Meet Brandon Peterson, Founder & CEO @ Geokey

How would you describe the startup culture in Nebraska?

Nebraska is a hidden gem of innovation and cultivation of national brands. While some may see us as a flyover state, there has been a systematic shift towards starting new companies and a growing desire to begin ventures in Nebraska. Omaha is well-known for foundational, age-old businesses such as Berkshire Hathaway, Union Pacific, Omaha Mutual and Tenaska. However, in the last decade or two, there have been more incentives and support to develop reputable local brands. Some of these include CompanyCam, Quantum Workplace, Buildertrend and Flywheel (acquired by WP Engine). People appreciate the way of life in Nebraska, the community’s work ethic and the cultures these companies create.

How do you balance taking risks and making calculated decisions in pursuit of innovation?

Most times, at the genesis of a new company, you are establishing your product-market fit and developing a product or solution that will stand out and be attractive to a desired consumer base. This is all a risk in the pursuit of profitability. However, in our story, it involved measuring analytical data such as total market availability and total revenue potential against the demand for the product. For example, at Geokey, we started by selling to gyms and small retail shops. The TAM (total available market) was high, with millions of doors across the United States; however, data showed it cost more to acquire and support those clients than the payoff at that stage of our company life cycle. Therefore, we found higher market demand by installing our first multifamily housing apartment system. It was a larger deal, and we could better support their needs. Thus, we took the leap of faith to abandon other industries and become vertically integrated with multifamily housing as our main client.

How do you define success and what metrics do you pay the most attention to?

Success is multifaceted in a startup or any organization, in my opinion. There is the obvious fiscal success of hitting your forecasted goals and staying within your budgets. Furthermore, success needs to be defined by the long-term vision of the company as decided by leadership. Are you looking to grow a legacy company that will be passed down generationally? Are you aiming for fast growth and a 10x acquisition in 5-8 years? Or perhaps you want to pursue an IPO? Regardless of the end goal, success needs to be understood holistically, based on more metrics than just finances. These can include your team’s retention rates and their satisfaction with working at the company, the socioeconomic impact the organization is providing and finally, metrics for individual stakeholder success.

What are the top one or two challenges / opportunities Nebraska startups face?

I’ll begin with the opportunities of starting a company in Nebraska. First and foremost, there is a sense of loyalty and hard work from the residents of Nebraska. We are raised with ethics, discipline and an honest day’s work. These are the qualities of a team that can withstand the tough journey of a startup. The second opportunity, which may not truly sound like an opportunity, is the stealth of starting a company in Nebraska. People in other states sometimes view us as less of a threat and will share competitive information and support with you. I have found many advisors and thought leaders who have helped take us to the next level. The last opportunity is a small one, but being a national brand and being centrally located in the United States makes it more convenient to do business nationally.

There really is only one major challenge that we have experienced with a Nebraska state startup: funding. With friends in other coastal states, I have watched them raise millions of dollars from venture capital firms on their second or third fund without a blink of an eye. For a brand whose goal is to reach a national presence, it takes capital to accomplish it. Being in a fiscally conservative state like Nebraska has its challenges, including the conservativeness of local potential investors and the lack of large venture firms.

What is one emerging industry or technology that you believe will have a significant impact on the Nebraska startup ecosystem in the next few years?

One interesting development has been the influx of data centers and large Fortune 500 companies coming to the Nebraska market. This will attract new real estate development and high-caliber talent wanting to move their families to a safe and welcoming community. Additionally, Forbes rated Nebraska as the #1 place to move to in 2024. These two catalysts will result in more attention on Nebraska and increased opportunities for innovation. If you look at current local companies—and I may be a little biased—Proptech has been growing in Nebraska with companies like Geokey, Buildertrend and CompanyCam.