Cruising Toward Success

This is the story of an Emerging tech powerhouse in the marine industry with a focus on IOT. They were facing the challenges of growth and partnered with GrowthLab to navigate the journey. This post will dive deeper into the Challenge, Solution, and Results of their journey!

Challenge

When we started working with a 6-year old emerging growth company in 2015, the founder was surrounded by a small technical team that was in the midst of releasing a new generation of the product. The product included hardware and a recurring monthly monitoring services connected to an app to provide an end-to-end customer solution.

The company was challenged with the following:

• An anticipation of a land grab in an industry where first-to-market wins
• A lack of robust systems and management framework to handle the scaling journey
• A limited organizational foundation including people and infrastructure on which to build a business in a $100+ million market

Solution

GrowthLab was up for the challenge of helping them navigate their growth from a startup to an emerging growth enterprise. GrowthLab was brought in for our Finance-as-a-Service program, as well as our Strategy-as-a-Service. We partnered with the founding team to establish a management framework to help:

• Create organizational structure around functional requirements and people, particularly, in the early days focusing on their sales and distributor channel capabilities
• Establish solid and scaleable financial management with a keen eye towards cash management
• Implement robust enterprise systems and a strategic management framework
• Manage Corporate Development activities including the M&A process and due diligence playbooks, investor relations, and capital raising efforts

Our team and services were tailored to provide value with GrowthLab’s fixed price monthly recurring service, that scales as you grow.

Results

Our work has helped establish a management framework led by dedicated functional leads, allowing the founder and CEO to work on the business, not in the business.

Today, the founder spends his time focused on raising capital, currently the Series B Round, and developing Blue Sky opportunities. Through the interconnected accounting, finance, and strategy services we provide, GrowthLab acts as a full-service extension of their executive management team. The company currently remains the leader in its market and is poised to capture adjacent markets.

If this sounds interesting or rings a bell, let us know. You can set up a meeting HERE, or find more information on this story HERE!

Talk soon!