Posted on : 2023-08-25 03:40:52
Article : Good Evening Friday Management TASK 256- Business sustenance and further growth depends mainly on the “Team First” motto. You can recall any enterprise and look at what you get as an answer…
Ayogo software company from Vancouver is on the cutting edge of user Experience Design in healthcare. The products and services created by the founder of Ayogo Mr Michael are proven to increase patient engagement experience, while improving health outcomes. These turned into business plans and the company has succeeded in their philosophy of healthcare. Ayogo as currently constituted, was spun out of a game studio in Vancouver. The founders saw an interesting opportunity in applying design patterns from games and play to healthcare applications, and developed a psychological model based in part on evolutionary psychology. These insights slowly worked their way into business plans, and ultimately into an operating business. However, Michael did it a lot differently than most, which might be a large factor in the company’s successes today.
It wasn’t the idea, inspiration, or even the technology that defined the business. Mr Michael says It was the team first. Starting with a general idea of where he wanted to go, he built a team, and let the team finds its own way. He has to choose this approach to defend his future plans on building a stronger team and there by a stable company. If we look at the statistics one would see almost all companies fail. About 95% of businesses don’t last longer than five years. The surface reasons for their failures vary widely, but if one looks beneath the surface, we can see these reasons generally boil down to a single factor: a lack of talent in key moments.
With this mindset and knowledge, Michael wanted to focus on building the best team, which can pivot and create new value when confronted with obstacles. Since there is a low amount of venture capital available in Vancouver to build start-ups, Michael tapped into his network, looking to build a team with the energy and maturity necessary to bootstrap the business from nothing. Bootstrapping the initial months, and running off the revenue they brought in, they began to refine the process, technology, and idea over time. Instead of trying to find demand for a bunch of supply, they created, and progressively refined their offering customer by customer.
The team did not know exactly what would form the foundation for a scalable and repeatable product business, but certainly, they saw a lot of problems to be solved. Next, they found people who would pay to solve some of those problems. Then the challenge became, how to keep control of the innovation, own the intellectual property, and continue to build on it. How can one do that and avoid finding themselves trapped in a sequence of unrelated projects? To solve this, Ayogo was first and foremost careful in structuring their contracts, so that the company retained ownership of software IP, and secondly constantly evaluated their projects, customers, and potential customers, looking for commonalities. From those insights, the team crafted its sales and marketing message as a hypothesis to be tested against the market.
Post your suggestive comments on which factors have helped Michael to build Ayogo as profitable and sustainable company with stronger team. We will post our perceptive Management Solution on 24th Feb “Good Morning Monday Management Solution for TASK 256.
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