Listen to your customer
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Norman Shaw, founder and managing director of ExactTrak, explains why seeking feedback during product development helped re-direct the company and secure investment.
We had an idea for a product that would help locate and recover stolen laptops even when they were turned off. We even had a working prototype.
But when we spoke to our potential customers, they pointed out that laptops were dropping in price all the time. The important issue was the data on the laptop rather than the laptop itself. The challenge was to secure your data and so we changed our product to focus on that.
Now we have a product that the market has been asking for. We quickly received a lot of interest and secured almost £500,000 in investment from some very influential backers giving us some excellent board experience.