Insights From the Founder of AI Startup MarqVision
Last Updated: By TRUiC Team
Any entrepreneur can tell you, launching a startup is a learning process. Therefore, one of the best things you can do prior to launching a startup of your own is to learn from those who have blazed the trail. We were fortunate enough to hear some valuable insights during our interview with Mark Lee of MarqVision that will inspire, motivate, and teach aspiring and established entrepreneurs alike.
What advice do you have for aspiring entrepreneurs?
“Always start with the problem and not the technology. AI is an oversaturated industry that allows you to get funded even if you haven’t pinpointed the right problem to solve.”
What is your advice for coming up with a unique startup idea?
“A lot of the unique startup ideas are not evident because they require a lot of un-scalable tasks. When we first started MarqVision, we had to manually find and report thousands of counterfeits a day because our AI model was not yet accurate enough. But providing the best experience to our clients — like offering impressive enforcement results — was good enough to bring our company to the next stage. As we got bigger, we could more heavily invest in technology and thus automate a lot of the tasks we had done manually earlier.”
What is the biggest lesson you learned and what can aspiring entrepreneurs take from it?
“Hiring the best talent — even if that means you need to pay them 2-3x market average, it is almost always worth it in every field. When the company is young and small, your organization’s best employee’s impact is 10-20x greater than the average employee.”
Next Steps:
- Check out MarqVision's company profile and ways to support them!
- Keep up with more startup companies by following Startup Savant on Google News!
- Start your own startup by reading our How to Start a Startup guide.
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