Common Ledger spent six months speaking to accountants in New Zealand and Australia to understand their potential market and refine their product.
“We learned there was this really deep problem that accountants around the world were facing. That’s what we were looking for — huge problem, huge opportunity and a huge way to really help this industry move forward.”
The next step was to develop an 18-month plan and a three-to-five-year strategy to turn their start-up into a fully-fledged company.
They have since raised more than $1m and launched in both countries.
“We’re close to our targets on our initial forecasts. We’ve brought on the right board. We’ve hired the right team members.
"All these things are probably the result of thorough planning. We would never have been able to usefully create our strategy if we hadn’t done that first six months of research.”