Today we are talking to David Sargeant, Founder of iGaming Ideas – an incubator and seed fund for new ideas in the online gambling space.
1. What is the single most important piece of advice would you give to aspiring entrepreneurs?
Validate your ideas. Make sure before you spend any time or money that you make sure that there is a market for your ideas. iGaming Ideas is a B2B business so we have an advisory board of experts who work or have worked with our potential buyers. They help us and our partners position our ideas and products, and the commercial models behind them. This ensures that any ideas are going to succeed in the marketplace, and crucially we can minimise waste and maximise benefits to investors.
2. In your opinion, what are the main attractions of setting up your own business as opposed to working for an employer?
Setting up your own business means that you are directly rewarded for the passion and energy that you put into your own company. This is an amazing self-motivating tool.
Having your own business also lets you set your own lifestyle priorities as you can decide how much of your life should be split between work and personal life. This flexibility is invaluable to me and my family.
3. What are the three most important characteristics that you look for in a candidate when you are recruiting?
Self-motivation while understanding the value of teammates. A desire to learn while understanding your strengths and weaknesses. An ability to quickly understand and react to new challenges.
4. What inspired you to launch your business?
I had hit a glass ceiling within the company I was in and I wanted to explore my own ideas commercially. Financial worries were making me hesitate so I made sure I had a couple of customers ready before I started out on my own. This provided a financial safety net that lessened the risk of the project.
5. What was the key to success in your case?
Success? It is most definitely a work in progress for me!
Make sure you are learning and challenging yourself every day. You will make mistakes so don’t waste them, learn from them. Listen to the market and don’t be too proud to adapt.
As a new company you will need to create your brand, your reputation, and trust. Networking has been vital to getting my ideas and products out into the marketplace with the added bonus I now have a network I can reach out quickly to for whatever I need.