A Product Market Fit Show | Startup Podcast for Founders He raised $1.3M, hit $100K ARR—but failed. Here's the lesson every founder needs to hear. | Tolga Ermis, Founder of PromiseQ
7 snips
Dec 30, 2024 Tolga Ermis, founder of Berlin-based AI startup PromiseQ, discusses his journey of raising $1.3 million and achieving $100K ARR in the security monitoring space before facing major setbacks. He emphasizes the importance of validating customer pain points early on and recognizing when to pivot. Tolga reflects on the challenges of managing customer priorities, especially after losing a major client to a competitor. His insights serve as valuable lessons on the critical nature of addressing the right problems and the need for transparency in the face of failure.
AI Snips
Chapters
Transcript
Episode notes
PromiseQ's Journey
- Tolga Ermis founded PromiseQ, an AI-powered security startup, raising $1.3M and reaching $100K ARR.
- Despite this traction, the company ultimately failed, highlighting the nuances of startup success.
PromiseQ's Origin
- PromiseQ aimed to reduce false alarms from security cameras using AI, inspired by a personal experience.
- Initial research with security companies validated the problem of excessive false alarms.
Thorough Problem Validation
- Validate problems thoroughly by talking to potential customers and partners in the target market.
- Use structured questionnaires and interviews to gather data and ensure the problem is real.