EFSG1 Day 24

Posted: 19 October 2016

Time really flies. It didn’t even feel like 19 days had passed. I’m really enjoying this whole journey. It’s already week 4 and by now, teams should have settled down. I changed co-founders once and I am really happy with my co-founder now. My co-founder is ZW and he has a PhD in Computer Science (Artificial Intelligence).

We speak the same technical lingo and thus get along really well. I believe our skill sets complement each other. We’ve done a lot of customer development in the past weeks. I see the importance of customer development, but it’s really hard to balance technology development and customer development. On the one hand, customers want to see a demo, and on the other, we shouldn’t do a demo unless the customer is willing to pay for it (this is true overseas but may not be applicable in Singapore).

Our progress is really good, we have sent over 300 emails in the past month, secured 24 in person meetings, 1 Skype meeting, and 3 interviews over online chat. Most meetings were secured through warm connections. Our mass cold email conversion rate is about 6%, which resulted in 2 meetings. The targeted cold email conversion rate is a lot higher, and we got many meetings from this. I guess we can conclude that targeted cold emails do work quite well. Even going through the general channel works at times.

We had a general idea of what we wanted to do (which we won’t say), and did lots of customer development in that area. We found out a lot about why this is or isn’t possible. Within that general idea lies other things, and we will continue exploring those. I find it really hard to talk about this in the public domain as I am doing a startup and I kinda want to be a little hush hush about this.