Capturing a social trend: Interview with Ivan Fatovic, founder of Modamily
Modamily is a New York-based private social network for people looking to co-parent a child within the US and Ivan Fatovic is its founder. Ivan noticed a social trend and decided to turn into a venture. Modamily was launched in Jan 2012.
I came across
Modamily for teh first time a few weeks backvia the
atricle that spoke about social pairing
I sent the questions proposed by Ashwin to Ivan. Here are the answers:
Q: So tell us, what was your greatest resource in the early stages?
Ivan: My greatest resource was the internet. We are very lucky to live in a time where information is just a google search away. Then I have a lot of friends that started businesses and raised money and they were helpful too.
Q: What was the greatest barrier when starting your company?
Ivan: Deciding to spend my own money to start it, was a tough decision, but also the best one, because it puts you 100% behind your idea.
Q: What kind of people or organizations helped you on your journey? How?
Ivan: Initially, I went to a lot of meetups through meetup.com. I knew very little about web design and development and I got to meet people in all different stages of starting a company.
Q: What about technology, did you find a particular innovation helpful?
Ivan: Well these days you can run a business from anywhere, just need a laptop with an internet connection and my mobile. I used a site called 99designs to help with my logo and another one called odesk helps you find freelancers for whatever you need.
Q: At what point did you feel good (confident, motivated)?
Ivan:We started getting a lot of calls from the press within the 1st week we went live. I knew we had something that people were interested in.
Q: At what point did you feel low (isolated, powerless)?
Ivan: I want everything done now and it can be frustrating waiting for other people to get things done. When you're starting out with limited funds and no full-time employees, it can be frustrating because things can take longer to be executed.
Q: What surprised you most about starting a company?
Ivan: All the little things you have to deal with from setting up a corporation, bank account, credit card. There's many little decisions that need to be made. Most people start with a grand vision, but it's the little things that get done everyday that help you achieve that goal.
Q: If there were a start-up genie in a bottle, what three wishes would you have?
Ivan: A genius partner to compliment me, a million instant subscribers to my site, and $50 million.
Q: Tell us a story: what was the issue you were facing and how did you overcome it?
Ivan: I don't make any big decisions without taking some time to think it over and consult with my advisors so I can come up with the best solution. Having experienced people that you trust that you can go to for advice is really important for everyone starting a business. You can't do everything yourself...find the best in each area that you can go to for counsel.