What a strange kind of game this “business thing” is where you can only win by pursuing excellence in the service of others. And what kind of voodoo magic this is where everybody wins. Not just you and your customer, but society as a whole benefits from the flow on effects of your trade. It’s like a magic trick, with all parties walking away from the deal with more than they started with. It’s the kind of thing that sounds like it should be impossible, and yet it is also the thing that allows our society to function.   

So how does it work? Where does the value come from, and what is the secret to a business’s success?

These are the kinds of questions I have spent the past five weeks trying to find the answers to as part of UQ Ventures’ ilab accelerator program. I’ve found that success for businesses isn’t a momentary thing. Instead, success is a continual process of providing value to customers, it is a game where provided that you are continually pursuing excellence, the only way to lose is to not play. 

If that’s the case, then what’s the secret to the game?

As it turns out, there are three magic ingredients to make this thing we call a business.

1. Desirability

A business doesn’t exist without its customers. You can make the most amazing product you can think of, but if no one will buy it you don’t have a business. The most important starting point for any business is the problem the business is trying to solve, and the customers that are willing to pay to solve that problem. The magic of this ingredient is that when you and your customer both voluntarily agree to the deal, you both benefit and end up in a better situation than where you started. 

2. Feasibility

Once you have your customers, and a problem to solve, you need a product – something that can solve their problem. This is the second ingredient, and ensuring that the product you have both is functional, and actually solves your user’s problem, is no simple task. It requires a constant cycle of design, testing, feedback and redesign, a cycle that is as neverending as the business itself.

3. Viability

So you have a product, you have someone who wants to buy it, what else could there be? Remember that the magic of business is that both parties walk away with more value than they started with, and the only way that can happen is if the product you have is at the right price for the customer to be willing to buy it. This is where viability comes in, ensuring that your product can be made at a price that your customer is willing to pay for, and makes up another aspect of the never ending cycle of business.

My Dad always likes to say, “Business is the pursuit of excellence in the service of others.”. The key thing about that is that business is not achieving excellence, because there is always room for improvement, there is always another feature to add and another milestone to reach. Instead, business is the pursuit of that excellence, it is playing the game that is the never ending cycle of constant feedback and improvement so that you can provide ever-increasing value to your customers.

Yesterday

It has been three years now since this business idea of mine hijacked my life, and what a ride it has been. Not that I am complaining. Yes it has been hard work, but I have been lucky to have met some wonderful and supportive people along the way, and the steady stream of successes have been very rewarding. So yes, it has been hard work, but it’s been worth it. Now, it is time for the next stage in IntelVest’s journey, one even more exciting and demanding than the last. For this new stage, we set off with some serious resources at our disposal thanks to the wonderful Ventures team at the University of Queensland, and the brilliant folks running their ilab accelerator program. IntelVest can truly flourish thanks to the resources and wide-reaching support network ilab offers. I expect that we are going to see some very serious runs on the board. We need to, there are lives depending on it. 

Day 1

After having the pleasure of meeting the other 2023 ilab founders at a welcome event two weeks ago, the program officially kicked off on Tuesday with a jam-packed day of introductions, planning and valuable sessions that gave insights into the life of a startup. 

One of the sessions I found most interesting was the reflection session where we shared a highlight and lowlight from our business for the week, and put out an ‘ask’ – something that you would like someone else to do for you. This was valuable from the perspective of goal setting and reflecting on what is working and what isn’t, but was also beneficial to see the different stages of business that everyone is at, and how no matter the stage there are good days and bad days. It was also great to hear from ilab alumni Chris Pymble and Siobhan Coster about their experiences and advice for the program. 

Tomorrow

It is my hope during ilab that we can use the guidance and resources provided by the program to build the second stage of IntelVest’s prototype, as described in our patent, and to connect with more fire departments to keep our customer focus and continue to get feedback on the design.

Ultimately, the goal is to make IntelVest widely available within the industry, so we can dramatically reduce the risk of overexertion, and save the lives of the people that work every day to save ours.

Two days before the day after tomorrow

So now it’s three – IntelVest and I, and ilab.  It is a fantastic feeling to know that these guys have my back, yet at the same time, I know that the pressure is on, and yes, I must admit some degree of trepidation – what have I gotten myself into this time? Seriously though, I am feeling confident.  This is possibly the most risky undertaking I have committed to, but am excited, the adrenaline is pumping, and that is exactly how it should be.