OOVIRT becoming investor ready

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Since completing their business accelerator programme in late 2017 with Elevator UK, the OOVIRT team have been working hard on developing the company and moving forward their new platform which aims to launch in early 2019.

As a start-up, there is a never ending number of tasks on the to do list which seems at times daunting. It can also be highly frustrating as each task can be all consuming and time can easily be lost being caught up in one activity (that you probably shouldn’t even be doing in the first place!). Sticking to The One Thing, is easier said than done! Particularly when we can all be prone to a little bit of procrastination.

So you battle through the list and like with any new company, you look to develop the usual administration systems along with marketing your services and seeking to secure new business. But whilst many companies are built on established services and in demand products, start-ups seeking to disrupt the market, often find themselves caught in the twilight zone of constantly evolving their idea whilst trying to determine how best to gain traction in the market.

This is definitely something we can readily admit to having gone through. However, as most of you will know, there is a huge difference between a great idea and a great business. Turning that idea into a money-maker is quite frankly, a lot of hard work. But is it all just about hard work?

As Bill Gross’s 2015 TED talk highlights from their research, the single biggest factor in a start-ups success was timing. But how do you define when the time is right? And ultimately, how do you raise awareness when everyone is scrambling over one another for attention? Particularly when you’re a small team with finite resources.

Here’s some insight into the OOVIRT journey so far…

Continuous research & development (getting attention)

This is the binding philosophy of the OOVIRT team. Not because we are unsure about what we want to achieve. Our key concept remains unchanged from when we first set-out however technology as always moves quickly and keeping up with the latest developments is critical to ensure an opportunity is not overlooked.

The beauty of research is that, external knowledge is out there for free, and the constant learning can be an awesome way of developing your concept and identifying solutions you might not have imagined previously.

Research is not however restricted to business innovation. We continually explore the challenges and pain points our (potential) customers face in operating. Each one of these challenges or pains can be an important story that others can relate to and so you can gather these stories to create powerful content that will be unique and engaging.

This can really help your voice be heard. When you start to share those original stories and find that sweet spot where the same challenge is coming up again and again. Suddenly your idea and business concept can start to make sense to a wider audience.

Consistency & passion (finding your time)

For many people, running on a treadmill is, well, very dull. The same view, the constant thudding of feed, the stream of thoughts telling you there’s ten million better things you could be doing! Of course, work often can feel like this. Constant effort and yet still feeling like you’re in exactly the same place. However, the OOVIRT team know that that their efforts have not been wasted. Like the benefits of consistently running and becoming fitter, so everyone has enhanced their knowledge and understanding of how we can help clients.

We have worked hard to not only keep moving but to understand what makes everyone in the team tick, what we all enjoy doing and of course where we can add real value. The passion for success is an important factor in making sure you stay consistent. Establishing this passion has naturally followed on from our continuous R&D, as we identified new opportunities that everyone felt strongly about.

Discovering that passion and consistency can of course take time. There’s a reason the average age of a start-up entrepreneur is 40! We’re not all born with the same drive, opportunity or passion. This is something that quite naturally matures over time as we gain experience and start to garner that greater understanding of what we enjoy doing and become more focused on achieving our goals.

Yes, some days are more productive than others but if every day can make some impact on that to do list then success will follow. Just remember to keep an open mind on what success looks like! Not all companies are destined to make millions and providing a great service whilst generating sustainable revenue, should never be overlooked as the benchmark for knowing you have produced a good business.

Ask for help (share the journey)

The idea that entrepreneurship is lonely can be true but it doesn’t need to be that way. There are a world of people out there doing the same thing as you, waiting for you to connect with. It was one of our key reasons for choosing to apply for the accelerator programme with Elevator UK.

We wanted to immerse ourselves in an environment where everyone was working towards the goal of turning their idea into a successful business. People around you every week to give feedback on your business, to help introduce new ideas and make new connections.

Asking for help is probably one of the most fundamental components of success. Whether that help is advisory of financial, or maybe its just that little bit of inspiration that helps you stay consistent. Its maybe even that small piece of information which gives you clarity on your business vision.

Help is out there. People want to help you and if you keep asking and looking for those answers then your chances of success are far greater. We’ve had fantastic support from the likes of Business Gateway, Scottish Enterprise, the Elevator UK team and the wider entrepreneurial community in Scotland.

Being part of that community is highly rewarding as you can readily help others on their journey too.

Becoming investor ready (put your voice out there)

And so after several months of working hard, we find ourselves at the stage of seeking investment. This month we will be entering the UNWTO’s first global start-up competition along with participating in Round 13 of Scottish Edge.

Our vision and planning will be scrutinised to a new level. This is something entrepreneurs often fear, criticism of their idea, or challenging questions where an answer doesn’t immediately seem available.

As with all the challenges faced in scaling OOVIRT, we welcome this next stage. We are open to criticism and understand that we can always improve to help take our business forward. We know that there is no guarantee of success but that our continued R&D, consistency & passion and constant exploration for support will stand us in good stead for what lies ahead.

If you would like to be part of the OOVIRT journey or are interested in learning more about how we could help your business:

  • Generate more revenue
  • Improve staff efficiency
  • Be more accessible and inclusive
  • Provide great customer experience

Then get in touch or follow us on Facebook, Twitter or LinkedIn.

Together we hope to make the world a more accessible and inclusive place.

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