The Startup Success series features interviews with regional entrepreneurs who received funding from the Dingman Center Angels investor network. Click HERE to see a full list of companies that presented and received funding from the Dingman Center Angels during the 2011-2012 year.
Lemur Technologies collects market, retail, customer and community data to optimize the results per location. Using various methods of real-time communication, Lemur creates a sense of urgency and a call to action that leads to more sales. Lemur clients are provided with the best data analysis and individual algorithm results that maximize each store’s opportunities to move inventory. Keep reading for an interview with Lemur Technologies CEO, Will Fuentes.
How did you get the idea for your business?
I worked in the retail industry for about 9 years and identified a unique approach to solving the problem that slow moving inventory is a huge drain on resources.
Why a startup?
I really felt that I had a unique approach to solving a big problem. After spending some time with mentors they told me that I should go pursue building a company. I thought I had the right idea and the right market. Also, I like the freedom of being my own boss.
What phase is the company in?
We are currently in the “ramp up” phase. We are launching with a national client and looking to finish negotiations with another client.
As a startup, what are some of the greatest challenges you face?
Our greatest challenges are maintaining culture and finding the right employees!
What piece of advice/information have you received that has added the most value to your business?
If you have to ask if it’s a good idea, then you shouldn’t start your own business. You have to know it is good idea and go after it.
What was the Dingman Center Angels review process like?
The staff and Elana have been very generous with their time and advice. I have gained a lot from being able to present; not just money but other things as well.
What can be difficult working with Angel Investors?
The process can be complicated. Angels are usually less invested in a company than VC’s because they prefer simple deals and invest in smaller amounts. To secure a second meeting they need to be convinced of your company from the start.
What advice would you give student entrepreneurs who want to start their own business?
Go for it! And most importantly, pay it forward. When you meet someone that could possibly help your business make sure you see what you can do for them before asking for anything.
What piece of advice/information have you received that has added the most value to your business?
The biggest piece of advice has been to believe in my ability and my product but not so much that you lose focus or the ability to take feedback and criticism.
Will Fuentes founded Lemur Technologies, Inc in 2011. In his role as CEO, he is in charge of all aspects of vision, strategy and execution for Lemur IMS. Will brings 7 years of field and corporate experience to Lemur. This experience has allowed him, and the Lemur team, to create software that is easy to implement and impactful to the bottom line. After graduating from The George Washington University Law School in 2001, Will worked for two years in the legal field before pursuing a career in retail management.
Connect with Will Fuentes on Twitter, LinkedIn, and Facebook.