By Rohan Arora & Pankaj Sharma, Co-Founders, Bueno Foods
Aiming to bring a revolution in terms of online food ordering by introducing the concept of Internet restaurant, Bueno Foods or ‘The Global Food Hub’ is a one-stop shop for Quality Global Food delivering Fresh & Healthy Gourmet meals right at the consumer’s doorstep across American, Mexican, European, Italian, Lebanese, Indian & Asian cuisines.
IoT and Food Trends
Internet of Things is catching up fast and the end game for companies in food tech space would most likely be to become a “Food Grid” – for both prepared food and groceries – which connects growers, processors, kitchens, kitchen equipment makers (both home & commercial), chefs, home chefs, food consumption venues & and the final customer. Whenever a customer should enter the proprietary ordering systems for a company – the information collated from previous ordering data would show them possible delivery options by time and location. Besides these, one will be able to browse through the entire database and going forward add their own. The emotional fulfillment part will become very important and the companies have to develop an exhaustive resource base which is rich, informative, engaging content for all things food.
The back-end would increasingly get more important and the interface between suppliers including partner kitchens, raw material stores, food manufacturers, growers, processors and many more and the in-house sourcing/chef teams would become critical.
e-Commerce Market Opportunities
The start-up financing is currently more focused on scalability and first mover advantage vs. profitability and robustness of operations. The current financing agencies believe in funding the companies which they believe could market leaders in their respective spaces because they believe that most e-commerce market opportunities would be ‘winner take all’.
The right connect is extremely important to get the right amount of funding at the right time, this could be in the form of previous experience, network of entrepreneurs and contemporary interest levels in various sectors.
Entrepreneur Should Focus
It has been a roller coaster ride so fast but we believe there are some common key areas where entrepreneurs should focus, a) referrals, b) right strategy for Digital marketing, c) targeted and segmented marketing, and d) PR exercise.
It is important to choose your partners and vendors very carefully and hence, don’t be in a hurry when you decide on them. More than which sector is hot, it works better if you decide where you can add value and create a better customer experience, execution is more important than idea.
Importance of Vision & Hard work
The biggest challenge was to decide ‘what and how’. Hence, vision and hard work, both are equally important. Vision is important to take the right direction and hard work/team effort for execution. Finding the right people is a big challenge and if you find them, how to make them aligned with venture’s strategy. External environment can change very fast and there won’t be enough time to react for ventures. More often than not, funds is a challenge and hence, it is important to raise fund when you can and not wait for the perfect opportunity, source or time.
How to Identify the Gap?
The first step is to identify the gap in current offerings available in the market, we carried out an extensive primary research to find and validate that, secondly motivation is key for people and that comes when commercial interests are aligned apart from freedom for them to do things the way they want, we ensured this by providing generous stock options. One needs to be quick to react and see what the alternatives available are? It is the key to decide quickly and move on to the next phase, we always do that.
One has to be prepared for tactical withdrawal whenever the situation warrants that, we have changed gears depending on the external environment and have continued to explore funding options even when we didn’t need it.
Passion is Important for an Entrepreneur
Be prepared for anything and everything, there are no defined rules for anything when you are a start up. So, you have to be extremely disciplined. Passion is important but don’t be blind with that. Always take calculated risks, it is difficult but try to use the right combination of heart and cold logic.