Industry: Marketplace Technology
Challenge
Acrylic’s founder was grappling with a platform that was non-scalable and failed to meet user expectations, presenting significant barriers to market entry. Lacking expertise in building and launching a peer-to-peer marketplace, the team faced critical uncertainties about the best path forward to realise their vision, secure investment, and successfully launch their product.
Solution
Alteam advised a strategic shift towards prioritising product prototyping before expanding the development team or hiring a CTO. We introduced our Prototyping bundle to facilitate rapid, efficient design iterations, enabling Acrylic to swiftly refine their product concept.
Delivery process
- Strategic Prototyping Approach: Understanding the critical nature of initial user impressions, Alteam implemented a streamlined prototyping phase for Acrylic. This approach allowed for the quick creation of two design variants, fostering an agile environment for immediate feedback and iteration.
- Development of a Scalable Prototype: The prototyping phase culminated in a fully-functional and scalable design prototype, complete with a robust design system setup. This foundation was pivotal in preparing the platform for scalable user growth and market adaptation.
- Launching a Pre-Market Website: To gauge market interest and build anticipation, we assisted Acrylic in launching a waiting website. This early engagement tool helped in validating the market fit and refining the final product features based on potential user feedback.
- Ongoing Founder Coaching: Throughout the process, Alteam provided continuous coaching to Acrylic’s founding team, ensuring the adoption of best practices in product development and strategic planning. Our guidance was instrumental in navigating the early stages of startup development.
Outcome
The strategic focus on prototyping and iterative design not only resolved the initial challenges but also positioned Acrylic to attract significant interest from investors and industry leaders. The effectiveness of the revised approach was underscored by Acrylic securing a spot in the prestigious Techstars accelerator program, setting the stage for their successful product launch.
Conclusion
This case study demonstrates Alteam’s capability to pivot startup strategies effectively, emphasising prototyping and early market engagement to overcome foundational challenges. Acrylic’s journey from a struggling startup to a Techstars participant highlights the impact of Alteam’s tailored support and strategic insight.