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Meet the Startups in Area 31: Vidnex

Escrito el 3 Junio 2014 por entrepreneurship en emprender

About Vidnex

Stacia and Inigo met on the Internet. But in this case, they started a different type of relationship… a business one.

Stacia moved from San Francisco to Madrid bringing her state of the art development processes, a fresh and exciting view on video over the Internet, and a proven track record building and running technology teams.

In the meantime, Inigo, with his own track record in the Internet as CEO of Groupon Spain, was running through the usual obstacle course that starting a business in Spain typically means.

Together, we will launch a browser based live video solution to exchange services over the Internet.

Where did you get the idea?

Originally, we thought of the hassle and inefficiency of working out: going to the gym, parking, little time available in people’s schedule’s, etc. And we envisioned the Internet being able to solve this problem through live, interactive video classes, taught by professionals over multi-party video conferences.

Around this basic service, we considered building a marketplace where students could pick their classes and teacher post their available schedule to bring personal health and fitness into a new era: more convenient and at a lower price to students and more efficient and scalable to teachers. We would take a transaction of every purchase.

140602 Founders pic

Where are you with the idea today?

We are working to launch the first version of the product. While we are changing the business model from a marketplace to a B2B video tool, the basic classroom setting and interaction among participants is at the heart of the original vision for the business.

We fundamentally believe live video technologies will continue to play a key role in the Internet for years to come, and we think it will be an interesting space to be in. In what form or shape, we will pay close attention to have the market guide us!

How long have you been working on the idea?

We have been working on the idea about half a year, since the last quarter of 2013. We incorporated a company in Spain in early 2014, and have been running tests since then.

How does it work?

Teachers create classes or events, and students, through just a simple URL, can access the classroom environment through their web browser. There is no additional software involved and all students and teachers need is a laptop with a webcam and a high-speed broadband connection.

What investors does the company have?

Right now, we as founders have been bootstrapping the company, which has allowed us to stay nimble and be very flexible.

Do you have a prototype? How many iterations took it from the initial idea to the current product?

Yes, we have an MVP we used to test with users in Spain, the UK, and the US. We know we have a viable product that works, and meets our initial user experience goals. Now the challenge is to build a sustainable a profitable business model around it, which will be the focus of the upcoming months.

Teachers create classes or events, and students, through just a simple URL, can access the classroom environment through their web browser. There is no additional software involved and all students and teachers need is a laptop with a webcam and a high-speed broadband connection.

What new understanding since you started has had the most impact on your original plan?

We have learned a lot along the way. Hypotheses that we took almost for granted the first day have been reversed, some problems magically evaporated, while others came out of nowhere. Fundamentally, we are learning about people’s behavior, and the difference between words, intentions, and actions. This dichotomy is the one that is pushing us to reevaluate the original business model.

What advice would you like to give to potential entrepreneurs?

Fail fast and fail cheap! Never run out of money to keep iterating until you find a path that provides the traction and returns to guide you to a sustainable business model.

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