Balancing Startup Spirit with Corporate Strategy: Sia’s insights on Product Management

Balancing Startup Spirit with Corporate Strategy: Sia’s Insights on Product Management

At Antler, we champion entrepreneurial talent and innovation. Join us as Sia shares his inspiring journey, offering valuable insights into the world of entrepreneurship and strategic product management.

Hello Sia, thank you for joining us today. Could you walk us through your background and academic journey during your University years?

My degree doesn't directly correlate with what I ended up doing in my early career. I graduated from the University of Ottawa with an Honours Bachelor's degree in Social Sciences, specializing in International Development and Globalization, with a minor in Economics. While my degree provided a foundation in project management, I developed most of my leadership skills outside of the classroom by founding and leading student organizations. This experience helped me learn how to execute larger plans and led me to my first full-time job after university: founding my own company, EthicalTree. There, I utilized my leadership skills to rally a team around my idea and truly immerse myself in entrepreneurship.

Could you share your experience as a first-time founder at EthicalTree? What were some of the challenges you faced, and how did you address them?

At EthicalTree, my co-founder managed the data and financial aspects, while I focused on customer outreach, sales, and marketing for the first ten months. Essentially, we wore all the hats. EthicalTree allowed people to find businesses that matched their value-based preferences, particularly in the niche market of retail and restaurant-oriented businesses. However, our growth flatlined when we tried to expand. We realized we had scalability issues in smaller towns due to a knowledge gap, despite our strong passion. After consulting with business advisors, we discovered that we were underpricing ourselves relative to the value we provided. Scalability was a challenge because potential clients were locked into long-term contracts with local marketing teams or various news outlets beyond Ottawa and we were able to find more success in smaller towns.

‍Reflecting on your journey with your first business, what were the most valuable lessons you learned about entrepreneurship?

When you're young, you inherently believe in yourself. As a freshly graduated university student with a strong passion for entrepreneurship, I was able to take that leap of faith and try something new. Being a co-founder at such a young age boosted my self-belief and fuelled my desire to remain in this space. The experience taught me the importance of understanding market needs, pricing strategies, and the value of seeking advice from experienced business advisors, which I was able to leverage once I joined Antler’s residency program. 

“Being a Co-Founder at such a young age boosted my self-belief and fuelled my desire to build a successful career in entrepreneurship. My first venture taught me valuable skills that I was able to leverage and apply to my next company.”

‍Tell me about your journey at Antler. How did you hear about it, develop your initial idea, and what challenges did you face?

I started working on my idea before joining Antler after identifying pain points from my previous job. The issue I discussed with an engineer was the difficulty of aggregating different sources of financial data for individual customer accounts. I came to Antler with this idea, and my co-founder, who had extensive experience, joined me. Antler’s residency program provided a great opportunity to meet co-founders. With a team of three, we had a strong technical founder. Unfortunately, we had to pivot when we started seeing signs of not being able to compete in the market, so we withdrew.

Our competitors were much larger, with $100 million in cash, and their features were supposed to help small to medium financial businesses. We thought we could add value by implementing feature sets, but negotiations were based on cents per API. For them, the value was in the data itself, not the diverse feature sets we were trying to build. The wholesale data business requires massive amounts of financial backing to sell at a discount, and we didn't think we could reach that volume. Currently I have pivoted to a different idea related to CRM and I’m excited about further developing it.

‍Can you share your experience from day one to the end of the Antler residency program and the key things you learned?

Every Antler journey is unique. For me, I entered the program with confidence because I knew what I wanted to do and was very actively involved in breakout rooms and group discussions. During the first 2-4 weeks, I focused on presenting myself and discussing my ideas with various CTOs who were interested in my concept. I partnered up early in week three, but towards the end, we had to part ways, making it more difficult to find new co-founders as the program progressed. I met over 80 people, and the Antler Team was incredible—always supportive and ready to meet. The partners bring their own specialties and a diverse range of knowledge, which was invaluable.

Having completed the Antler program without securing an investment, would you still recommend it to aspiring entrepreneurs?

Absolutely. Even though I didn't secure investment, I would still highly recommend the Antler program to aspiring entrepreneurs. One of the significant benefits of the program is the open doors it leaves for future discussions with Antler and other VCs. The connections and relationships built during the program form a community of dedicated entrepreneurs that can provide support and collaboration opportunities in the future.

The experience of learning what VCs look for in an investment was invaluable. Working alongside seasoned investors and mentors for months has equipped me with a deep understanding of the investment landscape and prepared me for future ventures. I went into the program knowing that the chance of finding the right team and securing investment was about 30%, based on historical data. This awareness helped me maintain a realistic perspective and appreciate the program's other benefits beyond immediate funding.

"Working alongside seasoned investors and mentors for months has equipped me with a deep understanding of the investment landscape and prepared me for future ventures."

What advice would you offer to founders applying for Antler’s next residency? What is the best guidance you can provide to someone before embarking on the 10-week program? 

My advice to founders applying for Antler’s next residency is to focus on meeting and interacting with everyone in the program, regardless of whether you think they will be a good fit for your team. You might be surprised by the diverse skills and backgrounds that other participants bring to the table. Establishing strong relationships with the rest of the cohort can lead to unexpected collaborations and support networks that will be invaluable in your entrepreneurial journey.

Moreover, take full advantage of the opportunity to network and learn from the mentors, advisors, and peers in the program. Their insights and experiences can provide you with different perspectives and help you refine your ideas. Go into the program with an open mind and a willingness to engage fully. The connections you build and the knowledge you gain during the 10-week program can set you up for long-term success, even if the immediate outcome isn't securing investment.

In conclusion, Sia’s journey from a university student to a seasoned entrepreneur and product manager exemplifies the power of resilience, continuous learning, and the courage to embrace new challenges. His story is a testament to the value of diverse experiences and the importance of leveraging them to drive innovation and success in any field.

‍Thank you for reading.

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