Startup Step 1: Developing Your Ideas
by Adam George
October 16, 2014
Mr. Kanishk Parashar, the CEO and founder of Coin, a startup that has combined multiple forms of payment into one mobile device resembling a credit card, described the process to successfully creating your own business by developing your idea.
Born in India and raised in the US, Mr. Parashar owes most of his experience in entrepreneurship to his time in Silicon Valley, as he traveled there to find a job. From that point on, he said he learned the tricks of the trade through failures and needed to keep focus on the importance of commitment and endurance. Prior to Coin’s success, Mr. Parashir said he had experienced nothing but disappointment.
“I had already founded at least five other [start-ups] that had completely failed…I was so tired of failing…[But] what I’ve learned through Coin is the ability to shake off failure, take ‘no’ for an answer.”
This process, he said, ultimately paved his way to understand how to produce a successful, effective and impactful startup.
Mr. Parashar also emphasized that certain sacrifices must be made in order to maintain one’s focus. Before founding Coin, he cited his work with a startup that failed due to his engagement in secondary activities. He said all other potentially distracting activities that could take away from one’s focus must be removed in order to facilitate the development process.
“The focus is absolutely necessary; when I started Coin, I quit everything, [going] as much as I could go,” he said. “At 8am, start working; 2am go to bed; 8am, go to work.”
Mr. Parashar stated that once the commitment to a startup has been established, insights into the specific business realm will undoubtedly reveal themselves and propel the startup forward. He said this is the second step, and described the necessity of finding the right guidance in the payment sector in order to make Coin a better product.
“Introducing new technology into the payment landscape is like changing the rockets engine and modifying it to be better while it’s in flight. You cannot change something while it’s moving, so you have to do more to attract consumers to your products,” he said.
In order to help distinguish these new insights, the startup must consist of a team of qualified and diverse people. But overall, Mr. Parashar affirmed the importance of trust within the team and the struggle to find people with the right skillset.
Resources in the form of money or connections are chiefly important as well, according to Mr. Parashar, as he commented on his own travails in trying to support his startups financially.
“I sold my car so I could have $30,000 to make prototypes,” he said.
In time, however, Mr. Parashar’s prototypes found willing investors.
“[It] took about 6 months for there to be interest in our prototype…and eventually the zeroes were added [to the investors’ donations],” he said.
In concluding, Mr. Parashar stressed that a strong belief and passion in your product will thrust your startup to new heights.
“[You] need to be able to say every morning that I’m very happy and I wouldn’t want to be doing anything else,” he said.
As Mr. Parashar looks to the future, he hopes to continue to make products, like Coin, that people will care about and have a great impact on the world.
Mr. Kanishk Parashar, the CEO and founder of Coin, a startup that has combined multiple forms of payment into one mobile device resembling a credit card, described the process to successfully creating your own business by developing your idea.
Born in India and raised in the US, Mr. Parashar owes most of his experience in entrepreneurship to his time in Silicon Valley, as he traveled there to find a job. From that point on, he said he learned the tricks of the trade through failures and needed to keep focus on the importance of commitment and endurance. Prior to Coin’s success, Mr. Parashir said he had experienced nothing but disappointment.
“I had already founded at least five other [start-ups] that had completely failed…I was so tired of failing…[But] what I’ve learned through Coin is the ability to shake off failure, take ‘no’ for an answer.”
This process, he said, ultimately paved his way to understand how to produce a successful, effective and impactful startup.
Mr. Parashar also emphasized that certain sacrifices must be made in order to maintain one’s focus. Before founding Coin, he cited his work with a startup that failed due to his engagement in secondary activities. He said all other potentially distracting activities that could take away from one’s focus must be removed in order to facilitate the development process.
“The focus is absolutely necessary; when I started Coin, I quit everything, [going] as much as I could go,” he said. “At 8am, start working; 2am go to bed; 8am, go to work.”
Mr. Parashar stated that once the commitment to a startup has been established, insights into the specific business realm will undoubtedly reveal themselves and propel the startup forward. He said this is the second step, and described the necessity of finding the right guidance in the payment sector in order to make Coin a better product.
“Introducing new technology into the payment landscape is like changing the rockets engine and modifying it to be better while it’s in flight. You cannot change something while it’s moving, so you have to do more to attract consumers to your products,” he said.
In order to help distinguish these new insights, the startup must consist of a team of qualified and diverse people. But overall, Mr. Parashar affirmed the importance of trust within the team and the struggle to find people with the right skillset.
Resources in the form of money or connections are chiefly important as well, according to Mr. Parashar, as he commented on his own travails in trying to support his startups financially.
“I sold my car so I could have $30,000 to make prototypes,” he said.
In time, however, Mr. Parashar’s prototypes found willing investors.
“[It] took about 6 months for there to be interest in our prototype…and eventually the zeroes were added [to the investors’ donations],” he said.
In concluding, Mr. Parashar stressed that a strong belief and passion in your product will thrust your startup to new heights.
“[You] need to be able to say every morning that I’m very happy and I wouldn’t want to be doing anything else,” he said.
As Mr. Parashar looks to the future, he hopes to continue to make products, like Coin, that people will care about and have a great impact on the world.