Scale Up Pivot Sessions: Bikmo

Hey ??

This week was yet another mic dropping Pivot Session!

I was thrilled to interview David George , the Founder and CEO of Bikmo , a specialist cycle insurer driven by a mission to protect the world's riders.

David shares his fascinating pivot from a comparison engine startup to a European insurance company with over 50 employees across 10 countries.

From passion to pivot

David's journey into the entrepreneurial world was fuelled by his lifelong passion for cycling and engineering background.

Coming from the beautiful Lake District and driven by his love for cycling, David initially created a comparison engine that made it easy for cyclists to find and buy bike components at the best prices.

Despite lots of press coverage and wide adoption by the cycling community, David soon realised the commercial model had fundamental flaws, leading him to consider alternative paths.

The big leap

The pivot to insurance wasn't part of David's original plan.

The idea came from a conversation with Lee Turner in an M56 service station, shifting his focus whilst keeping true to his vision of protecting the world’s riders.

This casual conversation opened David's eyes to the potential of simplifying the insurance process for cyclists.

By partnering with Hiscox and rethinking traditional insurance products, Bikmo developed policies that resonated deeply with cyclists' needs, focusing on usability and customer experience.

Cover for cyclists, designed by cyclists.

Building resilience into the business model

Transitioning from a comparison engine to an insurance provider, Bikmo embraced the subscription model akin to Spotify or Netflix.

This approach means growth is driven by the compound effect of strong customer retention just as much as acquisition, creating a sustainable and growing revenue stream.

David's strategic shift not only redefined Bikmo's business model but also its core mission, aligning it more closely with the needs and lifestyles of its customers: cyclists.

One of David's key insights is the importance of fostering a culture that embraces change.

As Bikmo grew, maintaining that early-stage startup agility became key to success.

This culture of openness and willingness to adapt helped Bikmo to stay ahead of industry shifts and continuously evolve to capitalise on new opportunities and market demands.

Bikmo's ride into Europe

The decision to expand into Europe was propelled by Brexit and the subsequent changes in market dynamics.

This expansion was not only a geographical growth but also a learning opportunity that allowed Bikmo to better understand diverse markets and customer expectations.

Each new market brought unique challenges and insights, contributing to a refined playbook approach to international growth.

This approach ensures that each new venture builds on the last, compounding Bikmo's successes and mitigating potential setbacks.

Key Takeaways for Scale-Up Leaders

1. Growth Mindset: Be open to change and ready to pivot when current models don't align with market needs or when better opportunities arise.
2. Building a culture of adaptability: Cultivate a workplace that thrives on innovation and adaptability, where strategic shifts are seen as opportunities for growth rather than disruptions.
3. Leveraging past learnings: Apply lessons from past experiences to future challenges, using them to refine strategies and processes continually.
4. Expanding thoughtfully: Approach geographical and market expansion with a well-researched and adaptable strategy, learning from each step to enhance future efforts.

David’s journey is a powerful reminder of the resilience required in the startup world and the potential rewards of staying nimble and adapting.

As Bikmo continues to scale, it serves as a prime example of how flexible business models and a really thorough understanding of customer needs can drive sustainable growth and success in a competitive market.

Next up in The Pivot Session series…

Next week we have the incredible story of Catherine Ann Reid and how bringing up Chloe, her daughter who has additional needs, led her to simplify life admin for all of us (as a mum of two and business owner, this resonates so much!!).

Catch up on the full discussion, or read on for the highlights:

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Lucy ??