Harvard Case - Shrimp on Smartphones? eFishery: Agile Innovation in Indonesian Aquaculture (A)
"Shrimp on Smartphones? eFishery: Agile Innovation in Indonesian Aquaculture (A)" Harvard business case study is written by Simon Schillebeeckx, Ryan Merrill, Adina Wong. It deals with the challenges in the field of Entrepreneurship. The case study is 16 page(s) long and it was first published on : May 10, 2018
At Fern Fort University, we recommend that eFishery prioritize a multi-pronged growth strategy focusing on geographic expansion, product diversification, and building a robust ecosystem to solidify its position as a leader in the Indonesian aquaculture industry. This strategy will involve leveraging eFishery?s existing strengths in technology and analytics, strong partnerships, and proven business model to achieve sustainable growth and impact.
2. Background
This case study focuses on eFishery, an Indonesian startup founded by Gibran Huzaifah and Handhika Pratama in 2013. Recognizing the challenges faced by Indonesian shrimp farmers due to limited access to technology and information, eFishery developed an innovative solution: a smart feeder that uses IoT technology to optimize feed distribution and improve shrimp growth. This disruptive innovation has significantly improved the efficiency and profitability of shrimp farming, creating a significant impact on the Indonesian aquaculture industry.
3. Analysis of the Case Study
Using Porter?s Five Forces Framework:
- Threat of New Entrants: The aquaculture industry is relatively fragmented, with limited barriers to entry. However, eFishery?s strong brand recognition, technological expertise, and established partnerships create a significant barrier for new entrants.
- Bargaining Power of Suppliers: eFishery has a strong bargaining power with suppliers due to its large customer base and the importance of its technology in the shrimp farming industry.
- Bargaining Power of Buyers: Shrimp farmers have limited bargaining power due to their dependence on eFishery?s technology and the lack of alternative solutions.
- Threat of Substitutes: While alternative feeding methods exist, eFishery?s smart feeder offers a significant advantage in terms of efficiency, cost-effectiveness, and data-driven insights.
- Competitive Rivalry: The competitive landscape is evolving, with new players entering the market. However, eFishery?s early mover advantage, strong brand, and established ecosystem provide a competitive edge.
Financial Analysis:
- eFishery?s revenue growth has been impressive, driven by the adoption of its smart feeder technology.
- The company has secured significant funding from venture capitalists, demonstrating investor confidence in its potential.
- eFishery?s profitability is expected to improve as it scales its operations and achieves economies of scale.
Market Analysis:
- The Indonesian aquaculture industry is a rapidly growing market with significant potential.
- eFishery?s target market consists of small-scale shrimp farmers who are eager to adopt technology to improve their productivity.
- The company has successfully segmented its market and tailored its products and services to meet the specific needs of different customer segments.
4. Recommendations
1. Geographic Expansion:
- Target new regions: Expand operations to other provinces in Indonesia with high shrimp farming activity, such as East Java, West Java, and South Sulawesi.
- Strategic Partnerships: Collaborate with local distributors, aquaculture associations, and government agencies to facilitate market entry and build local expertise.
- Adapt product offerings: Customize product offerings to meet the specific needs and challenges of different regions, considering factors like climate, water quality, and shrimp species.
2. Product Diversification:
- Expand product portfolio: Develop new products and services that address the needs of the entire aquaculture value chain, including feed production, disease management, and post-harvest processing.
- Leverage technology: Utilize data analytics, AI, and machine learning to develop advanced solutions that optimize aquaculture practices and improve efficiency.
- Develop a ?Shrimp Farming Ecosystem?: Offer a comprehensive suite of products and services, from smart feeders to data analytics platforms, to create a holistic ecosystem that supports shrimp farmers throughout their operations.
3. Building a Robust Ecosystem:
- Strengthen existing partnerships: Deepen collaborations with existing partners, including feed suppliers, financial institutions, and technology providers, to create a strong ecosystem that supports eFishery?s growth.
- Develop new partnerships: Explore strategic alliances with international aquaculture companies, research institutions, and technology providers to access new markets, technologies, and expertise.
- Invest in R&D: Allocate resources to research and development to continuously innovate and develop new solutions that address the evolving needs of the aquaculture industry.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: eFishery?s core competencies lie in technology, data analytics, and building partnerships. The recommendations align with the company?s mission to improve the efficiency and sustainability of the Indonesian aquaculture industry.
- External customers and internal clients: The recommendations address the needs of eFishery?s target customer base ? small-scale shrimp farmers ? while also providing value to internal stakeholders, such as employees and investors.
- Competitors: The recommendations aim to establish a strong competitive advantage by leveraging eFishery?s existing strengths and developing innovative solutions that differentiate it from competitors.
- Attractiveness ? quantitative measures if applicable: The recommendations are expected to drive revenue growth, improve profitability, and enhance eFishery?s market position.
6. Conclusion
eFishery has the potential to become a leading player in the global aquaculture industry. By implementing a strategic growth plan that focuses on geographic expansion, product diversification, and ecosystem building, eFishery can capitalize on the growing demand for sustainable and efficient aquaculture practices. The company?s commitment to innovation, technology, and partnerships will be crucial to its success in this dynamic and evolving industry.
7. Discussion
Alternatives not selected:
- Focus solely on organic growth: While organic growth is important, eFishery?s rapid expansion requires strategic partnerships and acquisitions to accelerate its growth trajectory.
- Enter new markets outside Indonesia: While international expansion is a long-term goal, eFishery should focus on solidifying its position in the Indonesian market before venturing into new geographies.
Risks and key assumptions:
- Competitive landscape: The emergence of new competitors could impact eFishery?s market share.
- Regulatory environment: Changes in regulations could affect the company?s operations.
- Technology adoption: Farmers may be hesitant to adopt new technologies, potentially slowing down growth.
8. Next Steps
Timeline with key milestones:
- Year 1: Expand operations to two new provinces in Indonesia, develop one new product, and establish strategic partnerships with key players in the aquaculture value chain.
- Year 2: Expand to three additional provinces, launch two new products, and invest in R&D to develop advanced technology solutions.
- Year 3: Explore international expansion opportunities, establish a strong brand presence in the global aquaculture market, and solidify eFishery?s position as a leader in the industry.
By implementing these recommendations, eFishery can continue its journey as a leading innovator in the Indonesian aquaculture industry, creating a positive impact on the livelihoods of shrimp farmers and contributing to the sustainable development of the sector.
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Case Description
Part A. In November 2016, Gibran Huzaifah, CEO of Indonesian firm eFishery that sells automated fish feeders for fish farmers, ponders a strategic pivot in the business-from hardware to data services. While his engineers struggle to develop a fish activity sensor to improve efficiencies and drive sales, Gibran ponders the option to develop new products to help farmers predict harvest levels (Fishbiz), signal quality to lenders (FishFax), and deploy platforms for inputs (Marketplace) and outputs (eCosystem). In addition, he is also considering whether it may be smarter to develop autofeeders for shrimp farmers, a market that is more geographically dispersed but with higher purchasing power. Part A ends by asking which direction Gibran should take for 2017. Part B. It is February 2018, and eFishery has moved into making automated shrimp feeders. Gibran seeks a roadmap to land investment funding and sees two paths to pivot into a viable platform business: 1) The "High Road of Quality Hardware" seeks a strong foundation for Marketplace and appeals to the engineering team. The CEO worries the High Road may increase unit costs, swell a bloated balance sheet, slow sales, and reinforce the firm's self-identity as a slow-scaling hardware company. It means redoubling work on the fish sensor, working with an outside firm to build a water quality sensor, and developing a P2P protocol and new data station to help the feeders talk to each other and send data to the cloud. 2) The "Low Road of Bootstrapped Disruption" seeks to get FishBiz and FishFax to market. Some sales staff share Gibran's vision, but most employees are used to hardware. Data capabilities remain weak and only major reallocations of scarce resources will make the new products strong enough to drive adoption.
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