Balancing Act
People give insight into what it is really like to create a successful start-up
“The future looks bright” says Marcos Dinnerstein the editor of New York City’s official tech hub, Digital NYC. The world of start-ups is an emerging, exciting, and ever so changing market. Marcos is as close as one can get to being an ‘expert’ in this field. His insights tell a unique and important narrative of contemporary practices.
How did you come to be involved in the world of start –ups?
A: My career progression has been about on-the-job experience. I came to startups through working at a Venture Capital company where one of the partners mentored me. From there, I moved to an Adtech company where I wore many hats, including managing a team of developers in India to build campaigns. Then I moved on Product Management at ProQuest, an academic-focused information company. From ProQuest I joined Digital.NYC, New York City’s official tech hub, where I am currently the Editor.
What do you characterize a ‘start- up’ as?
A: A “startup” is a company with the intention and ability to scale, i.e. grow exponentially. These are not just a small, or local business but rather are early-stage companies on the verge of growing quickly.
Is there a particular segment of this industry that you have a specific interest in? Why so?
A: Personally, I am most excited about companies that materially improve the greatest number of lives and include a social component to them. Examples might be Warby Parker, who give away a huge number of glasses to 3rd world countries and BioLite, who make highly efficient stoves that give off significantly fewer particle emissions, making them safer to use for cooking.
They also do great work in 3rd world countries. In my capacity as editor of Digital.NYC I do my best to support an environment that helps all tech and startup companies in New York City thrive. We do this by highlighting relevant news, events, job listings, and information of use to startups and people working at startups.
What are your thoughts on the Start-up industry specifically in New York?
A: I’m very enthusiastic about how vibrant and varied the startup industry is in NYC. We were recently identified as the most supportive environment for startups and tech companies in a study that compared 40 cities world-wide. Digital.NYC in particular was mentioned for helping to make the city a more tech/startup friendly environment.
We have interviewed many students who have created their own start-ups, what are your thoughts on the trend of having student — entrepreneurs?
A: It’s wonderful. Plan things as best you can, seek out smart experienced advice, fail fast, and be brutally honest about what worked and what did not work. i.e. learn from failure.
What has been the most interesting trend/ insight you have drawn out from either your professional or personal work in the start-up world?
A: What I’m keenly interested in is how technology is eliminating more jobs than it replaces and to think about the societal implications this has.
Must read for a starter ?
Alex Combias is the creator of New York based liquor company Tiqo. Tiqo is a tequila and coconut water beverage that is packaged in sleek black and white bottles. She currently is a senior at The New School finishing a degree in Design & Management.
When did you start Tiqo?
Two and half years ago.
What is the most difficult aspect of starting a company while in school?/How difficult has it been for you balancing school and Tiqo?
Scheduling. Most of my classes are at 9am and most of my meetings are in the morning. Sometimes I have to leave class early or miss a meeting. One of them usually has to suffer and since It’s my last year of school, I have made an effort to only miss class if I absolutely have too.
What have your experiences been in finding investors or people to get behind the company?
Extremely difficult. We have had a great deal of interest in the product and company but because we are the first product in our category, there isn’t a comparable brand that investors can compare us too.
Has school or your education helped you at all along the way?
Yes. The design and management major frames its classes around learning key components to starting a business and I found things that I had learned in class helpful when I initially began writing the business plan.
What have been your greatest obstacles as you grow your company?
Honestly, one of the greatest obstacles has been getting people to take it seriously. We are a company built of three females under the age of 23 in a male dominated business.
What have been your greatest achievements?
In May we were approached by Surf Lodge in Montauk to host a party. It is one of the most popular summer spots in Montauk so it was a big deal for us- especially because we had launched only a month prior to being approached. We have also had larger brands (that i cannot disclose) reach out to us with interest in the product.
Jake Madoff was a Sophomore at NYU when he came up with the idea for Greener Square. Always being inspired by nature, his company focuses on products that take real care by using sustainable ingredients/materials and means of production. Each product is graded on a 1–5 scale in terms of sustainability so that consumers can see when they are purchasing.
How did you first become interested in sustainability?
Well I’ve always had a deep reverence for and love of Nature… Just walking from my home to High School, along Central Park West, there was always a certain ease that I felt around Nature — a uniquely profound sense of calm that I never feel around large groups of people. I seem to always tend to want to be in solidarity with Nature, and I believe it may stem from both my psychological disposition and academic background in science, with emphasis on the former. In terms of the latter, I thought, ‘Okay, this is a vehicle that I can use to connect with Nature, to understand it’. In learning about Nature — in its varying forms and formats — I came to really appreciate it and further understand how I could essentially respect it, not just through a belief-based methodology, but an action-based one: how can I act and what can I do that would benefit it? And then of course from this, ‘sustainability’ pops up. There are so many gradations of what is to be considered ‘sustainable’, and I think I just got into it through a profound appreciation for Nature — again, born from the question of, ‘How can I essentially align my practices with my beliefs?’
When did you start Greener Square?
I started Greener Square my sophomore year — second semester sophomore year. At that time, it existed only as an idea, a note on my phone. The big step was taken that following summer, that’s when I began thinking tangibly about the site’s features and functions.
What is the most difficult aspect of starting a company while in school?
I’m pretty neurotic when it comes to getting stuff done; at the end of sophomore year I finished my final papers early, so I probably had about three weeks in the beginning of May to think solely about Greener Square. Fortunately, then, it was an easy transition from academia to Greener Square, and the forthcoming summer allowed me to focus on the latter. Going into junior year, the site was in development, so at that point I was balancing product curation and research with academic work, which was challenging but manageable. I wanted the site to launch with products ready to go. It takes about fifteen minutes to research each product once the according company research is complete — advanced Google searches and Google Scholar were my favorite tools for research.
What have your experiences been in finding investors or people to get behind the company?
There’s quite a few NYU research grants that NYU students can apply to. Additionally, at each school, whether it’s the College of Arts and Sciences, Steinhart, Stern or Gallatin, one can find their unique, school-based funding programs.
Gallatin has what’s called the Horn Environmental Studies Fund — you write a formal proposal and see if your project is selected for funding. It’s like any other grant writing process. Just yesterday I recieved an email saying that we got a grant for TradeMade, my second startup with co-found Royal Sayewitz, which marks the fourth time I’ve won this grant.
In terms of additional support from external entities, I haven’t seeked it out. I love discussing the idea with people and learning about the do’s and don’ts of the business world. Generally, people have been very supportive in that way. Fundamentally, though, I don’t think I’m ready to take on formal investors — that would be too much to balance with school.
At what point did you start generating revenue with Greener Square?
Based on my business model, before making any money, I had to apply to be an Amazon Affiliate. Once that process was complete, I could basically make money through affiliate marketing — so whenever someone purchases something, let’s say they click on an eco-friendly lotion on GreenerSquare.com, depending on how many sales you had prior to that purchase, you will make a percentage of that sale. Amazon starts you off with 8%; as you sell more and more things, your referral percentage increases.
We also recently implemented another monetization structure that works like a monthly membership — where companies, once they pass the formal research process, pay a small monthly fee to hold the GreenerSquare ‘seal of approval’ on their products. It’s a way to show that your product has passed a rigorous round of environmental testing.
What have been your greatest obstacles as you grow your company?
It’s been a complex balancing act! It’s tremendously difficult to balance university work, Greener Square, TradeMade and my other extracurricular projects. I find myself having to take breaks from each to both remain sane and make sure none falter. In this sense, the greatest obstacles is rather circumstantial — just my full-time occupation of ‘student’ is enough.
I know when I begin to really work on Greener Square and TradeMade there will be a myriad of challenging and unexpected obstacles. I imagine user acquisition and marketing will present the most intractable of challenges.
What have been your greatest achievements?
This may sound trite, but I feel that simply starting the project has been my greatest achievement. In one sense, this has to be the most important — without starting it, nothing would follow that could even warrant the title of ‘greatest achievement’. I should say, making my first subscription deal with one of the now ‘Greener Square vendors’ was pretty darn cool too. Hopefully more to come!
Everett Williams is a student at the New School. His start up is different in a sense that he is his own product. Everett started a lifestyle blog and Instagram account that he posts on frequently. Some of the ways that he makes money is actually through sponsors that he promotes on his blog or Instagram.
When did you start your blog?
I started my blog, Everything Everett, really back in the summer of 2014 with an idea to have a cool and pleasant instagram that people would be interested in. I wanted to create a timeline for myself but also something to inspire others who aren’t located in urban areas like New York City where you have rooftop pools, underground nightclubs, and awesome new restaurants popping up every week.
What is the most difficult aspect of starting a company while in school?
The most difficult thing I have faced being in school and trying to start a business is learning to try and balance what needs to be done. Quite honestly, I have not made the best decisions in terms of school but my business is better than ever and I can confidently say that it is because I have focused my energy on that instead of bringing 5 samples of zippers to my professors.
What have your experiences been in finding investors or people to get behind your blog?
Financing is a weird topic among the blogging industry. In reality, blogging is more about getting people on your side through relationships and bonding as opposed to selling them on why they should help you. At the end of the day, people want to work with pleasant people and people that they trust and believe in.
What do you think was the turning point from young blogger to style influencer?
In this past summer, I really had a set plan to make a name for myself. I was reaching out for multiple collaborations, attending many press events, and really getting a feel for this industry. I found what inspired me most and how I wanted to go about my future with this blog. I researched endlessly to find what set myself apart from the other thousands and fully pushed it. I learned about marketing and how to capture viewers and make them want to engage which made me stick out to companies. After that, it was a revolving door.
Is there a way for you to start making money off of the website?
Yes! There are many ways to monetize from blogging between advertising, write ups, reviews, event attendance, styling, creative consulting, etc. Your blog is your portfolio basically, the jobs you get from it are based on how hard you work on your portfolio.
What have been your greatest obstacles as you grow your blog?
Negotiating on business deals is always a tough one. I am completely independent at the moment. I told myself I will sign with an agency after it has gotten too hard for just myself to handle. I am a very easy person so money talk is never my favorite topic. Apart from money, being told no for an awesome project is always a hard thing to hear, however, you grow from it and move on.
What have been your greatest achievements?
My biggest achievement as of now was probably being asked to work with The Miami Beach Edition hotel. They are such great people and really respected me from the beginning because of my love of art and design. I have also joined the influencer networks for Vogue, Dream Hotels, Ritz Carlton Group, and CFDA. The best thing you can always do is look back at what you have done and what you have built for yourself!
