Crocket's fundraising video, also saw 40 seconds, you will know you can invest, attach the fundraising link:
https://www.crowdcube.com/companies/crocket/pitches/bvLG1l
A good startup/company, in fact, can grow to a great extent as long as it focuses on one point. When I visited a well-known VR startup before this incident, their CEO clearly mentioned: "I basically don't work with Taiwanese startups, because almost every startup in Taiwan wants to make a car, but almost all of them can’t even make a wheel frame!”
Today, we start from the four points of investing in new ventures:
1. Pain points:
It may be very interesting to care about whether the toilet is beautiful or not, but I personally think that if there is a budget, I really want to have a comfortable and beautiful toilet. The design photos are attached below:
2. Solution:
Focus on designing toilets, this sentence has been said, but in the fundraising video, they divided the solution into three parts:
i. Product - Crocket claims that the product has three characteristics, but in one sentence, it is a high-quality and versatile design
ii. Price - Crocket is an e-commerce design company, so it can eliminate middlemen, not only the price can be 20% lower than the average, but the gross profit margin should be not low (because they will include design fees)
iii. Convenience -> Videos and presentations are not overly inked, so you may ignore this.
3. Entry Barrier
According to Crocket's description, I personally think that being ranked #1 on Amazon is very powerful.
To develop new products at the same time, as long as two months, I Google "furniture new product development", the first article that appears is that IKEA develops new products, the average is 2 ~ 3 years, that is, 24 ~ 36 months, this efficiency is 10 times more than IKEA.
4. Team:
a. Founder & CEO - Victor De Hita Ferrer's previous job was Amazon's Account Manager, so it is reasonable and reasonable to use e-commerce logic as Crocket.
b. COO - Xavi De Hita's previous company is an inbound travel agency in Colombia. The website is available in English and Spanish. It seems that the logic of e-commerce is very clear. At the same time, the previous job is a multinational TMT consultant (Technology, Media, Telecom) consulting company, so including their country of birth, and have lived in at least 6 countries for a long time. This kind of person must be a very good professional manager, or he will start his own business, so he and his brother start a business together. Very reasonable.
In addition to the above four points, there is one more point Arthur would like to point out in particular, that is, the cash flow of new startups, which is a key point:
Crocket customers' pay them within 15 days, while Crocket payment term for supplier is 2 months.
The payment term in the furniture industry is very short, and it is even possible to require customers to pay in cash first, and then get the goods from the factory, and the payment term is 90 days. This is absolutely possible (I know whose company is like this).
Overall, I think Crocket is doing very well, picking a niche, and successfully expanding to 21 countries, and always cash flow positive, I think I can give 4.5 stars.
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