Bloomberg – Taking Stock With Pimm Fox from siggi’s on Vimeo.
Watch the video of Siggi Hilmarsson, an Icelander who took the concept of Icelandic “Skyr“, which is a healthier version of Yogurt and built a business for it. I have found another mentor for our Icelandic Startups. Just think about the first day when he started making Skyr at home in New York, what boldness should he have had to think that he can compete with large global brands, I am sure he was not thinking about that at all. He did not go to the large stores, but built it organically. I would love to meet him and understand how he got started or why he got started. He also says that he manufactures his products locally in upstate New York and now he is going national with Whole Foods Market. What a fantastic story for the Icelandic Entrepreneur. He has innovated in the most crowded market of them all especially starting in New York City. He has done it in a relatively short period of time as well, he started in 2004… here is his story. Couple of things I think needs to be highlighted:
- He focused on finding the market by doing a validated learning i.e making it at home, going to the Green market and selling it first. Build-Measure-Learn
- Had defined his niche as a healthy alternative to the existing products, not just in marketing but also in how he made the product
- He started with the simpler version of the product, which he could build without a processing plant and scaled the business.