In this episode of Product Drama Podcast (PDP), we talked to Mary Kopczynski, CEO at RegAlytics, about what it's like to launch a RegTech product, fail forward, and turn mistakes into stepping stones success.
Mary's first company was called 8 of 9 (as she is the eighth child out of nine). She then did the regulatory crisis management for the biggest banks on Wall Street.
It took her several years and failed products to develop RegAlytics and realize that she is a truly successful entrepreneur.
This is a jam-packed episode. On the one hand, we talk about things that seem boring at first sight, like regulatory compliance and laws. On the other hand, we discuss ups and downs, finding strength in yourself, and continuing to create what you believe in. Mary also mentions the practice of handwriting and what benefits it can bring to your daily routine.
We also covered:
- What is RegTech and what’s its future look like?
- How to launch your product, while keeping your day job?
- How to build a simple MVP first and start collecting customer feedback asap?
- What are the founders’ biggest fears?
- How to test product concepts and conduct customer surveys?
- Tips for startups who are afraid to fail.
- What does it take to be a cool manager?
Here are some quotes:
“You can’t say you’re building an industry. You’ve got to build something someone got to find useful”.
“Another mistake was that we built products and never showed them to anybody.”
“Founders don’t rest. And that’s another pitfall”.
“When you’re early in your failure, it stinks a lot more.”
“People at your company are not here to be your friends. They are at the company to gain valuable skills”.