Perseverance is key to entrepreneurship. As is assembling the right team – and ensuring they’re in the right places within the company. Of equal importance is the ability to recognize and learn from your mistakes. The ability to move on from them with new knowledge rather than tuck tail and run from them. This knowledge comes from Kim Lowert, founder of Appstract, and today’s guest on Entrepreneur Stories. 

Kim noticed a gap in the online shopping experience. Knowing that humans desire connection, and recognizing the web as an instrument for connecting humans across the globe, he set out to create an environment that merged online shopping and human connection.

What are three things every Entrepreneur should know?

The three things that Kim highlighted as being incredibly important for entrepreneurs to know began with a need for persistence. Kim mentioned that challenges are inevitable so perseverance is key. Entrepreneurship is a journey filled with ups and downs, and it’s crucial to maintain determination and resilience through tough times.

Secondly, Kim highlighted the significance of assembling the right team. He elaborated by mentioning that companies are built by people, thus getting the right individuals on board is vital. However, he went even further by stating the need to ensure that each team member is in a role that aligns with their strengths. It’s not enough to have the right people – you need the right people, in the right places. 

He learned from his own experience that placing talented people in roles that don’t suit them can be detrimental to both the individual and the company. It’s important that you dare to have open discussions and make necessary adjustments to maximize your team’s potential. 

Lastly, Kim imparts the wisdom that true learning often comes from facing challenges and setbacks. While it’s enjoyable when things are going well, the most valuable lessons are often learned when you’re between a rock and a hard place. Imagine a “down” period as the necessary low point needed for you to gain the momentum it takes to get to the next high point. 

Embracing failures as learning opportunities can lead to growth, improvement, and ultimately, a more resilient and sustaining entrepreneurial journey. It takes a certain level of honest vulnerability, according to Kim, to own up to your mistakes, learn what you can from them, and move on with that knowledge.

What problem does your business solve and who are its customers?

Online shopping is certainly here to stay. Many people around the globe make use of online retailers for everything from food to medicine to clothes. However, Kim noticed a gap in this market based on the nature of shopping: socialization. Online shopping doesn’t cater to humans’ desire for connection. Kim’s main interest in the internet was its ability to connect people and so his app, Appstract, has the mission of filling this gap between online shopping and human connection. 

Shared Shopping is Appstract’s core product. Shared Shopping facilitates virtual group shopping, enabling friends to collectively explore items, add to a shared cart, and interact via chat. 

Beyond a mere shopping platform, Appstract’s solution serves as an empowering development platform, fostering engaging online shopping journeys. Kim’s goal is to counter the transactional nature of e-commerce with immersive experiences. The initial focus is on unique shared shopping, with plans to expand features, including video integration.

What inspired you to become an Entrepreneur?

When touching on his journey into entrepreneurship, Kim mentioned that he began with a background as a software engineer, building websites for his clients. During his studies and throughout his career he had an idea that there was something special about the web. This was at a time when the significance of the “web,” or the internet, wasn’t widely recognized. 

Despite this, he was captivated by the idea of the web connecting people and was able to see opportunities for innovative software solutions. Ultimately, this interest served as his inspiration for Appstract, down the line. 

As he embarked on consulting work, his curiosity deepened. He realized the web could revolutionize collaboration and software development. Kim’s innovative drive led him to conceive of building a collaborative text editor within a browser, anticipating something akin to Google Docs. Although his academic pursuits didn’t align with these ideas, Kim was already exploring the transformative possibilities of the web.

His journey continued with the development of various tools like file storage and chat systems, which evolved into something much bigger. Kim’s revelation came when he recognized that his projects were constructing an operating system in the cloud. This pivotal moment prompted him to assemble a team, work relentlessly on this novel venture, and make critical decisions, even pivoting from consultancy to product development.

If someone had given you a million dollars when you first started your business, what would you have spent it on?

Kim’s approach to a million-dollar investment would depend on the stage of his business. 

If starting without a product, he would have prioritized product development because investors often seek a capable team as well as proof of concept. For a business like his, with a proven track record and a developed product, a significant portion of the investment, say around 70-75%, would have been dedicated to product refinement. 

Marketing would also have been important to build an audience. That being said, sales efforts should be aligned with product readiness. Kim emphasized that while marketing and sales are crucial, focusing on creating a strong product foundation is paramount, especially when considering the challenges he faced in sales during his consultancy experience.

What is your proudest accomplishment as an Entrepreneur?

Similar to a few of the other entrepreneurs we’ve had the pleasure of speaking to in this Entrepreneur Stories series, Kim highlighted his tea as one of his proudest accomplishments – as well as the positive work environment he’s fostered. 

One standout moment that he cherishes was when he recalled leaving the office on a Friday evening, assuming his team would follow suit. On the contrary, he discovered that seven of his colleagues were still there – not out of obligation or tight deadlines – but because they genuinely enjoyed their work and believed in the company’s mission. 

This experience highlighted their genuine passion and commitment which inspired true accomplishment for Kim.

Kim takes immense pride in creating an inclusive and international work environment (Appstract is based both in San Francisco and in Denmark). This was evident in his consultancy days, where individuals from various backgrounds collaborated, all educated in Denmark but contributing to a diverse and vibrant team. 

The enduring connections formed within his team, even after they’ve moved on, emphasize the impact Appstract had on their lives as well as his ability to nurture a positive and enjoyable workplace culture.

What big goals are you looking to achieve?

In the short term, Kim is looking to secure between 100 and 200 real customers – transitioning from beta customers as they’re currently in the testing phase. Appstract is actively pursuing beta customers to experiment with their commercial playbook, which includes innovative approaches to group shopping behavior such as targeting groups for discounts and deals.

That being said, their most immediate priority is closing the ongoing funding round, according to Kim. In 2024, Kim envisions rapid scaling of the platform and automation of various technical processes. His company plans to offer performance charts and other features to enhance the user experience for their customers.

With a more long-term vision in mind, Kim aims to extend the platform’s capabilities, allowing other companies to build upon their shared shopping experience. Their roadmap includes plans to gradually expand their customer base to around a thousand customers within two years, a target that is surely attainable given the number of online stores available worldwide – not to mention the number of shoppers!

Are you an entrepreneur sitting at the edge of your seat at each question? Ready and waiting with your answers to the questions above? Get in touch with us today, don’t wait to share your knowledge, share it on Entrepreneur Stories today!