I was called to sit with a CEO of a new Biometric System venture and review their current business model.
I reviewed the business model and convinced him that the projected costs are under estimated and that customer acquisition will probably be harder than expected in his models.
What followed was a two hour brainstorming looking for alternative business models and solutions that use their focus areas but with innovative approaches that will focus on one of these strategies:
- Bring in larger and more profitable projects that will have a higher profit margin.
- Create a number of cheap and cool products that can be sold with minimal human interaction by investing in online marketing.
We ended up having several very good ideas that each of them could make a good business case.
He will further analyze these new options and consult with his team and they will decide how to proceed.
It was lots of fun. It’s a cool industry and he is a great guy.
