Yosef Interviews Peter Philipp Wingsoe CEO of EFG and Founding Member of Ad.ly

By Yosef Solomon on Apr 4, 2011

Peter Philipp Wingsoe is the CEO of Entertainment Fusion Group, a highly successful digital markeing agency, who recently acquired B/C Interactive. Wingsoe is also one of the founding members of Ad.ly, an in-stream advertising platform which runs celebrity endorsements in social media. They’re responsible for Charlie Sheen’s Twitter account, if that makes more sense for you.

First off I’d like to thank you for taking time out of your busy schedule to do this interview with me. Here are a few questions I’ve always wondered about as an entrepreneur and interested in hearing your thoughts:

Y: What would you say is the most important thing you’ve learned as an Entrepreneur?

P: Realizing that safety and security are a superstition when taking risks, most would think that when they have a job, that checks the security box on their list – but you could be laid off tomorrow. Being part of the labor force is not safer than actually doing what you LOVE to do – except you are in control. However, to think that you don’t have anyone to answer to is false too; at the end of the day, you still have a boss – the customer. Entrepreneurship is the ability to innovate, and do what you love to do. As entrepreneurs we try to predict the market but we are bound by its temperament and we must be able to evolve at its request. Adaptation is probably the most important thing.

Y: For many entrepreneurs, ideas seem to come a dime a dozen. How do you know when to act on an idea and/or pass on one?

P: I visualize the idea through every obstacle it might encounter along the way from the point of conception. Risk is inevitable, but that does not mean it should not be an educated risk. Finding a balance between emotional and logical reason to pursue an idea is key. It’s hard to sell something you are not emotionally invested in. Consumers can see right through gimmicks. If you want any idea to have a healthy life span beyond concept, you must be emotionally involved. Logic is uncertain as it is. True market research can only occur once a product exists. Any research prior to bringing a product to market is welcome, but does not guarantee anything. Since you cannot fully control how the market is going to react, concentrating on selecting the right team to manage is the most important thing when it comes to deciding if an idea becomes more than just that. I strongly believe that it is not the product or idea, but the team and the marketing efforts behind it that truly matters! Through EFG people have come to us with sometimes the silliest ideas and products, yet we have made them hugely successful through the marketing effort and the team that was behind the product/idea.

Y: The future of technology is always uncertain, but if there were 3 new revelations you could predict in the next 10 years, what would they be?

P: Mobile, mobile, mobile – the ratio of demand for mobile data exchange platforms exceeds the current infrastructure by the thousands, even the expansion of platforms is not enough to keep up with the growth expected in the next few years. AT&T’s data traffic has grown 8,000% since it started selling the iPhone four years ago. A technology that has the capacity to streamline this disruption will be king in the years to come.

Y: Many believe that a start-up or a business is only successful if they: A) Sell for a lot more than what they started with. B) Go public (IPO). Or C) When their revenue has comfortably passed their costs. What would you define as a successful company?

Although this is not true for everyone, I think that the goal of any entrepreneur cannot be measured by monetary gain or a popular IPO. These things can go down as quickly as they go up. The feeling of accomplishment that the execution of one’s idea could change the way of life or create a market or disrupt one, would be the true definition of success. If you can’t be the next Google, being able to pay your bills while being your own boss and making sure you, and your staff are having fun, is second best!

Y: What’s the best advice you can think of off the top of your head in 140 characters to everyday entrepreneurs out there?

P: In the words of Mark Twain: “The secret of getting ahead is getting started. The secret of getting started is breaking your complex overwhelming tasks into small manageable tasks, and then starting on the first one.”