Jason Schappert, founder of Moola and former aviation entrepreneur, shares insights from his unique journey. He discusses the challenges of startup life, emphasizing the importance of financial management and meaningful metrics over vanity metrics. The creation story of Moola highlights lessons learned in developing their MVP, focusing on essential features and market readiness. Jason also reflects on team dynamics, the value of culture fit, and the impact of mentorship on personal growth, advocating for personalized financial services through technology.
Jason Schappert emphasizes the critical lesson of effective personal finance management that led to the creation of Moola after their aviation business struggles.
Moola's approach to product development involved careful iteration and prioritizing specific features, focusing on user-specific financial solutions rather than a full banking platform.
Deep dives
Overcoming Financial Struggles
Jason Shappert shares the challenging journey of building one of the largest aviation businesses focused on FAA test preparation. Despite achieving a successful eight-figure exit, the company faced severe financial struggles, almost going bankrupt twice due to poor personal finance management. This experience taught him and his wife the importance of effective financial stewardship, which became the foundation for their new venture, Moolah. Moolah aims to provide smart financial tools helping others avoid similar pitfalls and achieve financial success.
Moolah's Development Journey
The development of Moolah's minimum viable product (MVP) took nine months, employing lessons learned from Jason's previous business. He emphasizes the need for speed in launching products and acknowledges the balance between perfection and progress in technology. Moolah initially focused on the investing component rather than attempting to launch an all-inclusive banking platform right away. This iterative approach allows for concept testing and refinement, which is vital in the competitive fintech landscape.
Hiring for Culture and Flexibility
In building his team, Jason highlights the importance of hiring individuals who fit the company culture and possess a strong work ethic, known as 'scrappy' people. This culture-driven hiring process has been key to surviving the ups and downs of the startup journey. He stresses that while technical skills are important, personality and cultural compatibility often dictate long-term success. To foster a responsive and resilient team, effective communication about vision and goals is essential, particularly during demanding phases of product development.
Embracing Personalization in Finance
Moolah aims to revolutionize personal finance through tailored solutions that cater to individual user needs. The platform utilizes advanced algorithms and data analysis to provide personalized financial advice rather than generic recommendations. This level of customization is expected to enhance user engagement and satisfaction, as financial needs significantly vary among individuals. By recognizing that effective financial management means addressing unique user situations, Moolah sets itself apart in an industry that often relies on one-size-fits-all approaches.
Jason Schappert grew up in an entrepreneurial family. His Mom and Dad were always working together, and never had jobs. Jason's first job was working for his parents pest control company, where he crafted his understanding of what success looked like. Outside of tech, he is married with 3 kids, and is very into all of their sports. Fun fact, his kids enjoy doing their homeschooling in the office with their Dad, listening to calls and asking big questions - so business is actually what they do for fun.
For 16 years, Jason grew and ran a business in aviation. After a successful exit, he and his wife Magda were considering what to do next. She quickly remembered all of the things Jason did behind the scenes to setup their personal finances for success, in the midst of a chaotic startup life.