was truly enthralled. "The Hidden Empire: Inside the Private Worlds of Elite CEOs" by Adam Skylight
BG music is the reason
great
Hi Utsav, really appreciating the practical knowledge! Can you perhaps point me in the direction of who might be worthy software development houses in India to help me build the 1st MVP (Web and Mobile App). Thank you.
Love the tshirt 🤌
What’s your startup? I can’t seem to see it anywhere. Would love to see it
Please, how can I get funding when the startup Idea is worthy and also has started to work very well?
Can you tell us more about your start-up? The name of the company, how and why you succeeded or failed?
Merged/bought out and dissolved into another product. Cannot talk about much more due to NDA. It's a marketplace product related, demand-based, related to food. :)
sir I am building an online learning plateform when users will get access to tutorials, blog and videos projects and users could post their project , get connected with another users for mock interview.
do I need to worry about refactoring my code earlier ??
I feel like I am wasting time doing it
thanks
I look forward from more advices from you
thanks
V c:
Hello respected@love sir I watch your videos on yt, but i have a que. For you that compny like Amazon has lot of sftdevelopers then what if one of them make or add vulnerability in amazon app how does codes are revised or tested and how do they detect error in their code,I think if you would make video then it would be really helpful for me.Appreciating your work
And also if any developer does something like transferring money to his pocket, how does a non tech person would hire and handle them for tech business pls make a video
you will be caught in no time. there are a ton of checks and balances put in place
Do you happen to have a source for 3:12? Thank you!
It was a great video but the background sound was distracting.
Yo. bro - i have started IT startup - it's very hard to keep running. Your Tips will help.
which gel/ wax do you use for your hair??
Patrick’s M3
Could you speak about your financials if thats okay with you? Sure u said dont do it for the money but how much can one expect since afterall financial stability is important.
The answer to this is kind of complicated and depends a lot on how your venture does. The most common scenario for the founders to take no salary, at least until you've got a decent revenue stream. That was our case for sure. But, if you've quit your job and you are solely relying on your startup, I suppose it is okay to take a bare minimum as a salary. That is usually an uncommon scenario though. Usually, the seed is to validate your concept and take it to market. Then based on those metrics, you raise series A, B, C... that is when you could consider paying yourself as well. Depending on how your revenue looks like, that may be a basic salary or a competitive one. All depends on performance. Anytime that takes a hit, the founders' comp is what takes a hit the first. You assume the highest risk for the highest stake :)
A very common scenario is that some larger company will acquire you before you even make it past raising money. Only a very few make it all the way. Getting acquired is a great option as well, especially if you are a serial entrepreneur.
@@EngineeringwithUtsav thanks for the huge reply. Makes perfect sense.
I haven’t had the experience yet , but I want to start one.
Keep that feeling alive. You never know when you will be at the right place at the right time :)
@@EngineeringwithUtsav If you live in The state of Georgia , we can meet up to talk about a partnership between me and you . I want to create a social media platform.
Please make a video on how to become software developer without having a degree or non mathmatics field.
There is nothing magical about it. You just got to learn the material somehow that you would have learned in college. That's all.
what is an example of market problems? So like, you want to invent an app or shaving product service but there is another one already and they muscle you out?
You don’t always have to compete. Getting bought out can be a valid resolution depending on what you want out of your start up.
What if there is a business i m running with my cofounder and the startup is earning 1 million dollars annually....do i need to have a investor there ?? Is it compulsory to have investors ? Cant we two people run the whole company ?
Nothing is mandatory. It depends on what your goals and aspirations for your company is. If your goal was that, and you can scale up from that revenue itself, then no, you don’t need any investment. In fact, many small tech startups do just fine with 1-3 people running the business. The need for investment comes where your business model cannot scale up with just 1-2 people. Very few businesses are self funded or make it without any funding to making million+ in revenue. If you’ve done that already ... congrats!
Utsavized thank you for clearing my big doubt😄 please make videos about tech business and startups..fundings cofounders agreement all that stuff
The problem is new idea is hard to pitch... first of all no financial capability and to pitch ideas to these investors are also risky. Need to get patent and to patent it cost a bomb ..how do I do this....and I'm not a programmer...but I managed to build a demo using Wix...can someone advice me ? And to get a quote from app developer is also risky...
How to startup company find projects
Can you tell us the name of your startup?
Sir, can you help me in the the cost of making and hosting of a app and website like OYO rooms and Zomato in different field of public.
No clue what ur asking for?
Sir if I want to make my own app on a different prospectus. What would be my budget for making and hosting of my app and website
Wowwwwwwww
VC and angel investors in this tech bubble had become parasites.
What is your startup name
Can you helps me that make a new search engine
Search engine is very advanced project ... and you need a lot of computing to crawl, index and make it work efficiently
You talk a lot about investors. What do you think of bootstraping the start up?
Totally depends on what the start up is. It wasn’t an option for ours.
What is the very next step to take after thinking of an idea ? (Tech startup)
Ask yourself if you can build and execute it. If you can’t build your idea yourself, it’s going to be a tough road for a tech startup
@@EngineeringwithUtsav for now the answer is "I can't " but I am just 16 year old so, i have decided to learn and ask myself this question again after 1-2 years
@@EngineeringwithUtsav Any other suggestions?
This guys sounds like he has an accent and fluent in English at the same time
lol... both assumptions are correct. Although I find it funny when people say someone has an accent. Everyone has an accent. You cant speak without an accent ... Americans have American accent, British has English accent, French have French ... so on. Even within, you've got your mid-western accent, east coast accent, west coast accent, cockney accent, scouse accent .. :) I am just one of the accents. Cheers! Thanks for checking out the video.
Whats your earning after the acquisition of the start up?
You don't need to mention the exact figure...just give e hint !
what logo is that on our shirt?
BMW Motorsport
Originally, Which country are you from sir?
I am from Nepal.
He is Nepali