How to get acquired with Waseem Daher of Pilot - Product Hunt Radio Recap

Podcast: Product Hunt Radio

Published: 2020-04-01

Duration: 44 min

Summary

In this episode, Waseem Daher shares his journey from co-founding Zulip to launching Pilot, a bookkeeping and tax prep service for tech startups. He discusses the pivotal insights that drove him to address the common pain points in accounting for founders and offers advice on getting acquired.

What Happened

Host Abidesi welcomes Waseem Daher, the founder and CEO of Pilot, to discuss the journey of building a startup that simplifies bookkeeping and tax preparation for high-growth tech ventures. Waseem reveals that his foray into the accounting world was born out of personal experiences as a founder, highlighting the tedious nature of financial management that often distracts entrepreneurs from their core business objectives. The conversation centers around how Pilot aims to alleviate these burdens by providing an integrated solution that combines bookkeeping and finance expertise.

Waseem takes listeners through his early entrepreneurial experiences, starting with his first company, Case Blyce, where he and his co-founders had to manage their own bookkeeping out of necessity. This experience, although challenging, sparked the realization that the accounting process was not only time-consuming but could be improved through software solutions. He emphasizes that while many aspects of back-office operations have evolved, accounting remains a lagging area ripe for innovation. The episode highlights Waseem's commitment to creating a service that addresses the real needs of founders, ultimately leading to the inception of Pilot in 2017.

Key Insights

• Founders often stumble into solutions for problems they personally experience.
• The evolution of back-office tools indicates a significant gap in accounting services for startups.
• The importance of working with a cohesive team that shares a long history and common goals.
• Building something that customers genuinely need can lead to a successful business venture.

Key Questions Answered

What inspired Waseem Daher to start Pilot?

Waseem shares that the inspiration for Pilot came from personal experiences with his previous startups, particularly the painful realization that bookkeeping was a tedious and time-consuming task. He and his co-founders felt that their focus should be on advancing their business missions rather than getting bogged down in administrative work. This led to the insight that software could better serve this need, driving them to create a solution that would streamline the process for other founders.

How did Waseem Daher approach building his team for Pilot?

Waseem highlights that he had an 'unfair advantage' when assembling his team, as he collaborated with the same co-founders from his previous ventures. This long-standing partnership allowed them to work effectively and efficiently together. He emphasizes the importance of working with talented individuals who challenge each other, which he believes is crucial in a startup environment.

What are the main challenges that startups face with accounting?

Waseem points out that many founders find accounting to be a mechanical and manual process that detracts from their focus on growing their businesses. He notes that while other back-office functions have seen significant improvements, accounting remains cumbersome. This gap presents an opportunity for Pilot to innovate and simplify these processes for startups.

What lessons did Waseem Daher learn from his first startup?

Reflecting on his experience with Case Blyce, Waseem acknowledges that their decision to handle bookkeeping themselves was a mistake. He learned that such tasks were not a good use of their time and that it would have been more beneficial to focus on higher-leverage activities. This realization shaped the approach they took with Pilot, emphasizing the need for a dedicated solution to handle financial tasks.

What criteria did Waseem Daher consider important when starting a new venture?

Waseem lays out three guiding principles that he considered crucial while starting Pilot. First, he wanted to work with smart, talented people who could challenge him. Second, he aimed to create something that was genuinely wanted by customers, ensuring they would say, 'Wow, this is really awesome.' Finally, he wanted to ensure that the venture would not contribute negatively to society, focusing on building something with a positive impact.