When Innovify first met Fred, the founder of Brickowner, we knew instantly that he had a great idea, he had the support of highly experienced partners, as well as an aggressive plan to fundraise and grow.
The aggressive plan to fundraise hinged on building an MVP that clearly demonstrated the business model and customer journey. This is where Innovify stepped in and provided the technical know-how as Brickowner’s partner in developing their MVP. With a limited budget and a strict timeframe, the route to success for Innovify appeared challenging.
Further along in their journey, Innovify again stepped in to help Brickowner once more, this time with scaling and growing their company. At this moment in time, Brickowner was working with a number of UI/UX and branding agencies. However, if they were to succeed, they again needed the technology know-how and the right business processes required to grow such a platform. Scaling a company in a volatile market is no easy feat. Hungry competitors, adding the right employees that match the company fit, and utilising the right channels for growth are all factors that when addressed incorrectly, can lead to a company’s demise.
Therefore, Innovify analysed the overall business proposition, identifying the corevalue of their platform – what really made them different from their competitors in what was a very crowded space. And we found that they needed to define their product, as their lack of technological expertise and product management skills meant that they had no details on how their platform actually worked.
The MVP: Building the Foundations for Growth
When Fred contacted Innovify regarding the build of a minimum viable product (MVP), we had to fully understand the business proposition as well as the key challenges for their platform from a business standpoint.
Once understood, we defined the MVP and the overall product roadmap to justify their aggressive fundraising strategy and valuation growth. If this was going to work, the fundraising and product had to be aligned to deliver the KPIs, and they had to be regularly updated.
Before we did anything else, we researched the user behaviour and analysed thecompetitors. This research gave us the right direction to pursue with the overall UX and interactions. Working with the UX partner, we first developed the initial prototype and aligned it with their first crowdfunding campaign. This round of funding (on Seedrs) raised £100,000, but we didn’t stop there.
Lean and Agile Principles at the Core
As a company rooted in agile and lean principles, we understood the need for quick iterations. So, we established a minimal product team to develop the required product. We also put the right collaboration tools in place, so we could establish bi-weekly sprint cycles along with a weekly review of the progress.
The biggest benefit for Brickowner was that Fred had direct access to the team todiscuss any ideas and to keep confusion to a minimum. The weekly review meetings ended up being extended to discuss the prioritised features, define the user-flows, and review the estimates to add further value.
This agile approach meant the first version of the Web Platform that was launched in less than a month, to help kick-start the second round of funding.
The first release was key for existing and potential new investors to see how Brickowner worked and how it offered something better than their competitors. So, we worked very closely with Fred to pitch the platform, establish a suitable valuation, and introduce it to our network of investors to build the interest.
As the MVP developed closer to the finished article, Innovify turned their focus to define the operational model and go-to-market strategy. Continuing to work closely with the founders, Innovify worked out the KPIs for the platform and recruited suitable partners to deliver those.
Scaling to Success With our Dedicated Development Teams
Once the MVP was developed, and with the funding secured, the scene was set for the next stage in the company’s development. Naturally, and due largely in part to the success of the MVP, Innovify were again chosen to help Brickowner scale and grow their business. Brickowner chose to use the dedicated development team option, available from Innovify. This meant that Innovify would supply the whole team, with their purpose to solely work on and for Brickowner. The benefits of such a service mean that there are no operational overheads, recruitment costs (inc time spent), no hardware or training costs and a fully experienced team trained in agile and scrum principles. This list goes on. With the dedicated development team in place, Innovify were well positioned in helping their client grow their company to greater heights.
Innovify have helped Brickowner go from an idea, to an MVP in the market with supporting operations. Within just four months of raising the first round, Brickowner raised another £100,000 via Seedrs in the second round of funding. This was largely due to the impressive MVP built for them by Innovify.
Due to their initial success, Brickowner commissioned Innovify to provide a dedicated development team in order to scale their business from the MVP to a fully functioning digital business. This has since seen the company grow from strength to strength and take on a dominant position within the UK property sphere.