FinTech Innovation Lab Alumni Q&A: Knoema

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In December 2020, FinTech Lab graduate Knoema announced its acquisition by Eldridge and partnership with Snowflake. In this Q&A, FinTech Lab co-founder Maria Gotsch caught up with Charles Poliacof, CEO of Knoema, to discuss key takeaways, mentorship and more!

Maria Gotsch: Knoema is a 2020 graduate of the FinTech Innovation Lab. Tell us what your company does and what problem you solve for a large financial institution?

Charles Poliacof: We are technology solution that helps financial services firms better ingest, discover and work with their external and internal data assets. Our primary focus is on structured (e.g. time series) and semi-structured (e.g. data panels) data and our primary end user is the enterprise user such as a Chief Data Officer or Innovation Officer or the Knowledge Worker (e.g. analyst).

MG: Why did you decide to apply for the FinTech Lab?

CP: Product and strategy cannot be developed in a vacuum. It’s critical that you receive detailed feedback by digging deep into user stories and the jobs that need to be done by individuals within an organization. The Fintech Lab provided that unique access to some of the most sophisticated financial institutions in the world along with a world class network of mentors and resources that are truly unique in both their willingness to help and their level of impact.

MG: The mentors in the Lab are executives at major financial institutions. How did your company benefit from access to these mentors? During the program, what were some of the key things you learned from them and the Executives-in-Residence?

CP: The mentors had a transformative impact on our business. Everything from fundraising strategy, customer engagement, product packaging, messaging, value drivers of our product, areas where we didn’t even know we could provide value and so much more. The best part was their genuine interest and willingness to help. I have never seen so many talented and helpful people made so easily accessible. We came into the program a primordial stew of functionality and left as a product company. All of this is thanks to the mentors and executives in residence.

MG: What have been some positive outcomes for your business since graduating from the Lab?

CP: We doubled our revenue, got acquired, and received an investment from Snowflake. We also have a well-defined product strategy and have a much better understanding of our opportunity sets and where we should and should not focus our energy.

MG: What advice would you give to an entrepreneur interested in applying to the Lab?

CP: Take advantage of the resources. Ask as many questions as possible. Make sure you listen and take copious notes. There is so much wisdom concentrated in a short period of time that you have to make sure you take advantage of it all. Be proactive about seeking help. Everyone is willing and able. Do not treat this as a lead funnel. Treat this as a unique retreat or something akin to an executive MBA where after a few months, if you do the work, your business will be transformed. I know mine was.