Widget Brain: Identifying the right opportunity
Context: Widget Brain reinvents operations with with self-learning optimisation modules. They are passionate about creating smart solutions that have a real impact on daily life. Algorithms that lower CO2, save lives, deliver faster, prevent critical failures and decide autonomously. Widget Brain's primary markets are Supply Chain, Logistics, Workforce and Industrial Equipment. Widget Brain started almost 2 years ago and currently has 17 employees and offices in Rotterdam, Australia, Malaysia and the USA (status: november 2017).
Corporates love to use startups for some free explorative consultancy, while as a starting company you have limited time so you need to convert some deals fast.
Solution: You have to be able to identify companies that are really interested in starting a project instead of just want to talk to a startup to learn from them. Maarten de Boo: “If there is no foresight on a deal after two conversations, you can probably spend your time better at another prospect.” “Our company is focussed at achieving value fast. If we get a technology push request without a clear business goal, we know it is better to walk away, because the chances that the solution will be adopted by the business and will scale are limited. In general, when a customer does not want to pay for the first part, they are not really interested."
Understanding the problems and challenges of the customer is necessary in this activity. The most important characteristic of a startup is identifying the right opportunity. Solving a need is something different than creating value you can invoice. A lot of startups try to solve "Paradeproblemen". These are problems that corporations and governments keep on posting as challenges that need to be solved. At first sight it is doable, but when you zoom in it is not. You should take the time to understand how and when you can create value and whom you can tax for it, while paying respect to your own roadmap.
For more information: http://widgetbrain.com/