Binu Jacob of Experion Technologies on The Art of Product Development
Watch the full episode on YouTube
Binu Jacob's story isn’t just about professional growth; it’s a testament to the passion and perseverance needed to overcome challenges. Under his guidance, Experion Technologies has evolved into a key player in the product engineering sector, providing cutting-edge solutions to clients worldwide.
From a modest team of just ten, Experion has grown to 1650 professionals. The company has consistently achieved impressive revenue growth, reaching approximately $50 million annually.
In this fascinating conversation, Binu highlights Experion Technology’s focus on product engineering, recent acquisitions, its operations across global markets, and everything it took to reach where it is today.
🛤️From Teacher to Entrepreneur
Binu's path to entrepreneurship was not straight; he initially envisioned a career as a teacher. He was drawn to the world of technology during his master's program at IIT Delhi. An influential speech by Keshub Mahindra ignited a spark in him, prompting a deep reflection on the potential of Indian talent.
"I was inspired by the idea that Indian talent could contribute to our own economy rather than just enriching others. This became a turning point for me."
🚀 The Transition to Entrepreneurship
Binu's career began in the armed forces, where he tested missiles—a far cry from his later work in IT. His transition to the tech industry was facilitated by a Canadian company in Dubai, where he managed software testing projects during the Y2K boom. This experience equipped him with valuable insights into technology management and product development.
"I realized that understanding how products are conceived and brought to market was crucial for my future ventures."
After several years in Dubai, he returned to India, where he took a leap of faith to establish his first company. This venture aimed to provide ERP solutions for educational institutions, marking his initial foray into entrepreneurship.
In 2008, Binu co-founded Experion Technologies with a group of like-minded professionals. The company was born out of a vision to create a product engineering powerhouse that could innovate and deliver value to clients.
💪Failures and Painful Lessons
The timing presented a challenge, as the global financial crisis hit shortly after. Many potential clients, especially in Europe, faced severe budget cuts, leading to declining project opportunities. Despite these setbacks, Binu and his team remained resilient and focused on finding new avenues for growth.
"We had to adapt quickly, pivot our strategies, and seek opportunities in emerging markets. It was a tough but essential learning experience."
During this period, Experion shifted its focus from product development to offering mobile application development services. This strategic pivot allowed the company to tap into the growing demand for mobile solutions and gain valuable experience in the rapidly evolving tech landscape.
One key takeaway from Binu's experience is the importance of understanding market needs. He shares how Experion shifted its focus to product engineering.
"Product engineering is about creating solutions that not only meet customer needs but also add significant value to their businesses."
This strategic pivot allowed Experion to differentiate itself from competitors, particularly the larger IT firms primarily focused on service delivery. By concentrating on product development, Experion could build long-term client relationships and generate recurring revenue streams.
One of the key factors contributing to Experion's success has been its emphasis on domain knowledge.
"Domain knowledge is crucial. It enables us to understand our clients' pain points and design products that truly resonate with their business objectives."
By cultivating expertise across various sectors, including healthcare, retail, and finance, Experion has positioned itself as a trusted partner for organizations seeking to innovate and improve operational efficiency.
🏆 Competing with Giants
Competing with established IT giants like Infosys and Wipro presented its own set of challenges. However, Binu viewed this competition as an opportunity to carve out a niche in the market. Experion's focus on product engineering allowed the company to provide specialized services that larger firms often overlooked.
"While the giants may have the scale, our agility and ability to innovate faster give us a distinct advantage."
Binu also stresses the significance of building the right team.
“If you look at the team that came with the five Co-founders, there was the right business knowledge, technical knowledge and market approach.”
A strong team can provide diverse perspectives and expertise, which is crucial for navigating challenges and seizing opportunities.
🤖 Embracing Tech and AI
"Embracing technology is not just about using the latest tools; it's about integrating them into our processes to enhance efficiency and deliver better products."
Key technological advancements that have shaped Experion’s approach include Agile methodologies, cloud computing and data analytics.
Binu acknowledges the transformative potential of AI in streamlining processes and enhancing product offerings.
"AI is not just a buzzword; it’s a game-changer. It allows us to automate repetitive tasks, freeing up our teams to focus on innovation."
Technology plays a pivotal role in the product engineering services industry.
📈Growth and Revenue
The sales cycle at Experion is structured yet flexible enough to adapt to the unique needs of each client.
"Clients need to feel confident that we understand their vision and can deliver on it. Building relationships is key to our success."
By leveraging their domain expertise, Experion has established a foothold in various sectors, including healthcare, retail, and transportation.
"Our growth story is not just about numbers; it’s about the impact we create for our clients and their businesses."
Experion’s revenue trajectory has been impressive, especially considering its bootstrapped nature. Recently, the company received significant investment, positioning it for even more tremendous growth in the future.
Recent milestones:
Headcount Growth: The company has grown to 1,650 employees, reflecting its expanding client base and project portfolio.
Acquisition of a Japanese Staffing Company: This strategic move allowed Experion to enter the Japanese market, leveraging local expertise to enhance service delivery.
Acquisition of an Australian Product Company: This acquisition has enabled Experion to diversify its offerings in the banking sector, particularly focusing on green lending solutions.
🌱The Reality of Entrepreneurship
Binu offers a candid perspective on the challenges of entrepreneurship.
“You shouldn't just get into entrepreneurship to be celebrated. It’s not easy.”
Embrace these lessons, and you may find yourself on a path to success in your entrepreneurial endeavours.
Listen now!
Other ways to listen:
Your Feedback matters
As always, I’d love to hear your thoughts! Whether it's about this episode or ideas you’ve been playing around with, shoot me an email at ad@thepodium.in. Your feedback keeps these conversations going, and I’m always up for chatting about your startup ideas too.
Until next time,
Your Host,
Akshay Datt