Entryless Founder Mike Galarza On Automated Accounting And The Future Of Entrpreneurship
Some founders have aspirations on a galactic scale. Mike Galarza dreams of going into space. He hopes his startups will revolutionize industries. Life is too short for small ideas, right? Galarza’s startup Entryless, in beta testing, is an online accounting suite. Submit your business invoices by PFD or excel for cloud storage, and the Entryless engine will incorporate data and sync your books. Welcome to automated bookkeeping and accounting.
Galarza is comfortable with challenging opportunities and ideas. To unwind, he reads about the coming bio-technological stage of human evolution. You might also find that relaxing if your family has as many dogs as the Galarzas. Put on your thinking cap or stare in wonder at the clouds, as Galarza takes KillerStartups into his visionary world.
How’d you come up with the name for your company?
We initially thought of the name of the startup. We incorporated as Orbiion, since this founder likes space exploration and the new planets that are being discovered. The two “O”s come from the idea of having two suns in a planetary system rather than just one–two is always better than one!
“Entryless” (our reason to exist) came from the actual product solution. It’s what we do. We eliminate bookkeeping data entry, therefore, there wasn’t anything better than a minimalist “Entryless.”
What’s the very first thing you do at work everyday?
The first thing I do in the morning is literally think, “How can I take my startup to the next step and overcome current challenges?” Most of the time, I can picture better scenarios when I’m not sitting and distracted by email while working on the computer.
How many people did you start the company with and how many people work for you now?
We started with 8, including some interns. We are now 6. Five in San Luis Potosi, Mexico, and myself in Redwood Shores, CA.
Remember the early days starting up? Maybe you can share one anecdote that describe the struggle you went through?
Sure I do. The struggle was to plant the right seeds that would enable the culture of the startup that I was envisioning–as well as getting the team together and aligning them into our goal and vision, and getting them to understand it. Having that [our goal and vision] explained and shared…anything else can have a solution.
How do you handle frustration? When/how was the last time you dealt with frustration?
I see any current problem as a challenge rather than a problem. If frustration comes in, I always remember that we are building a product that will go beyond our team members and companies–that will change the financial & accounting industry.
The last time I felt frustrated was yesterday (7/18) when Apple rejected one of our medical apps after 4 months of “in review” status due to the “About Us” page. The good news is that it [the problem] has a solution and it wasn’t due to any product error.
What’s your office environment like?
In our Mexico office, it’s pretty fun since we have a very large, gated front yard where we do BBQ’s, and a terrace where we can go and brainstorm while taking in the fresh air. Inside the office, we have a projector with some puffs instead of chairs, and usually we move stuff around so it’s not a fixed environment. So, yes, we think it’s a pretty relaxed ambience where we can nurture innovation. (From time to time, we play Guitar Hero.)
In the U.S., we have a shared co-working space in NextSpace, SF. Also my apartment in Redwood Shores, which is pretty nice as there is a front view of the bay and trails that can get my imagination running.
How do you picture your company in 5 years?
I picture our startup as a game changer, modifying companies’ traditions and changing how they work and allocate resources. Success for us in 5 years would mean that we’ve revolutionized how companies use artificial intelligence to eliminate tasks that require human cognition.
Who or what inspires YOU? Role models? Quotes? Running? Video games?
My daily inspiration is the people and thinking about what I might be doing in 10 years to have more impact across cultures (if I have success with my first endeavors).
My role models are: 1) Ray Kurzweil. He inspired me to challenge current methods, industries, thoughts. I was highly motivated by him as he is very thought provoking and challenging among thinkers and experts. One of the most challenging theories he has is the theory of the next human evolution–he predicts that the next stage for human beings is biological evolution through technology. 2) Elon Musk, being a successful entrepreneur across industries.
“Our willingness to fail gives us the ability and opportunity to succeed where others may fear to tread.”—Michael Jordan
I love road cycling. It is one of the toughest sports mentally. I’ve learned a lot about myself through cycling. You learn your limits and how to expand them, how to reach the finish line no matter what adversity you face, and, mostly, you understand that everything requires team work.
How’d you fund this venture? VC? Self-funding? Crowd-funded? Where’d you get the money, man?
Family & Friends (parents and brother). We’ll be looking for VC funding in the near future.
Got any great bootstrapping tips for the lean startups out there?
Focus on people, focus on people, and focus on people. Carefully decide who will help you reach the next level. Always validate the business model and have knowledge of the potential market size, otherwise, you could be developing something that could have a small impact.
What would you be doing if you had one year off and $500,000 to spend (and you couldn’t spend it on your current startup / projects)?
With that pile of cash, I’d go to an underdeveloped country. And within its communities, I’d try to teach and mentor the people to become entrepreneurs within their community–how to satisfy the specific niche market needs of that community and how to sustain themselves without any exterior resources (aside from the grant I’d give them to get them started). I feel like empowering a small farm of entrepreneurs across underdeveloped communities in the world.
Do you consider yourself a successful entrepreneur right now? If not, what’s it gonna take to make you feel successful?
I think of success as a journey, and every stage in life has its own challenges. I consider myself a successful person. I need to prove that I’m a successful entrepreneur.
I will feel very successful when I can be the key ignitor around the world of other startups based on our achievements, being a Mexican team and having success in the Silicon Valley and USA.
Website you couldn’t live without and why?
Twitter. It’s amazing what you can do with the data that people share.
Mobile App you’re in love with and why?
FaceTime and Instagram keep me close to my family, and connect me with my friends wherever they are. Can’t wait to see when a device will replicate the human face through lighting technology. Imagine having a chat, seeing the face of the other person in 3D?
Dogs or cats?
Dogs! My parents have 12.
iOS or Android?
iOS no matter what.
What’s the greatest thing about your company/website/idea?
The greatest thing is the challenge we’ve had to overcome so far: being a startup incorporated in USA, working for this huge market, while bootstrapping with Mexican family funds–having a Mexican development team that wasn’t previously immersed in the Silicon Valley culture and lean development methodologies. Not everybody likes to be that uncomfortable for months or years back in Mexico.
The greatest thing about our idea is the huge adoption opportunity that eventually will revolutionize how companies think of finance and accounting through artificial intelligence.
Where can our readers get a hold of you? Facebook? Twitter? Google+? Personal blog? Any other projects you’re working on that we should check out?
Other projects we have are medical calculators where doctors don’t need to calculate dosage based on characteristics of patients, i.e. weight, sex, age. We automatically do it for them with our MDIN apps. We have an Antibiotics version as well as a Pediatric version. Currently, we only have MDIN Antibio in Play Market. We are still in the process of publishing the iOS version.
What do you wish I had asked you? Ask yourself and respond.
How do you see entrepreneurship around the globe in the next 5 years? I think that the global crisis of 2008 and current economic climate have created a global consensus about jobs and entrepreneurship. I think we are seeing a phenomenon around the globe where more companies are being created, challenging people. This will translate in a few years to people less risk averse starting new ventures and hitting the mainstream exponentially, like we haven’t seen before. I see the current times as a defining point in humanity where everybody needs to be building rather than just living/working.