ElectroKite on their biggest company challenge, and how they overcame.
November 1, 2016
One of our biggest challenges was deciding who our customer is. When our team first came up with the idea of ElectroKite, we didn’t really have a deep understanding of the business case. We all thought that once we build the technology, it will be a no brainer that people will buy our product. It wasn’t until when we started completing the deliverables, did we realize that the technology may actually be the easier part of the business plan.
When building the business plan, we spent much time discussing what our beachhead market should be and what is the actually selling process. We all had an idea of what the revenue model is, but when we discussed who is actually the physical buyer of the product, this became a point of ambiguity. After many polemical debates on the customer identity, we began calling hotels, resorts, homeowners and even government representatives in different countries to understand the procurement process and each customer’s value. It was only then did we finally understand that we have to choose a much narrower customer definition to start out, and design our product to fit the needs of that segment, then can we attempt to penetrate other segments. I think our mistake is common among many technology startups. The founder’s often are so excited about their idea, they underestimate the fact that unless they have a paying customer, there is no business!
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