From Passion to Profit: How Two Hackers Built a Successful B2B Firm
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Chapter 1: The Impact of Cybercrime
Experiencing cybercrime firsthand can be devastating. I remember the emotional toll it took on me when my first startup faced a DDoS attack shortly after its launch. We had just reached a significant milestone, ranking among the top 1,000 most visited websites globally. The very day I left my banking job to focus on the business full-time, disaster struck.
As I walked out of HSBC’s headquarters, I received a call from my co-founder: “We’re under attack!” Our website was rendered completely inoperable, and overnight, our revenue vanished. We were thrown into crisis mode as we scrambled to regain control. Fortunately, with the help of our exceptional CTO, we managed to recover, but the financial losses were staggering and the threat of reputational damage loomed large.
This experience shifted my perspective on cybercrime; it became a tangible threat rather than an abstract concept. Nowadays, while newer services like Cloudflare have made DDoS attacks less concerning for startups, other forms of cybercrime are escalating. Research from Cybersecurity Ventures anticipates that by 2025, cybercrime will cost the global economy $10.5 trillion annually.
Vulnerabilities can lead to severe consequences for businesses, including data breaches, service disruptions, and theft of intellectual property. One industry particularly under siege is gaming. The exponential growth in this sector has attracted malicious actors keen to exploit valuable game assets and prizes.
When I entered this field with my company, Well Plaid, I was fortunate to connect with cybersecurity expert Mathieu Huysman at a major gaming conference. This encounter sparked a valuable partnership.
Chapter 2: Meeting the Cybersecurity Innovators
Mathieu, along with his partner Tim De Wachter, impressed me with their energy and expertise during our initial meeting. They view the digital landscape through a unique lens, identifying vulnerabilities that most businesses overlook.
To illustrate their point, they quickly found a vulnerability in the official app of the conference we were attending, exposing the contact details of over 10,000 attendees. This demonstration highlighted the critical need for robust cybersecurity measures in all sectors, not just those traditionally targeted, such as finance.
Their commitment to ethical hacking is evident in their approach to business. They diligently report vulnerabilities to organizations rather than exploiting them for profit. Outside their business hours, they engage in bounty hunting for major corporations, like Apple, identifying security flaws for rewards.
The Origin Story
How did Mathieu and Tim transform their passion for cybersecurity into a thriving business? Contrary to popular belief, they did not gain experience at a large cybersecurity firm before launching their own. Instead, they have been experimenting with online business ideas and cybersecurity since their teenage years.
Meeting at university, where they studied cybersecurity, they quickly bonded over their shared enthusiasm for hacking. They decided to embark on their entrepreneurial journey during their final year, balancing their studies with the growth of their business.
Acquiring Customers
Their initial leads came from their university, providing a crucial starting point. However, after exhausting these contacts, they needed to innovate to attract more clients. They experimented with various lead generation techniques, including proactively revealing security vulnerabilities to potential clients.
While this approach yielded mixed results, they eventually found success by leveraging their passion for gaming. Tim’s role as a Community Manager at Gameforge opened doors for them, leading to valuable partnerships and bounties for identifying security issues.
As they gained traction in the gaming industry, they discovered a significant gap in cybersecurity awareness compared to other sectors, particularly finance. Their expertise positioned them as specialists in an underserved market.
Lessons Learned
Mathieu and Tim learned early on that focusing solely on service quality without actively selling was a misstep. They realized the importance of balancing operations with sales efforts. In time, Mathieu took on the mantle of sales evangelist for Cyrex, utilizing platforms like LinkedIn for lead generation.
Their strategy involves sharing their story and mission, particularly during key moments, such as when a gaming company is preparing for a launch. This approach fosters meaningful conversations and highlights the value they can offer.
To further enhance their outreach, they have begun utilizing video content on LinkedIn, which has already shown promising results.
Acquisition and Growth
Recently, Cyrex caught the attention of Mogi Group, leading to a successful acquisition. The partnership has provided invaluable networking opportunities and resources, allowing them to expand their operations and client base significantly.
Today, they offer penetration testing services across various industries, but gaming remains their primary focus. Their three-phase testing process ensures thorough analysis and reporting of vulnerabilities.
Takeaway
Mathieu and Tim's journey offers key insights for aspiring entrepreneurs:
- Transform your passion into a marketable service.
- Start small and risk-free while you learn the ropes.
- Leverage your network for initial leads.
- Focus on performance-based pricing to attract clients.
- Utilize referrals for new customer introductions.
- Identify and specialize in an underserved market.
- Prioritize active sales efforts alongside service delivery.
- Conduct memorable sales meetings to stand out.
- Experiment with various channels to find what works best.
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