Luxinnovation spoke with Galo Vargas about his start-up and his programme experience:
How did you first hear about Luxinnovation and our Fit 4 Start programme?
Van Hack, a start-up in our network recommended the programme to us because they have been part of the former edition.
What was your biggest achievement?
During the programme, we change the direction and strategy of our start-up project and the way we make money. It was a big achievement to pivot, create and validate this new business model.
Name 3 things you especially like about the Fit 4 Start programme?
- Personalized coaching with experts
- Meetings and presentations every 30 days to actually show your progress and keep you right on track with feedback
- All the doors of opportunities that can be opened in Luxembourg and the European Union for start-up support
What did you learn so far by participating in the Fit 4 Start programme?
We learned how to focus on the right things, how to target the right customer, and how to validate our value proposition. We also learned a lot about the technical aspects of business and how to improve our current processes.
What are the upcoming challenges for your start-up?
The next challenge for us will be to increase the growth rate of our user base and convert 1% of our free user base into paid premium subscribers. In doing so, the company will be completely self-sustainable in one years’ time. It will also be a next step to make deals with publishers to attract premium content to our platform.
What advice would you give to other entrepreneurs?
Experiment, test and pivot your product from the beginning, instead of investing thousands of dollars and end up with something nobody will use.
Validate the value proposition right from the start by talking to your segment customers and observing how they use your prototype and why. Once you have it, and work out a mechanism where you can make people pay for your product and find that “single action” that you know that, if you put money on it, you can scale your sales exponentially. Proving that level of traction and potential, makes any start-up “investable” and building the entire product for doing it is not required.
Additionally, have a clear vision of what you want to become and where you want to be in the future.
CEO: Galo Vargas
Founding date: June 2018 in Luxembourg
Registered office: Technoport, Belval
Contact email: email@example.com