In this episode of SaaS Origin Stories, Phil speaks with Rex Kurzius, Founder of Asset Panda,a powerful cloud-based asset relationship management platform that helps you keep track of your devices and create interdependencies between them. He is also the Founder of LRK Partners, Timberhorn, and Resulte Universal. He was also the President of Virtual Village.
Together, they get into how Rex’s serial entrepreneurship journey played out and whether or not first time founders should even start with SaaS, how he found (and solved) a problem within the SaaS market, why you should always mindmap your idea, and why retaining your customers means you have to keep making your product better.
Guest at a Glance:
Name: Rex Kurzius
About Rex: Rex Kurzius is the Founder of Asset Panda, a powerful cloud-based asset relationship management platform that helps you keep track of your devices and create interdependencies between them. He is also the Founder of LRK Partners, Timberhorn, and Resulte Universal. He was also the President of Virtual Village.
Topics we cover:
And more!
Key Takeaways:
The Arc of a Serial Entrepreneur
When Rex was just twenty-three years old, Rex built and sold his first company called ‘Resulte Universal,’ an IT services business. It grew to be worth about thirty million dollars! But he didn’t start off with a SaaS product, instead, he built his way up and got used to what it was like building more traditional companies. SaaS is a very complex and intimidating market, so starting off in that industry may be, whilst brave, very risky.
“My background is, I did build several other types of companies before I got into SaaS, and those experiences really helped me with it. And you’re right, SaaS can be quite a bit more complex, and the runway to build these SaaS companies needs to be quite a bit longer.”
Looking for a Problem to Solve: Do it Yourself!
When Rex was building one of his service businesses, he continually ran into the problem of lost equipment. Despite using one of the most widely used accounting systems in the world, it seemed to be a problem that a lot of others were having. When he looked into it, he found that this was a common issue a lot of people were having and that the real problem lay within the business model. So what did he do? He took it upon himself to fix it, and thus, Asset Panda was born.
“I had built up several service businesses and as I was building one of them I ran into a problem, and the problem was lost equipment. And we were using one of the most ubiquitous accounting systems in the world with Quickbooks, and it had a fixed asset ledger and that’s where we were supposed to track our fixed assets, but we continually lost equipment.”
Mindmap Your Ideas
When starting your business, before really committing to an idea, write it all down, whether that be through a mindmap or notes, get it all down on paper and try to make connections to things in the industry. Eventually, you will figure out where the gap in the market lies, and your idea for your business will come to the forefront, all the pieces falling into place.
“In any business, if you stick at something long enough and you’re gritty enough, you’ll eventually overturn questions and get some answers.”