During the 20-week Sprout programme a lot happened for the LogicLab team. They redefined their Value Proposition, rebranded and prepared a pitch for Investment. All this as well as the announcement from Founders Matt and Tayah Ryan that they were expecting a small addition to their family.
Now they've completed the programme and a healthy baby boy has been delivered, we asked CEO Matt Ryan where the company is now.
The company has delivered their Minimum Viable Product (MVP) to market and it's being used by people in three major packhouses in the Bay of Plenty. Matt said it’s been really successful for the company, with the customers providing positive feedback that it is indeed solving a problem.
Packhouse DMS have committed to using the product, meaning LogicLabs have successfully converted their first trial into a sale. They’re now in conversations with Seeka and East Pack as potential lead conversions.
The most impressive statistic for the company is that they’ve successfully got 60% of the industry using the product.
“In the coming months it’s going to be about gaining feedback from our users and refining the product to add some of the features the customers have requested, which will add even more value for them,” CEO Matt Ryan said.
The biggest limiting factor for the company is the speed in which they can develop. They currently contract a company to do their software development but are looking at a Joint Venture agreement with an existing software supplier in the industry. This company provides great synergies for the business vs trying to take on their own team at the current stage in their business cycle.
However, if they are to grow faster they need to bring the development in house. This is their biggest limiting factor at the moment.
To grow they need to develop.
To scale they need to develop.
To appeal to a wider variety of customers, they need to develop.
It’s a bit of a chicken and egg situation for the company but nothing they can't handle. They can only sell to large companies at present but need to scale to sell to the wider industry and the smaller players.
“Collaboration is really important to the team. It’s a big driver for now, which is why we’re having conversations with multiple software companies, so we can plan and execute the next piece of the roadmap accurately.”
Next season LogicLabs will have a product ready for smaller players. They are currently tackling the pack house tier and will be tackling the grower tier next year and then look to target other industries.
They’re also in talks with Zespri about taking their product offshore. They’re looking to get the product into Italy and China.
“It’s a really interesting opportunity and it’s all about scalability.”
LogicLabs is a Bay of Plenty company, looking to solve the problem of Crop Estimation for Kiwifruit Orchardists.
The team is CEO Matt Ryan, Directors Tayah Ryan and Andrew Dunstan.