Silicon Valley 101 – How to be a billionaire

Jared Schrieber’s entrepreneurial aspirations were already evident during his university years. While he was involved in student government, he had his first entrepreneurial idea, to set up a book exchange service. That was when he realised he had an “entrepreneurial spirit”, which has stayed with him ever since. After graduating, he started working at Intel at the height of the dot-com bubble (the economic bubble of the late 1990s, when the value of internet companies’ shares rose unrealistically and then suddenly collapsed around 2000), where he was involved in the supplychain’s technology during the crisis. While working with data daily, he realised he wanted more than a corporate career, so he applied for a master’s degree. This decision brought him into the world of startups and started him on the path to building a billion-dollar business.

Although not all university lessons seemed essential then, Jared pointed out that specific skills – especially negotiation techniques – were crucial when dealing with investors. His experience as an American top-end javelin thrower made quite an impression on one investor that proved decisive in securing an early financing deal.

His startup, Numerator, has fundamentally transformed companies’ understanding of consumer behaviour by creating an innovative gamified data collection platform. This platform converts buying patterns into valuable information, revolutionising market analysis. According to Jared Schrieber, the most exciting and dangerous part of being an entrepreneur was the unlimited number of alternatives. He pointed out that while the possibilities were endless, the key to success was a focused approach and exceptional performance in a particular area. The Numerator example illustrates how a well-defined goal and focus can lead to building a successful business.

When asked how to convince customers of the potential value of a new product, Jared’s answer was clear: build a prototype. A hands-on product helps others visualize the capabilities. Still, competing with companies with an excellent track record is challenging. His advice? Reduce the risk for your customers. Users should feel they are becoming “heroes” by choosing the product. This means that the product should be innovative, reliable, and easy to use. Customers need to feel they are making a safe choice and doing something special. This approach helps businesses build trust and long-term relationships with customers.

Jared explained that Silicon Valley, while full of brilliant minds and expertise, is not necessarily paradise. The high living costs and the competitive environment make it a less-than-ideal place to start a family. However, the networking opportunities are unparalleled, and attracting renowned experts to start-ups’ advisory boards is key to raising capital.

Comparing Silicon Valley to Hungary, Jared noted that Hungary also has a lot of talented people but fewer angel investors and startup support organisations. This makes it harder to start a business, but the less crowded market offers significant opportunities.

Jared Schrieber advises aspiring entrepreneurs to join a startup first. This way, they can learn the basics of how start-ups work, the challenges and successes, and prepare themselves to start their own business.