What separates an individual with a business idea from an entrepreneur with an idea that could actually turn into a viable business? The ability to successfully identify a market opportunity. That was the case for Gregg Scoresby, founder and CEO of CampusLogic. After years spent as a consultant in the higher education and student financial aid industry, he recognized the experience could dramatically improve with the adoption of mobile and cloud. In this episode, Gregg discusses jumping on the market opportunity, ushering student financial aid into the age of the cloud and the challenges of scaling up.
What’s a challenge you faced as you’ve scaled and how did you overcome it?
When you’re trying to scale, it’s different from when you were being scrappy and trying to execute with 10 people –– there’s a whole new level of management and leadership required. Externally, customers need more love and attention. Internally, it’s important to make sure there’s clarity around the company’s purpose, mission and values. At CampusLogic, we talk about purpose, mission and values in almost everything we do. Our core values are the primary thing we interview for and our entire performance evaluation process is based on those core values. If you have smart people who share those core values, then a lot of good things happen.
As any company grows, change is inevitable and often necessary. How have you adapted to embrace change?
Managing a 10-person company is quite a bit different than managing a 100-person company. The role becomes more about managing the managers versus directing the work on a day-to-day basis. Making changes associated with growth can be hard, but it is fun to see the company grow, and try hard to make the personal and organizational changes that allow it to grow.
What’s one piece of advice you would give to these entrepreneurs?
Build the very best team you can as early as you can. When cash is tight, it can be tricky to hire the best talent that you can. The key is to always be thinking what the company will need in the next six months, 12 months and 24 months, and then hire for the skillsets you’ll need in the out years. It’s important to find balance when cash is tight, but at the end of the day, talent wins. That’s how success happens –– great people solving big problems.
Speed round:
- Coffee drinker, yes or no? No, but a Coke Zero on my desk isn’t safe.
- How many hours of sleep do you get daily? 6 – 7 hours
- One business tool you’re geeking out over right now? Slack.
- Favorite piece of technology? Microsoft Azure
- What’s one book you’d pass along to a fellow entrepreneur? The Four Disciplines of Execution
- One person you’d like to have dinner with? My wife.
