HelloAdvisr CEO Feature Interview In Voyage LA Magazine

VoyageLA

HelloAdvisr Founder and CEO, Ed Lee, was recently interviewed by VoyageLA Magazine as part of their “Inspiring Stories” series of rising stars in the arts, creatives, entrepreneurship in Los Angeles. 

Click here to read the full feature on VoyageLA originally published on March 12, 2019. 

 


Today we’d like to introduce you to Ed Lee.

Thanks for sharing your story with us Ed. So, let’s start at the beginning, and we can move on from there.
Most of my professional career involved the intersection of consulting and pricing. I worked for a multinational corporation and global management consulting firms, helping companies and executives leverage pricing to create opportunities to grow businesses.

These experiences provided an amazing global education working with businesses at scale, the challenges they faced, and how they seized new opportunities. So, when I started to get involved with entrepreneurs and startups, it was both a mix of excitement and a pinch of fear.

Early on, while I was still with a large management consulting firm, I was invited to work with portfolio companies at the then-new global tech startup accelerator Wayra in their London (UK) program (now 13 programs globally).

Nothing could hold these companies back from their vision. Nothing except the critical task of the company to one day generate revenue and profit. This was going from zero to one in pricing and monetization for many of these companies. I soon discovered this was not an anomaly.

After several years based in London, I returned to LA; my hometown. When I returned, I wanted to learn more about the tech/startup/entrepreneurial ecosystem and met with everyone I could – from early stage founders to local tech accelerators and organizations. What I discovered was nothing like I remembered seeing when I left the first time.

Entrepreneurship in LA evolved into every industry you can think of: fashion, retail/ecommerce, software, consumer goods. Yet one theme continued to come up again and again in my conversations – pricing.

These discussions on pricing and growth, would eventually be the genesis for my growth consultancy, HelloAdvisr. I wanted to change the paradigm of how entrepreneurs grow companies by leveraging smarter pricing; a proven growth engine and industry-defining as market leaders such as Apple, Amazon and Netflix demonstrate.

My path to entrepreneurship was anything but linear, but experience has led me where I am today and excited to continue working on my three passions – pricing, entrepreneurship, and education.

We’re always bombarded by how great it is to pursue your passion, etc. – but we’ve spoken with enough people to know that it’s not always easy. Overall, would you say things have been easy for you?
It seems a bit of a cliche, but the hardest step in my journey is making the plunge to start my company HelloAdvisr. I knew what problem I wanted to solve – bridge the gap companies face when working on pricing – but did not figure out how best to deliver the solution. Would I offer a product? A service? Join another company aligned with the mission and start helping just one company?

The task of figuring this out delayed the plunge into entrepreneurship – but the time I took for discovery turned out to be invaluable in my next steps. I spoke with entrepreneurs, investors, and community-builders and heard what they had to say. I gave talks and workshops where I engaged with participants on their pain points and the problems they want solved.

Ultimately, I needed to accept there is no perfect answer. The most frightening part is this – unlike so many other professional decisions – was 100% my own. No committee. No board. No one else. Just me.

As long as I was true to the company mission, and our own unique approach to help clients solve their most pressing pricing and growth challenges, we’d be ok.

So, as you know, we’re impressed with HelloAdvisr – tell our readers more, for example, what you’re most proud of as a company and what sets you apart from others.
HelloAdvisr is a specialist consulting firm focusing on pricing, monetization, and go-to-market. Our mission is to help entrepreneurs identify their company and product’s real value to use smarter pricing to proactively achieve sustainable growth and beyond.

Through our experience, we know 100% of companies have to do pricing , but only a small percentage actually work on pricing. This is critical for entrepreneurs where poor pricing is cited as a top 5 reason for failure.

HelloAdvisr brings specialist knowledge by working with entrepreneurs and companies wanting to gain a competitive edge by using smarter pricing to grow their companies. Research shows, a 1% improvement in pricing can have a bottom-line impact three to five times greater than improving customer acquisition/volume by 1%.

HelloAdvisr helps entrepreneurs and companies harness that growth potential. This includes startup and founders from pre-seed (<$100k in revenue) to series D (>$10m in revenue). We also work with entrepreneurs, not in the investor-backed world, bringing creativity and innovation to their industries. This includes ‘lifestyle’ companies creating athletic gear to marketing agencies who are experiencing double-digit annual growth.

Our client’s progress and success is why we do what we do, but also love the constant learning opportunity that comes from working with diverse clients – from the industry they’re in, the products they’re building to the gender/cultural makeup of the executive team.

As we continue to grow, my goal is to create more awareness around the importance of smart pricing to growth. I have been fortunate to be invited to speak and teach on pricing and pricing strategy at leading universities such as UC, San Diego and University of Southern California (USC) and most recently as a lecturer at UCLA and industry advisor for Said Business School at Oxford University. I look forward to many more opportunities to continue the discussion and see even more entrepreneurs and new ventures achieve their goals.

So, what’s next? Any big plans?
My first priority is always supporting our clients and helping them achieve their goals. So, I’m excited to see how they continue to grow and disrupt their industries and sectors.

I’m also excited about HelloAdvisr’s on-going activities to help more companies and the wider entrepreneurial ecosystem to talk about the role of pricing in their organizations.This includes hosting and participating in a number of conferences, workshops, talks and events to raise awareness and insight of pricing as a growth strategy.

One core project HelloAdvisr launched this year is a pricing study to understand how entrepreneurs and companies view and work on pricing. I’m excited to be sharing the findings later this year!

Accelerating LA’s Next Gen Of Startups: Bixel Exchange EIR Program

The Los Angeles startup community has been on a boom with the launch of many home-grown startups in a wide range of industries from consumer products (The Honest Company, Dollar Shave Club) to social media (Snap) to software and platform companies (Cornerstone OnDemand, TrueCar). The growth of the LA startup community and now LA as a strategic growth market for leading accelerators such as Techstars LA (HelloAdvisr CEO is a startup adviser) and 500 Startups as well as the rise of investment in local entrepreneurs, seeing a rise of more than 60% in VC investment in 2017. In addition to homegrown entrepreneur and startups, there has also been a rise of organizations helping to build and support the startup ecosystem, and one of the key organizations leading the charge is the Bixel Exchange.

Bixel Exchange is Los Angeles’ Center for Innovation and Technology and host at the Los Angeles Area Chamber of Commerce. Bixel Exchange’s mission is not only to empower entrepreneurs but to help translate entrepreneurial activities to a more prosperous and inclusive Los Angeles.

Through their Startup LAunch program, Bixel Exchange launched an Executive-In-Residence (EIR) pilot program. The startup accelerator program selected six high potential startups with seven tech executives in a 10-week intensive program for hands-on, customized mentoring covering a range of topics including investment and pitch preparation, go-to-market strategy, and customer acquisition and sales.

Bixel Demo Day 2017 Group Pic 1

The pilot program culminated with a demo day showcasing the program startups and bringing together investors, community-builders, and entrepreneurs to share the incredible progress made by each startup.

As part of this program launch, HelloAdvisr Founder and CEO, Ed Lee was honored to be invited to be an inaugural EIR advisor. Ed shared his expertise in pricing, monetization, go-to-market to the teams and program.

We are excited to continue to be on the growth journey of the current startups in the current cohort as well as the growth of the program and mission of Bixel Exchange!

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More About Bixel Exchange

Bixel Exchange focuses on the rapidly evolving segments of the high-tech ecosystem, including adtech, clean tech, digital media, gaming, mobile and social media. Bixel Exchange serves entrepreneurs by working with accelerators, incubators co-working spaces, venture capitalists, angel investors and private equity firms, universities, research institutions, innovation labs and government. To get to know Bixel Exchange better, check out its programsevents and partners.

Supporting Los Angeles’ Green Economy Development

LACI La Kretz Innovation Center

The Los Angeles region is already the largest green economy in the nation. There is an unprecedented economic opportunity as the country rebuilds its energy and transportation infrastructure, shifting energy dependence away from fossil fuels and toward sustainable energy sources.

On this vision, we are excited that HelloAdvisr Founder and CEO, Ed Lee, will be supporting the Los Angeles Cleantech Incubator (LACI) and its portfolio companies through the advisor and mentor community.

We are excited to share our expertise and experience helping LACI companies grow through effective pricing and monetization strategies to help realize the city’s primary economic growth strategy is to drive innovation in clean technologies.

 

About Los Angeles Cleantech Incubator (LACI)

Los Angeles Cleantech Incubator (LACI) is the City of Los Angeles’ official cleantech business incubator established to accelerate the commercialization of clean technology and job creation in the Los Angeles region.

The organization is run “by entrepreneurs, for entrepreneurs” and pursues public objectives by harnessing private methods and resources.

In 2014, LACI was ranked by UBI Global as the Number 6 university-affiliated business incubator in the world out of 800+ incubators in 67 countries.

To learn more about LACI, the LACI portfolio companies and how the incubator is helping Los Angeles accelerate the green economy visit the website or read more here.

What Makes LA a Dynamic Tech & Startup Hub

HelloAdvisr CEO Shares His Thoughts on What Makes LA a Dynamic Tech and Startup Hub

HelloAdvisr Founder and CEO, Ed Lee, recently shared his thoughts on startups and tech in Los Angeles in his latest blog post,  “What I Learned About Startups and Tech in LA”.

In his latest post, he explores the rich qualities that make LA a great location for startups and innovation-driven companies. He highlights four areas that makes Los Angeles a unique tech and startup hub.

One of the key topics introduced is the discussion the ‘company-builders’ vs. ‘business-builder’ dichotomy. Here Ed talks about his experience not only with startups but with large established companies and challenges delaying revenue model innovation.

Want to learn more about LA startups? Do you have questions about pricing and revenue innovation? We’d love to hear your comments and questions.


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