Another trip around the Sun: Lessons from our 3rd year
When it's not raining, Bergen puts on a spectacular display at sunset.
Happy 3rd Birthday to us!
Year 3 has come and gone in the blink of an eye, but boy has it been jam-packed with activity! I always try to take some time to zoom out a bit on my life and our journey with MariHealth, to gain some perspective and take stock of things. Upon reflection, we have made leaps and strides in several areas of our company, while also rolling with the punches in others. It’s inevitable with being in a startup - the unpredictability of it all. Three years ago we embarked on this wild startup ride, and in three years we have come a long way and learnt an inordinate number of things. So, let me take this moment to touch on a few of our lessons from this last year:
Lesson 1: Pivoting to another segment can change everything
It can be totally disheartening spending a ridiculous amount of time learning the ins and outs of your market, building relationships, and visiting would-be stakeholders, to have to go back to the drawing board when you just don’t seem to be making much headway. Well, in the startup world we have learnt that adaptability is key. So, we made a strategic pivot to a new market segment. This decision was driven by a deep understanding of our core strengths and the evolving needs of our potential customers. By shifting our focus, we unlocked new opportunities and positioned ourselves for sustainable growth. This pivot not only allowed us to expand our customer base, but also to embark on some really exciting research with our clients.
Lesson 2: Being a lean startup doesn’t mean you can’t succeed
One of the signs of growth in a startup is an expanding team to deal with increased productivity. With us being a biotech startup selling a service (which is a whole kettle of fish in itself) as our primary offering, we have had to juggle this sentiment on growth and our investors’ expectations with our strategy and current company status. Operating as a lean startup with just two dedicated individuals, we’ve proven that size doesn’t dictate success. Our small team has been our greatest asset, allowing us to remain agile, make quick decisions, and maintain a close-knit working environment. That isn’t to say we don’t outsource some activities - we wouldn’t manage if we didn’t! But this lean(ish) approach has enabled us to maximize our resources, streamline operations, and stay focused on our mission.
Lesson 3: Sometimes setbacks can be a blessing in disguise
Every startup faces setbacks, but sometimes these challenges can turn into unexpected blessings. For us, a delay in bridging funding earlier this year coincided with the announcement of a new Norwegian exit tax. Initially, this seemed like a major hurdle, especially as we planned to register our company in Norway. However, this delay gave us the time to reassess our strategy and avoid potential financial pitfalls. It was a reminder that setbacks can provide valuable lessons and opportunities for better planning and execution, even if you shed a tear or two before the fact.
Lesson 4: The seeds to success are patience and perseverance
I am quite the impatient person and have always had the bad habit of putting pressure on myself/things to work out as and when I envision them to. But, building relationships with key industry players takes time - something I have learnt over the last 2 years. Over the past year, we’ve invested significant effort into nurturing connections with potential partners and big deal customers. This patience and perseverance have started to pay off, as these stakeholders are now keen to collaborate on new product development. Our journey underscores the importance of staying the course, even when progress seems slow. Success often comes to those who are willing to put in the time and effort to build strong, lasting relationships.
Connecting with some old and new friends around the world
As we reflect on the past year, it’s clear that our journey has been one of transformation, resilience, and growth. We’ve navigated the twists and turns of the startup world with agility and determination, proving that even a small team can make a big impact. Our strategic pivot opened new doors, our lean operations kept us nimble, and our setbacks turned into stepping stones. Most importantly, our patience and perseverance have laid a strong foundation for future success. Looking ahead, we are more inspired than ever to continue this journey. With the lessons we’ve learned and the relationships we’ve built, we are poised to take on new challenges and seize new opportunities. The road may be long, but with our unwavering commitment and the support of our partners, investors and team, we are confident that MariHealth Solutions will continue to thrive and innovate. Here’s to another year of growth, discovery, and success! 🚀
