The Business Wilderness podcast welcomed special guest Vaibhav Namburi. Vaibhav, aka Mr V, is the Director of Five2One. Five2One is a software development consultancy company, specialising in web and mobile development based in Sydney, Australia.
Their vision is to "Modernise web architecture and build quality products"
Five2One work with some of the worlds finest start ups as well as Australia's largest companies in identifying opportunities and providing world class solutions that people love to use.
Five2One is for those who want to convert their 5PM to 1AM side hustle into their full time passion. It's about taking people's ideas and converting them into reality. Many of the current clients are corporates, despite still having its fair share of startup customers.
The company stems from the founder's own desire to establish his own side hustle as a full-fledged business. He initially began as a mechanical engineer, but after struggling with finding employment he signed up to coding courses such as Codecademy.
He taught himself to code and ended up enrolling in a US bootcamp that meant he had to change his whole sleep cycle. He would sleep till 7pm, then join the bootcamp till 1pm the next day! After going through a few jobs and taking a liking to building his own products for other people, he came up with Five2One.
Bootstrap your startup
The company is based in Sydney, Australia but services clients all over the world. Although the aim is to consolidate the home base first. Some of the notable companies are NewsCorp and PWC.
The business acts pretty much as a development shop, where businesses can walk in and get software products built to design. Vaibhav is conscious of scaling too quickly, especially considering his business is bootstrapped. He is wary of losing the quality of his products as he scales, therefore growth has become driven by customer-demand.
Evolving Tech Space
The technology industry evolves at such a rapid rate, that 6 months is a lifetime. Mr V says that the three most sought after technologies to be implemented in businesses in Australia are cryptocurrency, Artificial Intelligence and Machine Learning, particularly for generating recommendations. He mentions that AR and VR are not so popular in Australia, although they may be elsewhere.
Another up and coming technology that has occupied the tech giants of the world is voice and voice automation. This is seen as a step-up from chat bots which have also shot to fame of late amongst businesses. Voice is such a powerful force for ease of customer interaction with technology, as it is the most effective medium of communication after body language.
Voice recognition software is becoming much more accurate, so it is being deployed more. Technology, ultimately serves to make customer engagement as simple as possible. This has become obvious in the introduction of devices such as Amazon's Alexa and Google's Google Home.
Future of Five2One
Mr V indicates that the best form of validation is the existence of competition. Therefore, there are other similar companies out there, so the next most important thing is uniqueness. This stems, for Five2One, from the relationship with clients.
The company currently grows as a result of word of mouth from products built for founders and corporations. There is a big expense to the company or individual, so it is difficult to utilise usual marketing methods such as social media marketing.
To help convert leads, he stresses the necessity of a human face being put to the product/process. This is where you can convince the customer of the idea of not only building their own software, but ensuring that they believe the expense is worth it.
For non-tech founders outsourcing all their development, especially if their companies are software based, they are going to have a tough time finding investors to fund their business. If you manage to find a tech co-founder, then those prospects may change.
This is due to the fact that you really don't have control over your product, in turn your business, if you don't at least have a general idea of the makeup of your product. There needs to be someone you can trust or learn it yourself, otherwise you're going to have to bootstrap your way through.
We thank Mr Namburi for his wonderful story of grit and adaptability in the face of adversity.
You can find him on:
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