3 key takeaways from #vtjtalks: Scaling From Idea to $1M-10M and Beyond

On May 26, Vancouver Tech Journal hosted their monthly #vtjtalks with a panel of speakers who shared insights on how to scale a tech business from idea to the first $1M and beyond. Here are three key takeaways from the event to learn how the three BC CEOs scaled their businesses to eight figures in revenue.

1. Having one coach can be dangerous; I don’t recommend listening to just one voice – Nejeed Kassam, CEO, Keela 

Nejeed Kassam, CEO of Keela with $3M raised in funding, suggests having a series of voices when looking for advice because there is a bias risk with listening to a single coach, and it can lead to being stuck. Nejeed emphasizes that mentoring doesn’t have to be formal initially and can be formalized into a board of directors and a secondary set of advisors when you scale your business. Nejeed concludes, “Ultimately, the structure doesn’t matter, the multiplicity of voices does.”

Photo from #vtjtalks: Scaling From Idea to $1M-10M and Beyond

2. The first time you make a mistake doing something is called learning, the second time it’s a mistake, and by the third time it’s a problem – Alison Taylor, CEO, Jane Software

When Jane Software, a company with $50M in annual revenue, decided to switch the company’s focus from customer growth to expansion by revenue growth within their customer base and acquiring new customers halfway through the year, they realized that the split focus was creating problems within their team. Later they had to shift the direction to a single focus of customer acquisition to avoid confusion among Jane Software’s internal team. According to CEO Alison Taylor this situation was not a mistake, but a learning opportunity because they were doing an expansion for the first time and “a mistake means you knew it could have been better.” However, if you are repeating the same mistake for the third time, then it is a problem and not simply a mistake. 

Photo from #vtjtalks: Scaling From Idea to $1M-10M and Beyond

3. The more humble you can stay, the more you can do, and the more you can connect with customers and your team – Bruce Qi, CEO, Launchpad

Bruce Qi, CEO of Launchpad with $10M+ in annual revenue, still likes to be called principal internally, not CEO. He emphasizes that it is about serving leadership and not overreaching. Bruce mentioned that many founders enjoy having a CEO title and the gravitas. According to Bruce, one of Launchpad’s guiding principles is “We are creating a network, not a hire.”

Interested in attending an event that might be useful for a tech or science entrepreneur?

Visit our events page, where we regularly post community events, and VentureLabs events.

Related Posts