Pilot: From MIT to Startup Success: How the Founders Revolutionized Accounting for Entrepreneurs.
Company profile
Company business details
Motivation to build the product
The founders, a team of MIT graduates, were motivated by their own experiences with the challenges of managing accounting in their previous ventures. They recognized the need for a reliable accounting service that understood the unique needs of startups.Problem that their product solves
Pilot solves the problem of disorganized bookkeeping and the lack of reliable accounting support for startups and growing businesses. The end users are founders and entrepreneurs who need to focus on their core business operations while ensuring their financials are managed accurately and efficiently. Solving this problem is crucial for these users as it allows them to scale their businesses without the distraction of financial management.Their unfair advantage
Pilot combines a team of skilled accountants with advanced technology, offering a comprehensive solution tailored to the unique needs of startups, which traditional accounting firms often overlook.Strategies
Pre-Launch (Product Development & MVP)
Building a Bespoke Service
In the early days of Pilot, Waseem and his co-founders provided a highly personalized service, doing bookkeeping and accounting tasks themselves. This bespoke approach allowed them to understand customer needs deeply and refine their service offerings based on direct feedback. They aimed to create the accounting service they wished they had in their previous ventures, which helped establish a strong foundation for customer satisfaction and loyalty.
Customer-Centric Product Development
In the early days of Pilot, Waseem and his co-founders focused on building a product that directly addressed the pain points they experienced in their previous startups. They started with basic bookkeeping services, but quickly realized that potential customers were also looking for tax preparation and CFO services. By actively listening to customer feedback and observing why customers were leaving for competitors, they iteratively expanded their service offerings to include these additional features. This customer-driven approach ensured that they were meeting the actual needs of their target market, which helped them gain traction and grow their client base.
Direct Outreach to Founders
In the early days of Pilot, the co-founders, including Waseem, reached out directly to startup founders in their network. They initiated conversations by asking what the founders were currently doing for their accounting or bookkeeping. This approach led to immediate interest, as many founders expressed a need for accounting services. The co-founders then began doing the bookkeeping manually using QuickBooks, which allowed them to understand the pain points of their customers while simultaneously developing their service.
Iterative Product Development
As Pilot began servicing its initial customers, the team adopted an iterative approach to product development. While doing the bookkeeping manually, they identified slow and error-prone processes. Jessica, one of the co-founders, started writing Python scripts to automate these tedious tasks. This iterative process allowed them to gradually enhance their service, making it more efficient and reliable over time, while still providing a high-touch experience to their customers.
Launch Stage
Personal Welcome Calls to New Customers
The CEO of Pilot, Waseem, personally reaches out to every new customer via email, introducing himself and offering a short chat. He includes a link to his calendar for easy scheduling. This approach has resulted in a 20-30% response rate, where new customers take him up on the offer to discuss their experience and provide feedback. Waseem asks questions like how they heard about Pilot and what improvements they suggest, which helps him stay connected to customer needs and insights. This strategy emphasizes the importance of direct engagement with customers, even as the company scales.
Learn more about Pilot
[Over $160M raised] Pilot’s Waseem Daher on fighting for every customer
Lessons From Scaling Pilot to a $1.2 Billion Valuation with Co-founder and CEO Waseem Daher
Doubling Down on Founder-Led Sales with Pilot's Waseem Daher
