“Start With A Problem…”: Tech Billionaire Ankur Jain, 34, Shares His Easy Secret To Success

Tech entrepreneur Ankur Jain, 34, has an estimated net worth of $1.2 billion, according to Forbes. A former executive at the dating app Tinder, where he still holds a 36% stake, Jain launched his latest venture, Bilt Rewards, in 2002. The service allows users to earn rewards by paying rent or purchasing homes, as reported by the New York Post. Bilt is now valued at $3.25 billion.

Mr Jain, the highly successful son of former Microsoft executive Naveen Jain-who briefly became a billionaire during the rise of his company InfoSpace before the dot-com crash- recently shared advice for aspiring entrepreneurs in an interview with the Daily Mail.

“Start with a problem, not a perceived opportunity,” Mr Jain told the UK newspaper. “Those are two very different things.”

“I think one of the most dangerous things that happened to entrepreneurship was that business school graduates started going into entrepreneurship,” he explained.

The focus on statistics, models, and creating new opportunities has led young entrepreneurs to prioritize unnecessary goods and services- often at the expense of consumers rather than addressing genuine needs, according to a former Forbes 30 Under 30 honoree.

“They’ve neglected to ask what real problems they can solve for people,” he said.

Mr Jain highlighted Bilt as an example of addressing a tangible issue and making it work effectively. “It’s your biggest expense, and now it’s your most rewarding,” he said, referencing housing costs. 

According to Bilt’s data, the average American renter spends roughly 30% of their income on housing each year.

Jain previously shared with the New York Post that his inspiration to create Bilt- and to focus on solving real-world problems-stemmed from hearing a $100 million pitch from a venture capitalist a few years ago. The idea? Selling virtual luxury goods on the blockchain.

“I’m thinking to myself: “You have the biggest housing crisis, a health care and mental health crisis here in the city… And here you are sitting, talking to me about like, digital Prada bags on the blockchain,'” he said.

“It was so out of touch with not just big problems, but big opportunities.”