Rasmus is a tech entrepreneur and Managing Partner in Lab08 – a software service company based in Sofia and Copenhagen. Previous to Lab08, Rasmus co-founded Komfo, a cloud-based social media management platform, and has been the company’s CEO for more than ten years. Rasmus has valuable insight into managing both a product and service company and will share his experience during this event. We will meet you with Rasmus at the event The tech entrepreneur’s dilemma: Product vs Service company on 26th of November! Before this, he shared whit us what is the most interesting aspect of entrepreneurship in the IT field.
How did you get involved in entrepreneurship?
During my time at Copenhagen Business School, I got involved in any course or student activity that had entrepreneurship as the main topic. However, I quickly realized that the only real way to get involved was to take the big leap of faith and start up my own business. I was lucky enough to find a good business partner with the same mindset, which I believe is crucial for any entrepreneur. The first ideas are usually far from perfect, but they often lead to better ones.
What is the most interesting aspect of entrepreneurship in the IT field?
IT is where we find a lot of the answers to some of the world’s biggest challenges like climate change for instance. It is exciting to work in a field where there are still so many unanswered questions and where the potential is enormous. I feel great motivation in using my knowledge about the field to leverage the power of IT in order to create a better world. Too many people out there are working for more instability and for creating conflicts.
Can you compare the startup community within IT in Bulgaria with the one in the Nordics?
There are many similarities, as both communities are thriving and there is a lot of attention from VCs and early-stage investors. However, there are also a few significant differences. In the Nordics, a lot of tech startups are founded by people with a business background and there is a significant lack of more technical co-founders. I don’t see the same issue in Bulgaria. Another interesting difference is that the share of women in IT is much higher in Bulgaria than in Denmark. It seems Bulgaria is very good at educating a lot of IT talent while being good at attracting both men and women to the IT area, which I believe is a strength.
What has been the most memorable moment of your job as an entrepreneur over the years?
The obvious answer would be around creating a social media management system used by a lot of people all over the world. However, as the most memorable moment, I will have to say the feeling when realizing how great a team we managed to get together over the years. Today the Komfo people still meet up for Thanksgiving dinners and Christmas parties even though it is years since they worked together.
Will you share the three most important things the IT community can learn from the topic of your upcoming presentation?
I will share the fundamental differences in basing your business model on a SaaS product vs a service-based business. The go-to-market and funding strategies are very different, and there will be different expectations to you as founders. However, I will also give examples of why being an IT entrepreneur is not always so simple as to choose between doing a service or a product business – and why it often starts as a mix of both.
What advice would you give to anyone starting out in entrepreneurship right now?
Entrepreneurship is a rewarding path on so many levels if you don’t mind the risk. The only way to find out if it’s a path for you is to try it. Keep in mind that your first idea is rarely the one that you will scale in the end, so no need to be a perfectionist about this or to be disappointed about negative feedback. Feedback is exactly what you need to improve your idea and arrive at the product or business model that will allow you to scale in the end.