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Today’s guest has raised over $11M and trained over 1.5M students for his test prep company, Ready4. He shares his advice on how to use probability in your product and business strategy, the beginning days of the company and how a trip to China became a pivotal part in the company’s history.
Advice on how to use probability in your product and business strategy
How a Trip to China Became a Pivotal Part in the Company’s History
In the summer of 2013, Elad was able to raise his first round of investment from an angel investor who was based in Beijing. He heard about Elad from an MIT PhD student who Elad had worked with and called him out of the blue saying he loved what he is doing and if he will go to Beijing to meet him, he will invest in the project. Elad took a flight which he paid personally, conversed with him and got $150k. It was the moment that made him believe that can be big and it can be made bigger.
How He Begins Projects
The first thing that Elad did when was to take 10 days off, take a blank sheet and write wire frames. He literally just design wire frames — how the app is going to look like — and then start to get feedback from friends because he knows how critical user feedback is because when it gets to the point that you have already started writing codes, it will already be too late or too expensive to make changes. When you do this first, you will be so intent on the creation and execution that you fall in love with your solution.
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