Now and here
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Venture Builder 18. I started this journey months ago. Now, it’s time for a quick round up of the progress.
What have I learned?
Application.
There are simply an endless list of applications for the coating that we are doing. Narrowing down to the correct segment is difficult.
Before working on this project, the coating was meant for maritime application, then scaled down to construction and waterproofing. With research, we realised that that is difficult to enter without scale.
To scale down, we can have narrowed down our market to kitchen industry. Why?
- Less intense certification
- Smaller scale
- Less mature market segment for coatings.
So far, we have talked to players in the F&B industry and soon we will be able to uncover a need to serve.
Fit.
Product-market fit is important but at the same time, so difficult to undercover. Finding out the underlying needs of consumers is tough, and to develop a viable business out of it, it is even tougher.
Lowest hanging fruit. So many fruits on the tree, but to find one to reach is tough. Even after reaching it, the lowest fruit may not be the sweetest fruit. Likewise, while entering the lowest market, it’s nerve-wrecking to think that all these efforts may lead to nothing in the end. But we just have to trust the process.
Process.
Anti-microbial coating is everywhere. Now with the proliferation of the virus, many companies have stepped up to do such coatings as well. I think I have also learned that it is ok to do the same as everyone else, just have to consider the different way of entry into the market. The “how?” of each project is crucial and I am not much of a structural person to design a foolproof plan. This is a point that I would like to work on.
The best way to learn is to do.
Communication.
Communication is key in any kind of team. Be it in sports, in work or at school. Projects come and go, the difference would be how we work together to get things done. With the plan in place, it is up to the people in the team to execute it.
With different background, different experience and different education systems, it poses a challenge to any team. Specifically, my team has people from different backgrounds, all of which studied and lived in different cultures and environments. How do we then go about to untie the knots in our understanding of each other?
As we spoke to a F&B manager last week, he mentioned that the biggest painpoint has to be managing the staff. Humans.
The most difficult and most unpredictable aspect has got to be humans.
Of course, this is not an issue or subject that can be mastered in a few short months and it is definitely an ongoing process. But I am glad to realise it early and work towards understanding the human psyche and human interactions.
What’s next?
VB18 team has always been welcoming and helpful. The dozen of us have an expertise to offer to any of the projects and it is not effective to work in silos. As a fresh grad, I lack working experience, and some of us are better at manoeuvring in such an environment. I’m glad that everyone is willing to share what they know and their experience with me.
To many more adventures ahead!
Till next week x
Vanessa
Connect with me on https://www.linkedin.com/in/vanessathien
