The Challenges of Being a CEO with Richard Burton from Balance.io
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“I think the notion of a protocol which has 21 data centres to which you delegate priority to run smart contracts is a really interesting experiment, but nobody has explained to me why you need $4bn to run that experiment. ”
Interview location: Skype
Interview date: Wed 18th July 2018
Company: Balanced Software
Role: CEO
Nothing can prepare you for running your first startup. After the excitement of raising capital, founders are thrown into a race to achieve some form of product/market fit, whereby either they can close further funding or drive customer revenue to a level where the business can operate economically.
It can be both rewarding and hugely frustrating. Emotions can flick between joy and desperation as you rapidly iterate your product while dealing with a range of opinions, from users to shareholders.
Despite the stories from Silicon Valley, a tiny percentage of founders exit their startup with life-changing money. Even VCs expect the vast majority of their investments to fail, relying on a handful of successes to outweigh this. And despite the odds, entrepreneurship is an itch many have to scratch, usually not for the financial returns but for the success of building something which people use.
In this interview, I talk with Richard Burton from Balance.io about the challenges of being a CEO, delivering a return for investors and his frank opinions on EOS.
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BREAKDOWN OF THE SHOW
00:06:16: Introductions
00:06:28: Richard vs EOS
00:15:02: EOS use case
00:20:51: Justification for another protocol
00:23:26: Richard's background
00:29:26: How Balance.io started
00:31:19: Balance.io functionalities
00:33:04: The user experience
00:39:21: Open-source banking
00:41:11: Manager vs wallet
00:47:33: Challenges of a start-up
00:55:07: Future product releases
00:57:16: Higher education
01:04:20: Final comments
THANKS
Jason Camiolo for audio production, his website is at http://www.jasoncamiolo.com/
James Parkin for helping me with admin and trading
Paul Edmonds for graphic design
SPONSOR
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