CEO Update, March 2018
CEO Update, March 2018
March 30, 2018
It is the end of Q1 2018, marking a full two years since Modum kicked off our partnership with the University of Zurich and began working on our founding project. We have seen so many changes – within our organization, within our customers’ industries, and within the broader blockchain ecosystem – since April 2016.
I would like to take the opportunity that the end of a quarter offers to update using a slightly different format, focusing on the goals we have set so far and addressing new goals for the year ahead.
Reflecting on our goals
Actively evaluating our progress and discussing our ongoing goals has become an important part of our team culture.
In the past weeks, the Modum team has de-risked the mass production process of our electronic components by successfully testing the automated, end-of-line test and inspection tool at our manufacturer’s site. In this first production run we achieved an excellent first-pass yield. The last steps to introduce into production will be an automated process for secure commissioning, housing integration, and labelling of the loggers. We are optimistic that the line will be finalized soon and capable of ramping-up during the next production run. This is a major accomplishment and I am happy to report that we have, so far, met all of the hardware manufacturing goals and benchmarks that we have outlined in the Modum whitepaper.
At Modum, opportunities to reflect are moments of high-intensity incubation that enable us to see which of our efforts were impactful and make adjustments to meet future goals. Reflecting has provided the entire team with awareness of our transition from a start-up to a small enterprise. The past month has cemented this paradigm shift: we have started working with stronger forecasting and planning processes for a scalable operation that continues to grow. Our active recruiting and diligent onboarding has allowed us to expand the team with very little downtime. We will continue to recruit for several key positions over the coming weeks.
Reflecting on our partnerships
Reflecting on partnerships has become a valuable process both with our collaborators and internally. Since our first pilots, we have tried to maximize input and learning; more recently, throughout integration projects, our team has been working in direct response to a regular feedback loop with our partners. As we are making process with the product, our focus is starting to include operations and business aspects of our application as well. This shift marks another step forward in our development: moving from developing technologies to integrating them.
This shift should not be taken for granted; developing a product is very different from ensuring its integration and continuous operation. These aspects are never a given and the challenges that can arise on a client site with external factors at play are difficult to predict. We have progressed through a first phase of customer integration quite quickly. As we have started going live in multiple stages, the team is pleased that we have delivered what we set out to in Q1 2018.
Setting new Goals
This past week, Modum’s leadership team had our regular strategy offsite. Members of the board and management spent significant time aligning and developing plans for immediate execution and strategic growth. We focused on Modum’s mission, values, and competitive edge with discussion on which product fields we wanted to engage and in which markets we wanted to be active. For example, the group discussed the value proposition of our monitoring solution, how Modum can interconnect enterprise data silos, and how our solution can include more supply-chain insights.
We will continue to adjust our big picture as we move through the year. The most critical goal for now is achieving a successful official product launch with a product that is ready for wide, continuous, and reliable deployment. We also want to ensure that Modum is ready to effectively market this launch and absorb the impact of these activities.
These launch preparations require alignment with partners and commitment from customers, which is still in planning. To keep a tight control on our marketing, we will not share our launch plans until closer to the expected date. Similarly, while we believe that our second token milestone is in large part fulfilled already, we plan to only start the voting when we feel ready to launch our product.
Our relationships with partners and the feedback they provide is one of the most essential resources we have: clear and ongoing communication enables continuous improvement. We are excited to continue to explore our relationship with SAP going forward and the extent to which we can integrate our services into their ecosystem. We have received great feedback from our participation at SAP Forum and experience a lot of mutual interest in developing a collaborative roadmap. As we continue in this process, there will be plenty of learning and big opportunities to take our solution to the next level.
I am aware of the strong expectation within the token holder community that this update should include a partnership announcement. In December, our client agreed to communicate such an announcement before the end of March. Over the past -several- weeks we have actively decided to delay this announcement while we waited for an important decision of our client’s management to move into the next integration phase. Now that we have their commitment, we are excited about the announcement going live as soon as we get the final approval of the communications department of our partner.
Meet us at MOD Day
Thank you to everyone who has indicated their interest in MOD Day and reserved their spot on the guest list so far. Our event is taking shape and we now have more details to communicate:
MOD Day will be held in Zurich on Thursday, May 24. The exact location will be determined by mid-April. The event will take place in the evening and we are organizing a series of presentations and panel discussions that include our partners and customers with the goal of bringing the Modum ecosystem together for one night.
We are eager to meet as many token holders as possible at the event. MOD Day will be the place to see, firsthand, all of the work I outline each month in these updates, to meet the team, to hear from our collaborators directly, and of course to see the product.
Please RSVP to secure your spot on the limited guest list by joining our meetup. Your RSVP will help us to find a suitable venue after which we will send out the official invitations and program!
— Simon Dössegger, CEO
March 30, 2018
Note: This CEO update has been modified to clarify the reasons for the delay of the announcement.