nineMotion is an online service marketplace which enables buyers and service providers to find each other/negotiate the terms of their project and collaborate.nineMotion’s USP lies in it’s relationship based approach vis-a-vis the existing transactional approach by players like eLance/RentACoder etc. Within few months of launch, nineMotion has added close to 600 service providers (from 20 countries) and has closed deals worth $20 K.
How does nineMotion works?
As a buyer, you can set a project $value to which service providers will bid for. Once the bid is finalized, nineMotion will provide you all the necessary tools to collaborate with the service provider – definitely a boon for SMBs who need to keep the management cost as low as possible.
Here is an interview with Deepak Vinchhi, CEO/founder of nineMotion:Please tell us more about ninemotion (about the product/significance of the name).
nineMotion is a service marketplace which allows
- buyers to find the right service provider for their requirement, evaluate proposals from diff. providers and plan/track outsourced projects.
- service providers to showcase their profiles, collaborate with buyers/bid for projects etc
nineMotion name comes from “navigate” that has a sanskrit root “navgati” which transliterated to English is nine motion. nineMotion wants to be the vehicle that will flatten the world even more in the areas of services outsourcing and engagements.
Please share info about the founding team.
nineMotion is founded by
- Deepak Vinchi, an IIT Mumbai alumni. Deepak earlier founded Aquila Tech which later got acquired by HCL.
- Balaji Girisaballa: MBA from IIM-A. He worked as Director of Marketing at Oracle earlier.
How is ninemotion different from say a service marketplace like eLance or RentACoder?
Existing companies (like eLance/RentACoder/oDesk) in this space have a “product marketplace” approach and are “transactional” in nature. They just connect the buyers and sellers, and after that the delivery is done in ad hoc manor without any systems Because of this, existing marketplaces are addressing a very small slice of the market (with a total business of less than $ 75 M)
- Large un-addressed latent demand is being met through word of mouth, referrals, offline channels or not being met at all
- a collaboration engine that lets them collaborate and track all discussions by context. nineMotion’s product roadmap will have wiki, skype and enhanced collaboration by linking messages to document uploads, etc.
- “relationship” based experience – In an offline world, if you are looking for a service provider of any kind (say a logo designer or a plumber), you would call up some friends and ask their opinions. Also, once you are happy with a provider, you tell your friends and trusted network about them. We all depend a lot on references, referrals and relationships. nineMotion provides a framework to take these offline habits online
What’s your business model – is ninemotion a marketmaker (and takes a cut in the overall transaction)?
Yes, nineMotion charges 5% of project value as its fees. There is no other cost like subscription, etc.
What’s your target market? India or US?
We will focus our marketing effort to USA for Buyers and India for providers, although its a global marketplace. (Even today, we have providers listed from 21 countries).
In general, the SMB market in India is not at all tech savvy. Isn’t that a huge challenge for ninemotion adoption in India?
That’s a good point, but we think that the providers of services such as the ones we are targeting are savvy enough to use a site like nineMotion. Also, nineMotion is designed to be very easy to use (you can tell us whether this is true and what you think).
What’s your funding status.
We have raised Rs. 1.5 Crores in angel funding. We are comfortable for a few more months in terms of cash flow, and should be able to raise more angel funding if required. Meanwhile, we will be talking to VCs for a larger round. Marketing, especially in the US, will be the key to our success, and this requires a lot of money.
Please share a few tips/entrepreneurial experiences !
So far, it has been a fairly smooth experience, especially compared to my last Company (Aquila). But I think we are yet to face the biggest challenges that are ahead of us. But generally speaking, a startup experience has a lot of ups and downs on a daily basis. On one day, the entrepreneur can be on top of the world due a success with a customer and next day he/she may be in the pits because of some issues.