Startup Adventure Friday: Line of sight to profitability!
Now, we can take a look at where we are with respect to profitability after the increase in advertising spend. The good news is that we are finally beginning to see some positive revenue coming from Amazon to our bank account after cost of goods, Amazon fees, and Amazon advertising charges, so the money machine in principle works. Next, we need to tune and scale it to cover our salary costs and profit. Let’s take a deeper dive.
Startup Adventure Friday: Growth hacking Amazon US ahead of Black Friday
But something was wrong. Why didn’t the Amazon US sponsored products automatic campaign result in similar results despite identical product descriptions and images? We even managed to ramp up the US reviews faster than the UK reviews with nearly 20 by mid-November. Then we started digging at the ad reports that Amazon makes available…
Startup Adventure Friday: Learning about the education ecosystems worldwide
Looking at how the education exports have started, it is clear that exporting of Finnish education methods is not as straight-forward in practice as has been expected by many authorities. We have discovered a couple of ways around the local culture and money flow imposed constraints to enable experimenting with new types of learning experiences.
Startup Adventure Friday: Growth story emerging from first two months traction
We are currently at approximately €100 thousand run rate and expect to reach €400 thousand run rate by the end of the year. To put these numbers into perspective, Peter Thiel bought 10% of Facebook for $500 thousand in 2004 at a time, when Facebook’s run rate annual revenue was $150 thousand and the number of employees was seven. LUPO is no Facebook, but let’s take a look at some things that LUPO is instead.
Startup Adventure Friday: Turning attention to bootstrapping our ecosystem
All of this means, that we must find ways to raise money to enable bootstrapping our ecosystem. Once we have enough money for advertising, we can get more online reviews and the conversion of online advertising to sales will improve. Once we have the local teacher training programs in place with local partners, we can ramp up school sales in target markets. Once we have built our community platform, we can engage our customers and partners to create new value that can be monetized within the ecosystem, expanding the ecosystem. The virtuous circle needs a nudge.
Startup Adventure Friday: SPIEL17 half-way impressions
Writing this on day two of four in the train from Essen to Dusseldorf, where we have our Airbnb. What a show. I never imagined that a boardgame show could be as big as Spiel’17. Someone said that today alone there were 120 000 visitors in the event. We sure saw our share of the action although our stand is in hall 6 among the more indie games, role playing games, and e.g. the Board Games Geek stand.
Startup Adventure Friday: Spiel 2017 next week!
By now we are pretty much set for Essen. My other running concern is driving up reviews on Amazon UK and Amazon US, so that the product’s discoverability would improve ahead if the all-important holiday sales season. If you are willing to write a review, please contact me.
Startup Adventure Friday: India’s push for improved educational foundation of its future researchers
Writing this on my way back from an amazing week at India’s Department of Biotechnology (DBT) sponsored EDTECH CAMPUS event for exploring collaboration options between Finnish and Indian companies, non-profits and academia to innovate improvements to India’s education system.
Startup Adventure Friday: Partnering with Indian companies to improve Indian school experiences
Thinking of the Indian context, LUPO EDU could be viewed as a shortcut for improving the quality of teaching of India’s millions of existing teachers. The LUPO cards are low-cost and low-tech, not requiring huge investments nor computing resources in the classroom. The online resources are highly scalable at a low cost, enabling continued training of existing teachers as well as teacher students. We currently offer face-to-face trainings, which we would like to explore scaling with Indian teacher training companies as well as by developing online versions of these courses.
Startup Adventure Friday: Amazon milestones and learning experiences
This week, we reached our goal 10 positive reviews for “LUPO: The Space Adventure” in Amazon UK and started experimenting with driving traffic to the listing page. We also received the “Co-Created with City of Espoo Schools” certificate for the project we ran with several schools and the technology training company Mehackit last spring. Apart from these milestones, it was another learning experience week for us.
Startup Adventure Friday: Removing barriers one barrier at a time
This week, we’ll address three topics: the board gamer event learnings from last weekend, expansion of our distribution channels, and current thoughts on crowdfunding as an option for tapping into new audiences in building awareness for LUPO.
Startup Adventure Friday: Building awareness one person at a time
We feel that we have a pretty unique product, with lots of value for multiple audiences. But what we feel doesn’t matter for ramping up sales from zero to sustainability. These multiple audiences need to discover our product. And they need to see the value in it for themselves. Building awareness and simply reaching audiences to be able to communicate the value propositions is the first hurdle every startup faces after product launch.
Startup Adventure Friday: Making first 100 paying customers happy
It’s better to have 100 people [who] love you than finding a million who just sort of like you. This is the stage we are in right now. Still burning money, but we now have a product to sell, a live web site, and the first 100 paying customers. Next, we want to create 100 happy customers by learning about who they are, what they liked, what they didn’t like, what would they like more of in terms of add-on decks, complementary materials or services, etc.