Education

How to Find $10M+ Ideas in Markets We’d Never Worked In | Comulate, Jordan Katz & Michael Mattheakis

by EO

📚 Main Topics

Startup IdeationThe common belief in Silicon Valley about solving personal problems to find startup ideas.
Industry ExplorationThe transition from tech to the insurance industry and the discovery of unsolved problems.
Initial SkepticismEarly challenges faced when pitching to potential customers who were skeptical of new solutions.
Founding CommulateThe journey of co-founders Jordan and Michael, their backgrounds, and the formation of their company.
Understanding Customer NeedsThe importance of deep customer engagement and understanding workflows.
AI and Workflow AutomationThe role of AI in transforming traditional industries and the potential for reimagining workflows.
Opportunities in Untapped MarketsThe significance of exploring overlooked industries for startup opportunities.

✨ Key Takeaways

Saturation of IdeasFollowing the common path of solving personal problems can lead to saturation in the tech industry; exploring less popular industries can reveal significant opportunities.
Persistence Pays OffInitial rejection from potential customers can be a setback, but persistence and deeper understanding can lead to success.
Customer-Centric ApproachEngaging deeply with customers to understand their workflows can build trust and lead to better product development.
Simplification of Complex ProcessesThe ability to simplify complex workflows is crucial in creating effective solutions, especially with the aid of AI.
Exploring Untapped MarketsThere are vast opportunities in industries that have been historically untouched by modern software solutions.

🧠 Lessons Learned

Look Beyond the ObviousEntrepreneurs should explore industries that others may overlook, as these can hold significant potential for innovation.
Build RelationshipsEstablishing strong relationships with early customers can provide invaluable insights and support.
Adapt and LearnFounders should be open to learning about the industries they enter, even if they start with little knowledge.
Reimagine WorkflowsThe shift to AI presents an opportunity to rethink and redesign workflows rather than merely optimizing existing ones.
Long-Term VisionThe future of software and AI in industries like insurance is promising, with substantial opportunities for growth and innovation.

entrepreneurship innovation business yt:cc=on

Transcript excerpt

0:00 So there's a popular belief in Silicon Valley of the best way to find startup ideas is to try to solve your own problems. But if everyone in the tech industry is following that path, it leads to this saturation of problems for folks in the tech industry. That's what led us to the insurance industry quickly realized there's unsolved problems everywhere. People we reached out to early on in the industry were quite skeptical. The f first thing I hear is, you know, I just want to tell you, you know, I'm taking this call as a favor,

0:31 but we don't need your services. We have solved for this already. We're all set. I'm just trying to do this as a favor. And in retrospect, it's like, why would they talk to two random outsiders? People are busy and hear pitches like that all the time. We had that quote in our old office on the wall of that formative moment of we don't need your services. And that company that told us we don't need your services is now one of our largest customers. I'm Jordan. I'm the co-founder and CEO of Commulate. We're transforming the

1:02 insurance industry with AI. 3 years ago, it seemed crazy to most folks that we wanted to focus on the back office insurance workflows. When you have like two people with no background in doing the thing that they're saying they're going to be able to automate for you, who the heck's going to take those those people seriously? But since then, we've scaled to over eight figures of ARR and we're just getting started.

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