NYA FOUNDER SPOTLIGHT ‒ JARED KUGEL, TIRE AGENT FOUNDER & CEO
As a tire industry veteran, Jared Kugel, CEO & Founder of Tire Agent, is transforming how consumers buy tires nationwide. His family owned tire distribution centers and retail stores, where Jared learned how traditional tire stores used decades-old customer purchasing and installation processes. Jared believed in making the customer the center of their business model, which led to the company’s continued growth. Tire Agent helps educate people about the tires they purchase, and gives people top notch care that is conveniently completed at their home, work or anywhere else.
How did you first meet New York Angels?
Entrepreneurs Round Table Accelerator hosted a small pitch night exclusively for New York Angels. A few of the members asked some really good questions and spoke with me after, and I was interested, but I lost some momentum because shortly after many headed out on summer vacations. I later had the opportunity to sit down with Tonny Ho and Jason Klein, and they opened my eyes to NYA. I was in the tire warehouse industry before, so I was not familiar with the tech scene, and they helped coach me.
What were you looking for in investors when you were fundraising, and why did you choose to work with New York Angels?
I came from a very traditional business, so I knew nothing about raising capital or startup life. I was honestly just looking for a check. I was looking for money from anyone because at that time, I just didn't want to go out of business. I didn’t really understand the value of NYA until I was in the fundraising round. What’s magical about NYA is that when a couple members get really excited, they have the ability to get others really excited. They become your advocate.
During the pitch night, NYA members asked a lot of tough questions. After the session, Carl Pergola came up to me and asked me one-on-one some really thoughtful questions. At that moment I realized everything that Jason and Tonny had told me about was true. Someone can tell you all the great things about NYA, but until you actually experience it, it's hard to fully understand. As I met and learned more about NYA members, I realized that they weren’t just interested in providing capital. They were interested in sharing advice from the learnings they’ve had and building friendships.
When I look back at my journey, I wish I went into fundraising with a different mindset because I didn’t know any better at the time. I ended up getting a lot more than just a check, I have a network of people who I can consistently lean on to give really good advice over time.
What was the process like for you when you were fundraising?
When you talk to other startups, they share very mixed reviews on angel investors, but not New York Angels. Most of my interactions with NYA members have been absolutely amazing. They have really good advice and connections. I consider many of them as people who I would just grab a drink or lunch with, and I’m very thankful because they took a chance on a guy with no background in tech. Thankfully, I have delivered, but I couldn’t have done it without them.
What have you enjoyed most about working with New York Angels?
There were two specific moments that stand out. After a NYA Holiday party, everyone had left except Mark Schneider. He gave me a ride home with his wife, and we talked about startup life in that cab ride. It was one of those eye-opening, aha moments in my life. Another moment was in one of my board meetings with Tonny Ho. Since I came from a traditional business, burning money like many startups do is anxiety-driving for me. Tonny has a background in bankruptcy law, and he was teaching me about cash management. He has been a great mentor to me.
What advice would you give other founders who are looking to fundraise?
If you’re going to raise money, raise from good quality people because you will be stuck with these people for the rest of your career. You better pick people you like. Look for someone who could be a true thought partner. Find a group that is well experienced and surround yourself with people who have been there and done that. You never want to think you know too much. You want to be confident, but you want to keep your eyes open to be, and always be, open to learning from others who have much more experience than you. With New York Angels, you have a diverse network of people who have backgrounds from different industries and have seen startups in all different stages.
What advice would you give other early-stage investors who are looking to invest in companies?
Invest in people with good character and integrity. A lot of startup founders think raising money is like a badge of honor. It is to a very small degree, but what you do with that money means so much more.
What has driven Tire Agent's success?
I have a hunger to never be complacent and to always want more. I am a perfectionist; therefore, I take great pride in delivering a great product to customers. Also, the minute I took money from people, I took my personal commitment to a whole new level. With angel investors, they worked very hard for their money and they are trusting you to deliver for them. I never want to let people down, so I really wanted to make sure that I delivered on their investment since they took a chance on me.
Do you have any other advice for founders?
Love what you do. I take a lot of pride in what I do, and I wake up every day being thankful for the career that I chose. Every day I wake up, and it doesn’t feel like work because I love what I do. If you’re going to run a startup, you’re going to easily work 18 hours per day in the beginning. You better love what you do, who you work with, and who you take money from because the moment you don’t, you’re not going to want to do it anymore.
