September 26, 2023: The power of experience

More Quick Takes, how Secoda is standing out, jobs you need to check out and more

Quick Take: The Power of Experience

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In the fast-paced world of technology, experience is often overlooked in favor of innovation and novelty. However, the success story of Secoda, a rising star in the field of data science tools, serves as a powerful reminder of the value of experience and training in the tech industry.

The Journey of Secoda's Founders

Secoda's founders, Etai Mizrahi, and Andrew McEwen, are no strangers to the tech start-up scene. They previously founded Correly as part of Next36 and had a quick exit. Their journey didn't stop there. Leveraging their experience and insights, they launched Secoda and were accepted into the prestigious Y Combinator (YC) accelerator program.

Their training and experience have played a crucial role in helping Secoda emerge from a crowded field of data science tools. They have successfully positioned Secoda as an "AI-powered data search and cataloging platform."

The Power of Experience

Secoda's recent announcement of a $14m USD funding round led by Craft Ventures is a testament to the power of experience. The company has built a tool that enables companies to obtain value from their data and understand how the data was derived, thus becoming a source of truth.

Investors are drawn to tools that provide a source of truth as they believe these tools are more sticky and companies find it harder to churn from these tools the more they use them. Secoda has differentiated its approach to the market by using AI to automatically generate documentation. This unique approach, backed by a 250% revenue growth, made Secoda an enticing investment.

Lessons for the Tech Community

Secoda's success story offers valuable insights for the tech community. It challenges the common narrative that founders naturally have talent and instinctively know how to scale a business. In reality, most founders need training and experience to build a massive company. The benefits of programs like Next Canada and experience from non-scaled exits may not always be observable, but they are crucial in accelerating the growth of our ecosystem over time.

Moreover, Secoda's journey highlights that even in crowded markets, start-ups can secure financing if they listen to their customers, find a unique position, and back it up with revenue growth. There is more than enough capital out there for start-ups that can demonstrate these qualities.

In conclusion, Secoda's journey underscores the importance of experience and training in the tech world. It serves as a reminder that while innovation is crucial, the value of experience and the lessons learned from past ventures should not be underestimated.

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