Louis, the Head of Accounts & Engagement at Viatick, shares his entrepreneurship journey
Viatick is a platform that enables you to track your assets and personnel. For example, you can track the whereabouts of your staff, laptops, vehicles, etc. and be alerted when they leave their designated zones. Their devices have been deployed by ST Engineering, Samsung SDS Asia, A Singapore Railway Operator, and many logistics companies worldwide.
Viatick came into the scene in 2014, when there was plenty of talk about increasing productivity, but no tangible answers that created real, market ready solutions. This gap created a great entry point for the Viatick team.
After entering the industry, the Viatick team made one pivotal but also slightly weird decision that enabled the success of the business – they decided to use a tracking algorithm that was not meant for extreme accuracy (in centimetres). On paper, this seemed like a bad decision, however, Louis realised that his target audience would prefer a slightly less accurate system if it meant a higher battery life, stability, and cheaper cost.
“That much more accuracy, sacrificing battery life and increase in cost, is just not something the market would’ve readily accepted, making it difficult to scale the business,” he reasoned.
He was right, and the business took off.
“It will not be the best product or tech that wins,” said Louis. “It is about timing, price point, strategy, and consistency. All these characteristics take hard work, more than you ever think it would be.”
“What kept us going was constant re-evaluation, constant nimbleness that allowed us to quickly adapt, and understand what went wrong without spending too much time blaming others,” he shared, adding that a good team follows the team’s direction even when it changes and keeps the momentum going.
It was this sort of resilient mindset that enabled Viatick to keep growing and succeeding, despite the curveballs thrown their way. For instance, one client got the team to ideate and propose a solution, but their hard work did not pay off as the client chose to back out and work with a bigger company instead.
Ironically, that bigger company later engaged the services of Viatick for the same project, since Viatick’s hard work had established it as a domain expert in the industry.
In addition, one main thing Louis learned from his experience at Viatick was to invest less time chasing competitions and startup accelerators. He realised that he could have grown Viatick faster if he had focused on building Viatick’s ecosystem network and gaining partnerships.
“So for new entrepreneurs out there, spend more time understanding the value chain, ensure that your product is consistent, and you will have a good shot,” he advised.