How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 6)

Sramana Mitra: Five years have gone by at this point and then you do the pivot. How much money has gone in in these five years?

Ned Hill: $3 million or $4 million. It wasn’t that we weren’t doing commercial deals. I had prepped everybody that this was going to take a while. We had the ability to show people what we had created. It is mind-blowing. They had faith in me.

How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 5)

Ned Hill: We’re building a platform that not only could deliver packages for residents and buildings but also send notifications to these residents. We needed to flesh it out before we released it. I took my time. I’m thankful we did. It’s the best system in the world for package management. Working on the platform is also the basis for many other applications like pick-up and drop-off. In New York, you can’t drop it unattended.

Sramana Mitra: How much money went into funding your 12 years of technology development with no revenue?

How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 4)

Sramana Mitra: Tell me how you put one foot before the other. Try to tell the story of your lessons from the trenches. Did you have an investment thesis that panned out?

Ned Hill: I had a business plan.

Sramana Mitra: What were you going to do?

How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 3)

Sramana Mitra: This first company, how long did you do it for?

Ned Hill: It was five years. I was doing that part-time.

Sramana Mitra: You had another job?

How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 2)

Sramana Mitra: What did you do after college?

Ned Hill: I had a painting company while in college. That was successful and there was a person who heard about me and recruited me to help them figure out how to clean shoes. This is a crazy story. They had these huge crates of shoes that had mildew all over them. They recruited me to see if I can figure it out.

How NOT To Build a Startup: Ned Hill, CEO of Position Imaging (Part 1)

I seldom get to interview an entrepreneur who is candid about his mistakes. Yet, people tend to learn more from failures than from successes.

In this story, you will see how Ned built technology looking for a problem to solve, an absolute no no.
You will also see the negative impact of not validating your product idea upfront.

Read on. This is a unique interview.

Blocking Ransomware at the Hard Drive Level: John Benkert, CEO of Cigent (Part 4)

Sramana Mitra: When you did the spin off and InQTel was part of that process, were they aware of the kind of go-to-market that you were going to pursue?

John Benkert: We explained what we wanted to do and why we wanted to do it. They were great partners and gave us great feedback.

Sramana Mitra: How much did you raise from InQTel?

Blocking Ransomware at the Hard Drive Level: John Benkert, CEO of Cigent (Part 3)

Sramana Mitra: Let’s double-click down on what you said. I get the sense that you have a company where you were experimenting with some technology. You were experimenting with how to protect data. Explain more about the technology.