Knowing Your Market Is as Important as Your Product with Daniel Cunningham of Leonardo247

Daniel Cunningham, Founder and CEO at Leonardo247, talks about his startup journey: Bringing a software platform to a traditional market. Leonardo247 simplifies property management and maintenance for multi-family residences. 

Cunningham talks about the challenges he’s had in using lean bootstrap methodology. It would have been much easier if he’d had a technical cofounder. He was able to overcome those challenges by starting with a smaller circle of customers before scaling up.

Bootstrapping carries a lot of risks as you cut things close. Cunningham thinks it was worth the pressure as he grew. Strategically, businesses will have to raise funding at a certain point. This comes when your product reaches maturity and you’ve made waves in the market. You have a limited time to sell quickly before competition or other factors change. He argues that keeping funding to a later time will allow you to keep more value for yourself as a founder later on.

Another great takeaway is the importance of your go-to-market strategy. Even the most innovative product will not succeed if you approach your market in the wrong way. In Cunningham’s case, the residential property management market is quite traditional. So he used trade shows and hired a salesperson with deep roots in the industry. This enabled them to make inroads and leverage personal relationships to sell and grow. 

Startup founders looking for the right funding option will find this show educational. Cunningham also shares great insight on finding the right go-to-market strategy.

• Apartment Academy Podcast - https://apartmentacademy.com/podcasts/
• Website - https://leonardo247.com/

 

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