How to build a business – 10 tips from the creator of the first Romanian unicorn

How to build a business - 10 tips from the creator of the first Romanian unicorn

Daniel Dines, the founder of the first and most valuable unicorn in Romania, told How to Web how he led his company, UiPath, from a small business in a Bucharest apartment to a global company with close 2,000 employees and businesses of nearly 200 million dollars.

Practically, through UiPath, Daniel Dines, alongside his co-founder Marius Tirca, has demonstrated that a great technology company can be built right here in Romania. But how did he succeed? How will others be able to do the same? Do you have an idea and start thinking about starting a startup? Then you should look at the ten tips that Daniel Dines has for you:

Fail and learn

Daniel Dines refers to the fact that UiPath has been on the market since 2005, but only in 2015 had the expected success. As he says, the company did not find its place in the market and did not know exactly how the technology could be used.

Timing is everything

Great opportunity came for us after receiving a phone call from an Indian company. It seems the Indians had a contract with another RPA company, Blue Prism, and there were misunderstandings. The Blue Prism representative challenged the Indians to find someone else to do what they were doing. That’s what he did and gave it to UiPath.

Describe the opportunities ahead

The company in India is one of Business Processes Outsoursing. I did not even know what BPO was at the time. We sent three people for three months to India, built a pilot program, and so we realized which is our market.

Find the right people

Daniel Dines says it’s very important to find the right people who fit into the company’s culture and trust them to make the right decisions. Also, in a startup you must always be connected to what is happening in business. “If I call you at 2:00 to talk about something, then I want you to be willing to have a conversation.”

Be a leader who makes impartial decisions

You have to be a person who, when making a decision, must be impartial. If you are biased, then you will lose the company, the team. People will feel when you are biased and may follow you at first, but do not do it with conviction

Makes a company culture based on humility, boldness

The UiPath culture is built on the following four elements: be humble, be bold, be immersed and be fast. “Being humble has a negative connotation in Romanian is to be someone’s servant,” but it is very important to be humble, humble, and to be bold is not the opposite.

There are no good decisions

Danile Dines is of the opinion that there are no good decisions and you can not wait to see whether or not it is a good decision. In business, you have to fail quickly and learn from this failure. You have to do experiments and you have to make decisions based on these experiments

Choose bold goals

He recommends you to set great goals, but not crazy, but achievable. “When we had business for about $ 30 million, our investors told us that we would set a target of $ 70 million for 2018. I said I would increase my goal to $ 100 million, but we saw that many companies were getting stuck at this threshold so we set our target to $ 200 million. My people told me I was crazy, but I said to see what we need to do to reach this threshold. After the analysis we saw what we were supposed to do and saw that the goal was achievable. ”

Do not enter a market with big competitors if you do not have a differentiating element

When you enter a market you must necessarily have a differentiating element to the biggest players, otherwise you will not succeed. I could offer UiPath technology right now for free, and you still have not succeeded because such a business relies heavily on trust and relationship.

Trust your intuition

You have to trust your decisions and what your intuition tells you. Do not doubt yourself. The world told us not to enter Japan because it is a tough market, but I thought we should be there, and now Japan’s projects generate 20% of the company’s revenue.

For the fourth quarter of this year, UiPath estimates it will have around 2600 customers, and the revenue forecasted for this quarter is $ 175 million. “I hope we reach the 200 million dollar end of the year.” The number of UiPath employees reached 1850 people. “Only in October we hired around 200 people.” In the third quarter of 2017, the company had only 276 employees.

UiPath is a company founded in Bucharest and specializes in the development of software robots that automate repetitive work processes in companies. Such a software robot does the same work of a man, but much faster and without mistakes. This autumn, the startup has attracted funding from

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