Savi Technology has been called an overnight success 15 years in the making. Vic Verma, president and CEO of Savi Technology, talks about what he wanted to do as a Stanford student, the path that led him to Savi, and Savi's various clients and purpose.
Verma stresses the importance of listening to customers and learning what they need and want, rather than building a product based on assumptions.
Verma talks about how the initial idea of wanting to track children to cut down on kidnappings and lost children led to Savi's current technology. Along the way, they learned about marketing, R&D, and funding.
When listing his first two lessons for aspiring entrepreneurs, Verma says you must love what you're doing, and you must listen to the customer. The customer is always right, he adds.
Verma says that no business plan will stand the test of time without flexibility. Be on the lookout for unintended customers, he says.
Verma believes that if entrepreneurs compensate adequately, employee loyalty is sure to follow. He stresses the importance of not being greedy as a CEO.
Verma explains why it is important to hire someone who is hungry, whose values and desires mesh with the company's. Rather than relying solely on the resume, look to these other qualities when building a team, he says.
Verma knows how important it is to have that big dream, and emphasizes that one must hold on to that dream. But it's essential to break that dream up into attainable goals, he adds.
Verma believes that learning from mistakes is something that every entrepreneur must do, and become comfortable doing. Rather than trying to avoid ever making a mistake, learn from them and move on, he says.
Verma explains how a hearty dose of paranoia will keep a company fresh. Companies often make the mistake of relaxing once success is achieved - Verma knows this is the time competitors will strike.
Verma warns not to forget about friends and family. A new venture will consume your life, he says, but you must be able to walk away from it when you go home at the end of the day.
Verma says it's not always about being in the right place at the right time, but rather about being there long enough that someone eventually sees you. Don't give up, and pursue it every day, and any dream will become a reality, he adds.
Verma talks about how it is important to understand the reasoning behind wanting to become an entrepreneur. He stresses that to do it for the money is always the wrong reason. Build something to last, and build it with passion and drive, he says.
Verma explains the different situations in which venture capital might be a better funding option, including the desire to scale quickly. He also points out some of the drawbacks as well.
Verma talks about how Savi was approached by the Defense Advanced Research Projects Agency (DARPA). DARPA has a small business research innovation program which awards grants to newer companies, and while the money comes with the requisite governmental red tape, it also allows companies to retain ownership of the business.
Verma talks about how the biggest mistake when identifying a market segment is not identifying the customer with the purchasing power. Your original market can be narrow, and will eventually grow, he says, but only if the correct customers are targeted. Find out who is making the final decisions about a purchase, he adds.
Verma talks about his personal transition from engineer to management. He is a strong believer in a technical education, and shies away from general management theories. However, he notes the importance of identifying your strengths, and what you like to do. Everything will fall into place once that happens, he adds.