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Michalis Economou, a co-founder and former CEO of Foody, Cyprus's largest food ordering and delivery platform, recently recounted their remarkable start-up journey at the Digital Agenda event. His talk, titled "Start small, dare to dream big," shed light on the early days of Foody and the path that led to its acquisition by international group Delivery Hero in 2019.
Economou, alongside co-founders Argyris Argyrou and George Hadjivarnavas, began their entrepreneurial journey in 2012 with Ideas2life and later At your service. Despite limited resources and meager means, their aspiration was to create something significant on the Cypriot stage, echoing the humble beginnings of tech giants often starting in garages.
Economou reflected on their initial missteps and the obstacles they encountered, emphasizing how each challenge served as a valuable learning opportunity. He recalled, "Based on the problems that arose, we created extra features in At your service and started charging our customers. Despite the excitement, in the first month, we only had 12 customers - disappointment."
This setback led to the birth of Foody, a platform connecting restaurants with customers. With a rudimentary system and no automation, they managed orders through SMS and phone calls. Despite the initial chaos, their teamwork and determination powered the platform's rapid development.
Economou highlighted the significance of understanding the local market, which set Foody apart from competing ventures. Their hands-on approach ensured customer orders didn't get lost, enhancing the user experience.
Furthermore, Economou emphasized the importance of execution over mere innovation. "Don't Innovate, Execute," was a key message from his talk. He stressed the team's commitment to creating the best possible product rather than chasing innovation for innovation's sake.
Following Foody's acquisition by Delivery Hero, Economou expressed surprise at the platform's substantial size and competitive edge, particularly in meeting customer expectations.
Concluding his presentation at Digital Agenda, Economou revealed his recent resignation from Foody and shared his plans to offer advice to various businesses while contemplating his next major endeavor. Despite his creative thinking and work, he underlined his commitment to remaining in Cyprus for his future projects.
