Peter Due Yding and Jonathan Torp Henschel from VIXCO
October 11, 2023
BY Camilla Kønig
Meet Peter and Jonathan:
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Founders of VIXCO, a startup that visualizes contracts.
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Jonathan studies Media Science.
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Peter studies History and Media Science.
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Founded VIXCO in June 2023.
How did the idea of becoming an entrepreneur arise?
The idea of becoming entrepreneurs evolved over time. We shared a passion for simplifying intricate concepts and believed that visual and interactive tools could significantly improve how organizations manage their contracts. Our academic background in media studies, coupled with our experience in producing various forms of audiovisual content, made us confident in our ability to bridge the gap between complex contracts and effective communication. This realization sparked the entrepreneurial spirit within us, driving us to explore this untapped market.
How did you get started with your entrepreneurial journey?
VIXCO was established in June 2023, but initially, our entrepreneurial journey was a process of research and ideation. We conducted in-depth market research on the need for our product and any potential competitors. Armed with this knowledge, we began developing the concept and visual elements of our contract management solution. We leveraged our existing skills in audiovisual communication to create prototypes and gather feedback from industry experts. Once we felt confident in our product’s potential, we formally founded VIXCO. Our journey involved securing partnerships with contract management consultants and legal experts, who helped us refine our offerings. We also initiated pilot projects to test and improve our product further.
What has been the biggest challenge in the process?
Addressing compliance with complex contract terms and regulations. Contracts can be laden with legal jargon and intricate clauses, making it difficult for all stakeholders to fully understand and adhere to the terms. So, ensuring that our visual and interactive tools effectively communicate these complexities and enhance compliance has been a definite challenge.
Moreover, educating organizations about the benefits of our approach and convincing them to embrace this innovative solution has been an ongoing challenge. Building trust and credibility in a relatively unexplored niche has required dedication and persistence.
What does a typical workweek look like in relation to combining your startup with your studies?
Balancing our startup with our studies has been demanding but essential. During a typical workweek, we allocate a significant portion of our time to VIXCO-related activities, including meetings with partners and clients, development of visual contract elements, and working on pilot projects. We’ve also committed time to attending conferences and courses relevant to contract management and visual communication.
Your best advice for other students who are considering becoming entrepreneurs?
Diving into entrepreneurship as a student might seem daunting, but our advice is simple: just go for it. Find a project that excites you, talk to experienced folks who can offer guidance, build a network of like-minded individuals, and manage your time efficiently to balance your studies and your venture. Never stop learning, and when setbacks occur (which they will), don’t give up; learn from them and keep moving forward. Keep an eye on your finances, and most importantly, stay fired up with unwavering passion. The entrepreneurial journey is an exhilarating ride, and sometimes, the best advice is to take a leap of faith and just do it.
