Erply, one of the winners of Seedcamp, a company we covered a few weeks ago had a good experience visiting the competition. I talked to Kristjan Randma again, after they got back from London on what was the biggest take on the experience itself that others could learn from. It seems that this year, a lot of focus was being put on monetisation an business models.
Kristjan said that the week was really intensive and they mainly worked on pitching their product. Each day had a number of mentoring lessons where different investors, software entrepreneurs, marketing professionals sat with them to allow for questions and answers. Even though, according to Kristjan, the recommendations were sometimes contradicting they learned a lot of different ways of marketing their product to different stake holders.
Erply had some good competitors in there as well. Kristjan mentioned that while companies are coming there with not only a great product, many of them have also a finetuned business model to support it. Therefore, while the competition is of course had on the product level, it is increasingly had on the business model as well; how well the founders and team have thought it.
Something to take home from Seedcamp to share with others? According to Kristjan, it's the work on the business model. It could be that this also reflects the economic cycle we're in, but nevertheless - there needs more work to be done on this. This is actually something that is in line with my experience from Mindtrek where ArcticStartup hosted the Startup Launchpad. The jury there gave constructive critique to companies on their business model and go-to-market plans. While the product is naturally important the success of making it big is increasingly on the execution of the go-to-market and how well the business model is thought out.