Entrepreneurs are invited to the 245th FREE online 1M/1M roundtable mentoring session on Thursday, January 22, 2015, at 8 a.m. PST/11 a.m. EST/9:30 p.m. India IST. If you are a serious entrepreneur, register to “pitch” and sell your business idea to Sramana Mitra. You’ll gain straightforward feedback, advice on next steps, and she’ll answer any
Sramana Mitra: Was the product you developed acceptable within the Indian regulatory system? Ambarish Gupta: Yes. We solved the problem for India. Most of the emerging markets have the same regulations, which is VoIP is not allowed. We spent our first year developing the first PSTN cloud telephony platform in the world. That was a big breakthrough
Sramana Mitra: Besides geography, what other parameters do you personalize on? Darren Hill: For a lot of our fashion clients, we personalize on sizes. For instance, if you have come to the website and you’ve looked for a specific pair of shoes, we’ll actually tag your account and we’ll know what shoe size you are. So
Sramana Mitra: What was the competitive landscape when it came to keywords in AdWords. It sounds like that was a major channel and that did become very competitive. Janine Popick: Brutal. Sramana Mitra: Absolutely, brutal is the word. Janine Popick: You’re competing with people who can spend a lot more money. That’s what it comes
Sramana Mitra: Whom did you raise money from and what was the process of raising money? Ambarish Gupta: Initially, I and my co-founder just put in 1-1.5 million rupees (~$20,000 -$30,000) to build the infrastructure. We had built up a small platform and were struggling to find some takers. We didn’t really want to raise money immediately.
The app world is bombarded every year with thousands of ideas and to thrive here you have to create a niche. But the road to originality in apps is paved with some questionable ideas. This feature on CNN looks at some weird app ideas in 2014. For this week’s posts, click on the paragraph links.
Sramana Mitra: Let’s fast forward to 2014. What is your business today? Darren Hill: 2014 is an interesting transitional year for us. We had been in business for 20 years. All of the growth that we had, which was pretty significant, was organic. We invested all of our profits back into the business and never
Sramana Mitra: That’s perfectly fine. Let’s double-click down on some of the strategic moves as you were building the company. You talked about your financing strategy. You kept raising money till about $1.3 million at the same valuation for almost a year and a half. What about customer acquisition? What about the team? What strategies