Welcome to The Busi-ness Podcast.
Today I am joined by Chris Sheldrick, Co-founder & CEO of what3words.
With a background in the music industry, Chris noticed that traditional addresses for venues and precise stage doors or loading bays were not accurate enough. As a result, he set out to make a simpler version of addresses using just three words…meet what3words.
Working with co-founders comes with swings and roundabouts but Chris explains how his team had an ideal natural balance, with everyone responsible for their separate areas of business.
Faced with a unique proposition, Chris unusually felt he wasn’t faced with direct competitors. Instead, Chris spent his time understanding what his consumers currently use and how he can simplify this.
Partnering with large companies such as Lamborghini is an essential part of what3words’ strategy. It’s evident that even though not everyone owns a Lamborghini, consideration, awareness, and credibility can be built through strategic partnerships.
Focusing on the entire world, Chris and his co-founders faced a huge challenge during targeting. Receiving lots of opinion on where to direct the business, the team identified a combination of these which worked for them.
Having never fundraised previously, Chris explains that there’s no written playbook and talks through just some examples of funding which may be suitable for some businesses.
There’s a lot to learn from such an industry changing business in a unique space.
I hope you enjoy this episode of The Busi-ness Podcast.
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