Our Innovation Fund Journey: Learning Through Challenge (2023) - Part 1
Our Innovation Fund Journey: Learning Through Challenge (2023) - Part 1
When we started Digital Reception, alongside our parent startup company GuideLites, we had a crystal-clear vision: improve how businesses manage their office spaces, especially the visitor management system part. We didn't know how much we'd learn about ourselves and our vision through one very intense journey—our Innovation Fund application process.
The Dream Team Behind Digital Reception
Before diving into our journey, it's important to introduce the exceptional team that made this vision possible. Our strength lies not just in our technology but in the diverse expertise and experience of our team members.
Innovation fund core team
At the helm is our CEO and Founder, Zoran Popović, bringing over 3 years of entrepreneurial experience. As a startup mentor at Startup Academy for three cycles and recipient of Mediana's Dukat from the city of Niš for his Covid-19 crisis management application, Zoran's leadership has been pivotal in shaping our vision.
The technical backbone of our project is our CTO, Predrag Ristić, an expert with 11 years of experience and 15 successful projects under his belt. As a mentor and trainer, his technical expertise from the College of Applied Technical Science in Niš has been instrumental in developing our innovative solution.
Our commercial success owes much to Dennis Groeneveld, our Sales Manager with an impressive 24 years of experience and an extensive client network across the Benelux region. His market insights have been crucial in shaping our expansion strategy.
Project execution excellence comes from Jelena Jovanović, our Project Manager, who brings more than 5 years of experience and has overseen 2+ successful projects, including two under the Erasmus+ program. Her master's degree in economics adds valuable business perspective to our technical innovations.
The AI component of our solution is guided by Milan Zdravković, our AI Advisor with 24 years of experience at the Laboratory for Intelligent Manufacturing Systems, University of Niš. With over 80 published papers and 750 citations in AI, Enterprise Information Systems, and IoT, and his role as an expert evaluator in the Horizon Europe program, Milan ensures we stay at the cutting edge of technology.
Our team is rounded out by Eduard Schaepman, our domain expert and CEO/founder of Tribes Inspiring Workplaces. His innovative approach to workspace management in the Netherlands and deep real estate industry expertise provide invaluable insights into our target market.
We need to mention our consultant, the guy who gave us all the necessary information and tools and often led us to the right path to search for our answers and solutions. Goran Mladenovic, a consultant, inspirer, changemaker, founder, and advisor (20 start-ups and spin-offs that got investment), Founders Institute mentor, HR and OD consultant & trainer (60+ clients marked transformation and growth), created the best recruitment process in Serbia in 2020, MBTI practitioner, CEO of the NI CAT cluster, and permanent advisor at Car Sync, Canandi. The man who believes in change and transformation and that we all must create a better future.
As active members of the NiCAT cluster and participants in various Erasmus+ programs, our team's commitment extends beyond our product to the broader tech community. This diverse expertise united behind GuideLites' vision to innovate, improve, and digitalize the traditional experience in business premises has been our greatest asset throughout this journey.
Setting the Stage
The beginning of spring 2023 was a turning point for our team. We had created a visitor management system with potential, but we recognized the need for assistance to advance it further. The Innovation Fund seemed like the perfect opportunity. Little did we know that applying would transform not just our approach to funding but our entire business perspective.
The Beginning: Dreams vs. Reality
In April 2023, we were filled with ambition. Our initial vision? A comprehensive office management system that would do it all—visitor management, office booking, wayfinding, digital signage - you name it. We were convinced that more features meant more value.
Looking back, we can't help but smile at our enthusiasm. We were trying to be everything to everyone, a classic startup mistake. Our scope was so broad that during our first consultation, our advisor's raised eyebrow said it all: "Are you sure about this?"
Finding Our Path Through Application
Working with consultants was eye-opening, though not in the way we expected. While their guidance was invaluable, the real breakthrough came from the questions they forced us to ask ourselves. Every meeting pushed us to dig deeper, to question our assumptions.
The most challenging part? Realizing that despite the consultants' expertise, we had to find our own answers. No one could tell us what our product should be - we had to figure that out ourselves.
The Turning Point: Focus Becomes Clear
We believed we had everything figured out. Our story sounded lovely to us, yet something felt off. It was like trying to solve a puzzle with pieces from different boxes - they all looked great, but didn't quite fit together.
First schema of the visitor management solution
The wake-up call came when we started pitching to strangers. "Hey, but is it clear what you do?" some would ask. While some politely nodded along, others didn't pull their punches. "Your solution isn't focused," they'd say. "It's not one product, it's four different ones."
We realized we couldn't clearly explain what we did because we were trying to do everything:
- Digital Reception: with its own set of features and benefits
- Wayfinding: another complete solution in itself
- Floor Maps: yet another standalone product
- Room Booking: with its unique selling points
- Digital Signage (Castit): a whole different ballgame
Sure, they all stemmed from one content management system. Yes, we could upsell them together or individually. But how do we present this collection of solutions without confusing everyone, including ourselves?
After weeks of soul-searching and market analysis, we had our eureka moment. We realized our strength lay in visitor management for business office buildings. This focus wasn't a limitation - it was liberation. Finally, we could channel all our energy into solving one problem exceptionally well.
This was probably the hardest decision we had to make. Everything seemed important, especially when we were trying to craft an innovative solution. But innovation isn't about doing everything; it's about doing the right thing extraordinarily well.
But with this clarity came new challenges. Our Go-to-Market strategy needed complete rethinking. We dedicated endless nights to studying competitors' products, pinpointing our distinct value proposition, and enhancing our list of features. It felt as if we were starting from scratch, except this time, we had a clear destination in mind.
Deep Dive Into Excellence
The application process was exhausting. Five-plus iterations, each more detailed than the last. Six team members, working across different work schedules, bringing their expertise to the table. Every word was scanned carefully, and every claim needed to be validated.
Our market research grew more advanced over time. We were not only observing competitors but also analyzing their business models, comprehending their flaws, and pinpointing opportunities they had overlooked.
Inside Our Innovation Fund Application
The heart of our application centered on what made Digital Reception truly special. We presented our vision of a next-generation SaaS solution that seamlessly integrates AI and sensor technology to revolutionize visitor experiences and building management. The numbers told a compelling story that even surprised us when we put them all together.
Our solution demonstrated remarkable efficiency gains, achieving a 96.5% reduction in visitor registration time. This wasn't just about speed; it translated to real financial impact, with our clients saving an average of €40,000 annually. These weren't just promises; they were proven results from market research and our existing implementations.
Innovation fund business plan
We outlined our strategic expansion plans, starting with our home market in the Netherlands, and then expanding across Benelux and into the Middle East. With projected revenue of €3.3 million within 5 years, we had ambitious but achievable goals backed by solid market research.
But what really set our application apart were the innovation milestones we'd already achieved. Despite being a young company, we already had:
- Successfully completed 35% of our technology development
- Managed relationships with 9 active clients
- Delivered 12 tailored solutions, each addressing unique client needs
- Built a fully customizable platform supporting multiple device types
- Started to explore and plan to integrate cutting-edge AI and already implemented sensor technology for enhanced security
The market validation was clear—with 500 inquiries in just six months and 70% of users expressing enthusiasm for our solution, we were addressing a real need. This wasn't just about competing with established players like Envoy and GoBright; it was about surpassing them with advanced features and flexibility they couldn't match.
Looking ahead to 2025, we laid out concrete targets: 220 professional clients and 67 custom receptions in the Netherlands alone. These numbers weren't pulled from thin air - they were based on careful market analysis and growing demand for visitor management systems across our target regions.
Through every page of our application, we strived to demonstrate not just our vision, but our proven ability to execute and deliver real value to our clients. The challenges we faced in developing a truly customizable digital reception system only served to strengthen our resolve and sharpen our focus.
The application itself was very complex to fill in and very demanding. The demanding part came from the force it had on you—answer difficult questions in a set number of words that you may have never thought about.
Getting Ready for the Pitch
The pitch preparation brought its own challenges. Our team of four practiced daily, each focusing on their area of expertise—from technical architecture to marketing strategy. We rehearsed until we could recite our presentation in our sleep.
Innovation fund markets and target groups
In hindsight, this might have been our biggest learning opportunity. We discovered that over-rehearsal can make you sound robotic. The key was finding that sweet spot between preparation and authentic delivery.
The Pitch and Beyond
When pitch day arrived, we learned something crucial: no matter how much you prepare, the real test is how you handle the unexpected. The questions from the Innovation Fund panel pushed us to think on our feet and showed us aspects of our business we hadn't even considered.
Their feedback was enlightening. We required a more defined product strategy, a more intricate roadmap, and a deeper comprehension of our fundamental product characteristics. As a recent startup, we had to demonstrate not only our creativity but also our ability to last.
The Main Points to Remember
This journey taught us invaluable lessons:
- Focus is everything. You can't be all things to all people
- Preparation is crucial, but authenticity is a must
- Understanding your product means understanding your limitations
- Features are very nice, but benefits are what is important
- You need to try and experience pitching before you can excel in it
- Do not stretch out into fixing everything; do one thing very well
- It is better to have one person do the pitch than to do a team one, although you may do it flawlessly
- Team collaboration can overcome any challenge
Looking Forward
Although we didn't obtain the funding in 2023, the experience was life-changing. It influenced our product development, team collaboration, and business strategy. As we get ready for our 2024 application, we are even more empowered, knowledgeable, and concentrated than before.
To other startups starting on similar paths: welcome the difficulty. The outcome is just as important as the process. Keep an eye out for the second part of our journey, where we will detail how we put these lessons into practice and get ready for our next try.
Are you a new business with a comparable background? We are interested in hearing your story. Engage with us, and together we can gain knowledge from each other's experiences.
Come join us next week for the second part of our Innovation Fund Journey, where we will explore how these insights changed our strategy for the year 2024.
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* The project is financed by the Innovation Fund from the European Union Pre-Accession Assistance and from the budget of the Republic of Serbia, the line of the Ministry of Science, Technological Development and Innovation.