Mike Ward of AnthemIQ: Five Things You Need To Create A Highly Successful Startup
July 5, 2021 • Thought Leadership
This article was originally published in Authority Magazine/Medium.
By Mike Ward, Paul Ross
Culture: A good company culture can help with recruiting, retention and even productivity in the workplace. Have systems in place to promote employee engagement and recognition, have a strong company voice to keep people motivated and have a collaborative office to keep the ideas flowing.
Startups have such a glamorous reputation. Companies like Facebook, Instagram, Youtube, Uber, and Airbnb once started as scrappy startups with huge dreams and huge obstacles.
Yet we of course know that most startups don’t end up as success stories. What does a founder or a founding team need to know to create a highly successful startup?
In this series, called “Five Things You Need To Create A Highly Successful Startup” we are talking to experienced and successful founders and business leaders who can share stories from their experience about what it takes to create a highly successful startup.
I had the pleasure of interviewing Mike Ward.
An accomplished investor, advisor, and board member, Mike Ward has invested in private companies for nearly a decade. Mike has a proven track record in his ability to invest in companies and help them to scale and execute strategy, having helped companies such as Ripple, Honk, 1080 Payments, Dollar Shave Club, World First, and Elevate Growth Partners, among others. He now takes on his next adventure as CEO of AnthemIQ, a simple & powerful digital CRE transaction platform.
Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and how you got started?
Certainly! I will get into my current work with AnthemIQ later, but let’s start with what brought me here. Originally from Toronto, I came to the United States in pursuit of continuing my passion for ice hockey at Liberty University. While in university I studied finance which ultimately led me to the beginning of my career in, you guessed it, finance. In over a decade of work, I helped companies drive profitability, business strategy, and leadership. My career began at Jameson Bank in Canada, and after about 18 months working at the company, I wanted to expand my role and be more a part of the strategic development and decision making at the company. Through my work at Jameson Bank, I was recruited to join OzForex, an online foreign exchange and global payments provider, and the investors at the time were looking to disrupt the technology available to the international exchange and payments industry. So, I joined as CEO of North America and Europe in 2011 and helped the company successfully navigate its way to going public in 2013. After my time at OzForex, I joined World First as CEO of North America, as well as the CRO of the group. We had a large client list that was over 130,000 and I was responsible for strategic commercial operations including; customer acquisition, marketing, partnerships, and new products. World First was ultimately sold to Ant Financial, which came from the success we built at the company.
Jumping ahead a bit here but now I am now CEO of AnthemIQ which is bringing the commercial real estate (CRE) industry into the 21st century. Of course this is a very different career choice than fintech and up until 2019 I would have never believed I’d be here. However, myself and three others began to dabble in private investments, specifically in companies like Dollar Shave Club and NBA D-League (now G-League), and that’s where I spent my time from 2019 to joining AnthemIQ. When I relocated to Texas in 2015 for business, I got to know Chris Skyles, (AthemIQ’s co-founder and Chief Growth Officer) and we became good friends, and he and Kenny Tomlin, (AnthemIQ’a co-founder and Executive Chairman) were the reasons why I originally invested in AnthemIQ. In the summer of 2020, Chris and Kenny asked me to run the company when AnthemIQ was under the Elevate Group umbrella. Joining AnthemIQ was not only down to knowing Chris and Kenny as close friends, but, as my career shows, I love disruption and taking an industry that has older systems and ways of doing things, and bringing in technology to change those systems. Additionally, I love working for smaller companies, I would do that any day of the week.
What was the “Aha Moment” that led to the idea for your current company? Can you share that story with us?
My “aha” moment arrived when I saw the great inefficiencies pervasive across the CRE industry every day from a client’s perspective.. I knew technology could really elevate this industry out of its old ways. Chris Skyles is a broker and, before using AnthemIQ technology, he was struggling to close more than 50 deals a year, neglecting any sense of work-life balance and overwhelming his clients, including myself, with paper documents and PDFs. We knew there had to be a better way to do business, so we set out to create a platform that would streamline the entire process for everyone involved in the CRE process.
Was there somebody in your life who inspired or helped you to start your journey with your business? Can you share a story with us?
It’s certainly a personal one for me. As I noted above, I relocated to Texas in 2015 and hired Chris as my broker. This friendship and partnership led to the inspiration for AnthemIQ and the entire journey we are now on, so we are a very homegrown company This is quite the usual broker-client relationship, but from the very beginning it has worked really well, because we are constantly challenging each other to look beyond how the CRE industry has operated historically and what it offers currently. We set out to find a better and easier solution for both sides. At our roots, we are a success story of customers turned business partners.
What do you think makes your company stand out? Can you share a story?
If there’s one trend being overlooked in the CRE industry it’s the utilization of transaction management software. In CRE, things have been operating the same way for the past 15 years, with minimal technological advancement — brokers are still using a laborious combination of emails, PDFs and Excel spreadsheets to exchange information with clients. But, a transaction management platform can revolutionize how they do business, for example, it would streamline all the information needed for a broker to get a client from search to signed lease in record time, meaning they can close twice the amount of deals. This is where AnthemIQ comes in. Brokers are already managing heavy workloads, so if they do not choose to adopt this game-changing technology, they may lose the chance to greatly expand their businesses and client list because of inefficiencies found in the old way of doing things. New advancements in CRE technology streamline the entire transaction process, andhelp to close up to twice the number of deals. In short, brokers who do not adopt technology are at risk of being left behind.
AnthemIQ is a simple & powerful digital CRE transaction platform that has helped thousands of brokers and tenant reps manage their CRE workflow and become a more efficient, deal-closing, powerhouse. From search to sign, AnthemIQ provides all the features you need for a completely digital and seamless experience. Ditch the PDFs, escape your inbox and ultimately….win more business! The proof is in the pudding…During the pandemic, when walkthroughs came to a halt, AnthemIQ’s technology helped clients find offices across the country without ever setting foot into the office. In fact, one client made a $20 million leasing decision, from their home, in 24 hours.
How have you used your success to bring goodness to the world?
I find it incredibly meaningful to take pride in the city or area in which your company is located, additionally I personally want to make a difference where people spend most of their time…in the office! Even as a startup, AnthemIQ has almost 30 employees, and I empower individuals by fostering a workspace that thrives on unabating execution, but with incredible humbleness and generosity. We strive to have a no-ego environment where everyone can be their best while looking out for one another. Our company also likes to give back by not just writing checks, but investing into the community for long term benefits.
You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?
Be Relentless: I believe everyone has the ability to be great. I think of Tom Brady and how although he didn’t start off as the best quarterback, he invested in himself and was persistent in pursuing greatness. Everybody has the chance to become the best version of themselves if they put forth the effort and never give up.
Be Humble: Take the learnings around you, be self-aware of your strengths and weaknesses and put others first. If you stay humble, you will reach the true level of success.
Be Generous: Do not be too important for people who want to learn from you. By reinvesting in your community and your partners, you are elevating the industry around you and fostering the next generation of successful business people.
Often leaders are asked to share the best advice they received. But let’s reverse the question. Can you share a story about advice you’ve received that you now wish you never followed?
A few years ago, when I sold a company in the fintech space, I was told not to get involved with companies that shoot for the moon or that are constantly challenging the status quo. Working for a business that is motivated, wants to break through the noise and make a difference is a completely different and satisfying experience. I smile everyday that I am part of the AnthemIQ story and building the future of CRE.
Can you tell us a story about the hard times that you faced when you first started your journey?
At the beginning of my career I was put into roles that one normally would have needed more experience for. I had all the traits to make me successful, but I learned quickly that true success comes from experience. It wasn’t until I had a mentor to guide me that I was able to navigate the hardships of being put into a leadership position without a past to pull from. I also remember being put into situations where there was a contrast battle at the top and it taught me what not to do in my next few leadership positions.
Where did you get the drive to continue even though things were so hard? What strategies or techniques did you use to help overcome those challenges?
You need to be a competitive person, this has to be a major characteristic trait of yours. No is not an answer that I accept and I am constantly pushing myself further. Building your career can be emotionally draining and will beat you up along the way. With that in mind, it is also important to recognize signs of burnout and take a moment to fill your engine and take physical and mental breaks in order to recharge. Combining your competitive spirit with a healthy work life balance can make sure you’re ready to go at any time. It’s all about the right timing and the right energy.
The journey of an entrepreneur is never easy, and is filled with challenges, failures, setbacks, as well as joys, thrills and celebrations. Can you share a few ideas or stories from your experience about how to successfully ride the emotional highs & lows of being a founder”?
I sought out a group to lean on. It’s important to surround yourself with a group of individuals that have varying strengths and focuses so you’re not carrying the entire load on your shoulders. If I think about AnthemIQ, we came out of the gate with a Series A round of funding — and although this is amazing — it brought with it enormous expectations and a rigorous roadmap that provided a suite of challenges that included not overburdening our team, which will lead to burnout. To ride the highs and lows, I make sure to have balance in everything I do.
Let’s imagine that a young founder comes to you and asks your advice about whether venture capital or bootstrapping is best for them? What would you advise them? Can you kindly share a few things a founder should look at to determine if fundraising or bootstrapping is the right choice?
I love this question because, as I touched on earlier, we need to build up the next generation of makers. The first question I ask is: what does your product or timing look like? Is it the first product to market? If so, then having more funds going into it is more attractive and can bring a strong dynamic to the group. I always say iIf you can bootstrap I suggest doing before taking on any type of investment. However, the right partner and opportunity present itself to you that can really accelerate the business, then do it. It’s all about the context of what the opportunity will do for your company or product.
Ok super. Here is the main question of our interview. Many startups are not successful, and some are very successful. From your experience or perspective, what are the main factors that distinguish successful startups from unsuccessful ones? What are your “Five Things You Need To Create A Highly Successful Startup”? If you can, please share a story or an example for each.
Team: It’s easy to spend less on hiring mediocre talent, but you should be spending to hire the best talent possible to drive the company forward.
Tech: Take your time in launching your product, investing in a technology that is very appealing right off the bat will set you up for success. It’s important to move fast, but taking the time to implement the right technology can reduce risk and increase efficiency in the future.
Sales: While getting the right advisors is important, it’s even more important to get your sales team in and orientated on your product. This is your front line, and the face of your product.
Learn: Take the feedback from customers and improve your product accordingly. Never be stagnant in your product growth and always keep your boots on the ground and a finger on the pulse.
Culture: A good company culture can help with recruiting, retention and even productivity in the workplace. Have systems in place to promote employee engagement and recognition, have a strong company voice to keep people motivated and have a collaborative office to keep the ideas flowing.
What are the most common mistakes you have seen CEOs & founders make when they start a business? What can be done to avoid those errors?
In my career of investing and working at companies that disrupt industries, I see it as detrimental to not being an early adopter to new technologies, especially during this era of digital transformation. By not adopting technologies that can transform your work, you greatly impact the success of your business. As the CEO or founder of a new business, you are in the perfect position to be flexible, lean and agile when it comes to adopting changes in your field. One of the most important things to do for a startup to survive is being able to showcase how your product differentiates from your competition, and being at the forefront of new technology does just that. You want to be able to go into that presentation and say “we’re the only ones doing this right now.” If you see a new viable trend emerging, adopt it quickly before it becomes standard practice.
Startup founders often work extremely long hours and it’s easy to burn the candle at both ends. What would you recommend to founders about how to best take care of their physical and mental wellness when starting a company?
Priority, priority, priority. Make sure you prioritize your health and well being before work. I invest 30 minutes of working out every day, eat very healthy and our team even takes standing lunch meetings. Take care of yourself so you can take care of things around you. In terms of family, my alarm goes off at five o’clock in the morning so I can spend time with my daughters at home, ensuring I get quality time with my family even if I’m incredibly busy at work.
You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. :-)
I think we should invest in the kids to go out and give back to the world. As a parent, I want to teach my daughters how to be mentally ready to enter the world and have a good head on their shoulders to continue the cycle of putting good into it.
We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.
If I had to pick, it would be Michael Jordan. I want to meet someone who went above and beyond in their field, and whose head and heart drove them beyond their fears. People like Michael Jordan did not just wake up and win the lottery — there is pain-staking work that went behind their success. I want to be able to hear those stories that not everyone knows.
How can our readers further follow your work online?
Website: https://www.anthemiq.com
LinkedIn: Michael Ward | LinkedIn
Twitter: @WardJMichael
This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!
