Published On: October 9th, 2020
When a young lad was introduced to Star Trek’s fascinating world, his curiosity towards technology turned into a powerful zeal. Unravelling through different career paths, he finally found his home in the tech world.
Craving for Success
EveryCrave is a digital company that has turned out to be one of the best ideas for a startup. By satisfying nearly 300 craves in only Bangalore across multiple business domains, EveryCrave is a byproduct of Jagat Iyer’s hard work.
The company has two products LiveWire and Vidphon, revolving around the “Communication Platform as a Service (CPaaS)” Both the products turned out to be the best business ideas for a startup in the present scenario. Most amazing entrepreneur stories in India have dedication, vision and technology as a common factor. Thus, if you are seeking the best business for students, numerous segments of this story will inspire you.
Brain Behind Futuristic Communication Platform – Success Story of Livewire Founder Jagat Iyer
“The best businesses are not about the best product or service, but the best customer experience.” – Jagat Iyer.
Taking inspiration from the Starship Enterprise’s video conferencing scene, Jagat Iyer founded his first digital company – EveryCrave. He obtained a B.Tech degree from NIT, Allahabad, with that, knocked at the doors of technology.
Jagat has hopped from different career paths, including a corporate advisor, infrastructure, and digital solutions, before finding his calling. In 2010, he founded EveryCrave to satisfy people’s digital cravings and that was his first step towards excellence.
In 2016, he came up with the best business ideas for a startup – video communication. He was one of the earlier innovators who have understood that email, telephone, and social media were the popular consumer attraction phenomenons. Thus, he founded LiveWire – a platform that empowers businesses to effortlessly integrate high quality and secure audio and video communication solution to enhance sales and customer care services.
“A quick look into customer relationships through history taught us that all business communication follows consumer trends.” – Jagat Iyer.
Successful Beginning to Timely Changes – LiveWire to Vidphon
By the fall of May 2016, LiveWire team had recorded 100,000 downloads on PlayStore. Back then, they had swiftly captured the video communication market around the globe. They have garnered early beta clients in numerous sectors such as real estate, jewellery, healthcare, etc. LiveWire turned out to be one of the best business ideas for a startup because it worked phenomenally well.
“Our B2C App is arguably the only Video chat app from India, with over 40000 downloads, launched two months before Google Duo.” – Jagat Iyer.
Back then, 3G mobile networks were still prominent, and the core video communication platform was still in beta mode, so LiveWire started to show some bugs. But Jagat and his team quickly revived and launched Vidphone with strong technical homework. Vidphone is driven by live video and 5G networks to provide effective consumer video chat solutions to big and small businesses. Due to the futuristic features, they are able to beat the heat of competition coming from Google Duo and WhatsApp.
Jagat Thoughts on Video Communication Market
In 2019, the video conferencing market size had surpassed USD 14 billion, and it is expected that the market will grow 19% CAGR between 2020 and 2026. Furthermore, COVID-19 has surged online meetings and virtual interactions to the next level.
Image Source – Video Conferencing Endpoint Market
Keeping the current market condition in his mind, Jagat says, “unlike other software applications, where there may be multiple features and the product may work if some parts have bugs in a Minimum Viable Product (MVP) – video communications is a zero-sum game.”
Jagat further advocates that the surge in mobile networks increased the demand for video communication tools. Today, businesses can easily conduct webinars, conferences, and record meetings through mobile networks. Indeed, video communication is the new way of B2B communication.
Funding for Video Communication
Image Source – JAGAT IYER – LIVEWIRE – INDIAN ANGEL NETWORK
In 2010, EveryCrave, the parent company of LiveWire, had obtained an undisclosed amount of seed funding to kickstart the venture. Recently, in mid-2019, they acquired a seed round from a couple of active angel investors, including corporate CXOs, technologists, and entrepreneurs from around the globe. But they are a team of secret geniuses, so they haven’t disclosed the exact funding amount. So, we are unable to share the exact numbers in the best investment article – our apologies.
The decade-old success story of LiveWire and founder Jagat Iyer has left numerous valuable lessons for the students such as –
- If you have an idea, you should implement it instantly. You should focus on your goals and eventually, everything else will work for you.
- You should not get overwhelmed with the market competition because no competition can harm you – if you are providing high-quality products.
- Anticipate your customers’ needs, and you will never fail.
Video communication is indeed the best business for students, but you have to be futuristic like Jagat and his team as they are already moving towards AI – Artificial Imagination technology. Just keep your thoughts clear, and you can make your childhood fantasies come true like Jagat Iyer.