Firms are well aware that the key to success lies in launching the right product on the market at the right time. Such ambitious tasks require huge investments in market research and sending interviewers to conduct surveys and collect data in person, on the telephone or online. A big, recurring problem is that people are often unable to say what they actually want. Dr. Jonathan T. Mall, CEO & Science Officer of Neuro Flash, noted: “Classic market research is time consuming and often yields shaky results.” Now his start-up aims to alter this situation.
Focus on brain
Market research at Neuro Flash is based on the latest neuropsychological methods and big data. Mall, 32, and his co-founder, Vjatscheslav Kondratjev 32, a cybernetics engineer, examine consumers’ unconscious purchase decisions. Mall said: “In recent years, we have found out what behaviour corresponds to which brain function and can deduce how the brain reacts to this perception.” Examinations are carried out in playful experiments with test persons and depending on the goal of the research. Their internationally-available online tests allow the team to analyse the effectiveness of products, brands, pictures, names, claims, designs, prices and advertisements in as little as two weeks.
Viable from day one
The company has invested in studies to prove that their method works and can show convincing results. Their success is also based on relatively stable, fixed overheads which have remained manageable since the launch in 2015. The costs of running an office are not incurred as the team seldom meets up – at least not in person. “We communicate in chat programmes like Slack or Teamspeck and use Jira to manage projects”, said Mall. Yet, the company still manages to pay a team of seven as well as a number of freelancers. And that is going well, Mall stressed, adding, “We have been viable since day one and are financed via cash flow.”
Paying customers are motivating
New start-ups should, “let customers pay as quickly as possible”, he urges. Start-ups are in the business of finding solutions and they come at a price. “A start-up’s solution may not be fully convincing at first, but nothing encourages you to work harder like a paying customer. And no feedback is as honest as that of a paying customer”, Mall pointed out.
The team at Neuro Flash works day and night, based on their belief in success, to satisfy their customers. “At the start of this year, I had two well-paid job offers from an online auctioneer and one of the big, strategic consulting firms. I thought about them and felt very flattered. But I eventually turned them down. Making my own start-up profitable and knowing that we offer the best available (solution) to customers is more important to me”, said Mall.
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The following articles in the series have already been published:
Part 1: Start-ups in Hamburg coming up with uses for virtual reality
Part 2: Startup Dock: Hamburg needs a pay it forward culture
Part 3: bentekk planning new version of measuring instrument
Part 4: Hamburg’s DailyDress start-up develops individualised fashion app
Part 5: Premiere in Germany: Fintech Week comes to Hamburg
Part 6: Hamburg-based start-up develops Foodguide app
Part 7: Synergeticon connects factory workers and machines
Part 8: Hamburg’s Sponsoo start-up connects athletes and sponsors