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Conversation
Highlights
Welcome to another episode of Category Visionaries — the show that explores GTM stories from tech’s most innovative B2B founders. In today’s episode, we’re speaking with Reed Switzer, CEO and Co-Founder of Hopscotch, a payments platform for small businesses and freelancers that aims to bring the ease and magic of consumer apps like Venmo and Cash App to the B2B space. The company has raised nearly $10 million in funding to date.
Key topics discussed in this episode:
- Reed’s unorthodox journey as a 22-year-old founder, dropping out of Wharton to start Hopscotch after experiencing the pain points of B2B payments firsthand while running an apparel company and working at a music streaming startup.
- The admiration for Elon Musk’s unrelenting pursuit of his goals and ability to rally people to build the impossible, despite the controversies surrounding him.
- The challenges and opportunities of being a young founder, including the need to work harder to build trust with investors and the market, while leveraging the advantages of a fresh perspective and long-term potential.
- Hopscotch’s mission to eliminate friction in B2B payments by providing a user-friendly platform that allows seamless transactions between users and non-users, with a focus on the creative freelancer and small agency verticals.
- The company’s success in building trust through a clear vision, conviction in their product, and transparency about their strengths and weaknesses, while remaining open to feedback and iteration.
Actionable
Takeaways
Identify and Solve Real Pain Points:
Reed's experience with the inefficiencies and outdated systems in B2B payments, both as a small business owner and an operator, led him to recognize the need for a more modern, user-friendly solution. Founders should seek out problems they've encountered firsthand and are passionate about solving.
Balance Conviction with Adaptability:
While having a clear vision and conviction in your product is crucial, it's equally important to remain open to feedback and be willing to iterate based on user needs and market reactions. Reed emphasizes the importance of stepping into others' shoes and disassociating from your own beliefs to make necessary changes.
Invest in Branding and Storytelling:
Hopscotch has focused on creating a strong brand identity and telling compelling stories about their mission and values, rather than just selling a product. By investing in content, such as helpful blog posts, ebooks, and templates, they've built trust and positioned themselves as a genuinely helpful resource for their target audience.
Embrace Category Creation:
While Hopscotch currently competes in the invoicing and bill pay space, Reed sees the company as ultimately defining its own category through unique features and a focus on community-building. Founders should think beyond existing market categories and explore opportunities to create new ones that align with their long-term vision.
Leverage Youth as an Asset:
Despite the challenges of being a young founder, such as the need to work harder to prove yourself and build credibility, Reed also recognizes the advantages, such as bringing fresh perspectives and having a longer runway for growth. Young founders should embrace their unique position and use it to their advantage, while remaining humble and open to learning from others' experiences.
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