In this episode, we're excited to welcome Luke Loveridge, the dynamic CEO and co-founder of Propflo. Luke's innovative venture set new standards in energy-efficient property retrofits and streamlined the process for mortgage lenders and estate agents. His commitment to energy independence is reshaping how we view property management.
Luke's entrepreneurial journey began with HomeLINK, a venture targeting the public sector that caught the attention of industry giants, leading to its acquisition by a leader in home safety. In our discussion, we delve into the intricacies of public sector sales and the unique challenges Luke faced in founding a software-centric business that also had to provide hardware solutions.
We will also explore the strategic manoeuvres in competitive business environments, particularly how Luke's forward-thinking alliances with competitors paved the way for Homelink’s successful acquisition.
Furthermore, Luke shares his personal experiences as a founder, giving us an insider’s view of the emotional rollercoaster that comes with starting and growing a business. From the exhilarating highs to the challenging lows, his story is a testament to the resilience and determination required in the startup world.
Luke brings a treasure trove of practical, actionable advice for any founder aiming to maintain operational efficiency while preserving their mental well-being.
Join me as we dive into an insightful and inspiring conversation with Luke.
(02:08) Luke’s background and early days of solving problems for the public sector
(06:08) Founding HomeLINK and the problem worth solving for landlords
(09:20) With so many public sector issues to solve, why Luke chose social housing
(11:02) Validating the idea for HomeLINK and being present where customers are talking about the problem you solve and shaping the market
(14:20) Having to build the hardware required to solve a problem through innovative software.
(17:40) Managing the fine line between channel partners and competitors and carving out your niche
(21:10) Going against all the startup advice of not working with complex ecosystems and building the mental strength to thrive.
(23:07) Managing the highs and lows of being an entrepreneur, building the ability to zoom out and managing the fear of failing.
(26:40) What is driving you to be an entrepreneur and surrounding yourself with people who lift you up.
(30:36) Coping with advice from others, knowing what to act on and trusting your gut when making the right decision.
(36:14) The value of joining a startup accelerator
(37:36) ‘Who dares wins’ - From consultancy to going all in with an early customer by wanting the business more than anyone else.
(43:50) De-risking the opportunity for customers and getting the right people in an organisation to guide you through the vendor purchase process.
(46:30) Working with pilots to de-risk buying decisions and shortening the sales cycle.
(47:30) The concept of a ‘collaboration of change’ and understanding your customer's customer.
(52:30) What Luke is doing differently in his next venture PropFlo and knowing when to pivot.
(1:00:00) Behind Startup Lines quick fire questions
(1:05:00) How to get in touch with Luke and what PropFlo is looking for right now.
For more information:
LinkedIn: https://www.linkedin.com/in/philipguest/
Website: https://www.revcelerate.com/
Twitter: https://twitter.com/PhilGuesty