SPECIFIC ACTIONS PERFORMED BY THE TEAM:
Task 1: Market and Customer Analysis with risk assessment
We conducted a six week market research study where we read over 100 reports to understand the overall market size and growth trend, specific market segments, key players, and overall market dynamics.
Following the study, we conducted in-depth interviews with 50 target customers across Spain, UK and US to understand their specific needs
Task 2: Marketing/Sales Strategy
On the Marketing side, we participated 6 industry events across Madrid, London and San Francisco. Our CEO Victoriano Izquierdo has been interviewed three times by different Radio and Podcasts. Our company and product has been mentioned 7 times by various media including major newspaper El Confidencial and El Pais. In addition, we have been actively promoting our brand across Twitter, Linkedin and Instagram. We also started our company blog.
On the sales side, we recruited our first sales representative in May, and experimented with different sales strategies, and set up a sales process using Hubspot.
Task 3: Stakeholders engagement and evaluation
We spoke with more than 50 target customers across US, UK, France, and Spain to demo our product and seek feedback. We have further tested our use cases with a variety of paid and unpaid customers in order to test customer acceptance and pricing level.
We also put a strong effort in identifying strategic partnership for distribution and integration. So far we have verbal agreement to establish 3 formal partnerships.
We have also spoke with more than 40 investors across Spain, UK, Germany, France, and US. We developed relationships with both seed investors and investors that specializes in Series A and beyond. From there, conducted research on funding / financing strategies and assessed options.
Task 4: Technology analysis and innovation roadmap
We divided our product into four components and analyzed each component based on customer feedback and competitive offering in order to develop our product roadmap.
In our analysis, we divided our product into: data preparation, analysis, prediction and reporting. In 2018, we focused on enhanced the analysis component of our product, with features such as clustering, filters, collection, etc.
In the future, we have three product development focuses:
● Create a intuitive data preparation process, providing step by step guidance to customers so they could properly prepare their data for analysis
● Add reporting capability to our tool. Our users should be able to share their findings from the analysis so their community could consume the information.
● Enhance our analysis capabilities to find and communicate more insights so we could maintain and strengthen our core competencies
Task 5: Freedom to operate: IP, regulations, standards compliance and policies
We have analysed different sources to develop a FTO “freedom to operate analysis”. In addition, as we are a data analytics company and GDPR regulation went into effect in May 2018, we employed lawyers to review our document and processes to make sure we are fully compliant with the GDPR regulation.
Task 6: Operational, Technology and Financial requirements analysis. We will analyse and assess the operational (staff needs), technology (product design and scalability needs, interoperability. Staff needs and training requirements, facilities. Customer service and assurance needs. Identify Operational and Financial risks and mitigation strategies.
We run multiple company workshops to identify talent gaps in our commercial, product and operation teams. Following the workshops, we developed a detailed 5 year financial plan that outlines our resources and financial needs. From the model, we then defined our funding strategy.
