In the month of August, we have made some progress in a greenfield market. By original definition of greenfield which was used mainly in construction, it refers to land that has not been used before. Coming back to our context, we would prefer Greenfield to a new area, region or territory that we have not explored before. This month was the Greenfield Month.
What are the pros and cons of Greenfield Market (my own definition)? The pro is obvious.
Being in an unexplored place, it simply means that we are not constrained by existing market forces, existing regulations and existing customers’ expectations. This is really the fun part. Visually, it is like arriving on a new piece of land, with nothing on it, and ready for us to explore, work hard and harvest the fruits in years to come.
Everything comes with two sides of a coin. Hence, greenfield market does have its cons. Being greenfield, it also means that whether the customer’s needs and requirements would be similar. Whether the product has a used case in the greenfield. What would be the acceptable pricing for a solution that was not seen before? What would be the expectations?
No doubt, greenfields are challenging but that is what start-ups are used to facing. If there is no challenge, we probably would not be interested. We have limited time in our lives and personally, I would rather spend time on challenging problems. And conquering a greenfield is always a challenge that I am more than happy to face.
This is not easy. We have spent quite a fair bit of time in the past to explore the possibility and through our own means, we have done some initial assessment. This assessment was done offshore. Meaning that we did not go into the greenfield land to plow but instead rely on potential partners on the ground to sense. With some initial sensing, we decided that it is timely for us to make an attempt. Now, we go and plough the unexplored land.
So far, it has been exciting and positive. We started to put in some sweat equity to work on the unexplored land. We see the possibility of success. We see that we can add value by creating a new greenfield application in a greenfield market. This is certainly what I have been looking for!!
We gave ourselves some time. It would be interesting by next year this time, how our greenfield would turn out. No one knows but we have rolled up our sleeves and started plowing….. we believe our hard work will bear fruits.
With best regards,