Meet Joe Petsick, Serial Entrepreneur & Ecosystem Builder @ Auctic, Hazlo Health and Proxibid

How would you describe the startup culture in Nebraska?

When my co-founders and I created Proxibid in 2001, no ecosystem existed. We truly understood how challenging it can be to start a high-growth technology company without peer support. It’s remarkable to see how much has grown organically since then. Now, we have a community of well-meaning individuals developing excellent tools and programs for founders. 

However, we still lack organization, direction and a shared understanding of what we aim to create. The ecosystem is incredibly welcoming if you can discover it. Once you do, most are surprised by the impressive work being done in Nebraska. 

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

I’ve found insight in a quote from Amazon founder Jeff Bezos about taking risks:

“I believe it’s a common human tendency to overestimate risks and underestimate opportunities.”

This quote suggests that entrepreneurs should proactively work to overcome this inherent bias. As you achieve success, you recognize that your willingness to take risks is greatly enhanced. Your ability to innovate thrives when you maintain a healthier balance between risk and opportunity.

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

Early metrics for startups should focus on traction and product-market fit. It is essential to keep the metrics simple and clear so that each team member understands how their work impacts them. Development and traction will likely involve iterative processes; therefore, specific metrics may change. But they will always relate to new customers, customer retention and revenue. 

Ultimately, if you can clarify what each new customer signifies for the business, you can help your team grasp the importance of acquiring each new customer. In our early days at Proxibid, we established a system that enabled us to determine the minimum number of new customers we needed to acquire each month to achieve our revenue and growth goals. 

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

Our state often finds itself divided. It struggles with the past and the present. Although being rooted in pioneer grit and values is often a strength, it can conflict with the willingness to take new risks and challenge the status quo. Identifying where flexibility exists within our ideologies will be crucial for fostering movement toward one another.

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?

The good news is that several emerging industries can thrive here with the right environment and support. A great starting point is to formally acknowledge some of the clusters that have already been developed in this area. Sports Tech, Construction Tech and AgTech are prime examples of the types of startups that are successfully emerging and gaining traction. 

Let’s focus on these sectors and the individuals working within them to explore ways to encourage more of them to identify new issues they can address. From there, we can use their ongoing success to motivate others in new industries.