Sramana Mitra: How do you finance yourselves? Paul Hersko: We have a fund that we run. People can invest in our fund. Let’s say you invest $150,000. We take that money and purchase property with it and provide our investors a return. Then, we sell the land. Sramana Mitra: What behavior are you seeing in
Paul Hersko: Then my entire life changed in 2019. My brother-in-law took me to this party. He said, “I have a good friend who owns this business. He’s our age. You might like him.” I started talking to him. I was learning about his business and he was like, “I have this company where I
Paul and his co-founder have built a capital-efficient PropTech venture using primarily a virtual team. It’s an interesting niche that is largely underserved. Sramana Mitra: Let’s start at the very beginning of your journey. Where are you from? Where were you born, raised, and in what kind of background?
Sramana Mitra: This is a time frame when the Internet is starting to happen. What happens next? Morris Miller: For the year after the sale, you become an indentured service where you have to stay around because the acquirer wants to know that there’s going to be a complete transfer of knowledge. But they don’t
Morris Miller: I got 168 No’s before I finally found an investor to say Yes. I would work Monday through Friday. I’d work the weekend. I’d work the next Monday through Friday and the next weekend. Then, I might take three days off and go to New York to pitch somebody. Back in 1992, the
Sramana Mitra: The Internet was not yet on the horizon. Morris Miller: The Internet was not there. When I was in Law School, I read an article in the Forbes magazine. It talked about how Steve Jobs had just raised money for NeXT computer. Sramana Mitra: My husband used to run NeXT computer. Morris Miller:
Morris Miller was an original investor in RackSpace, and ended up running the company for almost seven years. Following RackSpace, he is now building a super interesting company in disinfecting hospitals and saving lives. Read on. Exciting stuff! Sramana Mitra: Let’s start at the beginning of your story. Where are you from? Where were your born,
Jory Lamb: In the middle of 2007, I moved to Denver to get things off the ground in the US market. In the early years in Houston, the company was a bit of a revolving door. It was really hard to retain the staff. Again, I made another error, for which I’m smarter today. I kept hiring staff, sticking them