Jared O’Toole and Matt Wilson is working on a new project called Factor77, an information portal and social networking site targeting entrepreneurs and small business owners.
Jared and Matt got my attention when both of them interacted with me on Twitter (yes, it’s Twitter again 
). I then joined Under30CEO, which is a social networking site for young entrepreneurs that they were running at that time.
Although Under30CEO never really took off as compared to other similar social networking sites, I expect Factor77, with a new concept, to become a better interaction avenue for entrepreneurs, small business owners and experts in this field.
Our conversation revolves around entrepreneurship, how Jared and Matt got started, Factor77 as well as some tips on partnering with someone for a venture. I know you are eager so let’s get it rolling! 
Jared O’Toole and Matt Wilson Interview, Factor77 Co-Founders
Wayne: Hi Jared and Matt. Thanks for coming onto Wayne Liew Dot Com Entrepreneur Interviews segment. Before we get things rolling, can both of you introduce yourselves to the readers so that they can have a better idea of who Jared and Matt are? Maybe we can start with you, Jared.
Jared: So I graduated from Ithaca College in May 2008 with a Degree in Finance. I quickly decided to try my hand at starting a business. Corporate world was just not for me. I have been working with Matt on this business ever since.
Matt: While I was at Bryant University, I was the President of the Collegiate Entrepreneurs’ Organization where we were recognized as the Nation’s Best Entrepreneur Group. When I graduated, I realized I was no longer surrounded by a bunch of smart, passionate, innovative people. So we decided to bring these young people together on a virtual level.
Wayne: And with that comes Under30CEO and now, Factor77. The main reason why I invited both of you here is because I am attracted by the concept of Factor77, a social networking site catered towards entrepreneurs and small business owners. So what exactly is Factor77?
Jared: Factor77 is a place for business owners or potential business owners to come and take their business to the next level. The idea is to provide tips and advice from experienced business consultants on Factor77.tv, giving away free books and consulting sessions each episode. We know many business are bootstrapping and need advice but need it cheap. But then a business can also hire a consultant for a full blown project if they like what they hear.
Wayne: That is a nice idea but it is obvious that there are a lot of communities for entrepreneurs and small business owners out there. What will make Factor77 stand out from the rest?
Matt: Factor77 intends to be more than a "social network". We are building a community where business owners can get expert advice from seasoned business coaches/consultants. Anyone can check out our video previews before you purchase that book/coaching/consultant/e-learning program that will get your business to the next level. We want to be “that factor” that increases the bottom line of your business.
Wayne: Yup, I think Factor77.tv is a unique concept in this space. Factor77, for me personally, is going to a fun place because videos can provide so much more in terms of interaction and personal touch. What are some of the marketing plans that you guys have to acquire more members?
Jared: Twitter is huge for us. We use Twitter Search to monitor all of our keywords and we interact with people in our space. We also comment heavily on relevant blogs. Getting to know bloggers in the same field is huge because of the potential for them to write posts about us. In the future we are aiming for big media. Big papers in New York City along with TV appearances. Anything we can generate. We love to market and as you can see with the videos Matt and I want to be the faces of the company so we want our faces out there.
Wayne: Interacting with the community will definitely help. Moving away from Factor77, I would like to discuss about the partnership. I get to know both of you when I joined Under30CEO, which is also co-founded by you guys. How did the partnership come about?
Matt: Well Jared doesn’t remember any of this, but we’ve been friends since 4th Grade. We both moved home to suburbia and spent the summer after college brainstorming on my front porch trying to figure out how to make things happen for ourselves rather than climbing the corporate ladder. We were both working on separate business ideas, but when this came along we realized we needed to team up to make it happen.
Wayne: 
Friends since 4th grade. That’s amazing. For Factor77, what are the roles that each of you carry?
Jared: I take care of Factor77.tv. So I set up all the interviews and deal with all of the consultants. Most of my work goes into deciding what we should do with the interviews and how to display them. Matt takes care of Factor77.com (under-construction due to poor management [jokingly]). He’s organizing the display and uploading all of the information for it. We both market equally and are active on the network.
Wayne: 
Cool… Both sides of Factor77 will be better covered with a partnership like this. OK. Let me direct this question to Jared first, then Matt. Jared, why do you think the partnership between you and Matt worked out pretty well in terms of business? Is it because the mix of skills and expertise or is it because of the different complementing characters that both of you have?
Jared: It’s not because of the mix of skills. We actually have fairly similar skill sets. I think just the passion we both have for doing this makes it work. You can’t have one person going at 110% while the other is only at 75%.
Matt: Jared and I feed off each other’s energy. Starting a business is a marathon, but we always seem to come at it like a sprint. In order to keep up the intensity, you’ve got to have someone keeping you driven who also sees the vision of the company.
Wayne: Now, I don’t want to pick a fight between both of you but does arguments exist in this partnership? I mean, was the partnership smooth sailing all this while?
Jared: I’d say the biggest arguments break out over girls 
. But from the business side of things, there usually isn’t much.
Wayne: So for any entrepreneurs out there looking to form a partnership, what are some of the things that they should keep in mind or look out for?
Matt: We’ve pretty much broken all the rules: Going into business with your best friend, we don’t have complimentary skills and we probably spend way too much time together. What we have done well is that we realized that business is business and we’ve developed a contingency plan just in case things don’t work out. Most importantly you’ve got to love what you are doing and share the same enthusiasm and that trumps all.
Wayne: Nice tip there. Most entrepreneurs that I have spoken to have pet peeves about starting out with partners because they fear arguments and splits. Before we round this interview up, any last words that each of you would like to add? Any additional tips or upcoming updates on Factor77 perhaps?
Matt and Jared: For entrepreneurs out there, you just got to go for it when starting a business. We want people to go out and do what they love and find a feasible way to make money at it. You have to learn along the way. As for Factor77.tv we are really looking for people to contribute to our comments and tweets to win free books and consulting sessions! We look forward to helping as many entrepreneurs as we can.
Wayne: Jared and Matt, both of you have definitely shared some great insights in terms of entrepreneurship and partnering with others to start a venture. How can readers get in touch with you guys apart from Factor77?
Jared: I’m @JaredOToole on Twitter and I also have my blog at MindFrenzy.com.
Matt: I’m @MattWilsontv on Twitter and catch me on my blog, MattWilson.tv!
Both: And of course hop on http://factor77.net.
Wayne: Jared O’Toole and Matt Wilson, co-founders of Factor77, thanks again for coming on and I wish you guys all the best with Factor77.
Both: Thanks for having us Wayne!
Afterthoughts on Interview with Co-Founders of Factor77
Partnership is not a popular route for entrepreneurs, especially young entrepreneurs because we tend to be dominant and we want to have as much control as possible over things.
Jared and Matt, in this interview, clearly shows that with a well thought out partnership and partners that possesses the right attitude can properly cover the few basic functions and growth of a venture.
Apart from outsourcing and hiring (read reasons to outsource), I now present you with another alternative if you are thinking of launching a venture – set up a partnership.
There are definitely pros and cons in setting up a partnership. If you have the right people and a well written partnership pan? Why not give it a try? Like what Matt mentioned, it is always good to have a contingency plan for yourself if the partnership fails.
What Are Your Thoughts on the Interview?
What are some of the things that you have learned from this interview? What are some of the recommendations that you would give Jared and Matt for their Factor77 project?
Share your thoughts and recommendations in the comments section. Hearing from you is priceless.
If you like the interview above and would like to receive notifications for upcoming interviews, subscribe to Wayne Liew Dot Com Newsletter now by submitting your first name and email address using the form below.
