One of my New Year’s Resolutions this year was to become more financially responsible. Five months later, I haven’t exactly gotten around to tackling my budgeting problems head-on, but lately I’ve been thinking that my best bet is probably a software program that will do it all for me.
I spoke to the founder and four-time entrepreneur Iliya Yordanov about SilverWiz, MoneyWiz and what the future holds for this business whiz.
What exactly is MoneyWiz?
MoneyWiz is SilverWiz’s first software product. It’s a personal finance app available for iPhone, iPad and iMac. We’re also working on the Android and Windows versions.
What was the inspiration to design MoneyWiz?
I’ve always been keen on premium products. I love using products that somebody put a lot of heart and effort into it, and it shows. In the world of software there are less premium products than you’d expect. We wanted to fill that gap by creating software programs that were consistently five-star experiences for our users.
How long did it take you to see success with SilverWiz?
How do most bootstrapped software startups behave? They put out a product, see how it goes and if after a few months of modifications and add-ons if the product isn’t doing well the company will forget about it and move on.
When we first launched MoneyWiz it didn't immediately pick up. As a matter of fact, it took more than six months for MoneyWiz to become popular. All this time, we continually put more money in it than we were making back. Why?
I strongly believed that people needed MoneyWiz, and if they weren't responding well it was because we were doing something wrong. I knew that even though this is a saturated niche-market, it's still a big market, so technically there must be a way to be successful and profitable in this market. That led me to believe that the problem was on our end and once we figured it out we would see success.
We usedall sorts of analytics; we conducted several focus group reviews (both in our users’ networks and with outside sources). We changed and changed and changed. In a matter of six months we'd added more features, had a complete UI redesign, changed the name and icon and changed our market position.
Basically we had to change something about every aspect of our product and business to make it work. It was important not to give up and to keep searching for the right formula, like Edison inventing the light bulb: he believed it could be done; it just took him time to figure out exactly how.
What would you say has been your biggest failure in this endeavor?
The slow scaling of our company. As soon as we got everything right, MoneyWiz boomed exponentially. In a very short period of time, we had to scale from a three-person company to more than 30. It's tricky to find A-players that fast and since we couldn't scale as fast as I'd wanted, it resulted in several buggy updates, server interruptions and all sorts of other problems.
What’s next for SilverWiz?
As I mentioned earlier, we’re working on a version for Android and Windows. We’re also planning to release MoneyWiz 2 later this year.
Next year we’re planning on releasing a new app that will make extensive use of our unique syncing technology.
Posted By Team www.MeetAdvisors.com