In the last 2 decades technology start-ups have become extremely popular and today, investors do anything to try and secure investment in a hot tech start-up.
Filip Boksa who co-founded BookingKoala is sharing his story of turning down his first 1.6 million dollar investment.
Let’s hear the entire story from him.
What is BookingKoala and why are investors so interested in it?
“Well let me say this first, I can say without a doubt there is nothing like it in the world, this is a platform where you sign up and in less than 60 seconds you have a fully built website and software for a service business. You can one day decide to start a car detailing business and within the same day you can already be washing cars making money and competing with multi-million dollar companies. BookingKoala was actually the software we created to help scale our cleaning company to over $5,000,000 in 3 short years. It literally did all the work for you saving us hundreds of thousands of dollars annually while increasing our sales and profits. Later, when I realized this software can be used to grow most of the service type businesses I decided to team up with the person who built the software to help others start and grow their existing service businesses. People want to invest in it because they realize what it can do and that it’s not a software that can be replicated easily. There is only a handful of people in the world that can come up with something like we built. It took millions of dollars and years of testing to build the right components and features of the software. It took us almost 5 years to perfect it. I also spent 3 years building a marketing company where I learned techniques that help you acquire customers that I had the team implement inside BookingKoala. I even have features planned for the next several years which no one in the world has. Great investors want to be a part of something like that.”
How did they learn about BookingKoala?
“Great question! People knew of BookingKoala months before we launched. Those that know me know how much I hate wasting time so I decided to start growing a pre-launch list months before the company was ready to go live. When it was time to go live, we already had people ready to use BookingKoala. This is how investors found out about Bookingkoala and this is how we signed up over 500 customers in the first 12 weeks of our launch.”
Why did you pass up on the investment?
“Investors pitch me multiple times a day over email, social media, mail and phone. I don’t even know how they find some of that information. They even harass my employees and my partners in order to get a meeting. Out of curiosity I decided to answer one of them. I told them my vision for the company, later I had to come back to meet with lawyers and on the 3rd visit we were offered 1.6 million. I decided to learn more about the process and at the end of the day we weren’t a good fit for each other. The investors had a completely different vision for the company. They wanted to start marketing the software to young upcoming male entrepreneurs by marketing women to them, luxurious cars such as Ferraris, etc.. Even thought that worked for GoDaddy with all of their sexy commercials I don’t want my brand to be that. I want my brand to show honesty, loyalty and friendliness. That is who I am, that is everyone that works here and that is how I want customers to see BookingKoala. That is one of the bigger reasons why we declined that investment.”
Do you think companies need investor money to win today?
“Absolutely not. I grew my first company to over $5,000,000 in 3 years with only $6,000 and no investors. Today, I can do the same and faster with a $100 to my name. By starting a new service with BookingKoala and all the knowledge I learned based on my experience and studying other services that we market using Sassy Egg. I know which marketing channels to use, which ones are becoming popular and we have a software that we were building and spending hundreds of thousands of dollars to perfect it. I also had other profitable businesses I started with no investor money and BookingKoala was also started on what I saved from my other ventures. I believe that investor money can be overrated in many cases. All you need is hard work and dedication to win.”
There you have it guys.
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