Sulaiman (Su) Sanni and Ben Lamson watched the nonprofit landscape suffer during the economic downturn. Inspired to help those who needed it most, the two friends decided to do something about it. Su and Ben followed their instincts, and quit their jobs to start WeDidIt – a tech company that helps nonprofits raise funds. After collaborating with more than 100 organizations, the young team built a web tool that makes fundraising easy for staff and supporters. Taking the risk resulted in a highly successful online crowd-funding platform for non-profit organizations. The duo was also recognized with $25K at the MillerCoors Urban Entrepreneurs Series (MUES) business plan competition. For their next challenge, WeDidIt is getting personal with a mobile app that makes event fundraising easy for staff and for donors. The pair recently sat down with rolling out for this exclusive interview.
What inspired you to start a new business? How did the idea for your business come about?
We were inspired to start a new business by hearing the sad stories from our clients at our previous jobs, who were all struggling with fundraising and funding their nonprofits. I also experienced success in crowdfunding for creative projects on Kickstarter outside of work. After some brainstorming, Ben and I realized that we could help our nonprofit friends/clients by making crowdfunding easier for them to try.
What motivates you as an entrepreneur?
Two things 1) Freedom to do what I enjoy, while creating my own reality. 2) The talented, passionate people around me. I depend on them, and they depend me – and that’s what often encourages me to push myself.
What team members do you recommend that entrepreneurs have on their Mastermind Team?
1) A technical person. 2) A business/sales person. 3) A designer person. A trio like this can accomplish great things in a short period of time and stand out in a competition like Miller Lite Tap the Future, so keep this in mind when you pick the friends you want to do business with.
What should a good business plan accomplish? What components should it contain in order to be effective?
A good business plan should serve as a roadmap for at least the next 6-9 months. While you’ll probably continue to change and update your business plan, it should help you communicate your vision in a clear, thoughtful way to people who matter in those early days of your business (family members, potential business partners, mentors, investors, banks). At the most basic level, it should include a product/service description, marketing plan, sales plan, financial projections, and capital requirements – based on the previous sections.
What are the top three questions to ask when determining your readiness for an entrepreneurial venture?
1) Am I willing to quit my job for this? 2) Am I willing to forego a salary/pay in order to get the business operating? 3) Can I convince at least 1 other person to also make the same sacrifices?
What would you say are the top three skills and/or characteristics needed to be a successful entrepreneur?
Determination. Endurance. Ingenuity.
How do you formulate and perfect an elevator pitch?
If you want to stand out in the Miller Lite Tap the Future Live Pitch Events you need to practice, practice, incorporate constructive feedback, and then more practice. When formulating your pitch, try to open with a concise but descriptive statement that entices the listener to want to learn more.
What should an aspiring entrepreneur know and do in preparation for a live pitch of a business concept?
You need to practice the pitch with as many different people as possible before presenting in front of Daymond John. Focus on delivering your business concept in a way that even your grandmother can understand its value and why people would be interested. But most importantly, let your personality compliment your business idea. Show your enthusiasm and quirkiness.
Please give us three things to consider when entering into a business partnership.
Trust is important, and look to establish trust early. Make sure your interests and goals are aligned early and often by over-communicating your plans and concerns. Have the difficult conversations early (ie. money, roles/responsibility, equity, sacrifices, etc.)
What have some of your missteps been, and what have you learned from them?
I once spent too much time discussing and working with people who claimed they could help us raise money for our business. In hindsight, I now realize that if we needed outsiders to help us raise money, then we probably weren’t ready to raise money at the time. Lesson learned: Time is precious – focus as much of it on building a valuable business with paying customers. When you have that, the money (profits or investments) will come…literally.
As judges, what advice would you give to potential entrants to make their concept or pitch stand out?
If possible, demonstrate how your product/service actually works. If a judge can walk away with a positive experience from your business concept…it becomes much more than a concept, it becomes real. A positive demo experience would certainly stand out at the Miller Lite Live Pitch Events.
What books or other works have inspired you the most?
Making Ideas Happen by Scott Belsky. Do More, Faster by Brad Feld. Lean Startup by Eric Reis. Four Steps to Epiphany by Steve Blank and Predictable Revenue by Aaron Ross. Everything Jay-Z does.
Who do you see as mentors or examples to follow in the entrepreneurial space?
Too many to list. To each its own – but overall, entrepreneurs should follow fellow entrepreneurs and people who’ve done what they’re trying to do. Reach out and learn from their mistakes.
How are your friends and family involved in your business?
Most of the time, they provide emotional support and unconditional encouragement. Which I appreciate and love. I also work with some of my best friends, which makes working feel a lot more special and interesting than just plain ‘ol ‘work’. Every day is different when starting a business, and it can certainly be a roller coaster ride. However, the ride is much more enjoyable when you’re with people you care about.
**Check them out at WeDidItFundraising.com.
