Sramana Mitra: There’s some reason why you were drawn to insurance? Why insurance? Karn Saroya: When we were running Stylekick, we worked with some insurance brokers. One day, I walked into one of their offices. This was in Toronto in the financial district. They had multiple floors wedged between investment banks, consulting firms, and private
Sramana Mitra: It’s fascinating, isn’t it? It’s a really exciting field. Are you chasing unicorns? Ankit Jain: Given that we’re investing $1 million to $10 million, we’re looking at a lot of companies that we hope will show their true market potential. We hope some of them get to that stage. We strongly believe many
Sramana Mitra: How did you get it off the ground? You said you raised money right away? Neil Vaswani: Yes. My co-founder and I wrote up a two-page executive summary. We started spamming VCs. We got some calls back. Sramana Mitra: What year was this happening? Neil Vaswani: This is 2005. Not exactly the best
Sramana Mitra: You got an offer to join YCombinator. What was your acqui-hire deal? Was it an earn-out deal? Karn Saroya: We didn’t completely vest. It was okay with us largely because we had quite a bit of conviction around what we wanted to do next. The team was most comfortable building products at the
Sramana Mitra: In the case of Algorithmia, what kinds of use cases are they? It sounds like it’s a horizontal platform that could be applied to all sorts of use cases. You said it’s a Fortune 500 target market. What kinds of use cases are they going after? Ankit Jain: The simplest way to describe
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Sramana Mitra: What year did you start Corestream? Neil Vaswani: In 2005, I realized that there was this inefficiency in the market. Then in 2005, I sought capital. In 2006, we closed capital. In 2008, we went to market. Sramana Mitra: Talk to me a little bit about what was the idea. What prompted Corestream? Neil
Karn Saroya: Ultimately, we were acqui-hired at Shopify. We got to build all sorts of interesting things. We worked on the Facebook Messenger chat bot for commerce. We got to work with Toby a little bit. Having been there for a couple of months, we still had the itch. We decided that we wanted to