David Mandell, the Founder of PivotDesk, spoke with us for our interview.
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PivotDesk is an online marketplace that connects companies with extra/unused office space with startups and small businesses looking for short-term, low risk space. We give hosts (companies with extra space) all the tools they needs to manage, market, and monetize their extra space. We give guests an easy to view system to search, view, and tour short-term office space in their desired area.
How did PivotDesk get started? What was the genesis of the idea?
When was the company founded, and how big are you now?
Almost exactly a year ago, PivotDesk was me and a Power Point presentation. Then we were accepted to TechStars and in three months we had happy customers and funding to build a real business. The Boulder team is currently 13; we also now have one full-time person each in New York and San Francisco.
We'll definitely be growing this year, too. Boulder and Denver were basically our test markets - we needed to understand if we really had a business. What's happened in Boulder and Denver taught us that we did and we could. People needed what we were providing. Once we knew that there was a business and we had a little time to sort out all of the early growing pains, we launched the others. Now that we have those, we’re focused on growing those markets, and understanding which communities want us next.
What was the point where you knew you really had a business model?
The first real awareness point was when we first pushed out our very early alpha version. We tried to be as lean as possible, and built just the base/core components. People started using it, and even though it was just the basic stuff, no one complained. Since we had local customers, we were able to get a lot of good feedback to help us build. Our customers provided our roadmap. Every day they’re reaching out and telling us what they like, what could be better. That was the real point – when we did something we knew was basically crap from a product perspective but it solved such a big pain point that people used it and paid for it.
What lessons have you learned in launching?
I think there were definitely some key learnings. One of the initial ones we had was that we assumed we had two types of customers – a guest (early stage, pre-funding or angel company) and then a host (usually post-series A, have taken a lease bigger than they need so they can grow into it.) But pretty quickly, we realized we really only have one customer - entrepreneurs who are trying to grow their businesses. Many use us for both purposes at the same time. We realized we had to look at it as one audience and give them the solutions they need whatever stage they were in. It was a really neat shift, too. We really didn’t realize it, but our customers were telling us that. At different stages, we can help them with whatever they need.
You're a very experienced entrepreneur and mentor for other startups. What advice would you give to early stage companies or aspiring founders?
There are so many resources in Boulder and Denver – BOCC, BDNT, Denver Startup Breakfasts. I think the really important thing though is to ask questions, and ask for help. Coming from New York, the culture there was really around "what can you do for me?" If you ask someone for help, they’re looking for what they can get. Whereas here the effort from all of the entrepreneurs is purely “how can I help you?” Which is great, because it helps the community and it always comes back. The attitude here is the best demonstration of karma I’ve ever seen. As an entrepreneur your time is very limited, you cherish your private time. But you also need to build in time to help other people and be involved with the community. You can‘t think of your business as a point in time and place; think about it in terms of community.
From a new entrepreneur perspective, the most important thing is to ask for help. It’s very easy when you’re starting a business to think you’re the only person in the world dealing with this pain or frustration. It’s a lot of real difficulty, it’s incredibly hard. Too many people believe they’re the only ones who are dealing with that. The best way to understand that is to reach out and ask questions.
Sometimes people are afraid of getting out there because they don't want anyone to steal their idea. The truth is, there’s nothing to stop anyone else from doing what you’re doing. What it comes down to in any business – it’s not about stealth, it’s about getting as much input and support as you can possibly get. If you’re scared that someone else is going to do it, they’re probably going to do it anyway. Getting out there, you start to understand what else is going on in the market.
At the end of the day it’s about execution. If someone is going to out-execute you, that’s going to happen. Your job is to out-execute them. Understand what your customer wants, and give them that faster and better than anyone else does.
What do you see are the biggest needs of the startup community, and what can we all be doing to make the front range a better place for everyone?
Really cross-community things. I try very hard to see Boulder and Denver as one community. I think it has to be that way.
We should all be working together to make that happen. We all need to help Denver get to the same place as far with entrepreneurship as some of the other major hubs across the country. It comes down to things like infrastructure, tax laws, immigration laws, things that support that lifestyle and business group. People that don’t live in these hotspots have no clue how much development we’re driving – startups are the companies that are going to support our economy moving forward.
Learn more about PivotDesk via their company profile, visit their website, or follow them on Facebook, LinkedIn, or Twitter @PivotDesk
This week we also visited FullContact API and iGivefirst. For a full recap of the Startup Tour and previous weeks' posts, go here.
