Prepared for Ron G. | Delivered September 28, 2019
Adam Benayoun Background Check
Identify any red flags on Adam Benayoun. The information will be used to determine if a potential investment in a company he founded need to be reconsidered.
Adam Benayoun''s educational background seems to include only an
animation and media course
This might be a watch-out as his jobs typically require knowledge in
business management, computer programming
, finance, logistics, legal, and other expertise.
Adam Benayoun and Eran Galperin both
Binpress is a "
marketplace for open-source code
" where developers can purchase or sell source codes.
Binpress was eventually
acquired by CodersClan
on June 20, 2016.
According to Mr. Galperin, he and
Adam failed to reach their vision
for the company due to some factors that they initially failed to see.
He further stated that they did not realize at first that the
marketplace format was not suitable
for the types of products that they had. Majority of their clients were
only one-time buyers
due to their focus on premium products with higher costs.
Mr. Galperin also stated that peddling their codes to developers can be likened to
offering ice for sale to Eskimos
They realized that their target customers will opt to
dedicate more hours
to build a code rather than shell out more money on off-the-shelf source codes.
They also came to the conclusion that
transforming an already known brand
is difficult as Binpress was already widely known as a code marketplace. Increasing their product lines would require them to
build another set of target
customers from the ground up.
The founders also made a mistake of doing the
marketing and sales tasks themselves
even if they don't have a marketing background. They realized later that they need someone who is
on this important work.
Overall, they eventually learned that they became
constrained by the framework
of the company as it did not have the scale that they initially planned.
Furthermore, any movement to venture into
new territories was done too late
to really have a positive impact.
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