A Different Strategy for Entrepreneurs: “Secret Mode” Entrepreneurship

Could there be a little "secrecy" in the hidden recipe of successful enterprises?

Courage, faith, patience, talent, confidence, energy, stability, motivation and more...

I think we agree that individuals with an entrepreneurial spirit should have these characteristics. However, these features alone are not enough to achieve success. In order to be included in the modern capitalist system and to be successful, the entrepreneur needs investors within the framework of the business he will establish.

Communication, of course. An open communication showing how the entrepreneur has benefited from the solution he/she has made and/or will create is indispensable. Okay, but this may cause the entrepreneur's foresight to be noticed by potential competitors, thus missing opportunities. There is a way to both attract the attention of investors and not act on competitors: “Incognito Mode” Entrepreneurship. The generic usage in the business world is referred to as "Stealth Startup". The essence of the matter lies in waiting for a certain period of time strategically before appearing in front of the press and launching the product to the public.

There doesn't seem to be much in today's digital world that you can't uncover with a simple Google search. Bloggers and influencers share new products before they enter the market, companies promote their partnerships and events in advance, and social media channels keep consumers informed of the latest innovations about their favorite brands with their unique algorithms. In an environment where there is such a flow of information, you need to have a serious financial resource to stay silent and surprise people. Some large companies are able to survive in this way, but this tactic is quite difficult for a new venture that needs investors. Yes, it is difficult, but it is a method that makes a difference. This tactic enables entrepreneurs to leave their competitors behind, and most importantly, it prevents copying ideas or launching a similar product. Thus, a successful enterprise that keeps up with the competition and enables the development of world-class products/services can be created.

Founded by Kaan Günay and Onur Kardeşler in 2017, the startup called Firefly received investment from Decent Capital, NFX, Pelion Venture Partners (UV Partners), Vela Partners and Jeffrey Housenbold. While the amount of investment made in the startups of entrepreneurs was 21.5 million dollars as of the end of 2018, it received a Series A investment of 30 million dollars as of May 2019. Firefly offers an advertising platform to shared vehicles like Uber. Thanks to this advertising platform, vehicle owners can earn money from both trips and advertisements. One of Firefly's greatest feats is the ability to remotely control the screens on the vehicles based on their location. In this way, more accurate targeted ad content can be displayed. According to the shared information, drivers can earn an average of 300 dollars per month.

Firefly, a startup that leverages passenger cars to build a smart city media network, remained in stealth mode before launching to gain an edge over potential competitors. Since they received a $21.5 million investment in December 2018, almost no one who heard of the company had any knowledge of the venture prior to the investment. There was no news about Firefly prior to the funding announcement. There was no information about the venture, such as product demos and press releases. Although no one saw the light emitted by the firefly, the venture managed to receive a very serious investment.

So how did this happen? Firefly CEO Kaan Günay started working secretly. It continued its activities related to its products and services in silence. He avoided publicity, press releases, social media posts. If you follow events in Silicon Valley, you know that many entrepreneurs like to brag about their ideas. But Gunay kept her mouth tight.

First of all, “display-on-vehicle” is not a completely new idea. Several other companies are also working on this issue. But each smart screen in Firefly is equipped with an array of sensors that can collect massive amounts of data, from pollution levels to traffic jam data and more, putting them in a unique position. This could enable and even strengthen the smart cities of the future now.

Designing screens for advertising is a fairly simple concept. It's been around for years. However, it takes much more effort and insight to turn advertising into such a community benefit tool. Günay saw this potential and started working to make “situationally aware” smart displays a reality. While performing his works, he kept his initiative strong by keeping his silence with the “Secret Mode” strategy.

So, what every entrepreneur should ask himself in order to work in “Incognito mode”;

Do I have a real, valuable competitive advantage?

Is there anything really unique about my product?

Am I doing something no one else is doing?

If you can give positive answers to these questions, you can start your venture behind closed doors.

Forget the press, skip the field events, focus on the unique advantages you provide with your products or services. Ignore the temptations for early momentum and build a truly world-class product. Staying in the shadows may require too many personal restrictions, it may force you to create awareness about your product, it may prevent you from getting feedback and benefiting from sectoral and professional opinions. You should not forget that. For this method, which has high risks, be sure to check whether it is suitable for your own initiative.