Collaborative planning platform for enterprise teams
Patric Palm is the CEO of Favro, a tool for collaborative planning and management in various industries. It’s particularly useful for portfolio-level planning and management and aims to bring agile principles to the organization. The tool can support collaboration between individual teams and external developers and be applied to marketing, HR, and sales.
Unlike other tools, Favro keeps data as one object to prevent siloed work and unite people. It’s designed for companies that want a more decentralized and autonomous team structure and culture. The tool is particularly useful for portfolio-level planning and management.
Patric addresses the challenges companies face with the current layoffs happening in the market, making them more conservative and hesitant to try new things. Some companies would like to start using Favro, but their procurement teams restrict them from buying anything due to the current situation.
The biggest hindrance to the growth of the speaker’s tool is companies becoming more traditional and conservative in their approach to purchasing new tools. While companies may be reluctant to spend money on new tools due to the optics of it after laying off people, he suggests that companies need to invest in the right tools for online work, which shapes a company’s culture.
Why they built Favro
Our guest and his two co-founders built a successful on-premises tool for large-scale industrial software development, but they saw a gap in the market for an enterprise-grade platform on the cloud that adhered to agile principles. They wanted to create highly autonomous teams aligning towards company goals, and Favro was born.
Specifically designed for companies that want a more decentralized and autonomous team structure and culture, Favro’s clients include both new game companies and established companies in the gaming industry, such as Electronic Arts.
Patric concludes by highlighting the importance of passion in entrepreneurship and advises entrepreneurs to find a narrow niche in the market in which they can excel. Being narrow and focused on a specific niche in the market can increase the chances of success because it helps to be very good with limited resources. Winning in a specific niche helps to pave the way for success in other areas. Therefore, he advises entrepreneurs to focus on being passionate and finding a narrow niche in the market that they can excel in.