Alex Omvidar is the Co-Founder & Managing Director of Inoox LTD, a tech-startup in virtual team management.
What is your background? What made you decide to get involved in supporting entrepreneurs?
My background is in the humanities such as Philosophy, history and Law. However, since 2019, I have been reading about business, project management, scrum, virtual team management and more. I have a team of three people, two of whom are also co-founders and experts in their field (IT, project management, AI etc) . They were the reason I decided to become an entrepreneur and they helped me learn the necessary skills through training & research.
What is your definition of entrepreneurship?
To be able to rethink the way things have been in the past and to constantly research, build and test an idea until you find the solution.
How and when did you know your idea was good enough to develop it?
We conducted extensive research, read papers, books and whatever we could get our hands on for about 6 months. I then conducted interviews by using LinkedIn and based on the interviews we further refined our idea. Our MVP is nearly finished and we know our idea is good enough partly because we are solving our own problems but mostly because our research shows that there are many challenges for remote teams that have not yet been solved.
What would you say are the top 3 skills that needed to be a successful entrepreneur? Why?
1) being a visionary and leader
2) good teamwork
3) management skills
What is your favourite part of being an entrepreneur?
To think and innovate ideas and then to bring it to fruition.
What individual, company or organization inspires you most? Why?
Ethereum because its decentralised blockchain technology will shake the current ways organisation and companies operate.
If you had 5 minutes with the above individual/ company/organization, what would you want to ask or discuss?
Do you think one day governments or global organisations can benefit from a decentralised blockchain technology to remove censorship, tyranny and corruption?
What has been your most satisfying or successful moment in business?
Being able to work with my team on a regular basis and learn invaluable skills from my team.
What would you say have been some of your mistakes, failures or lessons learned as an entrepreneur?
There is no time to waste when you are an entrepreneur. Planning is important in startups but what is more important is innovation, testing and research.
How have you funded your ideas?
So far it is self funded by us until our MVP launch.
Are there any sector-specific awards/grants/competitions that have helped you?
Not yet, we are applying to Grant’s after our MVP.
What is good about being an entrepreneur in Oxfordshire? Bad?
The university, students, the support and the business community here is huge and it will even be bigger after the lockdown is over.
If a new entrepreneur or startup came to you looking for entrepreneurship resources, where would you send them?
I am currently beginning to create my own startup community with the aim of running events, mentorship and free training. So I would send him to my group. Also, I would advice them to join Oxford Entrepreneurs and to visit Said Business School.
Any last words of advice?
I would recommend students, members and business owners alike to run more startup related events and networking activities.