Olivier's Philosophy on Finding Product-Market Fit for Auptimate

Welcome to our latest edition! Today, we’re thrilled to feature Olivier Too, the Co-founder & CEO of Auptimate, and a seasoned entrepreneur with a wealth of experience in business growth and innovation. Olivier has led teams across various industries, including his prior role as Director at Vistra. In this edition, we’ll explore the journey of Auptimate, a platform revolutionizing investment vehicle management in Southeast Asia. Dive in to learn how Auptimate is simplifying investment operations for angel syndicates, fund managers, and startup founders.

Who is Olivier? 

Olivier Too is a seasoned entrepreneur and business leader, currently serving as the Co-founder & CEO at Auptimate and Co-Owner & CEO at Crystal Clear. Previously, he held the role of Director at Vistra. Olivier has a strong background in driving business growth, building innovative solutions, and leading teams across various industries.

What is Auptimate? 

Auptimate is an online platform founded in 2022 that streamlines the creation and management of investment vehicles. It serves angel syndicates, startup founders, and fund managers by automating processes such as SPV formation, legal documentation, and investor onboarding. With a focus on simplifying investment operations, Auptimate empowers clients to efficiently manage funds and syndicate investments.

Creation of Auptimate

"We were all a little bit frustrated by the way the services we were rendering to our clients...the traditional way of service was not as efficient, not as swift, not as quick and automated as it could be."

• Inefficiencies in the industry: The idea emerged from frustrations while working in corporate and legal services, where the team noticed clients paying high fees for services that could be automated and standardized.

• Inspired by other platforms: They observed successful platforms like AngelList (US), Sydecar (UK), and Odin (Europe) and realized a similar solution was lacking in Asia.

• Industry experience: The founders had prior experience setting up similar investment vehicles manually, which was expensive, involved multiple service providers, and lacked automation.

• Growing demand in Southeast Asia: The team recognized a growing need for digital investment solutions in Asia, particularly in the venture capital and startup ecosystems.

• Immediate market validation: Instead of conducting numerous surveys, they relied on their industry insights and validated the demand by quickly gaining clients after launching.

Developing Auptimate's MVP

"The biggest risk when you get your first few clients... is taking every single piece of feedback as gospel and thinking you need to implement it."

• Early MVP approach: Auptimate initially launched with a simple MVP using no-code tools like AppSheet and Bubble. The team manually handled many processes to gather early customer feedback and validate demand before heavily investing in technology.

• Iterative customer feedback: The team conducted client interviews and sales discussions, learning that clients had varying needs. They quickly iterated, moving from a broad, customizable approach to offering more standardized SPVs with key variables like fees, currency, and entity name.

• Prioritizing feedback: Olivier highlighted three key principles for handling customer feedback:

  • Is it a blocker? Does the feedback point to something that prevents clients from using the product?

  • Business impact: Does the feedback have a significant impact on the overall business strategy and growth?

  • Operational efficiency: Does the feedback help improve the operational processes for both the company and its clients?

• Balancing customization and simplicity: While fund managers appreciated customization, most clients preferred simple, ready-made solutions. Auptimate focused on offering standardized SPVs to meet the majority's needs while ensuring operational efficiency.

Indicators for Product-Market Fit

"Product-market fit is when individuals could go on and create one without even doing a sales call."

• Reduced Customization Demand: A key indicator for Auptimate is when less than 10% customization is needed for a product. This shows the product is standardized enough to meet most clients' needs without heavy alterations.

• Sustained Growth: The team defined product-market fit as achieving three consecutive months of sustained growth across a specific product, with a 20% increase in conversions.

• Automated Processes: For the Angel Syndicate product, achieving product-market fit would mean 90% of processes are automated, allowing clients to use the platform without needing sales calls or additional support.

• Client Independence: A major signal of product-market fit is when clients can onboard and use the product independently without needing frequent calls or clarification.

Balancing Client Needs, Market Signals, and Competitor Insights in Feature Prioritization

"You need to balance the quickness, the cost, the ease."

• Client Feedback and Ease of Implementation: Features that address critical client needs and are easy to implement are prioritized. Quick fixes, if impactful, are handled immediately, but assessed for potential workflow complications (e.g., a change might create other bugs).

• Gut Feeling and Market Signals: The team sometimes relies on gut feeling, especially if multiple clients request a feature. However, they learn from instances where initial interest doesn’t lead to traction, like clients needing SPVs only at specific times of the year.

• Focus on Core Products: Rather than shifting focus between various products, the tech team concentrates on one core product at a time to avoid distraction.

• Competitor Influence: The team monitors competitors but resists the temptation to quickly replicate features. They prefer a cautious approach, allowing competitors to test the waters first.

• Balancing Long-Term and Short-Term Goals: The team regularly evaluates the roadmap, balancing immediate feedback with long-term strategic goals.

Challenges and Lessons Learned in Building Auptimate

"Be super focused on what you want to sell... don't get distracted by other potential clients."

• Overextending Early On: Initially, Auptimate cast a wide net, accepting nearly any client, which led to time-consuming engagements with clients who weren't the right fit for their long-term vision. This taught them to focus on their ideal client persona.

• Hiring Challenges: Finding the right team, especially early hires, was a significant challenge. Hiring the wrong people could have hampered growth.

• Premature Scaling: They avoided the common mistake of hiring too early for sales growth before achieving product-market fit. This prevented wasted resources on sales teams that lacked clear product-market alignment.

• Founder-Led Sales: Auptimate learned that product-market fit includes having a product that doesn’t require the founders to drive every sale, leading to their gradual transition to a sales team.

• Conservative Marketing Spend: While they’ve been cautious with marketing spend, they realized they may have been too conservative, delaying market testing through digital advertising.

We hope Olivier’s journey, from co-founding Auptimate to building a platform that’s streamlining investment operations across Southeast Asia, has offered valuable insights into the challenges and rewards of scaling a tech-driven business. His emphasis on staying focused, learning from early clients, and balancing customization with simplicity provides a solid framework for founders aiming to achieve product-market fit. Whether you're refining your MVP or transitioning to a sales team, Olivier’s experiences in automation, market validation, and cautious growth offer important lessons for sustainable business development. 

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