Turning Webinars into an Automated Experience: Lessons from 3X Founder, Melissa Kwan
Hello, everyone! Today we have an exclusive interview to share - with none other than Melissa Kwan, the CEO and co-founder of eWebinar, an automated webinar solution that combines pre-recorded video with real-time interactions and live chat. She is also the host of ProfitLed, a podcast that focuses on growth strategies for bootstrapped entrepreneurs from proven founders and strategists.
How It All Began
Melissa's entrepreneurial journey didn't initially start with eWebinar. It took her a couple startups in real estate technology and a successful exit (Spacio, 2019) before she came upon the idea for eWebinar after spending some time in the “blue ocean” of startup ideas.
Blue Ocean is essentially a concept where a company brings an innovative product/idea to a new market with zero competition. This makes it difficult for the team since they’re essentially conducting all the market validation and education work for customers.
"I was just kind of sick of working for other people and really wanted to have something on my own and just decided to quit my job," Melissa reveals. "I had some money saved up and decided to do something full-time."
Her first foray into the business world involved creating mobile apps for real estate developers, a nod to her previous life as a real estate salesperson. From this, Melissa transitioned into building iPad marketing apps. Along the way, she was also seeking thrills elsewhere, particularly in Amsterdam where she now spends a good portion of the year.
From Perseverance to Innovation
Despite her love for parties in Amsterdam and an entrepreneurial tilt, Melissa started missing one thing: scalability. After hosting around 1,000 webinars for her companies, she came up with the concept for eWebinar.
Melissa explains:
"I always envisioned this product that would turn a video, like the perfect video, into a webinar that anyone can join on-demand, or they could schedule it at a time of their convenience...without losing the interactivity and the chat that makes the webinar valuable."
With the aim to get rid of repeating webinars and to give people time back, she set about building eWebinar. It initially began with a free trial before their official launch with Melissa making note of the difficulty in converting beta testers into paying customers. In order to charge customers, she knew that the product had to be great so the team invested a lot of time and effort into branding (6 months building the brand and another 6 months developing the product). The result was a polished platform constructed from hundreds of video calls with potential customers and testers.
She notes that delivering a high-quality product to customers is integral for retention to ensure that they have the highest chance for success, and lowest risk of churn. By creating a product that’s 10X better than anything on the market, eWebinar ensures users a high-quality experience that shortens the customer learning curve through an innovative UX.
Lessons Learnt Along The Journey
Throughout her journey building various startups, Melissa Kwan has gathered many valuable insights.
“The biggest lesson that I learned was to not choose a ‘blue ocean opportunity’...being blue ocean and being the only one in your space is not a good thing”
She advises fellow entrepreneurs not to get enchanted by the promise of a brand-new idea; rather, focus on becoming the ‘best second mover’. In other words, build on the momentum of a current concept and find ways to innovate/improve it.
Another essential lesson Melissa preaches revolves around financing. She stresses that funding isn't just about financial decisions, but lifestyle choices. The responsibility that comes with taking VC money can influence your business model, growth trajectory, lifestyle, and more.
Given the VC landscape post-pandemic and in 2023, the former “growth at all costs” business model is fading quickly for the profitability model. Founders are being smarter with how they scale their business and it’s those who do it thoughtfully that survive the ups and downs of the startup landscape.
Key Takeaways
Melissa’s entrepreneurial journey has not always been smooth sailing, yet it allowed her to gather priceless wisdom along the way.
Consistency: Be persistent in accomplishing tasks and goals, regardless of how enthusiastic you might feel about them.
Have fun: It's important to focus not just on work, but also to live and enjoy life. Being a founder can take a lot out of you so it’s important to prioritize things outside of the company.
Say No: Learning to assertively reject what you don’t wish to do helps protect your time, energy, and mental health.
Don't marry your own idea: “I realized what I wanted was not to be rich, but rather to be free. I value freedom over anything else.” Melissa shared openly.
Networking is not always needed: You don’t always have to entertain connection calls or networking events unless they’re extremely beneficial. She believes in focusing her time on building her company or spending it with friends and family.
Concluding Thoughts
Melissa Kwan, being a seasoned entrepreneur, through her wealth of personal experiences and challenges faced, provides insightful pieces of advice for fellow founders and aspirants.
“The most important thing is you figure out how to keep yourself mentally and physically healthy so you can build the healthiest company possible."
Her insights can indeed prove enlightening for aspiring entrepreneurs and peers. For those interested in learning more or getting in touch with Melissa Kwan, she can be reached via LinkedIn or her website, eWebinar.
Her story exemplifies the inspiring journey of a modern-day entrepreneur, serving as a beacon for those navigating their paths in the realm of startups.
Listen to the full episode here.
Learn more about eWebinar here.
Learn more about ProfitLed here.
