Prateek Suri, CEO of Maser. PHOTO | COURTESY
Give us a brief background of your entrepreneurial journey
I was born and raised in Delhi, India, in an entrepreneurial family. I watched my father in business, and when I received a BE (Bachelor of Engineering) in mechanical
engineering from Birla Institute of Technology and Science, Pilani (BITS Pilani) in 2010, I started my career in the trading sector, supplying goods across the Middle East and North African region with branded products like Samsung and LG - and was able to capture a wide customer base. This was an invaluable experience as I had the opportunity to research and understand my customers.What was the inspiration that led to the establishment of Maser?
We discerned a gap in the market for consumers who need budget-friendly, quality electronics. Most TV manufacturers have priced their devices so high that they reach emerging markets at exorbitant prices. After identifying this worrying trend, we embarked making sure that, on top of manufacturing televisions for the future, even those populations that are held back by low budgets also get to enjoy the new TV capabilities. Maser now manufactures quality, affordable TVs and consumer electronics.
The African electronics market is saturated with products from China that are sold at affordable prices. What strategy does Maser have that would give it a competitive advantage in the same market?
Chinese electronics have in the past decades dominated the African market owing to the low export taxation in China, and pocket-friendly prices that have attracted and retained buyers. We aim to make our products better than those made in China: better quality, better customer service and, ultimately, sell at affordable prices. We are aware of the competition, and are relying on research into the changing customer preferences in Africa and reach maximum market share through social media.
What are some of Africa’s biggest economies that are on your radar?
We are keen on expanding into South Africa, Nigeria and Rwanda in the next 12 months. We have set foot in Kenya and Tanzania. In all these economies, through our research, we have identified a market of quality-and-budget-conscious consumers. We plan to make consistently good quality products which meet this demand.
Each market is different. After studying the African market: what do you think will cement your success as you extend your business in uncharted territory?
Creating strategic partnerships and working together with different stakeholders will go a long way in creating this success.
Who are your targeted customers - and how do you define/identify them?
Our target customers are mostly people who are tech-conscious and want to buy budget-friendly electronics.
Entering a new market is never easy. How is Maser going to tackle the challenges involved in the African countries where you want to establish your footprint?
Expanding is an exciting journey. But, it needs to be done at the right time, after putting the right strategies in place. To make sure that our business is prepared and can benefit from full-scale expansion, we have taken time to research on some of the challenges in each country - any barriers to entry. We are working with different stakeholders to understand each market better.
Are there any strategic partnerships in the pipeline to help your brand penetrate the market faster?
Yes, we are working with a few partners in Tanzania and Kenya to help us reach our target audience. We are in conversation with other partners in Nigeria as well
For how long did you have to research the African market before deciding to invest in the region?
It took us five years - and the research is still ongoing.
Maser was founded in 2014. What would you say has been your biggest success story so far?
In 2019, we were able to sell 200,000 units in Dubai - and that was a big success - 70 percent of which got re-exported to Africa. Most recently is being able to impact the lives of African families through entertainment. Taking part in these activities is very fulfilling.
Where do you see Maser as a brand in the African region, and globally, five years from now?
Since we launched years ago, we’ve seen steady increases in our client base - and in our revenues. We have solid, yearly plans in place that help us stay on track to meet demand, and keep us accountable. We hope to continue to be the leading consumer electronics brand in Africa in five years, even as we add new products.
What is the biggest lesson you have learnt as an entrepreneur?
Your only limit is YOU yourself! One thing to remember about entrepreneurship is that failure is not the end of everything; it is a chance for a new beginning.
If you start knowing that, along the way, you will encounter failure, you will be better off. Failure is just another lesson that puts you back on the path to success.
“I tried and failed” is always better than a daunting “what if!”
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