"In startups, it's about trying fast, not fixing. If it doesn't work, move on. Keep what works."
Welcome to ValiantCEO Magazine’s exclusive interview with Nik Ershov, the visionary entrepreneur behind Waverox, a groundbreaking venture at the intersection of technology and mental wellness.
In this illuminating discussion, we delve into the remarkable journey of Nik Ershov, a marketing and product development maven with over 15 years of experience in the digital industry. From experiencing burnout to founding Waverox, Nik’s story is one of resilience, innovation, and unwavering dedication to improving lives.
At Waverox, Nik Ershov leads a team committed to revolutionizing mental health through their mind tracker device and wellness app, leveraging EEG monitoring technology.
As the world grapples with the challenges of modern-day living, Waverox stands as a beacon of hope, offering solutions to enhance productivity and combat stress.
Join us as Nik Ershov shares insights into his entrepreneurial journey, the triumphs and challenges of building Waverox, and his vision for the future of mental wellness.
Check out more interviews with entrepreneurs here.
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Table of Contents
We are thrilled to have you join us today, welcome to ValiantCEO Magazine’s exclusive interview! Let’s start off with a little introduction. Tell our readers a bit about yourself and your company.
Nik Ershov: My name is Nik and I am a marketing and product development professional with a wealth of experience in the digital industry spanning over 15 years.
Since burning out in 2022 I founded Waverox – a mind tracker device and wellness app based on EEG monitoring technology, helping boost productivity and combat stress, allowing users to achieve their most ambitious goals without sacrificing their mental health.
In the past year, what is the greatest business achievement you’d like to celebrate with your team? Please share the details of that success.
Nik Ershov: The biggest achievement of last year was that we launched our Mind Tracker Brain-Computer Interface (BCI) application to boost productivity and fight stress.
This was preceded by a year of internal work where we developed algorithms, selected hardware and completed a lot of behind-the-scenes work necessary for the launch.
At the end of last year, we started sales in a closed beta and gathered a small community of 300 initial users. So, in almost two years, we went from an idea to a system that works.
Of course, we still have a lot to do, both in terms of user convenience and moving towards our big goal — in a world where everything is maximally unstable, where we need to compete every day, jump higher, earn more — to provide people with a simple tool that will help them be more productive and combat stress.
What advice do you wish you had received when you started your business journey and what do you intend on improving in the next quarter?
Nik Ershov: I was used to working in the advertising business with huge corporations as clients, meaning systems with clear hierarchies, job responsibilities and deadlines, staffed by people who know exactly where to go and what results to get. In such businesses, craftsmanship is very important — what we do in advertising must be maximally precisely executed to the idea.
The main, let’s say, feature of a startup is that it is essentially a paper plane, which at this moment is riding on one wheel, being built on the go, and dreaming of becoming a commercial airplane.
In the early startup, there are not a huge number of processes, not a lot of narrow specialists — we do everything ourselves.
And to be completely honest — we do not know exactly where we are going. This is because, while BCI is an incredibly fast-developing industry, there are still no right answers since there is no market yet.
I would have been happy to receive three pieces of advice at the start:
- Be ready for the fact that there are no right answers. The main task is to quickly make an MVP, test the hypothesis and if it doesn’t work — discard it. Do not try to refine. There’s no need to fix what does not work. Psychologically, I always want to bring everything to an end, make it as beautiful as possible. In a startup, it’s not like that — only what has proven its viability is brought to an end.
- Be ready to do everything. Invent, draw, talk with consumers, work with scientists, present to investors, test the product on yourself, test the product on friends, test the product on family…then redo everything from scratch 5 times.
- Do not burn out. Yes, even doing a mindfulness startup, it’s all too easy to fall into the burnout trap. It’s very important not to end up as a shoemaker without shoes: a person who makes a product so that people don’t go crazy while driving oneself to insanity. So far, I seem not to have gone crazy, so it can be said that our product definitely works on me.
Next quarter, we will be closely working on the user experience in the app, rolling out a new feature that will help people deal with accumulated fatigue and engage in biofeedback training. Internally, we will be working on developing and refining our processes.
Online business keeps on surging higher than ever, B2B, B2C, online shopping, virtual meetings, remote work, Zoom medical consultations, what are your expectations for the year to come and how are you capitalizing on the tidal wave?
Nik Ershov: I think our Waverox startup is in a very interesting place. Essentially, we are connecting the utmost offline world — the human brain — with a computer. The coming year will be a year of major breakthroughs in this direction.
Not only in invasive devices but also in non-invasive technologies. BCI devices will become more convenient (we, along with our partners, are working on more comfortable form factors), and communication with the computer will become increasingly native.
If you add artificial intelligence to this mix, the result should be a very interesting story. It’s no wonder the Nature journal named Brain-Computer Interface one of the main technologies for the coming year.
Business is all about overcoming obstacles and creating opportunities for growth. What do you see as THE real challenge right now?
Nik Ershov: I think the real challenge for us right now is to ensure that we have found the right market fit and to scale the business.
Yes, we have researched the market, and we know there’s a huge global demand for people wanting to boost their productivity and accomplish more without stressing out their minds.
This is especially true in the United States because Americans are notoriously ambitious. However, the key for us is to prove that our product isn’t just interesting but marketable and worth paying for.
We’re aiming to make our product as commonplace as fitness trackers — something that everyone owns.
In your experience, what tends to be the most underestimated part of running a company? Can you share an example?
Nik Ershov: In my view, young entrepreneurs usually undervalue two critical aspects: the significance of solid processes and the art of delegation. When you’re just starting out in a single room with your team, it’s easy to communicate, set goals, and handle issues.
But when your team grows to 15, things get more complex. Once you hit over 30 people, structured processes become essential. Ideally, you start setting up these processes when your team is still small.
The second underestimated aspect is delegation. When you’re used to handling everything — from sketching user scenarios to designing interfaces and managing email campaigns — it can be tough to pass the baton to others.
I learned this the hard way while building my own ad agency. And I anticipate we’ll face similar challenges at Waverox this year.
On a lighter note, if you had the ability to pick any business superpower, what would it be and how would you put it into practice?
Nik Ershov: Personally, I’m an emotional and empathetic guy. So, the superpower I’d choose? A level head. I’d like to not take things so personally, shrug off unhelpful criticism, and not sweat the small stuff.
I think this is one of the important qualities of successful businessmen. And, of course, it wouldn’t hurt to have a sixth sense for what customers really want.
Jerome Knyszewski, VIP Contributor to ValiantCEO and the host of this interview would like to thank Nik Ershov for taking the time to do this interview and share his knowledge and experience with our readers.
If you would like to get in touch with Nik Ershov or his company, you can do it through his – Linkedin Page
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