Interview With Michael Herman
Describe your product or service:
“Traderverse is a unique and powerful platform built to empower modern-day traders using collaborative social networks, artificial intelligence, and blockchain technologies.”
Describe your company values and mission:
“Our mission is to empower traders by providing modern, user-friendly apps that promote usability, transparency, education, authenticity, and community in the stock and crypto markets.”
How are you funded? I.e. venture capital, angel investors, etc.
“Traderverse is bootstrapped by one of the founding partners, and a small percentage of equity has been sold to friends and family to lead development efforts.”
How big is your team? Tell us a little about them (I.e. co-founders, freelancers, etc.)
“We currently have 20 domestic employees (marketing, design, sales, operations) and 50 international full-time developers.”
How did you come up with your startup's name? Did you have other names you considered?
“Traderverse was originally named ‘TitanPro.’ Coincidentally and fortunately, the day before we publicly announced our company to social media, there was a Titan cryptocurrency token that got the rug pulled. We went back to the drawing board and decided on ‘Traderverse,’ representing the trader’s social universe! This was before the likes of the ‘Meta’ name change from Facebook, FYI!”
Did you always want to start your own business? What made you want to become an entrepreneur?
“Sarim Alavi and John Forster have each been involved with over a dozen startup projects each.”
Who is your target market? How did you establish the right market for your startup?
“Traderverse’s target market is the retail stock, crypto, or NFT trading community, whether new to trading or having years of experience in the markets.
The founders are stock and crypto traders themselves and found that the markets have been filled with so much information they wanted to create a platform to promote transparency and reward users for quality.
We have improved on many of the tools that currently exist in the marketplace, as well as developed proprietary technology that will be introduced for the very first time and ultimately encompass all of these resources in an all-in-one platform built with game-changing artificial intelligence and on the blockchain.”
Feeling inspired? Learn how to launch your company with our guide on how to start a startup.
What's your marketing strategy?
“Influencer and social marketing, internal and through third party services.”
How did you acquire your first 100 customers?
“We have currently built a community of over 20,000 members across social media platforms. Networking from existing contacts as well as influencer marketing agendas.”
What are the key customer metrics / unit economics / KPIs you pay attention to to monitor the health of your business?
“Social media. We at Traderverse utilize Hootsuite as an aggregator to measure engagement and growth”
What's your favorite startup book and podcast?
“‘Ruthless Elimination of Hurry’ — John Mark Comer (John Forster).”
What is a song or artist that you listen to for motivation?
“It really varies based upon my mood that day. I listen to a plethora of genres.”
Is there a tool, app, or resource that you swear by to help run your startup?
“We use multiple applications for internal communication and scheduling, as well as technical analysis applications to keep an eye on the trends of the overall markets.”
What is something that surprised you about entrepreneurship?
“It is interesting to observe how some people step up to the plate when there is pressure to hit goals and targets, and others who fold under pressure. It’s also surprising how you learn so many different skills because you have to wear multiple hats at the infancy of a startup.”
How do you achieve work/life balance as a founder?
“Sacrifices have to be made — but in the mindset that you are doing this for the people that have invested and believe in you and ultimately for your family.”
What is a strategy you use to stay productive and focused?
“Being truly passionate about the mission or the why behind your business allows for consistent engagement and productivity. Sharing this passion with your team members creates an environment in which goals are aligned to accomplish what you set your mind to.”
Did you have to develop any habits that helped lead you to success? If so, what are they?
“Michael was a collegiate athlete (football), John was a professional athlete (golf), and Sarim was a professional gamer. Early mornings and late nights are ingrained in the founders' work habits. We carry this same mentality from the sports and gaming world of countless hours of preparation over to the workspace.”
What was your first job and what did it teach you?
“I worked in my family restaurant called Italia Gardens in Flint, Michigan, as a busboy. I learned from an early age from my grandmother that treating customers with the utmost respect and learning to remember people’s names and speaking with eye contact is so important to building lasting relationships.”
More on Traderverse
Michael Herman, co-founder of tech startup Traderverse, shared valuable insights during our interview that will inspire and motivate aspiring entrepreneurs.
We asked Michael Herman, co-founder of Traderverse, to share the most impactful ways to support their startup, and this is what they had to say.