Lime is now Wultra!
We are proud to announce that we renamed and rebranded our company from Lime to Wultra. In this post, we sum up the top five reasons why we decided for this change.
Reason 1: Lime was quite a random name, really…
In an early stage of a startup, the company name does not really matter that much. The difficult part is usually coming up with a product or service that has a value and a sustainable business model. I understood this and as a result, I didn’t spend a great deal of time thinking about the company name and branding.
So, why did I named the company “Lime” in the first place? It’s because I was used to my previous company (Inmite) branding. The main color this company used was basically “lime green”. Hence the company name Lime with what basically was the Inmite v1.0 branding…
Also, it’s worth noting that the Lime company was not really called “Lime”. This name has been long taken, indeed. The full company name was “Lime — HighTech Solutions, s.r.o.”, which is… quite cumbersome… We are now “Wultra, s.r.o.”
Reason 2: No good domain
The domain name does not matter in an early stage startup as well. But as a company becomes bigger and more successful, the domain becomes a valuable company asset. The “lime.com” domain is basically impossible to obtain (and even if it was, it would cost about as much as Kiwi.com domain), and keeping the company name “Lime” would basically doom us to living on some weird domain, like “lime-company.eu” or “getlime.io”, forever.
Serious businesses with global ambition basically must have a good “.com” domain. We are now proud owners of wultra.com.
Reason 3: Impossible to trademark
After a company starts having some success, the brand starts having value as well and this value needs to be protected. Otherwise, anyone could start a company with basically the same name and leech on our brand name.
We attempted to trademark our company name and logo (making the application as specific as possible) in the Czech Republic (making the trademark region as small and specific as possible), but our application was still rejected. As a result, we found that company name and logo based on a direct use of the word “Lime” is no longer trademarkable. Anywhere…
I must admit that this was actually the tipping point for me. I realized that the Lime brand will never have true value and can never be protected.
Any company with a valuable brand needs to have trademarks on its brand name and logo. Wultra (both text and a logo) are now being trademarked in EU.
Reason 4: Brand for some other task
I hope this will be completely forgotten one day, but we did not start the business doing the same thing that we do today. We were focusing on cloud software for iBeacon management, and later on mobile app engagement.
As a result, we tried to be funky, colorful, appealing to businesses in the “retail industries”. This is why we used Lime as a company name — Lime is juicy and refreshing. We used green color (#7FC000), complementary purple (#C0007F) and a special blend of blue (#0083FF). The colors were joyful, fresh, young… basically, everything that doesn’t work with what we do now.
We are primarily a banking security software company. Our customers are large organizations, and we solve an extremely important and delicate task for them. And we need a brand that reflects that.
Wultra is a company name that exudes “serious”, “strong” and “trustworthy” and the logo design only supports these values. It will look awesome on business cards and other corporate materials, our salespeople will be able to lean into this brand much easier, and as a result, our brand will support us in building the “repeatable sales” competence, instead of hurting it.
Reason 5: Weird product names
How do you name a security product if your company name is Lime, while remaining being taken seriously? Good question. We did not figure it out… As a result, we were avoiding using company name in our products.
With Wultra, we are able to use the company name much easier:
- Wultra Mobile Security Suite
- Wultra App Shielding
- Wultra Mobile Token
… and so on…
Couple last words…
Changing the company name was an extremely difficult and emotional step for me. It felt as if a small piece of something died inside of me and it is still hard for me not to look back at the scrappy beginnings. We had no offices, no customers, no good products, no success, no nothing… Only the company name and the logo was there, from the very first day, witnessing our ups and downs, successes and failures, happy and sad moments…
However, there is not much place for sentiment in business. Only the companies that embrace the necessary change will survive. And changing our company name and logo was a necessary change.