November 25, 2014
bfonics, Inc. enables businesses of all sizes to leverage ibeacon technology for proximity-based marketing.
With 90% of retail sales still occurring in physical locations and 65% of consumers using mobile devices when they shop, retailers and brands are actively looking for ways to engage consumers when it matters most.
bfonics leverages ibeacon technology to uniquely engage with customers both in-store and in real-time. Through the utilization of push notifications and past shopping data, bfonics is truly revolutionizing the shopping experience. They work to create a personalized experience for shoppers by offering deals for specific products, guides to the store & its different departments and even options to pay for items directly from their phones.
bfonics has already attracted clients across the globe ranging from traditional brick-and-mortar retailers to startups looking to leverage the system for a social based marketing platform.
But, what’s perhaps the most interesting thing about bfonics? Some of its founders have yet to meet. In fact, each founder lives in a completely different country. But that doesn’t stop them for banding together to collect a wealth of expertise and knowledge of different markets.
What is the hardest lesson you have learned so far?
Investor money is not free money! Go lean or you will feel it!
What common startup advice do you completely disagree with?
Most of the incubators want the team to be together during the initial days and that is a must to have by many of the major incubators. We got rejected by couple of them for the same reason. My team is experienced; most of us did invest together in other companies or worked in another start up prior to this. So it was not an issue for us to build a start-up even though we are living in 4 different countries.
If you had an extra $1,000 to spend on marketing, what would you do?
I [would acquire] more blog posts about the ibeacon technology and also about bfonics out there – maybe with the help of some high profile ‘paid’ writers those who have a lot of followers!
What’s your biggest personal weakness, and how do you make up for it?
I am not a great ‘pitch guy’ and not a great salesman. I speak six languages including English, but need a bit more work when it comes to ‘selling a product ‘ or ‘pitching an idea’ using English! I use a combination of things, including the right mix of technical language, tools (like Power point presentations, real life examples etc.) to overcome the same, during a sales pitch- if possible.
What do you wish someone had told you about startup life?
A couple of things; sometimes, things move slow! So we can do a lot of things parallel. Also, you expect a lot of help from your best buddies, but the real help is going to come from some of the new connections you make each day.
What personality trait has served you best as an entrepreneur?
Not being afraid of or worried about failure. I resigned a highly paying corporate job in order to start bfonics.
Why should I use your product, in 140 characters or fewer?
bfonics’ platform helps retailers with tools to engage shoppers in-store and Shoppers get the best deals to their mobile device, real time.
What’s one quirky fact about you, your team, or your office culture?
We are a global team. Four of us founded this company, and we live in four different countries. A couple of the founders are yet to meet in person!
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