Vayeron scales up to enter new markets
Originally published by METS Ignited, January 2019
Vayeron is an Australian OEM technology company focused on providing intelligent solutions to productivity challenges in the mining sector.
Vayeron’s Smart-Idler™ IoT solution provides vibration analysis and condition monitoring to automatically monitor and report deteriorating ‘health’ of conveyor rollers.
Solving an industry problem
Smart-Idler™ accurately monitors the health of conveyor rollers, predicting their failure, and providing advanced warning so pre-emptive action can be taken to replace failing rollers during scheduled maintenance timeframes.
The innovative technology reduces safety hazards (including coal fires) associated with conveyor stoppage and addresses the major impact conveyor system downtime has on mining operations.
In 2017, Vayeron won a pitching competition in Mackay as part of the regional pre-accelerator program METS Ignited and the Queensland Government hosted to seed entries into the Brisbane-based Ignited METS Accelerator Program.
The Igniting METS Accelerator Program was an Australiafirst, join initiative of METS Ignited and the Queensland Government, to accelerate the commercialisation of SME innovation into new markets.
Vayeron was one of five regional participants, in the cohort of eight, who took part in the 12 week program providing access to deep-dive workshops, mentoring and support from industry leaders, entrepreneurs and subject matter experts delivered by the team behind KPGM Energise.
CEO and Founder Ryan Norris, attributes the company’s renewed ambition and confidence to the Accelerator’s curriculum, saying “there is a clear cut advantage when you look at companies who have been through accelerators”.
The company went into the accelerator looking to bring down lead times, learn to navigate the procurement process and to improve the company’s branding.
“The accelerator addressed everything from our branding right through to procurement, and engaging with our prospective customers, and we definitely believe that as a result we’ve got better at branding and messaging, and have since been able to bring down those deal lead times.”
“I’ve definitely gotten better at telling our story and communicating our value proposition,” said Ryan.
Collaboration has been a key takeaway from the program for Vayeron, helping them to accelerate penetration into new markets, and work around some of the issues growing businesses encounter when bringing products to market.
“We have rethought our strategy around our channel partners and how we can leverage channel partnerships to really get penetration into new markets.”
Vayeron has made some considerable changes to their business processes and had some significant successes since the completion of the program, including implementing new programs in line with industry standards, new hires and market expansion with the mining and resources sector.
“Since the accelerator we have won some pilots and proof of concept trials of our Smart-Idler™ technology in iron ore and coal, and ranging from WA to New South Wales and Queensland but not only that we have also won some projects in Canada and Chile”.
Ryan recommends scale-up accelerator programs to regional companies who are looking to expand into new markets, boost their capabilities, and make significant industry connections.
“My message to regional companies would be to make the most of any advantage like this, because as a regional company you are almost in a silo or a bubble.”
“There are important companies who are in major cities, so if you can get into an accelerator like Igniting METS and come down to Brisbane or wherever it’s going to be hosted on a regular basis, you can tie in your important meeting all the while using what you learn in the accelerator,” said Ryan.
METS accelerator expansion in 2019
The RISE scale-up Accelerator builds on the success of the Igniting METS accelerator pilot, delivered by METS Ignited and the Queensland Government, with an expanded sector focus and national footprint through collaboration with NERA and the Western Australian Government.
In 2019, RISE will provide mining and energy resources innovators direct access to financial, marketing, commercial and technical advice to assist in commercialising their products and services and start the scaling up process to meet larger markets’ demand.