Startup Young Guns
Test more than you think and then test some more — Thomas O’Donohoo — Tweet
Thomas O’Donohoo is a regular guy. I was very fortunate to get an introduction to Tom via a school pitching competition. I got his email and the conversation started. These guys, co — founder Rob Barakat, have a business that is really kicking goals and Tom has been hugely kind with his time.
The two were at school together and then Uni. While at Uni they were helping and tutoring students and classes in the lead up to exams. The bottom line is that they got sick of repeating themselves all the time. So it was time to look at ways to improve. Video’s were the way to go and the students loved it. HSC Hub was forming.
Tom and HSC Hub started to get their content together, build a website and pass it on to their students. From here the boys went out and raised over $400k to get serious and build their initial product.
MVP — Minimum Viable Product. Being at heart a finance student Tom passes on some great information about getting initial backing and how to go about it, what to build and more.
Now, HSC hub brings in $2 million, has 30 staff and hiring at 1 per week. Pretty good for 4 years old and still being in their mid twenties. There is still a lot to go on this story. This is an enormous market and there is plenty of growth…
The Problem — No effective, easy access tutorials for school students
The Solution -Easily accessible tutorial video’s
Take Aways from this Episode
Get an MVP up and going
TEST and TEST
Getting a cash flow business model in place
Best Advice — Unit Economics — knowing the cost per new client.
Biggest lesson — You are not the judge and jury of what your customers want — they are.
Biggest Success — the people we have hired.
What is Innovation? — Solving problems for people
Song that describes your work ethic?? Cant Hold Us
Book to Read — The hard thing about hard things
You need to be 10x than the next person– Thomas O’Donahoo — TWEET
QUESTION OF THE DAY:
The sharing economy — Is this an area that you think will continue to grow and allow startups like HSC Hub? Please let me know in the comments.
Scroll below for links and show notes…