In this episode of The Accelerator with Michael Conniff, our guest is Frederick Cary. He is a senior executive, strategic consultant, attorney, and investment banker with over 25 years of experience building global companies. He is the CEO of IdeaPros, a company that helps entrepreneurs turn their ideas into profitable ventures across various sectors.

Fred talks to Michael Conniff about his unique approach to helping entrepreneurs launch their ventures. Idea Pros charges $100,000 and takes 30% equity in exchange for providing comprehensive support and guidance to aspiring entrepreneurs who don’t fit the typical startup mold. Idea Pros works with over 400 companies in 36 different verticals and plans to scale to 4,000 companies.

Fred shares how he finds the hole in the market and fills it with innovative products or services. He also gives an example of Grunt, an app that solves a problem for the construction industry by delivering supplies from major providers to job sites. Fred emphasizes that Idea Pros is more than an advisor; it’s a co-founder who does all the heavy lifting and trains entrepreneurs to be successful.

Here are key points from the conversation:

The Transformation of Failure into Success: Fred shares a story about his past failure with a company called Boxlot. They were competing with eBay in the auction industry but couldn’t catch up. However, they later pivoted by developing technology to automate bidding processes, leading to a successful acquisition of their company for $125 million.

The Stress of Scaling IdeaPros: Fred discusses the stress associated with scaling Idea Pros from 400 to 4,000 companies. He emphasizes the need to adapt and restructure their approach to accommodate the overwhelming demand for their services.

The Importance of Comprehensive Market Research: Fred underscores the significance of thorough market research for startups. He highlights that many entrepreneurs fail because they don’t research market demand, competition, and potential pitfalls. Idea Pros places a strong emphasis on market research as a foundational step.

Early Product Development and Pivoting: Entrepreneurs should have a clear product idea early in the process. Fred acknowledges that Idea Pros focuses on product development alongside market research. Pivoting is common and can occur based on data and market feedback.

Investor Attraction: IdeaPros helps startups attract investors. Fred stresses that successful pitches focus on demonstrating a clear return on investment for potential investors. Entrepreneurs should articulate how they plan to provide financial gains and why they are the right team to execute the vision.

Purpose-Driven Entrepreneurship: Fred discusses the importance of aligning personal purpose with business. He shares an example of a businesswoman who initially believed her business had nothing to do with her purpose. However, by examining her actions and values in the business context, she realized her purpose was to improve the lives of employees through acquisitions and growth.

Upcoming Event: Fred mentions “The Business Show” on September 20th and 21st, where he will speak to 15,000 entrepreneurs. He provides a sneak preview of his topics, including aligning purpose with business, effective pitching strategies, and the steps unicorns take to achieve billion-dollar valuations.

Check the full episode below: