Software success - PhaseStream at the Nucleus

Community

When Prologis and Dartford Borough Council developed the masterplan for The Bridge, a 264 acre mixed-use development, we set ourselves the ambitious target of creating an environment where knowledge-based industries could thrive. For this reason, the first commercial building on site was the Nucleus Business and Innovation Centre. 

Olatunde Adedoyin

Run by Oxford Innovation, the Nucleus is proving to be a hothouse for success. Olatunde Adedoyin, Managing Director of PhaseStream, set up his software development business at the Nucleus in 2012 and it has gone from strength to strength. 

Here is his story….

When I saw the iLab, I knew the Nucleus was the right place for my business.
I live in Dartford, so when I set up PhaseStream I wanted to find office space locally. I looked at several business centres, but as soon as I visited the Nucleus, I could see that this is a place where the management team not only understands business start-ups, but also specialises in the technology sector. We moved into a two person office and as the business expanded, we have been able to move seamlessly into larger office space. Establishing PhaseStream has meant long hours, hard work and complete focus, so I have really appreciated the team’s help and support.

We began by developing software for other companies.
When I started the company, we began by developing software for IT clients in the financial, pharmaceutical and retail sectors. The work was project based and although our skills were in demand, cash flow was unpredictable. So, I realised that the best way forward was to develop our own platforms and sell them to end users on our own terms. Having spent years developing software for other companies, I had some insight into the problems customers are facing and I knew we could find a common solution. But it was not easy.

Taking the next step was a challenge.
To take the business forward, we effectively had to work from two different angles. To pay the bills, we had to carry on with our normal development work, while at the same time we were building a new solution that had no guaranteed sales. Throughout this period, Matthew McLarty, the Business Innovation Director at the Nucleus has been a great help. He has guided our strategy, keeping us focussed on value creation and efficient use of resources. And it has worked. We have signed our first deal with a banking group for our customer engagement solution and I can safely say, we are on our way.

One of the advantages of being at the Nucleus is the opportunity to learn.
Last September and October, I attended a series of masterclasses that the University of Greenwich held at the Nucleus as part of the Enterprise Europe Network initiative and this opened my eyes to many new possibilities for the business. We now have a strong marketing strategy in place and we are moving forwards. We officially launch Phase 1 of our product in Q2 2017 and we are already planning subsequent phases for the future.

a series of masterclasses that the University of Greenwich held at the Nucleus as part of the Enterprise Europe Network initiative opened my eyes to many new possibilities for the business

Olatunde Adedoyin, PhaseStream