Gaule: Can you give a brief description of your venture, when it was formed and how the process occurred in your organisation?
Solur: HP’s CloudPrint business (now called HP ePrint) evolved from HP’s corporate ventures group in the summer of 2007. Technology from HP labs was used to develop the initial versions of the product using industry-standard stage-gating frameworks and venturing best practices.
Several versions of the product were developed in the first year. The philosophy was to launch and learn accepting failures as a part of the process – fail fast and keep product development lifecycle short. The goal was to enable seamless printing when mobile.
Mobile operating systems and devices did not have print buttons or applications in 2007. The challenge was not only to enable the ability to print from 700 million-plus devices but also quickly to have a critical mass of available printers in the market. HP ePrint was successfully launched earlier this year.
Gaule: What has been your most interesting recent development with the venture?
Solur: We launched a matchmaking cloud-based business (marketplace) as a part of HP ePrint, where we bring people who want to print to people who own printers. Mobile printing is not just the ability to print from a mobile device but also the ability to print when you are truly mobile – the ability to discover and print securely to a printer in hotels, airline lounges and retail locations, to print wherever life and business happens.
Gaule: What were the most critical challenges in the initial development of the proposition?
Solur: There have been primarily organisational challenges and having a mindset to be printer agnostic. Having to accept and embrace failure as a path to success is not only difficult for members of the incubation team but it can be a huge issue for the corporation.
The temptation to pull the rug (financial support) from under ePrint was especially high in the recent challenging economic environment. Breaking away from the existing processes for partnerships, product development, procurement, distribution for venturing was challenging.
Gaule: What is your current view on the venture capital markets and opportunities for investments and exits? Also what is your view on the current market conditions for starting a new business?
Solur: I would look at the current market conditions with the following lenses:
l We have seen a recent surge in acquisitions.
l There are no availability issues for a workforce at competitive rates.
l There is a surge in corporate spending on products that cut costs and/or streamline operations.
l Developing economies are still growing above 6% to 7%.
Gaule: What have you seen as the most challenging issues when managing the relationship with the parent organisation?
Solur: Incubating a profitable business in a venturing organisation is one thing but transferring the incubated business to a business unit and nurturing it to thrive is one of the biggest challenges.
Gaule: A number of H-I Network Corporate Venture members are now considering building new ventures or funds and entering emerging markets. What do you see as the top three challenges as you expand your venture?
Solur: In markets such as India we are seeing number of different approaches and challenges. Understanding and factoring cultural and social idiosyncrasies – for example home and consumer printing is a service in emerging markets unlike a product sale in developed economies. We also understand and respond to value-conscious morals.
For example the ability to recognise and act on piracy as a validation of a new need – photocopying books was widespread in Asia and McGraw Hill responded with the popular Eastern Economy editions. Services for emerging markets need to be run from emerging markets, not from alien time zones.
Gaule: What do you do to relax when you are not building ventures?
Solur: I am blessed with a three-and-a-half-year-old son and musically talented wife. When I am not supporting my wife at her rehearsals and performances or driving my son to swimming or soccer lessons, I train for marathons and triathlons. I also love climbing and travelling.
You can download the ePrint application from www.hp.com/go/eprintmobile Sridhar Solur will be speaking at the H-I Network meeting Disruptive ideas and driving new businesses, on October 7 in London.
To contact Andrew Gaule and for future interview ideas email andrew.gaule@h-i.com and jmawson@globalcorporateventuring.com
The full, 15-minute interview is available to listen to at www.globalcorporateventuring.com under the video section.