Entrepreneur Profile
Nick Genty, CEO and Co-Founder, Iconic Solutions
Mini Bio
Young entrepreneur Nick Genty is CEO and co-founder of Iconic Solutions, a leading mobile app development firm that serves global brands and cutting-edge startups.
Name: Nick Genty
Title: CEO & Co-Founder
Company: Iconic Solutions
Years in business: 8 years
Business location: Cary, NC | Atlanta | Bangalore, India
Number of employees: 16
Chief product: Mobile app development
Website: iconic-solutions.com
First of all, how is business these days?
Business is great! We’ve continued to generate over 100 percent growth in our company revenue year after year, and this year looks to be on track to do the same.
What led you to start your own business?
Launching Iconic Solutions in 2008, we recognized an opportunity to help B2C companies develop their initial presence in the app store.
What sources did you use for startup capital?
Initially, we pursued every funding option available, including applying for credit lines, giving up equity for convertible notes and/or seed investments, and even government-sponsored grants. However, we ultimately chose not to give up equity or take on external debt, and instead bootstrap our operations by funding everything ourselves.
What do you think is your biggest business strength?
The ability to quickly understand the internal business workings of new clients is critical. Every new project means learning how someone runs their business. Only then can we be successful.
What do you enjoy most about owning your own business?
I go to work every day and am given the opportunity to help someone turn their imagination into reality.
What’s your least favorite part of running a business?
You never truly get to turn it off. You’re always online, always connected, always ready to respond to a customer or put out a fire.
What do you think are important entrepreneurial skills to have?
Above all, you need to know how to sell.
What are some challenges you’ve faced in business and how did you overcome them?
Our challenge was staying flexible in our business model. We started Iconic Solutions wanting to create the next breakout automotive software product. However, coming off the heels of the 2008 recession, we found ourselves in one of the worst times the automotive market had seen. Dealerships were shutting down, employees were getting laid off, and no one was buying software. Looking back, this was just the first of many pivots our company faced. It shows that in order to not only grow, but survive, we need to be able to adapt.
What do you wish you’d known before you started out?
After launching multiple products, we've found it's true that it always takes more money and more time than initially anticipated to bring a product to market. Make sure there is a clear understanding of cost and timelines for everyone involved.
What is the smartest move you have made with your business so far?
Starting the company with a co-founder who has completely opposite skills than me was my smartest move. We balance each other out perfectly, and there is no doubt in my mind that we would be as successful as we are without relying on each other.
How do you find new customers? What do you do to make sure they become return customers?
A majority of our customers are repeat customers or referrals from existing customers. We pride ourselves on quality and delivering amazing results the first time.We position ourselves as a trusted partner, not a vendor.
What’s your management style with employees?
I’m a proponent of open doors and easy conversation. If you’re doing awesome work, I’ll be the first to tell you. If you’re slacking and not delivering on what you said you would, I’ll also be the first to tell you. No games. Just clear conversation and expectations.
Who are some other entrepreneurs you admire, and why?
Entrepreneurs like Nikola Tesla and Elon Musk embody the entrepreneurial spirit in the truest sense of the word. They realize that just because something hasn’t been done, doesn’t mean it can’t be done.
Do you have a favorite inspirational quote?
There are quite a few quotes that have motivated me over the years, but there are two that continue to inspire me:
"There are only two options for every problem: make progress or make excuses."
"Play the hand you were dealt like it was the hand you wanted."
What new initiatives are you working on?
We have two new exciting products that we’re rolling out this fall, both aimed at increasing communication in the construction industry. Stay tuned for more information!
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