EVA of Ingenia and Recombo by Barbara Mair

A lot has been said in the blog about these two companies.

I would add that the CEO of Ingenia comes across as a very credible person in the education field although since the venture is taking place in Vietnam she is not focusing enough on her credibility in this market. In the case of Recombo, the CEO is highly knowledgeable about his product that has now become a service and i believe he would profit from being a little less technical in his pitch and a little more market driven.

As several of you have expressed neither one of the CEOs goes into the management team enough to judge if they are the right team for what they are trying to do, again Ingenia would benefit by explaining the partnership with the company who knows Vietnam well and telling us if anyone on her team has in depth knowledge about doing business in Vietnam. In the case of Recombo going from 12 to 24 people in a short time without outlining what these bring to the table could be dangerous and a source of cash burning.

Both business models could be successful given the right conditions, although i am not convinced by either of them as they stand in these pitches, they both will evolve although Recombo could be close if this lighthouse customer is as successful as they anticipate.

In the case of Recombo they have evolved from being a product driven company to a service company recognizing the pain and solving a business need for their partner. They are staying focused on developping this “distribution channel” for their products and services and i believe this will help them evolve further in understanding the end customer’s needs and adapting to them, they do sell the uniqueness of their products for the market they are addressing. Ingenia on the other hand has not found the uniqueness of their products, we do not know what the competition looks like in the market they are going after, Vietmam and they have had no success in their own local market. So it is to be seen whether they do have the right products.

I believe that Ingenia could be successful but i would not invest in it until i saw more proof of their ability to do business oversees in Asia.  Recombo i believe has got the product/service right although they are not clear on the exit strategy whether they are building up a company to sell or to expand to other customers or partners…. Looking at these as an EVA, of the two companies ithink Recombo is a surer bet.

1 comment

1 Cari Wilson { 09.19.09 at 9:27 pm }

Having examined the same two pitches, I found your assessment clear and well-thought out. I invested the same wayas you did.

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