Interested in starting your own entrepreneurial journey but unsure what to expect? Then read up on our interview with Martin Granig, Co-Founder of Monkee - Saving. Rewarded., located in Innsbruck, Austria.

What's your business, and who are your customers?

Monkee's mission is to assist millions of people in achieving their goals and dreams without incurring debt. We aim to establish "Save Now, Buy Later" as the responsible alternative to "Buy Now, Pay Later" and consumer credit. Monkee combines personal finance and loyalty to help users save up for what is important to them and to connect retailers with consumers in a relevant and rewarding way. Users define what they are saving for, and Monkee uses gamification (challenges, saving rules, etc.), behavioral design, and nudges to support them in saving up for those goals.

With Future Boost, we offer our users a synthetic yield on their savings: Whenever they buy the things that they anyhow would need to buy from one of our many partners, they receive financial contributions to their savings goals. That's a win-win situation. Our users let their savings grow on average by >10% per year by doing parts of their purchases at our partners, and our retail partners get new and more loyal customers and create positive touch points with them.

Tell us about yourself

After 15 years in several different senior management positions in the premium consumer goods industry, I decided to step out of the corporate world to work together with a friend on my own project. I wanted to work on something that has a larger purpose and could contribute to tackling a major social challenge. Money worries are the #1 contributor to stress, which negatively impacts our physical and mental health, relationships, and even work performance.

In my corporate job, I had the opportunity to delve deeply into the topic of gamification and nudging while working on projects aimed at improving people's habits in the physical and mental well-being spaces. As I have a private passion for personal finance-related topics, I aimed to transfer those learnings into the space of financial well-being.

What's your biggest accomplishment as a business owner?

It feels great to build something from scratch. We started Monkee with just the two co-founders, and now we have a team of >15 people and have already helped more than 200.000 people save for goals worth over 250 million euros. We receive great feedback from so many users as their savings have created peace of mind for them during the last two difficult years.

What's one of the hardest things that come with being a business owner?

I think it has a lot to do with managing your own mental and physical health during this emotional rollercoaster ride. There are always so many more things to do than there is time for, and it is very tempting to just work 24/7. But as a founder, you are responsible for your long-term productivity, and by burning out, you put not just your own health at risk but also the health of the organization.

Understanding that it is sometimes more productive to do something for your physical and mental health and then, after a short break, return to work with recharged batteries is critical... and took some time for me to grasp.

What are the top tips you'd give to anyone looking to start, run and grow a business today?

  1. Put together a great team: I'm a big believer in founders' teams that have complementary skills and can also help each other out during difficult phases. And there will be difficult phases.
  2. Minimum-Viable-Product: Try to develop the smallest version of your product and put it to the test with real customers instead of developing it too long based on your own hypothesis.
  3. Fundraising: Most startups depend on capital from external investors. Start the process early (at least six months before you need the money) by building a relationship with many relevant investors, keeping them up to date on the progress, etc.

Where can people find you and your business?

Website: https://monkee.rocks/
Facebook: https://www.facebook.com/monkee.rocks/
Instagram: https://www.instagram.com/monkee_rocks/

LinkedIn:
https://www.linkedin.com/company/monkee-rocks/
https://www.linkedin.com/in/martin-granig-52775054/

If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.

Turn your craft into recurring revenue with Subkit. Start your subscription offering in minutes and supercharge it with growth levers. Get early access here.