Jan Bednar of ShipMonk
An exclusive Tech Tribune Q&A with Jan Bednar (founder and CEO) of ShipMonk, which was honored in our:
Tell us the origin story of ShipMonk – what problem were you trying to solve and why?
ShipMonk started out of my college dorm in 2014, when I was a senior at Florida Atlantic University. At the time, many of my friends and family in the Czech Republic were asking me to send American products back home, as international shipping was either very costly or simply not offered by most brands. I figured that there had to be an easier and better way to do things, which is why I took matters into my own hands!
My idea was good enough to win two major business competitions – the FAU Business Plan Competition and the Florida Venture Forum Collegiate Competition. I was also one of the first five startups to be accepted into an accelerator program called FAU Tech Runway, which gave me the (free) mentorship and warehouse space I needed to get my business off the ground.
Although ShipMonk’s focus was initially on package forwarding, things took a turn when an ecommerce company reached out to us and asked if we could do order fulfillment. That was very much new terrain for me, but I’m the type of person who loves a challenge. If something piques my interest, I don’t stop researching and asking questions.
My research led me to some interesting discoveries about order fulfillment. I realized that, even though ecommerce was evolving at such a fast pace, the logistics aspect of it was lagging behind. The technology that was available was antiquated and overall inaccessible to the average business owner. I knew there was a lot of potential in order fulfillment and logistics, and my vision was to bring that potential into reality.
Although the deal ended up falling through, I knew I had something to bring to the industry. I ended up rebranding ShipMonk as a third-party logistics company in 2016. The rest, as they say, is history!
What was the biggest hurdle you encountered in your journey?
To be honest, the biggest hurdle has probably been adjusting to the growing pains that are inevitable for any successful business. Scaling so rapidly comes with major changes and challenges, and, as the CEO of ShipMonk, I have to make decisions that are in everyone’s best interest.
Over the years, I’ve learned to “hire slow, fire quick”. Finding great people is hard, but it’s better to take your time than to pick a candidate that is simply not a good fit. Our company culture is at the forefront of who we are, and it would be (and has been) a costly misstep to deviate from that.
What does the future hold for ShipMonk?
The future looks bright for ShipMonk! Our projected revenue this year is over $100M, which is pretty huge for a company that broke a million just a few years ago.
In 2021, if all goes well, we plan on opening a warehouse in the U.S. and another one in Europe. As you can imagine, physical expansion is at the crux of our growth – the more space we have, the more merchants we’re able to take on.
Lastly, one of my main focuses has always been technology. Automation is the way of the future, and my vision is for ShipMonk’s facilities to continue to operate at maximum efficiency.
What are your thoughts on the local tech startup scene in Fort Lauderdale?
South Florida is an exciting place to be. We may not have the bragging rights of Silicon Valley, but that also comes with unique opportunities that you may not find anywhere else.
On the flip side, hiring and retaining the best and brightest is tricky when competing with enterprises that have far wider reaches and steeper pockets – tricky, but not impossible, as ShipMonk has secured some of the most illustrious minds in logistics despite our geographic “challenges”. In my opinion, the momentum is definitely building, and I’m looking forward to seeing where it takes south Florida!
What’s your best advice for aspiring entrepreneurs?
Honestly, my best advice is to just go for it. A lot of people will tell you no, but if you’re passionate about something, there’s no reason not to at least try. As long as you have a good head on your shoulders, a drive to succeed, and realistic expectations, there’s not much that can stand in your way.