Shehzan Maredia - Co-founder, Lava.xyz
How Levy Transformed Operations for Lava, A Crypto Company
In the constantly evolving world of cryptocurrency, startups strive to maintain a competitive edge. One such startup, Lava, has been at the forefront of building advanced software for Bitcoin and stable coins. Their ambition? Making self-custody of cryptocurrency assets an achievable reality.
However, like many startups, Lava faced challenges. The CEO, a driven entrepreneur, once managed numerous back office operations single-handedly. A task which consumed a considerable amount of his precious time.
Enter Levy: Streamlining Operations
But with the integration of Levy into their workflow, this once cumbersome process became a thing of the past. Before Levy, the CEO's weeks were packed with back office tasks, leaving him with limited hours to focus on the core business. Now, a mere one-hour call at the beginning of the week is sufficient to synchronize tasks with the operations team. The difference? A drastic reduction in administrative duties across departments like HR and IT. This allowed him more time to concentrate on product-related tasks and forward the trajectory of the business.
The Need for Specialization
The CEO believes that the primary focus of any leader, especially in the tech industry, should be on the development and refinement of the product. The repetitive nature of back office tasks, which remain largely consistent across various businesses, can be a significant distraction. This is where Levy shines - by offering specialized knowledge in those domains, freeing up entrepreneurs to excel in their areas of expertise.
The Early-Stage Dilemma: Juggling Responsibilities
Especially in the early stages of a company, CEOs often find themselves juggling numerous responsibilities. Tasks like accounting can eat up to 15-20 hours a week. And in case of unforeseen complications, especially in departments like HR, having a specialized team like Levy to handle these issues can be a game-changer.
While some startups might consider hiring in-house or opting for part-time employees, both options come with challenges. Training, ensuring reliability, and maintaining consistent productivity can become burdensome. Moreover, the CEO wasn't even aware of any other firms offering the same suite of services as Levy. Discovering Levy, through a tweet no less, was a pivotal moment for Lava.
The Critical Role of Levy
Emphasizing the repetitive nature of many operational tasks, such as payroll, HR duties, and IT, the CEO noted the critical role Levy played. Without Levy's intervention, the company would either have to hire new personnel or the CEO would be burdened with the administrative tasks himself. The idea of losing Levy's services? Daunting.
A Resounding Endorsement for Levy
Lava's CEO gives Levy a resounding 10 out of 10 recommendation. He believes startups, especially tech startups registered as LLCs or C Corps, stand to benefit the most from Levy's offerings. Using tools like Airplane, Gusto, and Ram becomes easier and managing vendors and contractors less of a headache. Especially for founders who might not have a background in these operations – like the CEO, who was an engineer before launching Lava – Levy can be a lifesaver.
For startups and founders grappling with administrative tasks, considering Levy might be a wise move. It not only aids in focusing on the product but also saves time, effort, and money in the long run. As the CEO candidly admitted, he wished he'd integrated Levy into Lava's operations even earlier. It's a sentiment likely shared by many entrepreneurs navigating the challenges of running a startup.