How I Went to an Exclusive Networking Event and Liked It
Suma's on-the-ground report
about Ella Events' first exclusive networking event
in Toronto, ON, Canada.
In Conversation with Litespace:
Building a Startup in the Age of AI
April 23, 2024
Suma's News Article features the following four guests:
Angella Fajardo and Abrham Bisrat co-founded Ella Events.
Zeeshan Shahid and Jack Lau co-founded Litespace.
HOW I WENT TO AN EXCLUSIVE NETWORKING EVENT AND LIKED IT
Building a Startup in the Age of AI
It's late evening on a cloudy day in Toronto, and along with a few fellow attendees, I enter the cozy Café Blublu. It's lit up with ambient lighting and chill music in the air.
I spot a few familiar and many friendly faces and engage in one conversation after another, needing no icebreakers, although Ella Events arranged for some!
Check out the photos for the easter eggs related to my icebreaker question.
INAUGURAL EVENT
Ella Events, Live Podcast
The cafe filled up quickly, and I didn’t even notice the passing of time until Angella and Abrham (the co-founders of Ella Events) called attention to the crowd to start the panel discussion.
They recount how Toronto is a hub and home to a vibrant startup ecosystem and community, which inspired them to start Ella Events.
Combining that with their shared interest in podcasts, mainly listening to stories about how companies start and grow big, is how the inaugural event became "a live podcast," as Angella calls it.
"In Conversation with Litespace" photograph courtesy of Suma, April 23, 2024. Ella Events Poster at Cafe Blublu in Toronto, ON.
THE PANEL DISCUSSION
In Conversation with Litespace
The panel discussion/conversation with Jack and Zeeshan, co-founders of Litespace, an all-in-one employee experience startup in the HR tech space, was filled with insights and wisdom.
By the end, I had taken a crash course on how to start a startup.
"Ella Events Icebreakers" photograph courtesy of Suma, April 23, 2024. Ella Events Icebreakers at Cafe Blublu in Toronto, ON.
HERE ARE THE HIGHLIGHTS
Litespace's Origin Story and Pivotal Moments of Entrepreneurship
Litespace is Zeeshan’s third entrepreneurial venture.
While he can trace his entrepreneurial spirit back to childhood, he didn’t consider entrepreneurship a career path until he was at university.
It started with a banking app for people with cognitive deficiencies. They did a pilot in South Africa.
"Power for Change Poster" photograph courtesy of Suma, April 23, 2024. Ella Events Poster at Cafe Blublu in Toronto, ON.
"The impact that we saw right on the spot with this app for the first time in their lives was they could take ownership and make their first banking transaction.
They were able to buy something, right?
So it was very emotional.
That was my first startup experience," says Zeeshan.
ZEESHAN CONTINUES
On Entrepreneurship
"And I thought maybe entrepreneurship is something I should explore. And since then, I've been stuck with it."
While Jack, too, had entrepreneurial ambitions since childhood, he took the more standard path.
He entered the corporate world as an investment portfolio associate at one of the most considerable hedge funds.
"Guest Panel Discussion" photograph courtesy of Suma, April 23, 2024. Ella Events featuring Jack and Zeeshan, hosted by Angella and Abrham, at Cafe Blublu in Toronto, ON.
He always knew he would start his own company at some point, but Jack's pivotal moment came when, "My boss asked me, where do I see myself in the next five years?
I will be doing my current job, but I'll be better at it and more skillful.
And it became clear: I didn't see that being a fit aligned with my career path."
So, Jack took a bet on himself and entrepreneurship with Litespace.
ON ROLE MODELS
Taking a Balanced View
Jack's model is Elon Musk.
He admires Musk’s efficiency in moving from one meeting to another and his flexibility in working on multiple projects simultaneously.
“And being that driver to make it happen and push it forward. That's something that I look forward to having,” says Jack.
Zeeshan cites Elon Musk for his courage, Steve Jobs for his vision, and Naval Ravikant for integrating philosophy with business strategy but looks at role models with a critical lens.
USE ROLE MODELS AS AN EXAMPLE
How Zeeshan Thinks About Role Models
“If they have done it, it is possible, and I might also have a shot.
And I try to size up and think, what is the gap? And that's how I think about it."
Role models are also fallible since they are human, so a balanced view of your role models is essential.
“If you're obsessed about a role model and they do something bad, that can disrupt your worldview,” says Zeeshan.
THE LITESPACE JOURNEY
How Litespace Came To Be
The traditional path of the employee lifecycle from onboarding to development, training, performance, management, and engagement involves different tools.
The tech stack becomes a problem as it hinders a cohesive experience. Data falls through the cracks since each purpose has a different tool or app and might not connect.
Litespace tackles this problem by being an all-in-one employee experience platform.
However, it didn’t start so comprehensively. Litespace started relatively niche - to plan office building schedules effectively with hybrid work.
ISOLATED PROBLEMS
How Litespace Fills the Gap
Jack and Zeeshan quickly realized that people’s problems are very fragmented.
For example, when someone joins a company, they might have onboarding problems.
When new employees start, they will have growth problems, and then there will be day-to-day engagement issues.
With these gaps being prevalent, staying niche didn’t make sense. They spoke to 400+ HR managers in the industry to shape their understanding of what their products should be doing.
LITESPACE IS UNIQUE
How Litespace is Making the Difference
Litespace's unique buffet approach allows one to use various strategies to engage with individual members.
It could be coffee chat programs with mentors or learning how to plan events and build communities.
The core aspect is the different ways to connect each individual with another.
There’s no one-size-fits-all solution. So, having diverse ways to operate effectively is vital, and that is where Litespace will become a game-changer.
AUGMENT PRODUCTS WITH AI
Role of AI in Litespace
AI augments the products rather than being the core. It helps Litespace with more personalization and automation.
However, in terms of technology, Litespace aims to facilitate the human experience without getting in the way, given that HR is about human aspects.
A new feature Litespace is launching focuses on improving one-on-one meetings between managers and employees.
It uses AI to take notes and analyze performance discussions, ensuring alignment and continuous personal development.
AI ENHANCES PROCESSES
How Litespace Leverages AI
Additionally, AI will enhance onboarding processes, moving beyond generic greetings to personalized interactions tailored to individual employees.
Another significant application is in knowledge management within organizations, where AI helps quickly provide answers to common queries.
Such as specific HR questions, like "How can I get my ID for tax payslip?"
Jack believes every component of the employee experience will slowly have more AI involved and improve from there.
TIPS FOR ENTREPRENEURS
How Zeeshan Says to Get Started
“I would say just do it. You have a ton of time, evenings and weekends.
You can spend that time building something that will eventually generate you money and become a full-time job,” says Zeeshan.
"But we also need to take care of ourselves. So, make sure you have a source of income.
Don't just quit your job and dive into your company; make sure you have sufficient resources around you to help you keep going.”
TIPS FOR PRODUCT MARKET FIT
What is Product Market Fit?
“You cannot get to product market fit right off the bat," continues Zeeshan.
"Product-market fit means that your customers love your product or service enough to evangelize it."
PRODUCT MARKET FIT IN CANADA
How Zeeshan Says To Get Your Beachhead Customer in Canada
"Getting somebody to pay for your service is not enough in Canada.
If you can convince people outside of your friend circle and a stranger to buy into your idea, that's a good indication."
You can then plan to go full-time and build your company.
And for that, I would ask you to have at least one year of runway for personal finances before you hop on," Zeeshan cautions.
TIPS FOR BUILDING A COMPANY
What to Consider as a Company
“Listen to the team, “ adds Jack.
Building a company takes time and involves discovering insights no one else has found.
"And it’s going to be tough. If you don’t have the right team to support you on this journey, you are pretty much screwed.
My biggest takeaway is the team fit.”
JACK'S THOUGHTS
How Jack Starts Building a Company
Jack finishes with three thoughts:
Talk to a variety of people in the industry.
Talk to 50 customers to get insights.
You might have to double or triple down.
Find an advisor who has been in the industry for over ten years and ask them to guide you down a path.
FRIENDS AND BUSINESS PARTNERS
How to Start a Business with a Friend
As Jack mentioned, you need to look for a fit for the team.
Is the person you are bringing on board a good fit?
Do they have complementary skills?
Or are you creating redundancies? If so, is the redundancy worth it?
BUSINESS PARTNER TRANSPARENCY
How to Communicate With Business Partners
The most crucial aspect is being transparent with one another, pointing out mistakes they are making, and accepting feedback.
For example, Jack and Zeeshan have complementary skills.
Jack solves problems in the overall business aspect, and Zeeshan takes care of the engineering.
Zeeshan recommends having at least two co-founders with complementary skills but the same values and vision.
INVESTOR'S POINT OF VIEW
How Jack Thinks Like an Investor
“If you need to part ways,” says Zeeshan. “Those are some tough conversations to have, but it happens.”
“From an investor’s point of view as well, redundancies on the team don’t work,” says Jack.
UNITED STATES VS CANADA
Raising Capital: US vs Canada
For many Canadian startups, securing funding in the US is a common strategy due to faster processes and higher availability of capital to take risks.
RAISING CAPITAL IN CANADA
How Jack Says Angel Investors and Government Grants Work in Canada
Canada is both slow and is more conservative. Competitions could be something to look out for. Angel investors are another route.
“For tons of my friends, the first angel check was from their previous boss," Jack shares.
Given Canada's capital limitation, he cautions against accepting unfavourable valuation terms.
Another excellent starting point is getting government grants through accelerators and incubators.
“You can approach your friends and family, but don't ask them for 100k; maybe five thousand is enough.
Understand the risks you're putting them through,” says Zeeshan.
Given the difficult economic conditions, Zeeshan reiterates the importance of having a runway that lasts one to one and a half years.
It is better to be cautious when implementing the funding round.
REASONS TO RAISE CAPITAL
How to Raise Capital
Three key points regarding when to raise funding include:
Considering the stage of the business, for example, raising capital before generating revenue can be challenging due to ambiguity.
Define why you are raising capital.
Options include covering operational costs (including salaries), funding expansion efforts, or exploring new product development. The capital raised shouldn’t just be sitting in the bank.
Investors may prefer startups whose founders are fully committed and working full-time on the project.
ADVICE TO YOUNGER SELF
Jack and Zeeshan's Insights and Mindsets
Jack says, “Find insights. Insights are what you know that no one else knows. It’s the competitive edge."
It could be industry expertise or a coding superpower. Find insights about your business by talking to as many people as possible.
On having the right mindset, Zeeshan says, “On a personal side, it will be a tough journey. If it's not working, pivot, but don't give up on your dreams."
BUILDING A COMPANY
How Zeeshan Advises to Solve a Problem
In terms of building a company, Zeeshan advises looking for problems that are standardized enough to solve.
Understand your competition and the market first.
Can you pre-sell your product to at least a few people?
If yes, then you can start building the product. Otherwise, it’s best to keep working on the idea.
MAKING BETTER BETS
How Jack Makes Better Bets
Jack advises refraining from betting on ideas with only a 1% chance of success.
You want to make better bets.
With insights from customer validation and other means, you can increase the odds of your work.
FOUNDER WITHOUT TECH BACKGROUND
Advice to a Non-Tech Founder
If you are building a technology tool, you will need a technical person on your team.
If you don’t, there’s a knowledge gap, and it will be challenging as you will be learning how to do things while building the product.
And it can take 2-3x more time to create.
Furthermore, technical people can give you early insights into what’s doable and what’s not.
TECHNOLOGY EVOLVES
How to Scale a Startup Company
Another point to keep in mind is where the technology will evolve.
No-code tools have limitations on scalability and licensing.
However, they can help with minor use cases like building a marketplace.
BEACHHEAD CLIENT
Getting the First Client
Every startup will have a different story about how it got its first customer.
It can be through cold emailing 1000 emails or finding a target audience community.
Find out which strategy works for your problem and enforce it as much as possible.
The Open Mic
The event was not just about the panel discussion but also about fostering a supportive community and featured an open mic.
We listened to three founders pitch projects they are working on or need help with.
Michelle, founder of Bov Active
Michelle founded Bov Active, a golf athleisure brand for women that combines style with functionality. It is for young professional women in leadership roles. Frustrated by the tacky options available in the market, Michelle created Bov Active to offer stylish, versatile golf wear suitable both on and off the course.
Ibrahim, co-founder of Simpli Events
Ibrahim, co-founder at Simpli Events, aims to simplify and enhance the event-organizing experience. With features like AI-driven live event description generation, he reduces setup times to as little as 60 seconds. He says, “It's just one of those pains you don't think about until it goes away.”
Sumona, founder of Mindshield Think Tank
Sumona, the founder and researcher at the think tank Mindshield, works at the intersection of AI, exponential techs like XR, mental health, and well-being. Her think tank focuses on the impact of exponential technology on human cognition and social behaviour, core aspects of cyberpsychology and the need for cognitive security.
INFORMAL NETWORKING
Angella and Abrham are warm hosts.
An informal networking session followed with light food and drinks.
I was so engaged in conversations with the fantastic network around me that I nearly forgot to eat. That’s how good it was!
Angella and Abrham are warm hosts and the event has a wide and varied guest list.
Everyone is welcome, including professionals from academics, design, product, marketing, HR, software development, copywriting, business development, incubators, and even a surreal artist!
"Post Panel Discussion Networking" photograph courtesy of Suma, April 23, 2024. Ella Events at Cafe Blublu in Toronto, ON.
ANGELLA IS A PRO AT EVENT MANAGEMENT.
What's the Mission at Ella Events?
Angella's expertise in making people comfortable and setting the mood of the space to foster natural connections and conversations shines through.
Ella Events aims to cure loneliness by accelerating happy coincidences and making the world more connected in real life.
It is hyper-focused on the whole event planning process, from the inception of an idea to getting people through the door.
They seek to break down every barrier to help people gather and build a great community.
THANK YOU FOR READING MY STORY
Toronto Upcoming Events with Ella Events
Dear Readers,
I'll see you at an exclusive networking event hosted by Ella Events soon!
"Ella Events Swag" photograph courtesy of Suma, April 23, 2024.
FAQ
What is Ella Events in Toronto?
Ella Events will create happy coincidences by connecting people in Toronto, ON, Canada. Co-founded by Angella Fajardo and Abraham Bisrat, Ella Events wants to break down barriers and help people overcome loneliness by gathering and building a great community. Toronto's startup ecosystem inspires them, as do podcasts.
How can I build a startup with AI?
Zeeshan Shahid, co-founder of Litespace, advocates using AI in startup development, emphasizing the need to identify a standardized problem. His business partner, Jack Lau, prioritizes the right team, highlighting the team's role in supporting your vision and building the company. Litespace uses AI to enhance services.
What is an entrepreneur?
Entrepreneurship was a pivot for Jack Lau, co-founder of Litespace, when he realized his career trajectory looked flat and wanted to build more than his skills. His business partner, Zeeshan Shahid, is an entrepreneur because he has an entrepreneurial mindset and is happy empowering customers and solving problems.
How do I raise capital for my startup in Canada?
To raise capital for a startup in Canada, Jack Lau, co-founder of Litespace, says that a previous boss makes an excellent angel! While investment capital has limitations, avoid unfavourable valuation terms. The Government of Canada offers grants as an option, often available through accelerators and incubators.
What do I do if I'm not technical but want to build a tech company?
Suma concludes that if you're not a technical person and need help understanding technology, it's vital to partner with a technical tech person as soon as possible. Building your product or service without technical expertise can take three times more time, and you'll miss insights into what is trendy and possible.
What is a beachhead client?
A beachhead client is your first customer, not a partner, who will drive the development process for your company's product or service. It is a war term for advancing into new territory. In a business case, it describes the first client to purchase your product or service, which generates revenue to fund the build.
What is Litespace?
In the HR tech world, Litespace takes a disparate tech stack and builds custom, cohesive experiences for HR managers. An all-in-one employee experience started as an office building scheduler for hybrid work and is now ready to launch new features enhanced by AI. Over 400 HR managers shaped and optimized the product.
How can AI Tools make a difference in my startup company?
AI can make a difference in your startup when it augments the product instead of being the core feature. For example, this is how Litespace leverages AI because its product facilitates a human experience and uses AI to improve one-on-one meetings between managers and employees. It will use AI to take notes and analyze.
SUMA, AI TOOLS
About the Author
Suma is a product designer and writer based out of Toronto.
She's an AI enthusiast, an avid reader, and a cat mom.
Her superpowers include staying curious, asking good questions, and connecting the dots.
She covers AI Tools, Machine Learning and related topics for UX Vocab Club.