Starting a business is a big achievement for many entrepreneurs, but maintaining one is the larger challenge. There are many standard challenges that face every business whether they are large or small. It is not easy running a company, especially in a fast-paced, ever-changing business world. Technology advances, new hiring strategies, and now, political changes coming with the new administration, all add to the existing business challenges that entrepreneurs, business owners, and executives have to deal with.
Maximizing profits, minimizing expenses and finding talented staff to keep things moving seem to be top challenges for both SMBs and large corporations. We have been interviewing companies from around the world to discover what challenges they are facing in their businesses. We also asked each company to share business advice they would give to a younger version of themselves.
Below is our interview with Ciaran Hynes, Co-Founder and Managing Partner at COSIMO Ventures:
What does your company do?
COSIMO Ventures is a pioneering, deep tech investment firm that transforms promising disruptive companies into global industry leaders. We invest in new technology paradigms such as Blockchain and cryptocurrencies, VR & AR, IoT, artificial intelligence and big data to disrupt global markets. Each member of our team brings significant entrepreneurial operating and investing experience. We have developed products used by hundreds of millions of users every day, from the first commercially available financial service on the Internet to the first push notification. We are technology pioneers resolute in our mission of helping emerging entrepreneurs build legendary companies.
What is your role? What do you enjoy most about your role?
I’m the Co-Founder and Managing Partner of COSIMO Ventures. As a serial entrepreneur originally from Ireland, I feel fortunate to have the opportunity to work with other passionate entrepreneurs to build legendary companies. My role is invigorating because I work across four to five companies at any given moment in time. I love being at the cutting edge of where our world is going, and to help develop technologies into products that will change our futures. My objective is to use my own experience to help foster, grow and develop these early stage companies into really successful global businesses.
What are the biggest challenges in your business right now?
The single biggest challenge we are facing right now is adapting to, and monitoring, the regulations of the entire Blockchain cryptocurrency space as it rapidly evolves worldwide. We are so early in the evolution of these areas of technology that, when it comes to Blockchain and cryptocurrency, we can’t really predict what we will be dealing with in the future in terms of regulation. It is also difficult to find seriously good Blockchain developers from our portfolio companies because there is a shortage of people with expertise in the space.
If you could go back in time, what business advice would you give to a younger version of yourself?
I would move into the technology area faster than I did. When I was young, I worked in the event marketing business and saw the industry suffer as a result of technology advancements and tighter margins as people moved to do everything online directly. The advancements made me realize that I wanted to do something different. I was really taken by how technology was changing the world and I wanted to be a part of it. I would tell my younger self to learn to move faster and not persevere too long in a business because my pride wouldn’t allow me to let it go. Once I chose to follow my passion, I know I had made the right choice.