Advertisement

Five questions for: Markus Stripf of Spoon Guru

Spoon Guru helps people find the perfect foods for their dietary needs and health objectives.

979-Stripf-634
Markus Stripf, co-CEO and co-founder of Spoon Guru

What does your business do?

Spoon Guru helps people find the perfect foods for their dietary needs and health objectives. Using a combination of artificial intelligence and machine learning with nutritional expertise, we've built a food search and discovery platform that determines every product or recipe's suitability for each individual. We started the company because we observed the frustration that people with specific dietary requirements encounter on a daily basis.

Advertisement - Article continues below

What is your greatest achievement?

Our three greatest successes have been getting investment from people who believed in our mission; building a hardworking team of young people keen to make their mark in the industry through innovation; and licensing our technology to major retailers.

What has been your biggest challenge?

The highs and lows are much more pronounced when you operate a startup. Cashflow management is always a challenge as you have to function on a tight budget. Unexpectedly slow sales cycles can be difficult to navigate, as is selling change in conservative markets.

What are your plans for hitting your targets?

Firstly, expanding the team to bring even more innovation into the company. Secondly going into other territories. In 2019 we expanded into the United States, the Netherlands, Australia and New Zealand, andin 2020 we're aimingfor Asia, SouthAmerica and beyond. Thirdly, building more game-changing products on top of our pioneering platform.

What's the one piece of advice you'd give fellow entrepreneurs?

Always start with the why, not the what. Remember why you have decided to leave the safe environment of a permanent job to embark on this adventure. Don't lose sight of what droveyou in the first place. You have committedto solving a real problem. Not many people have the courage to do that.

Advertisement
Advertisement

Recommended

Visit/economy/small-business/600657/small-business-how-to-chase-late-paying-customers
Small business

Small business: how to chase late-paying customers

Many small business have trouble getting their customers to pay up on time. Here's what you can do about it.
23 Jan 2020
Visit/economy/small-business/601358/small-business-how-to-prepare-your-staff-for-the-return-to-work
Small business

Small business: how to prepare your staff for the return to work

Small businesses contemplating how to respond to the prime minister’s call to return to work need to tread carefully.
27 May 2020
Visit/economy/small-business/601357/how-to-approach-job-cuts
Small business

Small business: how to approach job cuts

Strict rules govern the redundancy process. Prepare very carefully if you're intending to cut jobs in your business.
27 May 2020
Visit/economy/small-business/601359/small-firms-get-trade-credit-lifeline
Small business

Small firms get trade-credit lifeline

Small businesses dependent on trade-credit insurance have been thrown a lifeline by a new government pledge to stand behind such policies.
22 May 2020

Most Popular

Visit/economy/uk-economy/601427/covid-bounce-back-loans-and-inflation
UK Economy

What bounce back loans can tell us about how we’ll pay for all this

The government will guarantee emergency "bounce back loans" for small businesses hit by Covid-19. Inevitably, many businesses will default. And there'…
1 Jun 2020
Visit/investments/commodities/601433/commodities-possibly-the-biggest-opportunity-in-todays-markets
Commodities

This looks like the biggest opportunity in today’s markets

With low interest rates and constant money-printing, most assets have become expensive. But one major asset class hasn’t. John Stepek explains why com…
2 Jun 2020
Visit/economy/global-economy/601420/james-ferguson-the-virus-the-lockdown-and-what-comes-next
Global Economy

The MoneyWeek Podcast: James Ferguson on the virus, the lockdown, and what comes next

Merryn talks to MoneyWeek regular James Ferguson of Macrostrategy Partnership about what's happened so far with the virus; whether the lockdown was th…
28 May 2020