On the importance of learning from each other
by Yasanhalari Kharkongor
We’re starting a series on entrepreneurs’ voice where we’ll get some of the VenturesOne investment team to share some tidbits about their businesses: from last year’s highs and lows to the technologies they are most excited about this 2018.
Our honest-to-goodness attempt is to help cultivate a practice to learn from each other. This is just the beginning to open dialogues and using it to beat the learning curve!
Launching into the new
Entrepreneurs dive into the deep unknown and that requires grit and the will to pursue the new and unfamiliar path. Starting a business is always scary- whether it’s a thrilling scary or an inspiring scary- it’s S-C-A-R-Y nevertheless!
Change brings anxieties with it. However, developing a healthy one complements that innate, biologically determined urge to win.
Yes, you heard that right, not all anxieties are out to destroy us. Nature has endowed us with anxiety to help us in tricky situations and in fact, in earlier times it was designed to increase our chances of survival like reacting quicker in dangerous situations. Healthy anxiety is the kind of anxiety that helps us perform better.
As our entrepreneurs scale up their businesses, everything else will go up: manpower, space, technology needs etc. And with all this, anxiety will start boiling to the surface.
We know entrepreneurs roll their sleeves up every day to take their enterprise to the next level and there’s no better way but to learn from each other.
“If you think you know everything, there’s nothing else to learn, until you learn…you don’t know everything.”
– Coach Bridget Burns
Let’s get started!
The more we exchange ideas and learn from each other, the smoother the sail. Most entrepreneurs will probably be in similar situations so we’ll put out some of their tales with the hope that they will find it useful to read about the things that other fellow entrepreneurs have learned about setting up their own businesses. And in doing so, we also hope to beat the unkind stress. So, here’s the snippet:
Geospatial Insight provides thorough analytics by applying machine learning, big data analytics and in-depth knowledge of geospatial techniques to help all sorts of businesses make smarter and faster decisions.
And here’s what Dave Fox CEO, Co-Founder of Geospatial Insight, has to say….
What were the main changes or challenges that happened last year that you had to overcome?
Last year was one of huge contrasts – struggling through with very little cash in the first third of the year, then having to adapt to sudden growth with a small team, and then rapidly expanding the business following the VenturesOne investment – from survival to growth. The key was remaining flexible and adaptable while constantly thinking about and preparing for the future.
‘HITs’ n ‘MISSes’ in your business for 2017
What business tactics etc worked and what didn’t?
Success came through persistence and continually building strong links with key partners and clients. Adding new clients was challenging with a limited amount of resource that could be applied to business development for much of the year.
What technology is changing your business?
What’s made the biggest impact on your business?
It’s not one but the confluence of three – access to data storage and processing on the cloud, the explosion of satellite data as the satellites themselves become smaller and smaller and cheaper and cheaper to build and launch, and probably most importantly the rapid development of machine learning technologies and their application to image understanding and analysis.
What new technology would you like to see become mainstream and easily accessible in 2018?
The use of imagery data captured by drones is becoming mainstream – the major issues are around the legislative challenges of enabling truly flexible commercial drone operations, to then allow the technology to really blossom. Commercial drone laws still vary enormously from country to country around the world, and only with the adoption of common laws and protocols will the technology become truly ubiquitous