Speaking with absolute honesty and without trying to conceal the suffering that became lessons.is how the co-founder and CEO of the company, Pavlos Loizou, talked about the founding and course of Ask Wire, also explaining that many, many coffees were his secret weapon when it came to knocking on doors to find help he was looking for to take his first steps.
As Pavlos Loizou admitted while speaking at the panel discussion 'Cypriot Success Stories' within the framework of INSPIRE 2025, his biggest mistake was spending a lot of money unnecessarily, trying to build something perfect, while the market was asking for something simpler. However, as he acknowledges, he learned from his mistakes.
'Boring' real estate data and the void in the market
From the INSPIRE 2025 panel, Pavlos Loizou did not hesitate to mention that collecting data on real estate sounds very boring, and for many it is.
However, as he noted, he identified the needs of the market in a timely manner, with data such as the fact that 15% of the Cypriot GDP is based on the real estate market, that, at the same time, climate change affects real estate insurance while, also at the same time, there are lending issues related to real estate.
All of this made him realise that having real data about real estate is extremely important.
"We saw this when the banking system collapsed, not only in Cyprus, but also in the Balkans. That's where I got into the part of managing bad loans. We discovered that the numbers couldn't be 'matched' to the bricks. This was the gap we identified and this is what we do today: We collect data, which we provide to large clients in Cyprus, Greece and Romania," he explained.
The first coffees
Going back a few years, he recounted the period when he began looking for help from the insurance industry.
"I started meeting with the 21 insurance companies that were then involved in the real estate sector, to understand exactly what they were asking for. The one that dedicated the most time to me was Hellas Direct, which supported us from the beginning. So, you have to ask for help and be open," he urged those who have their own business dream.
"The mistake we made was that we got €900,000 to start the business and spent €700,000-€800,000 of it for no reason. Instead of building a simple product and giving it out to the public for feedback, we tried to make something as perfect as possible, while in the end the market wanted something much simpler. So we learned from our mistakes," he said meaningfully.
Speaking about the choice that Ask Wire made to expand into the Balkans, he was completely realistic: "You make money out of chaos. That's where we like to invest, and the Balkans are in chaos," he said characteristically.
"Companies are not for everyone"
When asked what his advice would be to a friend or a student who wants to start a start-up today, he was again completely honest:
"Starting your own company or having a start-up is not for everyone. The stress, the pressure on your family is enormous. If it works out for you, great. We are the ones who survived. The other 99% may not survive.
The answer is that someone who has some things in order in their life and has a network of people who can support them, are the ones that can pursue it."
Finally, he described Cyprus as one of the best places in the world to start a start-up, as one in four people living in Cyprus are foreigners, and this is a great asset, as is the developed tourism.
"This means that we speak many languages on the island. Cyprus is a laboratory where you can test your ideas, with the aim of going abroad," Pavlos Loizou added.
- INSPIRE 2025- Where passion meets action and action changes the world.
More informaion on INSPIRE 2025:
Partners & Sponsors
Strategic Partner: Cyta Business
Platinum Sponsor: Bank of Cyprus
Gold Sponsors: ECOMMBX, Zorbas Group, Cyfield
Silver Sponsors: PwC Cyprus, Petrolina, Bioland
Academic Sponsor: University of Nicosia
Stage Sponsors: National Bank of Greece (Cyprus), KPMG Cyprus, Odyssey, CyRIC/Gravity Ventures Incubator, Invest Cyprus
Panel Sponsors: HRDA, OPAP
Podcast Presenter: Payabl.
Sponsors: Hermes Airports, IMR, Libertex
Technology Partner: Kotsovolos
Community Partner: TechIsland, Junior Achievement Cyprus
Innovation Partner: Research & Innovation Foundation (IDEK)
Mobility Partner: Pilakoutas Group
Sustainable Transport Partner: Cyprus Public Transport
Sustainability Partner: Electricity Authority of Cyprus
Coffee Partner: Coffee Berry
Partner: Charalambides Christis
Supporters: ASBIS, CSR Cyprus, Capacitor Partners, HJS Insurance Agents, Mastercard, Robura, Superad, Kapodistrias, Photos Photiades Breweries & Epilogi, Voici La Mode Group of Companies, GrantXpert, Gap Vassilopoulos, Techbiz, Grow Sustainability Consulting, ASBIS, Murex, Drastyc, Bolt, International Sea Tourism Festival
With the support of: Cyprus Computer Society, CITEA, CPMA, Youth Board of Cyprus, OEB, Skills Cyprus, National Betting Authority
Media Sponsors: Alpha Cyprus, CBN, IN Business, Reporter, SuperFM
Organizer: IMH
Under the auspices of: Municipality of Nicosia
