“Ga Sengaja” Bangun Perusahaan 22 Triliun (ft. Gibran CEO eFishery)

Summary

The transcript details the inspiring journey of a startup founder who, against all odds, transformed a struggling business into the world's largest aquaculture technology company. Facing financial hardships, including a period without salary for 9 months and relying on credit cards, the founder's unwavering belief in the company's vision and the team's resilience led to a successful $200 million funding round. The narrative underscores the importance of perseverance, adaptability, and the power of a clear mission in overcoming entrepreneurial challenges.

Takeaways

• 😀 The founder of eFishery shared a personal story of financial struggle, where the company faced a severe cash crunch and had to rely on credit cards to survive for 9 months without paying themselves a salary.
• 💼 The company's initial business model was selling fish farming technology devices, but they transitioned to a subscription model to improve customer adoption and reduce the initial investment barrier for customers.
• 📈 Despite numerous rejections from investors, the company remained committed to its vision and eventually became the largest aquaculture technology company globally, achieving unicorn status with a valuation of 1 billion dollars.
• 🌐 eFishery started with a focus on the Indonesian market but has aspirations to expand its impact globally, aiming to be a leader in the seafood industry over the next decade.
• 🚀 The company's growth was described as a slow and steady process, emphasizing the importance of consistency and adaptability in business strategy, especially in the face of market and customer behavior changes.
• 🛠️ eFishery's technology began as a simple SMS-based system to control fish feeding devices, evolving into a more sophisticated end-to-end marketplace platform for aquaculture products.
• 💡 The idea for the business originated from the founder's own experience in fish farming and the identified need for efficient feeding systems that could reduce costs and increase yield.
• 🔄 The company experienced a pivot in its business model, moving from a hardware sales focus to incorporating a B2B marketplace for fish feed and financial services for farmers, enhancing unit economics and customer lifetime value.
• 💰 The transition to a subscription model and the introduction of feed sales and financial services allowed eFishery to become profitable, which was a significant milestone and a turning point for attracting further investment.
• 🔑 The founder emphasized the importance of having a clear 'why' for starting the business, which stems from personal struggles and the desire to make a significant impact, as this drives persistence through tough times.
• 📚 The story of eFishery serves as an inspiration for other startups, especially those with a research or product-driven focus, to build a strong commercial sense and adapt their solutions to real customer needs.

Q & A

What was the financial situation of the company during its early stages?

The company faced a severe financial crisis, with funds running out completely for a period of 9 months. The founder did not take a salary, and the team survived on credit cards and loans, even reaching a point where they had to pawn their credit cards and were constantly receiving collection calls.

Who is the founder of the company mentioned in the script?

The founder of the company is Gibran Huzaifah, who is also the CEO and co-founder of eFishery, an aquaculture technology company.

What was the turning point for eFishery in terms of funding?

The turning point was when eFishery managed to secure a significant investment of 200 million dollars in the last round, which was announced in June or July of the previous year.

What challenges did eFishery face in the beginning?

In the beginning, eFishery faced challenges such as a lack of belief and trust from people within the aquaculture industry and venture capitalists. They were skeptical about the use of technology in the form of an automatic feeding device and an application for fish and shrimp breeders.

How did the idea for eFishery's automatic feeding device originate?

The idea originated from the founder's own experience of having 76 fishponds and realizing the inefficiency and inconsistency of manual feeding. He saw the potential of using technology to solve this problem and improve the efficiency of fish feeding.

What was the initial business model of eFishery?

The initial business model was to sell the automatic feeding devices directly to fish and shrimp breeders. However, this model faced challenges due to the high upfront cost and the unfamiliarity of the technology to the potential customers.

Why did eFishery pivot to a subscription-based model?

The pivot to a subscription-based model, known as 'feeding as a service,' was to lower the barrier for adoption by reducing the upfront cost for customers and spreading the payments over time, making it more accessible for them.

How did eFishery validate its business model?

eFishery validated its business model by starting with a minimum viable product, getting customer feedback, and iterating on the product. They also focused on customer retention, which was indicated by a zero percent churn rate among their customers.