On Wednesday, September 5th, OLC attended NY FinTech Startups Meetup hosted by Day Pitney LLP and featuring executives from AxialMarket and CoRise. Peter Lehrman, founder of AxialMarket presented his story as a founder and Dan Ramsden, a domain expert from CoRise shared insights on his business.
Peter Lehrman started AxialMarket after seeing a unique market opportunity organizing buyers and sellers. After graduating from college in 2001, Lehrman worked in his brother’s company Gerson Lehrman Group, until 2006. While working at GLC, Lehrman learned the business and gained a strong network and great insights. Despite the risks of starting his own company, Lehrman had experienced a taste of the success of his brother’s company and wished to capitalize on a successful family business network. His risk paid off and now AxialMarket is used by over 8,000 members, all active accredited professionals. Lehrman’s advice to startups: a) Create a good product and focus on the design later; b) Create a free network and keep it simple; and c) Most importantly, foster honest relationships with coworkers, even if it means having some difficult conversations.
Dan Ramsden of CoRise shared his insights on the trends in confluence and convergence in digital media. In the media realm, Google, Facebook, Amazon and Apple are the clear leaders. These companies are very powerful and are moving towards each other to create not only more connections, but more products. This is new media. Ramsden notes that content and distribution in media are the same as in banking, it’s just different information. Ramsden noted to the group how important it was to know not only an exit strategy but a future exit strategy. At the rate at which technology is advancing, one must prepare for anything.