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Insights from a founder: Expectations, hiring, culture, and taking risks
Timing and luck are key elements in the success of any venture, whether it be starting a business or any other endeavour.
James Kellet, the CEO and founder of Spotship, had a background in finance, working in equity hedge funds for seven years. He was lucky enough to form a friendship with Herman Nerula, the co-founder of Improbable. James was then presented with the idea of Spotship — a company which leverages AI to help ship brokers better manage their business — by his co-founder Henry Waterfield, who had been appalled at the lack of technology he saw in a ship brokerage firm. He thought there had to be something better than the Excel spreadsheet that was six months out of date with such insights as “this ship is in the Atlantic”.
This article shares James Kellet's story at Spotship which demonstrates how timing and luck can be the difference between success and failure. He also shares some key learnings from the tech development process, hiring strategies, taking risks, fostering culture in a remote world.
James and his team have experienced a number of successes since starting Spotship, such as their first client revenue, their first angel check, and winning their first tier one global brokerage firm. However, one of the most important lessons Henry has learnt is that everything usually takes a lot longer than expected, particularly in terms of tech development.
James has experienced this first-hand, as he and his team have worked hard to develop their platform over the last year and a half. During this time, they have seen the platform come together, but not without delays.
James has also learnt about the seasonality of B2B enterprise SaaS businesses. He explains that customers are not in the office during the summer so it can be difficult to get their attention during this time. He has identified when the right time of the year to contact a client is the best way, and ensures this fits into the holiday and schedules of his employees.
James’ current vision for the company is to reach the nexus of shipping. This is a concept that refers to the point at which it is decided how a cargo will move from A to B. Spotship wants to be the only core data and analysis partner to all of the principles in that transaction. This includes the ship broker, the owner, and the charterer. To reach this goal, Spotship needs to become the trusted digital assistant to ship brokers everywhere.
To achieve the nexus of shipping, Spotship is focusing on providing vessel performance histories, cargo insurance at the point of transaction, and commodity trade indices. They are also looking at action on the platform to forecast where the hotspots will be around the world for trading commodities. James believes that if they can get to the nexus of shipping, they will be one of the largest companies on the planet.
To reach this goal, Spotship is focusing on becoming the best possible partner for ship brokers. They need to grow the market and become the trusted digital assistant. James believes that they need to have about 5% of the broker market to reach the nexus of shipping.
James has found that headhunters and paid recruiters have not been great sources of talent for this task. People who come through these sources are typically not the absolute top talent in the area and may not fit well in the organisation they are currently in.
Instead, James discusses their hiring strategy and how it has been successful so far:
“Either they [candidates] don't fit well in the organisation they're currently in, which would mean if it's an organisation that looks a bit like us, one that we respect, they probably wouldn't fit too well. Or alternatively, these could be very good people, but these are not the absolute top talent in their area. And those are the people we're looking to attract.”
“What we've started doing instead, and this doesn't work at the very early days, is hiring for potential and fit with little regard to what the actual gaps are”.
Hiring globally is a great way to find the best talent for the job. Spotship has found great success in their remote-only model, which allows them to hire from anywhere in the world. By tapping into a global talent pool, companies can find the perfect fit for the job without having to worry about location. This also allows companies to access different cultures and perspectives, which can be invaluable.
As James mentions:
“The diversity of [employee] backgrounds gives diversity of thought [and provides] better outcomes for clients and investors”
Furthermore, the global talent pool can be more cost-effective than hiring locally. By hiring remotely, companies can save on costs associated with relocation, office space, and other overhead costs. Additionally, remote employees often have more flexible hours, which can be great for companies with tight deadlines.
Finally, hiring globally can be beneficial for companies looking to expand their reach. By having employees from different countries, companies can gain a better understanding of different markets and cultures. This can help companies reach new customers and develop better products.
The phrase “just do it” is one of the most powerful motivational mantras out there. It is a phrase that encourages us to take action and break through our fears and doubts. And this is exactly what Spotship has done. Spotship is an international startup that has embraced the power of “just do it” and has achieved great success.
Spotship has taken a risk and embraced a fully remote work environment. By doing so, they have been able to tap into a global talent pool and gain valuable insights into different markets and cultures. This has enabled them to bring in the best people for the job and save on costs.
Additionally, they have been able to foster a strong culture of inclusivity and transparency.
Spotship has also embraced the idea of “just do it” by hosting monthly “silly” activities for their employees. These activities are designed to break down barriers and help employees to get to know each other better. By doing so, Spotship has been able to foster an environment of trust and collaboration.
James discusses these activities:
“Until you've met people in person a few times, particularly in a casual way, it's very difficult to have those tough conversations about resolving interpersonal disputes at work. I would say this kind of 'silliness' is what has enabled us to have those conversations and hold our values of being transparent, straightforward and maneuverist.”
When it comes to taking risks, it is important to consider the potential reward versus the potential cost. For example, if you are not in a position to take a financial risk for six months, the worst that can happen is that you will fail. However, the opportunity cost of not taking the risk is much higher than most people think. By taking a risk, you are creating unique experiences that will be valued by future employers.
Moreover, taking risks can help you to grow. As James, the founder of Spotship, explained, there is no job or role that can pressure you into growing at the same rate as when you are a founder. When you look back at what you have achieved, it is an amazing feeling to see how far you have come.
