Roboinvest, a social investing platform that allows anyone to “look over the shoulder” of top investors in real time, launched last week. Roboinvest was founded by Micheal Giles and is based here in New York City. Here is what Micheal has gone through on his way to launch:
I first founded Roboinvest in July 2010 after leaving a job where my previous start-up was acquired.
My mentor convinced me to leave because I was a “square peg trying to fit into a round hole”.
It was at that time that I decided to focus on completing my Masters and work on a new opportunity that became Roboinvest.
A few months after making this decision to start a new business, an opportunity came up for a scholarship to study abroad at a college in upstate New York.
Now 18 months later I’m living in New York and working out of an office in Rockefeller Plaza.
I’ve completed a seed round of funding from local investors as well as friends and family, and I’m working on completing an all cash angel round of funding which will allow us to build out the product and gain enough users to prove the business, or pivot if necessary.
We have a great team of people working on the company; the feedback I receive on a daily basis is extremely positive.
I’m meeting amazing people every day and everything seems to be falling into place.
I haven’t had a typical path to market with Roboinvest, but I believe everything happens for a reason.
What I have learned over the past 18 months is probably 10 times what I had learnt from the previous six and a half years after starting my first business.
I’ve been down to my last dollar, and just at the right time found a new opportunity to move forward and continue the momentum.
It’s all an adventure that I look forward to everyday, and wouldn’t have it any other way.
Key takeaways:
- Flush out your idea with research and testing the market.
- I recommend reading Why People Fail by Siimon Reynolds, The Lean Startup by Eric Ries and The Four Agreements by Don Miguel Ruiz.
- Always stay positive, you need this confidence particularly when you’re down to your last dollar.
- Keep building momentum, always have something you are working on next whether it’s a meeting, presentation or product feature release.
- Get external validation, whether it’s some press or accolade.
- Remind yourself everything happens for a reason.
- Like my mother taught me, be the best you can be.
