Thomas is another founder and CEO who is reshaping the world we live in with forward-thinking solutions to modern-day problems. His secret to success? Resilience, understanding himself, knowing what problem he’s solving, and being aware of each strength he has that will help him solve that problem. 

Thomas’ business is helping renters build financial freedom while renting, something that is desperately needed in an economy where renters in most Canadian cities can’t afford to buy a home. Keep reading to learn more about Rent Fund as well as uncover how Thomas Deneve achieved such success in his entrepreneurial pursuit.

What are three things every Entrepreneur should know?

The first thing that came to mind when we asked Thomas what he thinks every entrepreneur should know was the importance of knowing yourself. Entrepreneurs need to have a good understanding of who they are as people and what they value because, essentially, your business is just an extension of you. 

The next thing that Thomas mentioned as being important for entrepreneurs to know was being able to understand the problem that your business solves as well as the customers that you’re serving. 

Finally, Thomas believes (as do a few other entrepreneurs whose stories we’ve had the pleasure of sharing) that it’s incredibly important for business owners to understand their strengths, as well as their weaknesses so that they can find people to fill in the gaps.

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

Thomas' business, Rent Fund, operates as a two-sided marketplace that solves two distinct problems for both renters and landlords. 

When it comes to renters, many individuals spend around 30% or more of their income on monthly rent without receiving any financial benefit in return. Rent Fund solves this problem for their customers by transforming rent payments into investments. 

This way, renters can now get a portion of their rent back as an investment, provided that they take good care of the property, creating a sense of financial ownership while helping tenants build assets and secure financial freedom from their rental payments.

Rent Fund’s solution is particularly beneficial for renters who want the freedom to move around as well as the security of not needing to think about what state the market is in before they’re able to move to do so. 

In the case of landlords, dealing with property damages can account for 5 to 10 percent of the total rental income. Sometimes these costs even force landlords out of the rental business altogether. 

Rent Fund's solution to this issue is the other side of their investment incentive. If the property is damaged, the corresponding money goes to the landlord. This setup creates a win-win for both markets, encouraging responsible behaviour from renters and reducing the financial burden on property owners.

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

Funnily enough, although it wasn’t a million dollars, someone did invest a sum of money into Thomas’ business when he first decided to become an entrepreneur. 

In answer to the question, Thomas isn’t sure that he would've done anything differently with a million-dollar investment. He mentioned that looking back and thinking about what you should’ve done isn’t aligned with the nature of an entrepreneur’s journey. If you’re going to become an entrepreneur, you won’t know all of the “right” steps and actions to take beforehand. 

However, had Thomas had a million dollars he would have taken more time to find the right people to work with. He would have been willing to pay a large amount of that capital towards investing in his team, rather than investing in the product itself or marketing and other aspects of the business.

What is your proudest accomplishment as an Entrepreneur?

Thomas’ proudest accomplishment as an entrepreneur isn’t a milestone or achievement per se, it’s actually a trait that he’s developed along the way: Thomas is proud of his resilience. 

Thomas has always had an entrepreneurial mindset, starting a few small businesses and inventing things from a young age. Throughout his entrepreneurial journey, he has faced ups and downs, but his ability to persevere and not give up on his dreams is what he considers his proudest achievement. 

Thomas remains focused on his goals, not getting distracted by the abundant job opportunities available in his city, and is determined to make a positive impact on the world through his entrepreneurial pursuits.

What big goals are you looking to achieve?

Thomas’ most immediate goal is to close out his current funding round and he expressed confidence in his ability to achieve it. Once that’s done, his next objective will be to reach around 5,000 transactions for his company. However, he emphasized that the actual number is not as important as making an impact on people's lives and witnessing substantial traction with his business. 

Thomas wants to ensure that his company is not just focused on numbers but is genuinely making a difference in the lives of its customers. He aims to provide an experience that leaves thousands, if not millions, of people excited about using Rent Fund. The ultimate reward for Thomas will be knowing that his efforts have allowed him to secure a future for his family and have a positive impact beyond mere financial figures.

Our world changes and evolves at such a rapid rate and leaves so much room for forward thinkers like Thomas - like yourself - to fill in the gaps. There are countless areas where niches are waiting to be discovered, where problems are waiting to be solved, and where business opportunities are waiting for the right entrepreneur to discover them. 

What niche have you fit yourself into with a business that is solving a unique problem? We’d love to hear more about it. Get in touch with us today to share your own entrepreneurial story.