Hey bootstrappers,

Today might have you thinking about yearly goals or lamenting those you missed. 

Rather than dwell on past mistakes or an uncertain future, consider what you know now that could help others succeed.

Over the past year, we’ve shared advice from hundreds of founders hoping to make you a better entrepreneur. Why not pay it forward by mentoring someone in need?

It’s been a tough year for many, and your advice could be the difference between success and failure. That seems like a resolution to get behind.

Happy New Year! 🎉

– Chris Roper, Leanne Stahulak, Peter Upton, Kim de Silva

First-Mover Risks: How This Founder Bootstrapped On-Device Speech Recognition

Ognjen Todic’s company Keen Research iterated several times before specializing in on-device speech recognition. Now it powers apps across education, entertainment, and more.

Ogi moved from Serbia to the US to complete his electrical engineering degree. After several years working in R&D for startups and large companies, he left to found Keen Research. At first, the company built software, and Ogi even sold a lyrics-sync platform to Shazam.

When a friend joked about a voice-enabled app to help his child practice math, Ogi realized how little on-device speech recognition had penetrated the market. In response, he built a simple voice-enabled math app for children and later developed the technology for multiple markets.

“I pitched KeenASR SDK to large companies interested in voice-enabling their apps, and they asked me to come work for them. I wasn’t looking for a job or a big salary, because I wanted to build this and make a business out of it – but it was good to know I had that safety net.”

Wins 👍

1. Developing technology, not applications. Enabling on-device voice recognition was the first step to wider adoption since nothing like it existed.

2. Filtering and prioritizing outbound leads. Ogi vetted leads to ensure they were a good fit, didn’t require a ton of customization, and would eventually result in revenue.

3. Focusing on multiple use cases. By targeting developers, Ogi could indirectly market his technology to a broader consumer audience.

Challenges 🤔

1. Surviving long enough to build momentum. As a first mover, Ogi had to educate the market and promote the technology before he could monetize the business.

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Are Thoughtful Gifts the Secret to Hot Leads, Employee Retention, and More? This 8-Fig Founder Bets on It

After a meandering career across law, design, and investment, Polymath Millie Tadewaldt launched Brilliant to create memorable corporate gifting experiences.

Millie loves the hard work that incredible results demand. She taught herself software engineering while studying design at UC Davis and launched a development firm after graduating. Not content with only building websites, she then studied law at Harvard.

While she graduated and passed California’s bar, she left law to pursue consulting and investment management roles in the tech industry. Not only did she witness the benefits of bootstrapping first-hand, but also that corporate gifting was stuck in the past.

“Most gifts aren’t thoughtful enough. When you give an impersonal gift, people never think of you again. Many of our competitors just send people an email saying they have sent you a fifty-dollar gift card. People feel nothing when you do that.”

Wins 👍

1. Outbound email campaigns. Identifying ideal customers and making herself available for calls helped Millie win her first few corporate clients quickly.

2. Focusing on packaging as much as content. To Millie, the packaging matters as much as the gift since she’s selling an experience, not just objects.

3. Retaining control of fulfillment. Millie eventually opened her own warehouse after failing to secure a warehousing contractor that met her exacting standards.

Challenges 🤔

1. Hiring her first employees. Initial hires had to wear many hats, causing friction on both sides. Today Millie is proud to have built a team she can rely on and trust.

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Founder Diaries: Can You Turn Barbecued Meats Into a Successful Ecommerce Business?

Andrew Buehler left the investment industry to pursue his passion for grilled meat. After a successful Kickstarter campaign, Andrew now delivers ready-to-eat barbecue nationwide.

Andrew’s love for grilled meat began when he was young. His father had run industrial kitchens for years, and Andrew had joined the Grilling Society in high school and even formed a competitive eating club called The Fat Cats. But could he turn barbecue into a business?

The Covid pandemic saw an uptick in delivered perishables. Andrew knew how inconvenient it was to wait hours to slow-cook meat on a grill. If he combined an ecommerce business model with ready-to-eat meat, maybe he could help people enjoy that barbecue taste more often.

“When most people grill, they cook hotdogs and hamburgers, maybe chicken and steak. But it’s a different person that says, ‘Hey guys, come over in five hours when the brisket’s ready. Come over in three hours when the ribs are ready.’ Because smoked meats and slow cooking are an inconvenience and natural deterrent for most people.”

Wins 👍

1. Launching on Kickstarter. After selling out all 700 racks of ribs on Kickstarter, Andrew knew demand was high for a business of this type and invested everything into it.

2. Running a booth outside sports bars. Andrew gives bargoers tasters to entice them to buy packs they can cook at home, raising revenue and awareness of his brand.

3. Expanding into B2B. As well as pop-up events, Andrew hopes bars and other hospitality establishments will buy his meat – just a few could unlock recurring revenue.

Challenges 🤔

1. Shipping costs. The meat is heavy and has to be shipped within two days anywhere in the US – in ice boxes – to keep it fresh. Costs are high, which puts up his prices.

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