Updates from IBD Hungary – Team SMark

Taking Unique Anti-Counterfeiting Technology To The Global Market

Jonathan Chen, Ryan Liu, Taylor Marcus and Kati Pease

Our team arrived to Hungary on July 5 to develop a go-to-market strategy with SMark, a Hungarian startup with a state-of-the-art anti-counterfeiting solution. Our client wanted us to be able to celebrate Independence Day, so we arrived to a barbecue complete with decorative napkins. Over the following two weeks, we continued to enjoy similar Hungarian hospitality. We were continually shown new things and treated to many great things Hungary offers while working together to develop their marketing plan.

The Haas and SMark team upon arrival

The Haas and SMark team upon arrival

Our Fourth of July BBQ in Hungary!

Our Fourth of July BBQ in Hungary!

The SMark and Haas team kicked off the first morning with a deepdive of the unique anti-counterfeiting technology in order to better understand where to focus when going to market. SMark is an irreproducible authentication solution that transparently and immediately checks authenticity. The state-of-the-art solution uses security labels and verification devices. It was helpful to meet SMark’s engineering leads in-person to dive into the product overview and discuss details.

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Meeting with the SMark team to understand the technology of their product.

Meeting with the SMark team to understand the technology of their product.

Following the meeting, we took some time to visit a neighboring national park in Szilvásvárad for team bonding. We went on a hike, which included feeding deer and taking a short train ride.

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Team-building hike through the park.

Team-building hike through the park.

We presented our project overview to a broad audience that included SMark employees, inventors, investors and potential investors. There was a translator for those who preferred Hungarian, so our team made efforts for our statements to be as concise and as jargon-free as possible. To permit for translation, we would pause numerous times on each slide, which ultimately felt like a welcomed opportunity to develop our own thoughts.

Presenting with a translator.

Presenting with a translator.

In order to be able to help with their go-to-market strategy, our team recognized the importance of learning more about SMark’s future customers, existing customers and partnerships. We also wanted to learn about the current startup and tech ecosystem in Hungary to better understand how to take a startup to market.

In our work at Haas, our team identified a few key industries that could adopt SMark’s technology to battle counterfeiting, and our client arranged meetings with various companies. Given anti-counterfeiting challenges in electronics and with car parts, we visited Samsung and a Hungarian car part startup. At Samsung, we were able to tour the factory where LCD TVs are made to see the assembly line and better understand the supply chain.

Which Audi car part is counterfeited?

Which Audi car part is counterfeited?

SMark’s pilot customer is a Szent Tamás, a premier winery in Hungary’s Mád region. We spent a day in Mád to learn more about the wine industry and both their historical and future challenges. It was inspiring to see Szent Tamás’s excitement about SMark’s solution and equally as exciting to see SMark’s ability to update the product based on customer feedback. And thanks to SMark’s continuous hospitality, we also had an incredible wine tasting and tour of the vineyards.

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The team enjoying our experience and incredible scenery at the Szent Tamás Vineyards and Winery.

The team enjoying our experience and incredible scenery at the Szent Tamás Vineyards and Winery.

One of SMark’s partnerships is with Patria Printing House, Hungary’s oldest printing company, to print their unique labels. We learned more about the technology for the labels as well as future partnership opportunities. We also toured the printing house to see how books, documents, and, of course, labels are printed to understand the process.

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Discussion and tour at Patria Printing House.

Discussion and tour at Patria Printing House.

We also met with VCs, Hungarian-based startups, and multinational tech companies to understand the business side of startups and tech companies. Each meeting reinforced how numerous brilliant inventions have originated in Hungary as well as the country’s focus on going global with their businesses.

After a week of meetings in Budapest, we arrived at the SMark offices in a renovated warehouse in Miskolc to synthesize our findings from previous meetings, tours and conversations. SMark’s office is rather similar to a Silicon Valley-based startup, complete with beanbags and a comfortable atmosphere.

The Haas team at the SMark offices, complete with beanbag chairs.

The Haas team at the SMark offices, complete with beanbag chairs.

Our team focused on how SMark can refine its pitch to potential customers and VCs to have an effective go-to-market strategy. Together we developed a one-sheeter and pitch deck that articulates SMark’s product and competitive advantages. We also shared suggestions on digital marketing and relationship management for future business development and sales/marketing opportunities. Working with SMark was an incredible experience for all of us to apply many of our learnings from Haas classes from marketing courses to supply chain management to help a startup grow its technology from an invention to a business.

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