Hi everyone, happly to e-meet you all!
Some time ago I and my partner launched a startup called GodMode (link below).
The idea was to build a special video-rendering platform that would provide users with videos of highlights of their games in 1-2 minutes after the game. To give you a sense what I am talking about please see the links below:
So we developed an MVP and started to sell it as a B2B solution to e-sports statistical and learning platforms (i.e. GameLeap, Gosu.ai etc.), e-sports related news agencies/websites, famous Youtube streamers, and professional teams.
The answers we received:
So it looks like we have built something that works and can make money, but is not scalable. We are trying to test some new hypotheses but cannot find the right one.
Any advice on what to do in this situation?
What would you do?
Should we make a turnaround?
Any ideas on how to change the situation?
Our website: http://god-mode.pro/
You need to take a step back and think about how you can redeploy your technology for an entirely different industry and use.
At the same time there seem to be others here that think you can stick to the same industry but alter your business model or customer targeting.
These are not mutually exclusive.
If you can find an entirely different industry, you don't have to do it yourself, just partner with someone who understands that industry.
I have to wonder if what you have can be used to make fair use protected automated 5-7 minute reviews of movies. That would be an interesting application. You might even be able to build an entire advertising supported site around it. In fact if you think you can do something like that, but need some financing for it, please let me know.
This looks like a feature, not a product, at least with respect to e-sports. I have no idea whether the e-sports platforms buy tech.
There might be a market for a "best kills" channel/podcast/twitch stream. You run the channel and accept submissions via your site and tool.
There might be a market for generating highlight reels for real-world kids sports such as football, but I suspect that you'd also need some way to highlight specific kids, even if they didn't do that much. The audience here is parents who are making videos and send them to other family members.
If the scale that you can realistically reach generates enough revenue for you to be profitable and live a fulfilling life, I think there's a deeper question of what your objectives are for your business.
From the single customer you have, it doesn't sound like you have found product-market fit yet. Before you worry about building a business that is scaleable to 1M customers, focus first on building a business that is needed by 1 customer. Then 2, then 5 then 10, etc...
You've done the right thing by launching an MVP in order to gather customer feedback instead of spending a lot of resources to build a product that no one wants. The feedback you've received is exactly the test you intended to run. I suggest to focus now on either:
1) finding where there is a need for your product (other markets or use cases)
2) finding what is the need for your target customer (e-sports)
It sounds like you've already explored #1, and not found much interest. Getting 20-25 conversations with e-sports teams is gold - what did you discover from those interactions? Where do they have a need that your product or a different one that you can build can fulfill? Focus on the customer need more than the tech you've built.
It is a time for a pivot, if you can identify a good new direction. I would start with your core unique capabilities. What are they and how unique? Then you can start looking at possible customers with problems you could address. Before doing any more development take the time to properly validate that market. Do they really need it? Would it be a priority? What are the impediments to implementation?
In case you have any ideas on how to resolve this or partner who we can talk to we would appreciate to discuss. Thanks!
Can this be pivoted to record kid and teen games and then share highlights with all the parents? There are tons of 1st grade - 12th grade games that happen every week across the country. Parents could put a phone or multiple phones in places that captures the action. Once the game is over , your software stiches the highlights and shares.
Monetize on downloads. Showing the highlights is free.
Can align to other platforms that help schedule school games etc as a co-marketing add on.