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Running an online business can often be an isolating experience for entrepreneurs. VenturePals is an innovative app designed to address this challenge by connecting entrepreneurs with success partners to help them share their goals and maintain accountability. In this interview, co-founder Joël Wurtz elaborates on the purpose of VenturePals and its potential to transform the entrepreneurial landscape.

Key Insights

• The failure rate of startups currently stands at 90%.
• Partnering with a success partner significantly boosts the likelihood of achieving one's goals.
• VenturePals employs a freemium business model and has effectively grown through networking and platforms like Reddit.

Overview

• Business Name: VenturePals B.V.
• Website URL: VenturePals
• https://www.venture-pals.com
• Founders: Joël Wurtz and Herman Palmgren
• Business Location: The Netherlands
• Year Started: 2023
• Number of Employees/Contractors/Freelancers: 0

Introduction to Joël Wurtz and VenturePals

Joël Wurtz, alongside co-founder Herman Palmgren, established VenturePals, a platform designed to assist entrepreneurs and solopreneurs in finding their success partners. Wurtz recently completed a bachelor’s degree in mechanical engineering but always envisioned a career in business. In 2020, he embarked on a journey to acquire marketing skills, leading to the creation of a company that aids businesses in the mechanical engineering sector with their marketing needs. This venture not only enhanced his understanding of entrepreneurship but also significantly broadened his professional network.

After four years of navigating the entrepreneurial landscape, Wurtz recognized several challenges that he faced, including lack of motivation, distractions, an unclear direction, overwhelming feelings of loneliness in entrepreneurship.

His turning point came when he encountered a research article from the ASTD, which highlighted that the likelihood of achieving goals is just 10% when they are clearly defined. However, this probability skyrockets to 95% when paired with an accountability partner for regular check-ins. This revelation prompted him to seek an accountability partner, a journey that took him two to three months before he found his match.

Revenue Generation for VenturePals

VenturePals operates through a mobile app available on both iOS and Android platforms. The app uses a freemium business model, enabling entrepreneurs to access basic features and enjoy core benefits at no cost. However, premium members can unlock additional features that will continually expand as the app develops.

The Inspiration for Creating VenturePals

Wurtz’s entrepreneurial journey took a significant turn when he finally found his accountability partner, Herman Palmgren, who is now his co-founder. The duo began conducting weekly check-ins, where they reviewed their accomplishments and set goals for the week ahead. After eight months of experiencing the considerable success that accountability brought to their partnership, Wurtz and Palmgren felt that this opportunity should be accessible to all entrepreneurs. This belief was underscored by the staggering 90% failure rate of startups, which results in the loss of numerous innovative ideas.

Thus, VenturePals was born. In response to user feedback indicating that the term “accountability partner” might carry negative implications, they opted to use the more positive terminology of “success partners” and “venturepal.”

Launching VenturePals

VenturePals officially launched its first minimum viable product (MVP) in August. Although the initial version of the app was somewhat rudimentary, the positive feedback from early users provided the motivation to develop a more refined version, which they released as 1.0.0 across various app stores. The team made a significant splash by launching on Product Hunt in April, where they secured 4th place for Product of the Day, highlighting the app's potential and gaining initial traction.

The Team Behind VenturePals

Currently, the VenturePals team consists of co-founders Joël Wurtz and Herman Palmgren, who work remotely—Wurtz in the Netherlands and Palmgren in Sweden. Their collaboration across borders allows them to bring diverse perspectives and skills to the project.

Funding Model

VenturePals is fully bootstrapped, meaning all expenses are covered out of the co-founders’ pockets. This financial independence provides them with the flexibility to develop the app in a stress-free environment, allowing for a greater focus on incorporating feedback from early adopters without the pressure of external investors.

Acquiring the First Customers

To attract their initial customers, Wurtz and Palmgren targeted entrepreneurs within their direct networks. Following a successful round of early sign-ups, they turned to paid advertisements, with Reddit proving to be an effective platform for reaching their audience. They strategically targeted subreddits populated by entrepreneurs and solopreneurs, enabling them to connect with potential users who could benefit from their app.

Growth Drivers and Marketing Strategies

In the early stages, growth for VenturePals primarily came through networking and word-of-mouth referrals. As they began to expand, they discovered that Reddit was an underutilized marketing platform. The team employed several promotional strategies:

1. Paid Ads: The co-founders utilized paid advertisements on Reddit, where targeting specific subreddits allowed them to reach the right audience effectively.

2. Organic Advertising: They also engaged in organic marketing within subreddits. This involved creating informative posts discussing the benefits of having a success partner, without directly promoting their product. As interest grew, they strategically responded to inquiries by sharing links to VenturePals.

3. Comment Section Engagement: The co-founders also focused on participating in discussions within relevant Reddit threads. By addressing problems users faced that VenturePals could solve, they positioned themselves as a helpful resource.

Although these strategies require considerable effort and quick responses, the return on investment (ROI) from organic engagement often exceeds that of paid advertisements.

Future Developments

VenturePals has a robust development roadmap, with numerous features lined up for future releases. Among the upcoming additions are video and audio call capabilities for success partners within the app, enabling more dynamic interactions. The team is also researching the implementation of AI features and planning community events to foster engagement among users.

Vision for the Future

In the next five years, Wurtz envisions successful partnerships becoming a standard practice among entrepreneurs. The overarching mission of VenturePals is to significantly lower the startup failure rate, and the co-founders are committed to making that vision a reality.

Inspirational Quote

Wurtz finds motivation in the quote: “He who thinks the idea owns nothing. He who executes the idea owns everything.” – MJ DeMarco. This sentiment resonates with his belief in the importance of action and execution in entrepreneurship.

Staying Motivated

During challenging times, Wurtz relies on his success partner for support. A success partner not only holds one accountable but also provides an opportunity to share knowledge and resources. This collaborative relationship fosters a sense of community and support that can help entrepreneurs navigate tough periods more effectively.

Joël Wurtz shares the most impactful advice he has ever received: “Help people. Get paid. Help more people.” – Andy Black. This principle emphasizes the importance of prioritizing value over monetary gain. For Wurtz, providing value to others is paramount, and he believes that focusing on helping others can lead to both personal and professional success.

For Wurtz, the most fulfilling aspect of being a founder is the ability to help others. He believes that entrepreneurship transcends mere business-building; it’s about creating value that positively influences lives. Witnessing the direct impact of VenturePals on entrepreneurs—helping them thrive, overcome obstacles, and achieve their goals—provides an immeasurable sense of success. For him, the journey is about fostering innovation, contributing to a community, and facilitating growth, rather than solely focusing on financial rewards. The knowledge that his work plays a role in someone else’s success serves as a powerful reminder of the mission behind VenturePals.

Wurtz encourages aspiring entrepreneurs to seek out a success partner, regardless of whether they use VenturePals. Having a supportive partner can enhance the quality of life and significantly increase the likelihood of achieving goals. He warns that many great ideas go untapped, and he urges others not to let their ideas fade into obscurity.

For those interested in following the journey of VenturePals or connecting with its founders, Joël Wurtz and Herman Palmgren are accessible through various platforms:

Twitter: @VenturePals

https://twitter.com/VenturePals)

LinkedIn: Joël Wurtz

https://www.linkedin.com/in/joelwurtz

Herman Palmgren

https://www.linkedin.com/in/hermanpalmgren

VenturePals B.V.

https://www.linkedin.com/company/venturepals

Through their innovative platform, Wurtz and Palmgren are dedicated to reducing the failure rate of startups and fostering a community where entrepreneurs can thrive.