In this conversation, we dive into the entrepreneurial journey of Sunil Soares, the founder and CEO of YDC, an AI economics platform. Sunil's story is one of resilience, adaptability, and a willingness to take calculated risks. From his early days as an accountant to building and successfully exiting his first company, Information Asset, Sunil shares his experiences and lessons learned along the way.
The Early Days: Starting Information Asset
Sunil's journey began with a varied background, working as a loan officer in a bank in the Middle East, a management consultant at Booz Allen, an accountant at PwC, and finally spending 14 years at IBM in various technology roles. It was during his time at IBM that Sunil saw an opportunity to venture out on his own.
"I felt it was probably something I could just launch on my own and see how it would work. That's it. I didn't expect anything more than that. My wife said, go off, do it for a year. This is IBM salary. Can you make it up in a year? If not, maybe that's the end of the experiment, and you go back to corporate America, whether it's IBM or somebody else." - Sunil Soares
With his wife's support and a deadline of one year to match his IBM salary, Sunil took the leap and started Information Asset, focusing on data governance solutions.
Building Partnerships and Focusing on Core Competencies
As Sunil grew Information Asset, he realized the importance of focusing on core competencies and building strong partnerships. By partnering with companies like Colibra, a Belgian startup, Sunil was able to expand his business and gain new clients through referrals.
"So I started with that. I said, okay, I'm just going to be an individual contributor and that's it. And I was an individual contributor for the better part of a year before I hired my first employee." - Sunil Soares
Sunil's approach to partnerships was not just about getting leads but about helping his partners grow their businesses as well. He invested time in learning their technologies and creating demos to promote their products, which in turn led to more opportunities for Information Asset.
Navigating Challenges and Growing the Team
As with any entrepreneurial journey, Sunil faced his fair share of challenges. During the COVID-19 pandemic, Information Asset had clients cancel projects, forcing Sunil to make difficult decisions like furloughing employees. However, he managed to keep the business sustaining through a combination of financial management, government stimulus packages, and adaptability.
"So at the start with 2020, we had clients who canceled. So now what are you going to do? So we have to follow some people. Then all of a sudden, some clients said they weren't able to pay, not because they didn't have money, but because pressing the button were backed up by six months." - Sunil Soares
Despite these challenges, Sunil grew Information Asset to a team of 70 employees, with many of them starting their careers in India and growing with the company, obtaining visas, and settling in the United States.
The Successful Exit and Lessons Learned
In July 2020, Sunil successfully sold Information Asset to a private equity firm. Looking back on his journey, he reflects on the importance of having a clear organizational structure, financial documentation, and a strong management team in place to attract potential buyers.
"So when I sold the company, typically asked the founder to go with the company. I didn't have to go because the CEO was highly competent, well respected by our clients and our and our employees. So I was able to step back and focus on the second company." - Sunil Soares
Sunil also emphasizes the need for entrepreneurs to continuously learn and adapt, citing his own mistake of becoming too focused on data governance and not exploring other emerging technologies during his time at Information Asset.
The Next Chapter: YDC and the Future of AI
With the successful exit of Information Asset behind him, Sunil has embarked on a new venture with YDC, focusing on AI economics and helping organizations understand the value of their data and AI models.
"Ultimately, the use of data is being used to drive these large language models, foundation models. So that's the thesis behind this." - Sunil Soares
Sunil's personal AI immersion curriculum involves hands-on learning with cloud vendors, obtaining certifications, and staying up-to-date with public policy and regulations surrounding AI. His commitment to continuous learning and adaptation serves as an inspiration for aspiring entrepreneurs.
Key Takeaways for Entrepreneurs
Throughout the interview, Sunil shares valuable insights and advice for entrepreneurs:
Focus on your core competencies and build strong partnerships,
Be prepared to take calculated risks and adapt to challenges,
Establish a clear organizational structure and maintain proper financial documentation,
Never stop learning and exploring new opportunities,
Hire a competent management team to help scale your business,
Consider the critical roles in your organization, such as sales and delivery, and plan accordingly.
Sunil's journey from founder to exit is a testament to the power of resilience, adaptability, and continuous learning in the face of entrepreneurial challenges. His story serves as an inspiration for aspiring entrepreneurs and highlights the importance of taking calculated risks, building strong relationships, and staying focused on your goals.
"So you have to take, you know, considered risk. My wife wasn't working outside the home, just so you know, my wife was working outside the home when I started the information asset. My kids were in school. And I was not independently wealthy. So I suppose I got family money, etcetera. So that was there. But I said, okay, if it's a year and if it doesn't work, I'll go back, I'll talk about it was, okay. So it's a complete disaster. I'll learn something." - Sunil Soares
As Sunil embarks on his new venture with YDC, he continues to embody the entrepreneurial spirit, always seeking new opportunities to learn and grow. His advice to never stop learning and to stay ahead of the curve in emerging technologies like AI is particularly relevant in today's rapidly evolving business landscape.
For aspiring entrepreneurs, Sunil's story serves as a roadmap, highlighting the challenges and rewards of building a successful business from the ground up. By focusing on core competencies, building strong partnerships, and maintaining a willingness to adapt and take calculated risks, entrepreneurs can navigate the ups and downs of their own journeys and ultimately achieve their goals.
Lessons Learned
Sunil Soares' entrepreneurial journey is one of resilience, adaptability, and continuous learning. His experiences and insights offer valuable lessons for aspiring entrepreneurs and serve as a reminder that success is not just about having a great idea but about the hard work, dedication, and willingness to take risks that go into building a thriving business.
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