The story of Polaroo, a utility management platform, is an inspiring tale of perseverance, problem-solving, and the power of strong relationships. This is why Davide Rovera, Manager of eWorks, interviewed the co-founders Marc and David Rovira (Esade graduate) at the Esade Doers podcast series, about their entrepreneurial journey, the challenges they faced and their vision and commitment to solving pressing problems.

>> Check the full interview here: https://dobetter.esade.edu/en/entrepreneurs-polaroo

Polaroo, founded by brothers David and Marc Rovira, is a groundbreaking startup that is revolutionizing how businesses manage services and payments. With their expertise in Business Law and Engineering, they have developed a service app that offers end-to-end management and payment control for B2Bs. By centralizing services, bills, and SaaS subscriptions into a single platform, Polaroo streamlines processes, optimizes costs through bundling and bulk-buying, and provides financial stability by consolidating payments into a single monthly transaction. The Rovira brothers' unwavering entrepreneurial spirit and shared vision have propelled Polaroo to new heights, offering businesses an innovative solution to enhance efficiency and reduce unnecessary expenses.

Behind Polaroo lies an inspiring journey of determination, sacrifice, and the power of collaboration. David and Marc's entrepreneurial drive was sparked at a young age, organizing events and finding ways to turn their passions into profitable ventures.

Starting their entrepreneurship journey

For Marc and David, the decision to become entrepreneurs was not sudden but rather a culmination of experiences and a deep-rooted desire to make a difference. Through their journey, they have learned the value of a strong team, embracing challenges head-on, and never shying away from taking calculated risks. Polaroo serves as a testament to the power of innovation and the impact that dedicated individuals can have on transforming industries. Marc's frustration with managing recurrent expenses while living in different apartments sparked the initial idea. Recognizing the complexities and inefficiencies in dealing with various utility providers, they saw an opportunity to bridge the gap between consumers and these recurring expenses.

The initial focus of Polaroo was on helping consumers manage their utility payments more efficiently. However, as the founders delved deeper into the concept, they recognized that, in a world increasingly dominated by the subscription economy, the problem extended beyond utilities. Subscriptions, insurance, and other recurring expenses were also part of the equation. They saw an opportunity to address this broader issue and provide a comprehensive solution to simplify the management of all recurring expenses.

Pivoting is key to finding your best market-fit

Despite lacking prior experience in the industry, Marc and David leveraged their problem-solving skills and outsider perspective to tackle the challenges of the energy and utility sectors. Their fresh approach allowed them to identify innovative solutions that were often overlooked by industry experts, mired in the complexities of their respective fields. They saw the problem from a financial standpoint, focusing on the consumer experience rather than the technical intricacies. By combining their expertise and continuously seeking feedback from industry specialists, they navigated the learning curve and successfully built a company that disrupts the traditional utility management landscape.

As they continued their journey, they observed that businesses were using their software more than individual consumers. They realized that businesses faced a monthly obligation to manage their expenses, making their solution even more critical in the B2B realm. This organic shift led them to pivot and focus on serving businesses rather than individual consumers. Businesses were particularly keen on effectively managing their expenses and cash flow, and by catering to businesses' ongoing accounting needs, Polaroo positioned itself as a valuable tool for financial management in the subscription-based economy and enabled them to tap into a rapidly expanding market and set the stage for its rapid growth as a fintech company.

Tips and learnings when facing challenges to build a sustainable-growing startup

One of the key lessons Marc and David learned early on was the importance of product-market fit. They realized that instead of pushing people to understand the problem their product aimed to solve, it was more effective to create a solution that resonated with users. By focusing on building a product that addressed a real need and allowing users to feel the value intuitively, Polaroo gained a stronger position in the market. This approach validated their product-market fit and showcased the potential for future growth.

In the initial stages, the co-founders dedicated time to a learning phase, drawing on their prior experiences and expertise. They understood the significance of a well-constructed minimum viable product (MVP). Contrary to the misconception that an MVP should be complex, Marc and David opted for an advanced Excel file to manage and optimize recurrent payments—an uncomplicated yet efficient solution. This approach allowed them to quickly test and iterate, gathering valuable feedback to refine their offering.

Marc emphasized the importance of doing things that don't scale, a concept advocated by Paul Graham, one of the founders of Y Combinator. He stressed that these non-scalable actions are not meant to become scalable but rather serve as a litmus test for product demand. By focusing on delivering a solution that solves a problem, even through manual or non-scalable means, entrepreneurs can gauge whether there is genuine interest in their product. Whether it's an Excel file or an AI-powered app, what matters most is the ability to address the core problem in the simplest, quickest, and most cost-effective way.

The power of the MVP became evident to the Polaroo team. The Excel file they built, though lacking the fancy aesthetics of a polished app, effectively solved the problem at hand. Users perceived it as a powerful tool, oblivious to the simple backend operations. Marc explained the importance of distinguishing between how the solution is perceived by the user and the technical complexities happening behind the scenes. By testing and validating the functionality, entrepreneurs can determine whether a feature works before investing resources to scale it.

Reflecting on their journey, the co-founders emphasized the strength of their bond as brothers. Having been partners throughout their lives, they developed an unwavering trust and respect for each other. The shared experiences, challenges, and multiple connections they built over time created a solid foundation for their partnership. Marc and David recognized that their relationship extended beyond work and encompassed various facets of life. This multifaceted connection allowed them to weather disagreements, maintain a strong support system, and reduce stress levels. Their example challenges the notion that starting a company with close family members is inherently risky, as evidenced by the success of other sibling-led companies like Stripe.

With a team of 15 dedicated individuals working full-time and over 20 collaborators, Polaroo has grown steadily. The company's focus on building trust, maintaining a problem-solving mindset, and nurturing relationships have contributed to its success. Even if the company were to face failure, Marc and David's resilient spirit and shared experiences would provide the foundation for future adventures.

As the interview came to a close, the co-founders shared the story behind the name "Polaroo." Inspired by their early days working in a cold garage, they began referring to it as their "igloo.".

As Polaroo continues to grow and evolve, it remains committed to providing individuals and businesses with the tools to effectively manage their recurring expenses. The entrepreneurial journey of Marc and his team exemplifies the transformative power of determination, problem-solving, and a relentless pursuit of one's vision.