This
Founder Got the Idea for a Multimillion-Dollar Company After Being in a Car
Wreck
May 15, 2019
190206_GBR_BradWeisberg_GBR
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In 2011, Brad Weisberg
co-founded Snapsheet — which uses technology to streamline the auto insurance
claims process — and has led the company through multiple stages of rapid
growth as its CEO. Snapsheet has raised $47.6 million in funding, according to
CrunchBase, and was named one of the top fintech startups of 2018 by CB
Insights.
Each week,
GOBankingRates sets out to discover what makes the people behind top companies
tick. We like to call this series “Best in Business” — and Weisberg really is
one of the best. He told us why time management is so vital when starting
a company, how he keeps his employees engaged and motivated (gift baskets are
involved!) and ways that you can find (or build) your own dream job, too. Below, find our favorite moments from
the story of how Weisberg launched his business.
It All Started With a Car Accident
Years ago, I got into
a car wreck. I took my car to three body shops, which resulted in three
different estimates for the same damage to my car. All the body shops did was
look at the damage and quickly put a number on a piece of paper. It took so
much time and frustration to get the damage assessed, and there was no
technology used throughout the process. It dawned on me that submitting a photo
of the damage to the body shops through the use of technology would save time,
costs and frustration. The result would be the same — a cost estimate to fix
the car. This was the moment that Snapsheet was created. I knew then that a
picture was worth a thousand words.
He Put His Life Savings on the Line
Failure was my biggest
fear. My life savings were invested, and I jumped headfirst into Snapsheet.
Once I had the initial idea, I spent time researching the market and the
industry, as well as talking with body shops, friends and family to identify
the challenges and the opportunities. I believed then, and I still believe now,
that the harder you work, the more successful you can be.
It takes three times
as much time and money as you would initially think. There is no such thing as
an overnight success. If you perceive someone to have had quick success, you
likely aren’t familiar with their backstory. So many business owners have been
working at it for more than 10 years, hitting many challenges and roadblocks
along the way, until they are externally perceived as successful.
Time management was
the hardest part of going from the concept to actual business. In the early
days of Snapsheet, I was working two jobs, selling real estate while I was
getting Snapsheet off the ground. When you are the only employee at a founding
company, there are so many roles you need to be focused on, such as raising
money and building the product. It’s important to prioritize your tasks but
stay committed to each piece of the business puzzle. Once you can start hiring
a team to put in functional roles, the time management piece gets easier.
He Built His Company Based on the Idea That
You Can Always Do Better
In previous jobs,
people that I worked with never pushed the envelope. They stuck to the same
processes that turned into the same results. At Snapsheet, our motto is, “There
has got to be a better way.” I believe that there has to be a better way to do
everything in life, and we should always be exploring other opportunities to do
just that. We encourage innovation and challenge the status quo.
The culture of a
company is extremely important for the success of a company. I wanted to build
a company where I was surrounded by passionate and motivated team members that
enjoyed coming to work each day. Nearly 50 percent of Snapsheet employees work
remotely. To keep the team engaged, we work hard at building a culture that
makes them feel appreciated. Being transparent is one of my biggest
priorities as a business leader. Snapsheet’s entire executive team ensures that
our colleagues understand what we are doing, why we are doing it and where we
are going. Each person understands why they are important to our team, but also
to helping us achieve our goals.
We also make sure to
add in a bit of fun for both the employees [that work] in the office and
[those] that work remotely. On top of the lunches and happy hours, we send
monthly themed gift baskets that keep up the excitement about being a part of
Snapsheet.
He Views Success as an Ever-Moving Target
I consistently
challenge myself against achieving success. Success to me is defined by many
things. Success is bringing my team happiness and fulfillment when they come to
work every day. I feel proud of creating more than 500 jobs for people, as we
work together for one common mission and dream.
At Snapsheet, we set high targets and
challenging goals. When we reach those, we celebrate together. The next
morning, we roll up our sleeves and raise the bar. Fortunately, we have had
many milestones to celebrate over the years. We look forward to many more
achievements in our future.