Having a clear vision is crucial for any startup. It’s like the North Star that guides your journey. For instance, when I was developing my startup, Spinnr, the vision was to create a seamless and safe community experience. This clear vision helped us stay focused and make decisions that aligned with our goals.
Startups are at the forefront of innovation, driving change across various industries with fresh ideas and cutting-edge technologies. These emerging companies are not only disrupting traditional markets but also creating new opportunities and transforming the way we live and work. What makes these startups successful, and what can we learn from their journeys? As a part of this series, I had the distinct pleasure of interviewing Jason Sherman.
Thank you so much for your time! I know that you are a very busy person. Can you tell us a story about what brought you to this specific career path?
I’ve been pushing the boundaries of technology for decades now, always eager to get involved with something new before others do. Just like when I built one of the first video relationship apps in the world, I jumped into AI as early as I could. My passion for entrepreneurship started back in sixth grade when I sold items to other students that I brought home from Europe. Since then, I’ve been building companies and have always loved creating.
Can you share the most interesting story that happened to you since you began at your company?
Every day is interesting in the world of AI, but the most fascinating story would be how my team uses my AI identity to get answers from me when I’m too busy. We’ve found the answers to be amazingly accurate. It just goes to show how a CEO should use their own product in a real-world application every day.
Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
It’s kind of embarrassing, but when I was in my twenties, I wanted to invent a vegetarian bacon bit because I don’t eat meat. So, I created a vegan version called Chick’n Bits and decided to dress up as a chef and put myself on the packaging. Later, I received feedback that it was a mistake since I’m not a real chef. I ended up redesigning the packaging with a new brand logo. I learned a valuable lesson about the importance of authentic branding on that project.
What are some of the most interesting or exciting projects you are working on now?
Without a doubt, Vengo AI is the most exciting project I’m working on right now. It’s designed to help business owners save time and money while increasing sales and providing top-notch customer service to their clients, which is a dream come true for me. Additionally, during the pandemic, I wrote a sci-fi screenplay called Protocol 7, which has recently become a finalist in several competitions. That’s pretty exciting as well.
You are a successful leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
Perseverance has been a cornerstone of my journey. When I first started my tech consulting company after graduating college, I faced numerous challenges, from securing clients to managing a growing team. There were times when it seemed like the obstacles were impossible to get through. However, I kept pushing forward, learning from each setback, and constantly improving our services. One particular instance was when we lost a major client to a competitor. Instead of giving up, I analyzed our weaknesses, revamped our strategies, and within a year we started to get higher end clients. This is why it’s important to never give up, no matter what.
Innovation has always been at the heart of my work. When I founded Spinnr, the video friendship app, the market was already saturated with social networking platforms. To stand out, I had to think creatively and offer something unique. Spinnr’s focus on human community engagement and connecting people with similar interests through video was a huge differentiator.
Empathy has been crucial in building strong relationships with both my team and clients. Understanding the needs and concerns of others helps in creating solutions that truly address their problems. During the development of Vengo AI, I spent a lot of time listening to feedback from users and clients. In one instance, a small business owner shared her struggles with managing customer inquiries and the impact on her mental health. Her story allowed us to create her AI digital twin that could provide empathetic, 24/7 support, ultimately helping her business thrive.
Ok super. Thank you for all that. Let’s now shift to the main focus of our interview. What was the initial inspiration behind your startup, and how did you turn that idea into a reality?
Funny enough, it came from a completely different project. I mentioned Spinnr earlier, and in late 2022 when ChatGPT came out, I instantly wanted to add it to Spinnr. The community absolutely loved our AI chat friend, Spinny. Ironically, that became one of our best features, and the community asked to start customizing their own versions to make their own private AI friends. That’s when the lightbulb moment hit me. We realized we couldn’t fully integrate this new customizable AI into our video friendship platform because the infrastructure wouldn’t handle it. It would’ve been too difficult to change everything. So, instead, I built a standalone product, which became Vengo AI. After developing the MVP, I submitted a demo video to Microsoft, NVIDIA, and OpenAI. They saw the potential in our platform and gave us grants, which enabled us to use their infrastructure and services to build out a scalable platform. Their validation turned our idea into a reality.
Can you describe a significant challenge your startup faced and how your team overcame it?
We are currently facing a significant challenge due to the world of inflation, the pandemic, war, and overall uncertainty. Investors are more risk-averse and not investing the way they used to. This has created a funding challenge for us. Despite having built a scalable platform and acquiring customers, most investors want to see more revenue or already have a VC to lead the round. We’re stuck in a Catch-22 situation, but we’re working hard to gain more customers and revenue so that investors will come to us instead of us seeking them. Additionally, building our platform during a tough time in the market means that when conditions improve, we’ll be well-positioned to flourish and thrive. We are focusing on resilience and growth, confident that our efforts will pay off in the long run.
What strategies have you found most effective in scaling your startup and reaching a wider audience?
One of the most effective strategies is networking. I recently returned from Austin, Texas, where I visited the Capital Factory and pitched in front of hundreds of entrepreneurs at monthly meetups. This experience provided valuable insights into what other entrepreneurs and startups are doing and highlighted the uniqueness of our value proposition. Additionally, we implement various social media strategies, leveraging user-generated content and showcasing examples of how our clients use AI to enhance customer service engagement. These approaches have helped us reach a wider audience and scale our startup effectively.
How do you foster innovation within your company to stay ahead of the competition?
We are constantly researching and staying updated on current trends, competitors’ offerings, and industry developments. By engaging in conversations on Zoom and LinkedIn, we get a comprehensive view of what’s happening in the industry. We regularly experiment with new tools, strategies, and technologies to stay ahead of the competition.
As the CEO, I also promote a culture of creativity within my team. I encourage everyone to feel like they have a voice. Their suggestions and feedback are heard loud and clear, and I provide a platform for them to share their ideas with the company. Everyone can contribute, and we all operate as equals in that sense.
Ok super. Here is the main question of our interview. Based on your opinion and experience, what are your “5 Things You Need To Create A Highly Successful And Innovative Startup” and why. (Please share a story or example for each.)
1. Having a clear vision is crucial for any startup. It’s like the North Star that guides your journey. For instance, when I was developing my startup, Spinnr, the vision was to create a seamless and safe community experience. This clear vision helped us stay focused and make decisions that aligned with our goals.
2. You can’t build a successful startup alone. Surround yourself with a diverse team that brings different skills and perspectives to the table. When I was working on the film “The King’s Highway,” I had a fantastic team of historians, filmmakers, and local experts. Their combined expertise made the project a success and helped us tell an authentic story.
3. The startup world is constantly changing, and you need to adapt quickly. During the development of one of my apps, we realized that our initial target market wasn’t responding as expected. We pivoted our strategy, adjusted our features, and found a more engaged audience. This adaptability saved the project and led to greater success.
4. Understanding and prioritizing your customers’ needs is essential. At Vengo AI, we spent countless hours gathering feedback from users to refine our product. This customer-centric approach ensured that we were solving real problems and providing value, which ultimately drove our growth.
5. Starting a business is challenging and filled with obstacles. Perseverance is what keeps you going. When I first launched my book, “Strap on Your Boots,” it didn’t get immediate traction. However, I kept promoting it, attending events, and sharing my story. Over time, it gained recognition and helped many aspiring entrepreneurs. It also evolved into a top entrepreneurship podcast of the same name and a course, “Startup Essentials,” which I taught at top universities.
More than four out of five startups fail. What have you done to break out from that pattern, and be successful when so many others have not?
I focus heavily on data-driven decision-making, ensuring we base our strategies on solid metrics and insights. Additionally, I emphasize building a strong, diverse team that brings various skills and perspectives to the table. By staying adaptable, continuously iterating on our products, and actively seeking customer feedback, we can pivot quickly when necessary. As I’ve said many times throughout this interview, perseverance also plays a crucial role; we push through challenges and remain committed to our vision, even when the going gets tough. This multifaceted approach has helped us achieve success where many others have struggled.
Because of the role you play, you are a person of great influence. If you could inspire a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂
If I could inspire a movement, it would be centered around fostering innovation and entrepreneurship in underserved communities. By providing access to resources, mentorship, and education, we can empower individuals to turn their ideas into reality. This movement would focus on creating inclusive opportunities, ensuring that everyone, regardless of their background, has a chance to succeed. By doing so, we could unlock a wealth of untapped potential and bring about positive change on a large scale, driving economic growth and improving quality of life for countless people.
This was really meaningful! Thank you so much for your time.
Interview originally published by: Authority Magazine