An entrepreneur has shared the emotional details of his company’s administration period.
The company faced significant challenges, leading to a transformative journey.
The Rise and Fall of the Company
The entrepreneur, Tim Cooper, founded an agency that developed ‘games for brands.’ Despite initial success, the company encountered difficulties when Flash software, which the company relied on, fell out of favour. “On the outside, it might have looked like we were an up-and-coming interactive agency, but the reality was we didn’t really know what we were doing,” Tim revealed.
Challenges with Technology Transition
The emergence of mobile and social media, coupled with the decline of Flash, posed significant challenges. Clients needed games that worked on both mobile and desktop, but early HTML5 technology was not yet capable. Many clients decided to hold off on browser games, leading to a drastic reduction in the company’s workload.
The Emotional Impact of Administration
In March 2014, the company entered administration. Tim described this as the most “emotional, painful, soul crushing and embarrassing experience” of his career. He had to make his entire team redundant, which he felt was his own fault. The impact was profound, with Tim’s family facing financial difficulties.
Rebuilding Efforts and Strategic Shifts
These off-the-shelf games, branded as part of the Piknik service, were designed to be rebranded for specific marketing needs. This new approach allowed the company to offer significant value to its clients.
The Path to Growth
The rebranding marked a significant shift. The company now operates with a different team and business model, leaving behind the old branding, and adopting a name that suits its current identity.
Lessons Learned from Adversity
The journey also underscored the importance of resilience and innovation in business. By pivoting their business model and focusing on client needs, the company was able to recover and grow.
Current Status and Future Outlook
The new name and identity have allowed it to better align with its current capabilities and market demands.
Tim’s journey serves as a testament to overcoming adversity in the business world.
The company’s ability to adapt and transform highlights the importance of resilience.