Yesterday at the Techhub, mFriday members had the opportunity to have a conversation with Dr. Richard Reiner, a renowned technology investor, entrepreneur and venture capitalist. Dr. Reiner is often found immersed in cloud computing, cloud security, mobile technology and social enterprise. He has had immense experience in these areas especially in cloud security. He is also a founding partner at CC Status Capital, an investment firm.
He shared his experience both as an entrepreneur and as an investor. His first product as an entrepreneur was an IT security product. This product, in his words was “a complete failure”. It almost killed his company mainly because he did not ask the right questions to the potential customers and also that the product was a few years too early.
He shared the lessons he learnt from this experience and advised that to be a successful entrepreneur you need to ask the right questions. Before he developed his first product, he asked his potential customers the following questions: Is it a problem you are currently facing? Will you buy a solution to that problem?
He got positive responses to these questions but the customers did not make purchases after he developed the product. He advised to concentrate more on important questions like “Is it one of the top 3 problems you are ready to fix soon? Will you set aside money in your budget to fix this problem?
He also gave the community some tips into entering foreign markets. He gave a very practical example that a company he was the CEO of (Enomaly), had to rebrand a product that was already successful in other markets before attaining any success in the new markets.
The conversation was very interesting as he took the audience deeper into his life as an entrepreneur and angel investor.
To summarize, he advised that before anyone invests his time and resources into any project, he or she should prove to himself that the product has a ready market.
It was a very fun, inspiring and informative session.
Written by Jeffery Dagadu.