Research and development, analysis and testing are all costly activities that can eat into your cash flow and profit margins, but without them there is only a very slim chance of market success.
Therefore, access to funding at the right time can be beneficial to a growing business.
However, funding alone does not guarantee success. Innovation is about a lot more than just raising capital – it’s about taking a strategic approach to your business planning from day one.
A case in point is Auckland-based start-up Movio, the global leader in marketing data analytics and campaign management software for cinema exhibitors, film distributors and studios.
“We are a big data analytics company who work with cinemas that have large customer databases,” explains Will Palmer, Movio chief executive.
Movio’s flagship product Movio Cinema enables cinemas to cost effectively develop targeted marketing communications to their customers. As a result, these customers receive personalised messaging about the films they want to see, and concession offers they’re interested in. As well as increasing the customer’s engagement with the cinema, this improves the efficiency of communications, resulting in an increased return on investment.
“Movio Cinema aggregates data and serves it back to the customer in a way that enables them to easily understand their audience profile,” says Palmer.
“Movio came to us with an ambitious plan to become an international pioneer in this high-growth potential market,” says Martin Knoche, business innovation advisor at Callaghan Innovation.
“We were able to provide R&D funding in the form of project grants to develop their innovative software and a student grant that expanded their R&D team.”
“We were also able to provide Movio with technical assistance through our in-house team of data scientists working at the cutting edge of data analytics and cloud computing,” says Knoche.
Palmer says that the support from Callaghan Innovation came at a critical time for the business, and gave them the confidence to take their solution to the next level.
“Callaghan Innovation’s support has meant we have been able to pioneer technologies faster, allowing Movio to get this innovation to market quickly,” he says.
Updated: 4 September 2015