Munich, December 2022
Vourity– an innovative startup from the Sweden – brought to the 13th IoT Innovation World Cup® 2022 their unique solution and won in the category City.
Let’s have a throwback chat with the Vourity team and find out more about their sustainable and innovative solution.
- HOW DID IT ALL START?
Vourity was started in 2018 by Hans Nottehed out of frustration about issues and complexities he found in everyday life related to self-service buying and payments. He was later joined by Peter Hirtl that shared the same experiences. They set out to do something better than what existed on the market. The company name Vourity comes from “Voucher + Security” that was the first starting point of the company, and have since then grown into something much bigger based on discussions with customers.
- WHAT ARE THE KEY MILESTONES YOU HAVE REACHED SO FAR?
The Vourity service was launched in 2021 after several years of programming and certifications for payments.
Vourity payment terminals are already installed in Sweden, Denmark, Finland, UK, France and Germany.
- WHAT WERE THE BIGGEST CHALLENGES YOU HAVE FACED?
We underestimated regulatory and legal challenges and should probably have take on board help for this much earlier on in the process.
But at the same time, it is difficult to know exactly where you will see traction and what kind of products you need to develop when you start a company. One take away is to be open and listen to customers to find the market fit. And be open to that this might change as the world changes … covid-19.
- WHAT IS COMING IN THE NEAR FUTURE?
The next big thing is to fill the market need for an easy-to-use payment service for Electric Vehicle Charging. This is our big thing and he demand for our product is huge. Early on we decided to do things differently. Initially we got arguments that we would never succeed since everyone wanted to use mobile phone apps. But it has now been proven that customers really don’t like to use the apps. So in the end our bet on making the payment process easy for the customer is paying off.
- DESCRIBE YOUR JOURNEY IN THE INNOVATION WORLD CUP® AND STANDING AMONGST THE WORLD TOP TECHPRENEURS 2022?
One takeaway is how many talented companies there are out there in the world. It is great with the innovation world cup that dig up and put the spotlight on these great companies. Many of them will make a big difference in their respective markets and sectors. We are humble to be among these great thinkers and innovators.
Overall, the experience was great. It was nervous to pitch in front of the professional jury but at the same time a great experience and really nice to meet the other companies and share experiences.
- YOUR THREE TIPS FOR UP-COMING STARTUPS
Do something that really creates value for the world or a clear community or market segment.
Find a working business model early on in the process. Who will pay for your product and why.
Believe in yourself.
THANK YOU FOR THE INTERESTING INSIGHTS AND WE SHALL KEEP WATCHING YOUR NEXT BIG STEPS!
Visit Vourity and learn more about their Embedded Payments that enable companies to sell their products and service in unattended / self-service sales physical locations.
Join the 14th Innovation World Cup® for free and pitch your solution at HANNOVER MESSE 2023 – the world’s leading fair in industrial transformation.