Move the fastest possible and then start accelerating 🙂Believe that you’re going to change the world and understand that it’s all a part of a big game that we are playing and try to have fun along the way.Most startups don’t understand their target audience, product, and the reasons why their target audience would use their product. What are their pain points, and how the product solve them? They should talk to as many potential customers and existing users as possible.
Please tell me about your personal background, and What motivated you to get started with your company?
Dr. Moshiel Biton: 7 years ago, we started investigating the cause of hazardous explosions in batteries, such as those in the Samsung Note 7, as part of our academic research. We were some of the first researchers to explore this in real-time. We then learned how this phenomenon could be harnessed and used for our benefits. We realized the impact and potential of this technology and how it could change the world of energy storage. In 2018, we understood how we could create a more significant impact on the world by starting a company focussed on this mission, and Addionics was born.
What is your current main product, and can you share any previous product pivot story to the current product?
Dr. Moshiel Biton: We are developing a new technology that will transform the way we store and deliver energy with a positive effect on the environment. We don’t have a pivot story, but our technology can be implemented in some industries in the future.
How much money have you raised in total so far? When was the recent funding round?
Dr. Moshiel Biton: We raised so far $6.5M in funding. The last round ($5.5M) is led by Next Gear Ventures and includes a $2.5M grant as part of the European Union’s Horizon2020 innovation competition.
How have you attracted users, and with what strategy have you grown your company from the start to now?
Dr. Moshiel Biton: Our product speaks for itself, so when talking about it with potential clients, there is always a lot of interest. Having said that, it is important to understand your target market and product-market fit, build the right value proposition, and create marketing materials to support those efforts.
Which has been the best marketing software tool for the growth of your startup, and why?
Dr. Moshiel Biton: We are not at the sales phase, so it’s less relevant. We use all the Google drive tools and Asana mostly.
What do most startups get wrong about marketing in general?
Dr. Moshiel Biton: They don’t understand their target audience, product, and the reasons why their target audience would use their product. What are their pain points, and how the product solve them? They should talk to as many potential customers and existing users as possible.
What were the internal decision processes in determining when to begin fund-raising, and what were the logistics for this? And how many investors have you met so far, and how did you meet these investors and which channels worked best for you?
Dr. Moshiel Biton: We met 30+ investors in the last year, mostly based on the ecosystem in Tel Aviv, which is unique. We also met some potential investors at conferences. The logistics are about managing this very carefully, using high-quality collaterals, and knowing your product and business plan well.
What are the biggest challenges and obstacles that you have faced in the process of fund-raising? If you had to start over, what would you do differently?
Dr. Moshiel Biton: Our product is a hardware product, so it has a longer time to market, which doesn’t fit all kinds of investors. We had to search more closely to find the right investors.
What are your milestones for the next round? And what are your goals for the future?
Dr. Moshiel Biton: To demonstrate the way our product can revolutionize the energy storage industry, especially for EVs.
How do you plan to expand globally?
Dr. Moshiel Biton: To target partners in the USA and Asia market in the near future.
What are the most common mistakes companies make with global expansion?
Dr. Moshiel Biton: They lose focus.
How do you handle this COVID-19 outbreak situation for your company’s survival in the future?
Dr. Moshiel Biton: Watch more carefully regarding budget and development.
What are the most common mistakes founders make when they start a company?
Dr. Moshiel Biton: They don’t understand the right – go to market, and sometimes too in love with an initial idea, which might be a wrong assumption.
What’s the best advice you’ve ever received? And What advice do you have for someone who is interested in doing similar things like yours or in a similar direction?
Dr. Moshiel Biton: Move the fastest possible and then start accelerating 🙂
How do you keep yourself motivated every day?
Dr. Moshiel Biton: Believe that you’re going to change the world and understand that it’s all a part of a big game that we are playing and try to have fun along the way.
What are the one or two things that you would do differently to improve your life if you could go back to 10 years ago?
Dr. Moshiel Biton: Maybe I will do more sport 🙂
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