Performance Marketing Institute or shortly, PMI, is a startup founded by Janis Schmidt (Co-CEO) and Lasse Krüger (Co-CEO) who gave us a short interview describing a pivot turned a negative circumstance into a rapidly growing and successful startup.
PMI, a first service company delivering marketing and consulting services, turned almost its entire focus into one single project, a CRM they have co-developed. The project, as taking the focus of the company, also created dedicated positions such as support and sales they didn't have before. The CRM product reached an impressive 6 figures revenue in the first year.
Fortunately and unfortunately the new partnership failed, despite the product success, and flipped the entire status and turned PMI "back to zero" says Lasse.
This did not lead the company and the team into separation, but the opposite, the company pivoted again, roles have changed, the team members had to learn new skills in order to adjust, and they did well, going on the road of success once again.
Today, the company grew larger and left the coworking space in Sofia moving into Cologne, Germany.
An interesting point of PMI is that the company and its employees, almost entirely, were actually Germans who moved their life to Sofia for the success of PMI.
The move itself, beyond the financial reasons, which will be again mentioned, strengthened the team and it's dynamic.
Adding the fact that they have also lived together in a Coliving form, made them turn into a true family and successful team. familly of 12 people at max by the way.
Lasse emphasizes the financial opportunity of starting a company, a startup in Bulgaria. As well known, the taxes and living standard in Bulgaria are the lowest in the EU. Turning this into a positive fact, it allows a young company to make "mistakes" mentions Lasse. In such a situation those mistakes are not financially fatal and the company can, relatively quickly, adapt, experiment and generally "play" with its startup endeavors.
Well played guys! We are proud of you.