Currently, undergraduates consider two main options upon receiving their diploma: going to graduate or professional school, or getting a job. But to a few students every year, there is a third option: creating a startup and being their own bosses.

Academic excellence and success at entrepreneurial ventures are not mutually exclusive, as U of T students and founders of Davai and Oneclass prove. Davai, a soon to be released app, is a social platform that allows its users to upload a picture or short video that is publicly visible. “Content is initially posted for an hour, and for everyone that likes it after, a minute of ‘live-time’ is added. We see Davai becoming a social network for places, and a hub for connecting us with our communities,” said Matt Hardy, one of the three founders of Davai.

OneClass, an online educational community, allows students and educators to share self-made notes, study guides, and other academic resources.

The founders of both Davai and OneClass shared their startup stories with The Varsity.

Starting Up

Jack Tai, one of the co-founders of OneClass, said that he was inspired by his own struggles, “I still recall making the difficult transition from a 25-person classroom to a 500-person class.” Tai graduated from U of T in 2010.

“If you have an awesome idea and don’t execute, then all you have at the end of the day is just another idea,” said Tai.

“We wanted to equal the playing field since not everyone has the budget to hire a physical tutor, so we created OneClass as a channel for learners and educators to come together, and being able to collaborate and share knowledge,” he said.

Jean-Paul Morgan, another of the three minds behind Davai, has a different perspective, “I wished to redeem myself and my unconventional nature through the vehicle that is Davai.”

“On a micro scale, I felt out of touch with the programs available to me at U of T, as I’d admit I’m much more so creatively driven than necessarily analytically inclined, I approached building a startup much in the same sense as one would create a band or some other form of collective,” he added.

Overcoming Challenges

Of course, once you decide to create a startup, there are still obstacles to overcome, as Morgan described, “Making errors on every level is far too easy… acknowledging and correcting them is the hard part.”

Hardy explained that one of the central challenges for the Davai team has been organizing and implementing their plethora of ideas. “Our team has too many ideas, and prioritizing finding the good ones can be a challenge. The hardest thing has been the everyday implementation of these ideas; not just building a product, but learning how to organize ourselves…is something we constantly have to do,” he said.

In a startup environment, the responsibility upon the founders for the outcomes of the venture prompts quick learning and decision-making to become essential, which can be very rewarding. “Hold yourself accountable,” suggested Morgan.

Liking what you do is also critical according to Tai, who added, “You be must extremely passionate in what you are building because it’s going to be a long journey ahead of you.”

Another piece of advice is to be adaptable. “Don’t be afraid to try things,” said Tai.

The role of U of T

When asked how U of T contributed to their startup career, the reactions were mixed.

“The attitudes of many undergrads are understandably skewed toward achieving the best grades possible and by extension, a stifling level of competition is bred,” Morgan pointed out.

However, Tai, who met both his fellow co-founders at U of T, said, “Graduating from one of the best universities in the world definitely helps from the people you meet to the support you receive.”

The graduates all suggested that finding someone or a team to work with is important for students considering building a startup.

“At U of T, don’t be surprised if people are surprised by what you’re doing,” said Hardy. “But this is a good thing; it means that you’re paving new ground and are doing the unexpected,” he added.

There are certainly pros and cons to doing the unexpected, but startups account for 20 per cent of all job creation. They are an increasingly important contribution to both economic, service, and job growth.

Hardy added, “There’s [sic] an endless amount of advice on how to build your product out there, but the best advice I can give is to let the market build your product as much as possible; your job is to recognize and facilitate this.”