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Name: Tomas Milar
What are you building, and who benefits most from it?
We are building Eqvista (https://eqvista.com/) and Cheqly (https://cheqly.com/us/) to help startup founders in every aspect of their entrepreneurial journey, from incorporating their company to managing their equity and fulfilling their banking needs.
Eqvista is a cap table management platform that simplifies equity management for startups and emerging companies. We believe in making equity accessible and understandable to everyone involved, from founders to investors and employees.
Cheqly, on the other hand, is a neobank exclusively tailored for startups, offering a range of financial services designed to streamline their banking needs. Our mission is to empower entrepreneurs and startups by providing them with the tools and resources they need to succeed.
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In essence, both Eqvista and Cheqly are dedicated to supporting startups and their founders in achieving their goals, from equity management to financial stability, ultimately contributing to their success in the competitive startup landscape.
What is one of your startup’s most impressive accomplishments?
One of our proudest achievements with Eqvista was when we introduced our scenario modeling feature. It allows founders and CFOs to project how different funding rounds and equity allocations will impact their cap table and ownership structure. This feature has been instrumental in helping startups make informed decisions about their equity, ensuring transparency and avoiding future disputes.
What has been the biggest challenge so far, and how did you overcome it?
Building trust and credibility in the fintech industry was a significant challenge. Startups and founders often entrust us with sensitive financial data, so establishing our reputation was vital. We overcame this by providing exceptional customer support and rigorous data security measures and continuously improving our product based on user feedback. Building strong relationships with our users and addressing their concerns head-on have been key to our success.
What tool or app could you not live without and why?
There are several tools we use, such as Trello for project management, which keeps our teams organized and efficient. Google Docs and Sheets, with their collaborative features, are essential for seamless document editing and data analysis. Calendly simplifies scheduling, making it a breeze for clients to book meetings with us. Beyond these, we use many other tools (such as Slack for communication) and various analytics platforms.
What marketing strategies have worked for you?
Content marketing has played a pivotal role in our growth. We regularly produce educational content, including blogs, webinars, and guides. This establishes us as thought leaders in the space and helps our users understand the value of our products.
Can you share any financial data about your startup?
While we’re proud of our growth, we’re not sharing specific financial data now. However, we’ve experienced a steady expansion in our user base, and currently, Eqvista is trusted by more than 14,000 companies. Both Eqvista and Cheqly have been well-received by the startup community. (Reported on October 09, 2023.)
What has been your biggest business failure to date? What did you learn from it?
We initially underestimated the importance of user onboarding and training. We learned that even the most intuitive products require guidance and support for users to grasp their potential fully. We’ve since revamped our onboarding process and invested in comprehensive resources to ensure our users get the most out of our platforms.
What’s the best specific piece of advice you have for other entrepreneurs?
Stay relentlessly focused on solving real problems for your target audience. Listen to your users, adapt quickly, and never stop iterating on your product. Building a successful startup is a marathon, not a sprint, so maintain your passion, resilience, and belief in your mission, even during the toughest times.
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