Kevin Jarnot, BD-X
During the hollowest part of the 2001 Massachusetts dotcom recession, Kevin Jarnot & 2 financial industry executives founded “BD-X”, a web-based financial services company. Their vision was to create a service for financial reporting that allowed analysts to view and search real-time transcripts of corporate earnings calls. “VC money was tight, basically there was none available, and so we paved our own road to get the product out the door.”
TEAM HAD A SINGLE FOCUS AND ROLES WERE CLEARLY DEFINED
“We had a job to do but we had obstacles because there were limited resources. Like any well run business, we went around these issues. Internet access was also a powerful force in helping us succeed.” To save money they worked from home and would meet in coffee shops as needed. The team had a single focus and there was a clear delineation of work and responsibilities. Kevin oversaw the technology development. He hired and supervised developers. The Chief Operating Officer rounded up court reporters and transcriptionists, the CEO handled sales. The arrangement worked with little need to be in continuous contact, “there is no need to tighly coordinate high level people”
THEY HIRED ONLY SENIOR STAFF
When staffing developers Kevin looked for engineers with experience. “I hired self starters, there were no junior level people who needed face time and hand holding.” At that point in time he realized he could “pick and choose from anywhere”. BD-X used simple tools: scanners, e-mail, the phone, Yahoo! chat to resolve technical issues on the fly, and email/Excel to coordinate schedules and deliverables. While his hours were long, Kevin really liked working from home where he could be with his newborn baby, eat meals with his family, and go to the gym when he pleased. BD-X’s bootstrapped approach succeeded, because within 4 months they had created and sold their product to CCBN/Thompson Reuters.
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