Republic of the Philippines

University of Cabuyao
(Pamantasan ng Cabuyao)
College of Education
Katapatan Mutual Homes, Brgy. Banay-banay, City of Cabuyao, Laguna 4025

ENT101: The Entrepreneurial Mind

CASE STUDY #2

Name: Kirsten Anne T. Barba Year and Section:2BEED-A

Date: 13/03/2024 Instructor: M.A Esmeralda

1. Who is the founder and CEO of Verloop? What can you find out about the founding team
through secondary research?

Gaurav Singh serves as the Founder and CEO of Verloop, bringing with him a wealth of experience as a
serial entrepreneur and developer with over 15 years in the software industry. He is also a co-founder of
Magictiger, a B2C personal concierge service. Alongside Gaurav, the founding team comprises seasoned
entrepreneurs and developers deeply committed to leveraging technology to tackle real-world challenges,
particularly within the customer service sector. The team boasts expertise in various domains, ensuring a
comprehensive understanding of business-consumer interactions and a firm dedication to enhancing
these connections.

Piyush Mishra, Verloop's CTO, boasts over a decade of experience as a software engineer, leading the
development of the company's conversational AI platform. Anurag Jain, serving as COO, brings over 10
years of expertise in telecom and technology industries, spearheading Verloop's sales and marketing
efforts. Meanwhile, Akhil Mittal, Verloop's Head of Engineering, draws on eight years of experience in
software engineering to oversee the company's engineering endeavors.

2. What was the genesis of the idea?

Verloop's beginnings were shaped by the vision shared by its founder, Gaurav Singh, and the founding
team. They saw an exciting opportunity to transform customer service using advanced technology. With
Gaurav Singh's background as both a serial entrepreneur and a co-founder of Magictiger, a B2C personal
concierge startup, they had a solid understanding of how technology could reshape interactions between
businesses and consumers.

The team realized the growing need for better customer service solutions in today's fast-paced, digital
world. Motivated by their belief in the power of technology to solve real-world problems, they pooled their
expertise in software development, engineering, and business operations. Together, they set out on a
mission to create Verloop.

Their objective was clear: to develop an innovative conversational AI platform capable of improving and
streamlining customer service processes across different industries. By combining their entrepreneurial
drive with a deep understanding of customer service dynamics, the team aimed to revolutionize how
businesses engage and support their customers, laying the groundwork for the birth of Verloop.

3.What is the problem statement?

Verloop's main issue stems from the challenges businesses face in providing top-notch customer
service in today's fast-changing digital world. Basically, businesses find it hard to handle the increasing
number of customer questions, respond quickly, and keep interactions personal across different
platforms.

Traditional customer service methods just can't keep up with what modern customers want. People
nowadays expect fast, personalized help through websites, social media, and messaging apps. But the
old way of doing things, which often involves a lot of manual work, leads to slow responses, inconsistent
experiences, and it's tough to scale up.

On top of that, businesses struggle to use customer data well to make interactions more personal and
anticipate what customers need. This means they miss out on chances to make customers happier and
keep them coming back.

4. If you had to categorize Verloop which category would you choose? Existing Market - New
Market / Clone Market / Niche Market
 Republic of the Philippines

University of Cabuyao
(Pamantasan ng Cabuyao)
College of Education
Katapatan Mutual Homes, Brgy. Banay-banay, City of Cabuyao, Laguna 4025

Verloop fits into the "Niche Market" category. Even though Verloop is in the customer service solutions
market, it's not your typical player. They stand out by using conversational AI to tackle specific issues
businesses face in delivering great customer service. This sets them apart from the usual solutions out
there. They're kind of carving out their own space in the broader customer service market.

Verloop's big thing is offering AI-powered solutions that are all about efficiency, scalability, and giving
customers a personalized experience. They're aiming at businesses that want to step up their customer
service game with modern tech. So, while they're part of the customer service market, they're doing
things differently enough to be seen as a "Niche Market" player.

5. What were the major Market segments that Verloop could cater to? Identify the basis of the
segmentation. From this market segment, how did Verloop identify their niche?

Verloop has several key market segments it could focus on:

 Business Size: They could target small, medium, and large businesses, offering solutions tailored
to fit each one's needs and budget.
 Industry Verticals: Verloop could serve specific industries like e-commerce, healthcare, finance,
telecom, and hospitality, providing customized solutions for each sector's unique requirements.
 Geographic Location: They could divide the market by regions, focusing on countries or areas
where there's a demand for advanced customer service solutions.
 Customer Service Complexity: Verloop could differentiate between businesses with
straightforward customer service needs and those with more complex requirements, like needing
support across multiple channels or integration with other systems.
 Technology Adoption: They could target businesses that are into new tech and those that are
more traditional but want to update their customer service methods.

Verloop likely found its niche by focusing on businesses that value innovative tech to improve their
customer service. By aiming at industries or companies with complex customer service needs and a
willingness to try new technology, Verloop became known for providing AI-powered solutions tailored to
those challenges. They might have also spotted regions or business sizes where there's a big demand for
advanced customer service solutions but not a lot of competition, giving them a chance to stand out in the
market.

6. Go back to the 2 kinds of niche markets and identify which category would Verloop fall under.

Verloop could really tap into the niche market of remote workers, especially with how many companies
switched to remote setups during the pandemic. Remote workers deal with unique challenges, like
staying connected and providing good customer service when they're not in the same place as their
clients or team.

Think about a business like "Freelancer At Work." They help freelancers find new clients and showcase
their skills. Verloop could step in here with AI chatbots or virtual assistants. These bots could handle
messages, set up meetings, and chat with potential clients for the freelancers.

So, with Verloop's tech, remote workers like the ones at Freelancer At Work can keep up good
communication with their clients, no matter where they are. By using technology to make customer
interactions smoother and handle repetitive tasks, Verloop lets remote workers focus on what they do
best while still giving top-notch service to their clients.

7. Who were the early adopters for Verloop? How did Verloop customize their product offerings for
their early adopters? How did this Strategy work out for Verloop?

Verloop's early adopters were probably businesses that were forward-thinking and open to using new
tech to improve their customer service. These could include companies in tech, e-commerce, finance, and
startups or medium-sized businesses trying to stand out with better customer service.

To attract these early adopters, Verloop likely tweaked their product offerings to fit each client's needs.
They might have had different pricing options based on budget, offered scalable solutions for growing
businesses, and included advanced features like chatbots and integration with other systems.
 Republic of the Philippines

University of Cabuyao
(Pamantasan ng Cabuyao)
College of Education
Katapatan Mutual Homes, Brgy. Banay-banay, City of Cabuyao, Laguna 4025

This approach probably worked well for Verloop because it let them get a foot in the door with
businesses most likely to benefit from what they offered. By focusing on early adopters who were keen on
new tech and willing to give feedback, Verloop could improve their products, build a good reputation for
customer satisfaction, and become known as a leader in AI-driven customer service. As they grew and
got more customers, they could then expand to a wider range of businesses, solidifying their position in
the market.