Websummit Logo

Visit us at Websummit on Thursday November 14th at booth PS802, Pavilion 2. We look forward to seeing you!

guidelites team receives innovation funding
Oct 28.

Our Innovation Fund Journey: The Comeback (2024) - Part 2

Our Innovation Fund Journey: The Comeback (2024) - Part 2

If you've read Part 1 of our Innovation Fund journey, you know how our first attempt ended in 2023. But as they say, it's not about how many times you fall—it's about how many times you get back up. This is the story of our comeback.

innovation fund business plan for digital reception

* Digital Reception business plan application

A New Beginning

January 2024. Our team huddled in our modest office, armed with lessons from our previous attempt and resolutely determined. The sting of our initial rejection had faded, replaced by something more valuable: clarity.

"Remember when we tried to be everything to everyone?" Zoran Popović, our CEO and founder, asked during that first strategy session. We all laughed, but it was the kind of laughter that comes from growth and self-awareness.

 

The Rising Stars Chapter

Our journey between applications wasn't just about waiting. We joined the Rising Stars program, which turned out to be a game-changer. While the financial support was modest (yet we are very thankful and it helped us a lot), the real gold was in the mentorship and community.

Working with Maja Voje (GTM strategist advisor and mentor of +650 Inc. Fortune 500 companies) was transformative. She didn't just mentor us—she challenged every assumption we had about our market positioning. "Your technology is impressive," she told us, "but your story needs to be about the problems you solve, not the features you offer."

preparing for the pitching

* Practicing for the pitch

The Team That Made It Happen

Our strength has always been our team's diversity of experience. Zoran Popović, with his 13+ years of entrepreneurial experience and background in startup mentoring, kept our vision clear. Predrag Ristić, our CTO and genuine code wizard, turned complex technical challenges into elegant solutions. Jelena Jovanović, armed with her master's in economics and experience in managing 5+ successful projects, became our operational backbone.

Our sales dream team—Dennis Groeneveld with his 24 years of software sales experience and Nenad Bogojević—proved invaluable in understanding our market fit.

the digital recetpion team in serbia

* The Serbian team: Predrag Ristic, Jelena Jovanovic, and Zoran Popovic

The Learning Phase: January-March 2024

This time around, we didn't just prepare—we transformed. Through multiple intensive team sessions, we cleaned out away everything that wasn't essential to our core vision. What emerged was crystal clear: Digital Reception wasn't just another visitor management system; it was the answer to a specific set of problems that no one else was solving effectively.

 

The Preparation Marathon: March-May 2024

Unlike our first attempt, where we spent months throwing features at the wall, this time we took a more surgical approach. Our market analysis went deeper. We didn't just identify our target market; we lived and breathed it.

Our existing 21 clients became our secret weapon. Each one provided insights that shaped our pitch. Real problems, real solutions, real impact.

innovation fund competitors for digital reception

* Competitors comparison to our solution

Inside Our Winning Application

Looking back at our application, I can't help but smile at how different it was from our first attempt. Instead of trying to boast about features, we let our numbers and research tell the story.

Through 150 lead interviews and heart-to-heart conversations with our 21 existing clients, we uncovered the real pain points in the reception management world. When we showed that companies were spending €42,805 annually on managing receptions and that 22% of employee time was being wasted on repetitive tasks, the Innovation Fund panel leaned forward in their seats. This wasn't just theory—this was real-world impact.

Our market research was bulletproof this time. We showed how the global Visitor Management System market was projected to grow at 13.35%, reaching $2.43 billion by 2027. But what really caught their attention was our laser-focused expansion strategy: starting with our strong foothold in the Benelux region (where we already had proven success), then methodically expanding to the UK and US markets.

innovation fund presentation slide for solution

* Our solution and real world examples

The numbers spoke volumes about our potential: our solution was demonstrating savings of €40,000 annually for clients. With three active distribution partners and a growing direct sales presence in the Netherlands, our revenue projections weren't just ambitious—they were achievable. We laid out a clear path to reaching nearly €15 million in five years, a figure that raised eyebrows but was backed by solid market analysis and our existing traction.

What made this application different wasn't just the numbers—it was how we presented them. Every statistic told a story of real problems we were solving: 71.48% of visitors frustrated with unfriendly receptionists, 46% of businesses losing clients due to poor communication. These weren't just data points; they were opportunities for transformation that we were already addressing.

The panel particularly appreciated our honesty about the competition. We didn't shy away from acknowledging strong players like Envoy ($68.3M revenue) or Robin ($31.5M revenue). Instead, we showed how our customizable approach and superior user experience filled the gaps they left open.

Here's a lesson for anyone preparing their own Innovation Fund application: it's not about having the biggest numbers—it's about having the right numbers and knowing how to tell their story. Every figure in our application connected directly to our vision of transforming how businesses handle visitor management.

 

The Pitch That Changed Everything

June 2024. The big day arrived, but this time felt different. We made a bold decision: instead of our previous four-person presentation, Jelena would lead the pitch. Zoran would handle the Q&A. This clarity of roles reflected our newfound focus as a company.

The commission's questions were just as tough, maybe tougher. But this time, every answer came from experience, not speculation. When asked about market validation, we didn't talk about potential—we talked about our 21 successful implementations.

all the recepients and innovation fund members

* Innovation Fund members and winners of the funding

The Sweet Taste of Success

July brought the news we'd been waiting for. By August 30th, we were signing the contract, and September 1st marked our official project kickoff. Though I should warn future applicants—the Innovation Fund is no joke! The budget review is so intense that some teams joke about quitting before signing. (Pro tip: Triple-check those budget numbers. Then check them again.)

As the marketing agency working with Digital Reception throughout this journey, we've had a front-row seat to this transformation. Understanding the product, market, and client needs so deeply has been invaluable in crafting an authentic marketing strategy that truly resonates.

receiving the innovation funding officially

* GuideLites team receiving the funding award

Key Takeaways

  1. Vision isn't just about seeing the future—it's about understanding the present

  2. Team alignment beats individual brilliance every time

  3. Storytelling isn't about what you can do; it's about who you can help

  4. Market understanding comes from listening, not assuming

  5. Features don't sell solutions—solved problems do

 

Looking Ahead

This funding isn't just money in the bank—it's rocket fuel for our vision. We're not just building a visitor management system; we're improving how businesses think about their spaces and interactions.

Want to be part of this journey? Follow us on LinkedIn or visit our website. We're just getting started, and the best is yet to come.


* 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.

Tags

Funding

Nebojsa Gutesa

Powered by