New business model leads the way
The founders of Applicators, Peter Sørensen and Ky Duy Pham, have developed a business model that creates the foundation for a successful growth company. Followingly, they have changed their strategy so that the company not only sells their competencies on an hourly basis, but actually sells a newly developed product which is offered to companies in return of a license fee.
By selling our competencies as well as a global product and concept, we create a better bottom line in the company. It is the combination of these two different services that create a growth company, and even more so creates a better software company.
Applicators, who are based in Vitus Bering Innovation Park, develops applicationsand delivers customised solutions within three main areas: Business systems, portal solutions and planning systems. Now, on the road to greater success, Applicators adds another element to their business model. The company offers a specific product which is to be sold as a license agreement to companies.
Peter Sørensen and Ky Duy Pham got the idea to restructure their business model by looking at other successful companies and competitors in the software industry.
In the past four years, the product has been under development, and it is now only one month short of being ready for launch. The product, TimePoint 360, is a global product and concept of time- and case management. It is a tool for companies to reduce the size of administration and middle management.
Typically, when a company grows, the size of management and administration also grows. We have developed a software that prevents this development. We have built management into the software, which means that the system entails a lot of quality control. For instance, the system makes sure that there is consistency between income and expenses on a project. If there is inconsistency, the system will inform the project manager as well as his/her superior. In that way, companies can focus more on their core operations rather than administration.
In short; with TimePoint 360, Applicators has developed “a new way of running business”.
Next step for Applicators is to introduce TimePoint 360 to the market. The company has focused on marketing and market analysis in order to know exactly who to target with their sales efforts. Applicators has already experienced interest from potential clients, and the company is on the lookout for possible investors. Here, they not only search nationally but also globally., and there is no doubt that the company sees many opportunities for growth:
If we get a good offer, it is worth considering selling the product, and thereafter use the new capital to develop new products. That is the way of creating a good growth company.