Why every 17 year old should build a company instead of flip burgers

Welcome back to The SaaSyBoys the podcast where two sarcastic dudes chat with the brightest minds in the startup world.

In this episode, we're thrilled to be joined by the talented and inspiring Farokh of Formaloo, who's been making waves in the tech industry since becoming a startup founder at the age of 17.

We'll dive into Farokh's incredible journey, exploring how they've been able to successfully exit two companies, all while navigating the ever-changing landscape of technology and AI. But we won't just be focusing on the successes - we'll also dig into the challenges, discussing how to overcome the obstacles that come with being a young founder.

One of the key topics we'll explore with Formaloo is the art of finding the right co-founder. Drawing on their own experiences working with high ego individuals, Formaloo will share their insights on how to pick a partner that complements your skills and vision, without letting personality clashes derail your company.

But as always, we'll also be bringing our trademark humor and laid-back style to the conversation. We'll get to know Formaloo on a personal level, finding out what makes them tick, what motivates them, and how they stay ahead of the curve in a fast-moving industry.

So whether you're a seasoned entrepreneur or just starting out, join "The SaaSyBoys" and Formaloo for a fun and informative conversation about all things startup. And who knows, you just might learn something new - or at the very least, have a good laugh along the way!

Timestaps: 

[00:06:00] Two co-founders created a microbial login platform to learn how to code, but it grew into a successful platform that gained popularity and created communities.

[00:14:42] Estonia has a digital and transparent government that has made it easy to register companies online in 15 minutes with no paperwork, automatic tax calculation, and online voting, making trading simpler.

[00:22:18] Ego can harm a business and lead to failure. The focus should be on what works for the business, not proving oneself right. Too much ego can prevent the success of a startup.

[00:25:51] Hire the best managers to grow your startup, create a platform for employee growth, and avoid micromanaging everything.

[00:29:56] Talent pool has increased with growth in distributed work settings. Company allocated 10% to future employees as stocks. Not every startup can get the same. WhatsApp created by two rejected individuals sold for 18 billion.

[00:32:52] Business streamlined customization process by giving clients their own product to customize, reducing costs and improving satisfaction.

[00:35:30] Struggled to grow after starting as a service, made multiple pivots, focused on being developer-friendly but faced competition from other tools.

[00:37:44] Company pivoted focus from developers to business users, created simplified self-service platform with templates for quick use and no human interaction required.

[00:46:54] AI-driven platform predicts and automates website creation and other tasks without requiring coding or drag-and-drop editing, taking into account individual brand and cultural differences.

[00:55:47] Formal's main goal is to make customers' jobs easier and help them improve their businesses, not just sell their product. They prioritize continuous improvement with customer feedback, releasing 300 new features last year. Customers are drawn to formal because it benefits their business by reducing costs and increasing efficiency.