Over the weekend we achieved our latest milestone of completing our 4th successful year of Market Dojo.
Starting from nothing 4 years ago and investing a lot of our time and energy, we are very proud to reflect upon what we've created. When working at the coalface continuously, it is rare that we have the chance to look back at past achievements, yet it is important that we do so.
Sure, the original business plan went out the window pretty quickly, but we've adapted our model into new arenas and picked up recognition where we never expected, such as the 3 government-backed grants that we've been awarded for innovation.
Today as we look across our 50+ clients, many of which are high street names plus some who are no bigger than ourselves, we feel we are building a good sustainable brand in this industry. Reputation is everything so we make sure we provide first class service and support for our clients as that will be the real differentiator in times to come. Sometimes it doesn't work out but we're never ungrateful and will always strive for the next opportunity.
One of the things that has surprised us most over the years is just how far our product portfolio has come. We initially started Market Dojo to be a straightforward tool for running professional eAuctions affordably. For nostalgia's sake, here are some screenshots of our first release.
We're still true to this today but what we didn't expect is to have the family of 'Dojos' around us such as:
Public Dojo - our 2012 enhancement to the tool to make it suitable for weighted tenders and eAuctions, such as sub-OJEU tenders and mini-competitions. This was really Market Dojo version 2.0, which we called Samurai.
Innovation Dojo - in 2013 we released a new tool to help organisations collaborate with their supply chain to solicit new ideas for mutual gain, as we wanted to prove we were not just about reducing margins.
Category Dojo - towards the end of 2013 we released another new tool, this time one to help organisations better understand the opportunities in their spend to formulate their category strategies. You can even find this on the iPad app store!
Lot Matrix - this is one of our biggest developments to date, which we kicked off in 2013 for a planned release in early autumn 2014. There will be more fanfare on this over the next few months, but it is likely to be the biggest enhancement to our solution, judging by the feedback from those who have seen it in action already.
Our continuous investment of resources into our R&D has certainly helped our product evolve faster than most in this marketplace. It does come at a cost and that would be at the expense of our time. Being a self-funded company, there are only so many hours in the day and money that we can spend so perhaps that has held back our rate of growth, although not our potential. Doubling our revenue year-on-year is still a fantastic achievement.
Furthermore, we've built ourselves a great foundation with renewal rates on annual licences over 95%. A number of our clients have been with us since our first release, including our first ever client Hamworthy Combustion (now part of John Zinc), which is a pleasure to see. They, along with many others, have contributed so significantly to our business that they shall always have our gratitude.
We look forward to a fantastic 5th year in the making and thank everyone that has helped us come this far.