Brian Wong's Journey to Building Kiip with Venture Capital

This article tells the story of Brian Wong, a young entrepreneur who, at the age of 19, founded Kiip, a mobile advertising company that offers in-app rewards. Wong's journey is one of hard work, networking, and a willingness to embrace risk. He began his journey by attending events and conferences where he could meet industry leaders and learn from them.

• He attended a dinner party hosted by Kevin Rose, CEO of Digg, a popular social news website at the time. Even though he didn't know anyone at the event, Wong's presence caught Rose's attention.
• Wong's networking skills helped him land a business development role at Digg, a testament to his relentless efforts.
• However, Wong's time at Digg was short-lived as the company began to struggle, leading to his layoff.

Turning Adversity into Opportunity: The Birth of Kiip

While searching for a new job, Wong got an idea for a new venture while on an airplane. He noticed that mobile gaming was becoming increasingly popular and that the advertising experience was not enjoyable for users. He then envisioned a platform where brands could offer rewards inside mobile games, which would be more appealing to users than intrusive banner ads.

• Wong's idea caught the attention of venture capitalists, and he secured $300,000 in funding from True Ventures to build Kiip.
• He co-founded the company with Courtney Guertin and Amadeus Demarzi and started building the platform.

Overcoming Challenges with Venture Capital

Kiip faced several challenges, including the need to find both brand partners and game developers to join their platform. While attracting game developers was relatively easy, securing brands was more difficult.

• Kiip initially "faked" the demand for their platform by purchasing gift cards from brands, even though they weren't yet clients. This helped them demonstrate the value of their platform to potential clients.
• Wong's networking efforts also played a key role in attracting early partners, including Vitamin Water and Pop Chips. These partnerships provided early validation for Kiip's platform.

Building a Team and Embracing Ambiguity

Kiip's success also depended on attracting talented individuals to join their team. In the early days, the company focused on hiring generalists rather than specialists, as they couldn't afford to offer the same benefits as larger companies.

• Kiip's pitch to potential employees was the opportunity to take on more responsibility and contribute to a company with a unique vision.
• This approach attracted individuals who were comfortable with ambiguity and willing to learn new skills, which was critical in a rapidly evolving startup environment.

Scenario Planning and the Power of Resilience

Wong emphasizes the importance of scenario planning, which involves thinking through all possible outcomes of a decision, both positive and negative. This allows founders to be prepared for any eventuality and to make informed decisions based on a clear understanding of the risks involved.

• Wong's story is a testament to the power of hard work, perseverance, and a willingness to embrace risk. He leveraged his networking skills, secured venture capital funding, and built a successful company by overcoming numerous challenges.

Key Lessons Learned

Wong's story provides valuable insights for aspiring entrepreneurs and anyone interested in the world of startups and venture capital.

• Networking is crucial: Building connections and leveraging those connections is essential for success in the startup world. Wong's ability to network his way into events and conferences helped him gain exposure and learn from industry leaders.
• Embrace challenges and learn from failures: Wong's journey was not without its setbacks, but he used those experiences to learn and grow. His ability to bounce back from being laid off and to turn adversity into an opportunity to launch his own venture is a valuable lesson.
• Venture capital can be a powerful tool: Wong's success is a testament to the power of venture capital funding. Venture capitalists provide not only financial resources but also valuable guidance and connections that can help startups grow and succeed.
• Team building is essential: Kiip's success was not solely dependent on Wong's vision, but also on the talent and dedication of his team. Hiring the right people is critical for any startup.