Customer Validation 10122. April 2017
All about your Pitch26. April 2017
We had an interesting conversation with our former participants Phillip Reinig, who is founder and CEO of SIPHINITI. In the following interview, Phillip will talk about his experiences as founder.
Hi Phillip, could you please describe briefly what is Siphiniti and what is so special about your business idea?
Siphiniti is not a new business idea. The goal is the “paperless office”. It all started with the automated text recognition of scanned documents, but today the product is already a big step ahead. Through the implementation of a BPMN2 Workflow Engine it is possible to map entire business processes digital, such as Purchase to Pay. In addition, a “google-like” search engine is integrated, which makes the retrieval of documents very fast and easy.
The USPs certainly include the following:
What were the biggest difficulties you had to overcome when you started?
Until today sales is still one of the most difficult topics. Very obvious and still underestimated. As good as the product is, if you do not find any customers, you do not earn money. In my opinion the way until the name or the product is so well known that the customers come to one, only because you have a website, will still take a very long time.
Implementing ideas costs money. How did you finance yourself?
Without the startup grant it would not have worked out. Unfortunately, there is the first phase for only six months, which is why I accepted orders from my former employer or partners from earlier times. Thank God I had this opportunity, otherwise I would have had to give up.
The idea came up at the Startup Weekend. Are the team members from the event still part of your startup?
The idea did not come directly at the Startup Weekend. At Startup Weekend, we designed Formscloud and even showed it live, but the response was not very promising, so we went back to our roots (document management) and continued where others stopped. From the original Team SImon PHIllip NIcolas and TIm, I am the sole founder.
What was the most valuable thing you have learned from our past event?
The energy and the will to create something, which we felt at the Start & Found (former Startup Weekend Hamburg) stayed also after the event in the team! It was very amazing to realize what you can create on a weekend. It also turns out very quickly, who has which strengths. Some are good at marketing, others are creators of ideas, and again others are thoroughbred developers. The mix was very good.
What would you like to tell the participants who have registered for this year’s Start & Found or are still considering doing so?
Just do it! It is definitely worth it. Participants should focus definitely on the presentation and not on the development of the product. The pitch must arrive. So it’s not important that everything works 100%. Much more important is that the idea is well explained and that a real market exists. Competition analysis is incredibly important. As soon as a jury member knows a similar solution, the idea or the implementation cab be as good as it is, if there are competitors they already have a advantage. You need to catch up to this advantage. This is only possible if you have time and money. If you do not have the resources, the idea / solution / product should be better not yet on the market.
Thank you for your time, Phillip. We appreciate your insights on your entrepreneurial experiences!