Build your startup alongside industry leaders: An interview with Olivier Kofler, CEO of Carvolution

04.04.2024 11:00, Rita Longobardi

They say it takes a village to raise a child, but what about a startup? The path from a spark of an idea to a full-fledged business can feel like climbing a mountain. That's why we're launching a series asking seasoned startup founders who've charted this course before, to act as your own personal "startup whisperer." Our guest on this exciting climb today is Olivier Kofler, CEO of Carvolution. Get ready for actionable advice to help you explore the thrilling, challenging world of getting your startup off the ground.

---

---

Market research and product-market fit
How did you drive your market discovery phase?

Our idea stemmed from a trend we saw gaining traction in the US and Germany. Recognizing the potential for a similar model in Switzerland, we decided to test its viability. We began with a simple website, some Google Ads, and some Excel tables which were our operational backbone. But we also had to put right at the beginning some skin in the game and buy some first cars to not only rely on non-binding surveys. This allowed us to validate our concept in the real world rapidly.
 

---

---

How? Building quickly an MVP. These days, there are thousands of ready-to-use solutions on the market. If you can’t find something that fits your business needs, you can also use no-code solutions, which allow even non-IT professionals to build complex solutions in a few hours.

My advice: Don't rely solely on non-binding surveys. Prioritize finding those first paying customers. Their true commitment is the most reliable indicator of product-market fit.

A common recommendation to entrepreneurs is to focus: Do you concur? How did you achieve product-market fit?

Talk to as many clients and non-clients as possible. To then be able to break down, who is the client, and who is not the client? Keep your product or offering simple. Don’t try to cover everything in the first step. Focus as well, on how to ensure market access and boost sales in a reasonable time.



Building your team
How did you build your team? And how did you choose advisors?

At Carvolution, we took a slightly different approach than traditionally seen in the startup world. Instead of relying on existing connections, we built our team around a shared vision: offering accessible, affordable car subscriptions with a great user experience. Léa Miggiano, our founder, collaborated with experienced entrepreneur Peter Schüpbach to define essential roles and skills. We leveraged our networks to recruit top talent, offering an attractive package including a compelling vision, solid business case, exciting product, strong team, reputable investors' support, and inspiring culture. Stock-based compensation is crucial, especially in the startup phase, for key hires.

Leadership and decision-making
As a founder, what leadership qualities have been essential for your company’s growth? How do you approach decision-making, especially when faced with uncertainty?

In my view, the modern role of a leadership member this day's is the following:
 

• Giving room and space and providing the best possible working environment where people around you can exploit their talent.
• Counts for at least some of the leadership team:
     
   > Representation of the company through social media, advertising, speeches, and interviews.
   > Stakeholder management, especially towards investors, board of directors, and crucial partners.
   > Ensuring governance (financial planning and controlling, risk management, sustainability).

Within our leadership team, we prioritize decision-making; balancing data-driven insights, intuition honed through experience, and direct feedback from our employees and customers. When facing uncertainty, we strive for rapid testing and validation. Our
approach is to 'prototype until proven,' iterating quickly to reduce risk and maximize learning.

Lessons learned
What is the biggest challenge of being a founder? And what is the best reward?

In my experience, the biggest challenge of being a founder is managing communication and expectations in a high-pressure environment. Even minor misunderstandings can quickly escalate when everyone is striving passionately toward a shared goal. Thankfully, I've been lucky to have a team committed to open and objective communication, allowing us to swiftly address and resolve potential conflicts. To, sum it up: Language and terminology are super important. The greatest reward is witnessing the joy and sense of accomplishment on the faces of my team when we achieve a significant milestone. Knowing that our collective effort is making a positive impact is incredibly fulfilling.

Tools
Any tips for entrepreneurs who find themselves in the crucial founding phase?

Don't just wait for opportunities! Talk to as many people as possible, take the luck in your hands, and don’t wait till the luck finds you. Be in the driver's seat and not a passenger.