Tip the scales in your favor
- For a 5-year-old company, animation platform LottieFiles has recorded some impressive feats. The team was first funded by 500 Global, went on to raise US$9M in a round led by Microsoft during the pandemic, and then a further US$37M for its Series B. Last year, the company even acquired an Indian design asset marketplace.
- Fast forward to today, LottieFiles has at least 135,445 companies worldwide using their animations. This is a testament to how the team has truly simplified motion graphics for any platform.
- So it is no surprise that Co-founder & CEO Kshitij Minglani, or simply, K, was invited to the Wild Digital SEA 2022 stage to share how the team scaled a Malaysian-based company globally. He does this while posing questions that every entrepreneur should ask themselves to build a successful business.
- Where does profit lie? Lottie files analyzed SpaceX and fellow 500-backed Carsome’s business models, and figured out that the profit is in monetizing the workflow of animation.
- What is your product-market fit? According to K, every startup must know the answers to these questions: (1) How often does the customer come back? (2) How much does the customer spend with you? (3) How often and how much does the customer come back to spend on you?
- How difficult is it for your customer to jump ship? K shared that a startup’s ability to maintain a competitive edge will help fend off competition and maintain profitability. The key here, he added, is that a company must do this sustainably.
- Who are your true competitors? Spoiler alert: It isn’t another company that does what you do. For LottieFiles, he said, “Our true competition isn’t sitting in China or India, it is the difficulty of the task.”
- Where can you find an advantage? K believes it lies in Asia. “Look at the map. Where are the super apps today?” he posed. The region brings with it cost effectiveness, cultural diversity, and a strong sense of community — all of which led to the team deciding to set up in Malaysia.
- Learn more on VulcanPost.
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