IS427:AY1314T1 Europe (G1) - Organizations: Lille: Giroptic

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Giroptic-Logo.png

About Giroptic

  • Founded in April 2008
  • A design house specializing in 360° imaging, started of with cameras that take panoramic 360˚ photos in one shot, while offering a complimentary software used to create high quality virtual tours online
  • Contact person (co-founder): Richard Ollier

Technology

Business Model

Old Business Model (B2B) - to phase out soon

  • Product:

- Girocam

  • Services:

- Basic Pro
- Main (Fun, Silver, Gold, Platinum)

New Business Model (B2B2C) - in transition

  • Technology License (Revenue made through upfront fees, royalties)

– Just started moving into this area in 2013
- Compact design, offers on-chip image stitching (different from the product-software model for B2B)
- Features full HD video, low power requirements

Market Presence

Geographic:

- Belgium, Poland, South Africa, USA, France, Taiwan
- Online distribution/sales portals and or subsidiary websites such as http://www.giroptic.co.za/wlinks.php, or physical showrooms

Industries:

- Real Estate
- Tourism
- Gaming and Video
- Security (Video surveillance)

Focused Expertise:

- Virtual Tours
- 360˚ imaging (photo/video)

SWOT Analysis

Strengths

  • (Product) Convenient

- No need for multple cameras or angles
- Compact and functional, portable

  • Caters to different customer needs

- Variances in products and services (packages)
- Venturing into a B2B2C model to reach consumer-end products

  • Comprehensive & usable software

- Virtual Tour Suite needs little technical skill, expertise or experience to use

  • Product outreach

- Collaborations: Kolor (online platform that offers image-stitching software, virtual tour software and panoramic photography hardware). Though discontinued recently, they have an established customer base there.
- Collaborations: Mobile app test concept for real estate: The Picket Fence


Weaknesses

  • Need internet connection to utilize software

- Widget, software doesn't run locally, no offline mode

  • B2B2C preposition still in transition

- Still transitioning, lackluster in adoption


Opportunities

  • (Enhance): Offline version
  • (Expand): Online mediums

- The Living Channel (TLC), virutaltourist,com

  • (Expand): Conservation projects

- Government & community projects: archaeological monuments/sites, heritage buildings/sites


Threats

- Also offers software for virtual tours, panoramic views and creations

- Potential competitors with mass market outreach


Proposed Business Strategy

Why Expand to Asia?

  • Growing tourism industry

- Record highs in terms of arrivals in 2012, Approximately 89 million people coming to Southeast Asia alone (source)

  • Increasing international arrivals

- Strong performance year on year, double digit growth expected in most parts of Asia

  • Bustling tourism within Asia

- Many people traveling within the region, huge potential and outreach

  • Interest in Asian real estate

- Increase in investor appetite for asian real estate: some US $112 mil invested in 2013 so far

  • Foreign investments

- E.g Blackstone, a global investment giant is looking to increase its real estate portfolio in asia (source)

  • Technology space

- Acceptability

  • Testbed for new B2B2C business model
  • Transferable clientele
  • Potential clients


Business Strategy

  • (Expand): Online mediums

- TLC (who has Singapore as a hub in Asia) - virtualtourist.com (has some functions similar to what is available on tripadvisor, but focuses on user-generated content, photos and videos of places

  • Expand): Conservation efforts in Asia:

- Monuments, sites, history

  • Potential clients:

- B2B2C approach

Why go into Singapore?

  • Tourism Hub – high arrivals volume (14.4milion)
  • Established regional hub
  • Bustling real estate market
  • Top Asian city for real estate investment (source: forbes)
  • Conservation efforts
  • Mass market & B2B client pool


Proposed Market Strategy

Opportunities

  • Work with local stat. boards
  • Conservation projects
  • Versatile content, multiple relevance
  • Client outreach

Strategic Targets

  • Stat. boards & organizations

- Singapore Tourism Board (Kickstart fund): The SGD$5 million fund supports the development of innovative lifestyle test-bed events and concepts with strong tourism potential, so as to accelerate smaller-scale innovation that will add to the existing quality tourism software and enhance the vibrancy of Singapore as a tourist destination.
- Application: Live events/ pop-ups services (taking people through a virtual tour of famous/historical/well-known places in Singapore, making interactive exhibits)
- National Heritage Board: Museums and Heritage Trials

  • Projects
  • Virtual tours & interactive experiences
  • Existing security sector (Ademco)

Rollout Plans

  • Collaboration & project involvement
  • Small mobile team
  • Utilize expertise
  • Lead-in for future projects

Learning and Key Takeaways

- How there is a need to relook and or adjust your business model (where relevant) in response to changing market needs or opportunities
- Looking at expansion to industries that are “close” in terms of being able to have an easily adaptable use of your core technology/technologies (same technology, different application)
- The pros and cons of maintaining both a hardware and software side in a business model (especially since they are meant to be used together in this instance – where the camera and software suite is both needed by the client)
- Appropriateness of rebranding and repositioning yourself in the market (for Giroptic’s case, they moved to establish themself as a “360 imaging expert and design house” which allows them an implied broader range of expertise as compared to previously just being known to focus on “360 panoramic vision”

References

- (local community): http://remembersingapore.wordpress.com/
- (Stat boards/ organizations): http://www.nhb.gov.sg/NHBPortal/Institutions/HeritageConservationCentre;nhbacsessid=QDQnS7LBh09k6dMh4hY52jy0GRRp7PTn1hrfhrp4GsQ9Txk2CGGv!819983914?_afrLoop=13286304337424634&_afrWindowMode=0&_afrWindowId=null#%40%3F_afrWindowId%3Dnull%26_afrLoop%3D13286304337424634%26_afrWindowMode%3D0%26_adf.ctrl-state%3D19qzllzkvk_4
- (Stat boards/ organizations): http://www.yoursingapore.com/content/traveller/en/browse/see-and-do/culture-and-heritage/heritage-sites.html

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