Kindly share your feedback on how GoodFirms has been doing so far in increasing your visibility among potential clients.
GoodFirms has really assisted us through their SLACK group to find suitable projects and work opportunities for our tech team through the Augmentation of resources. In addition, the strong recommendations we have received on our profile page have also connected us with clients across Europe.
Please introduce your company and give a brief about your role within the organization.
Incorporated in 2014, Layer 7 Innovations Inc. is a Toronto-based company, offering offshore software solutions in Virtual, Augmented, and Mixed Reality, which is focused on creating out-of-the-box platform solutions for SMEs and enterprises across global markets. We have R&D arms in Colombo, Sri Lanka, and Bangkok, Thailand. In addition, “CyberCop”, which is Layer 7 Innovations Cyber Security services arm provides support in building cyber security into an organization’s operations in order to reduce their overall exposure to cyber risk. I currently operate in the capacity of Co-Founder / CEO at Layer 7 Innovations.
What is the story behind starting this company?
A qualified accountant by profession, technology, and innovation has always been an area of significant interest to me and during my 20 years of experience prior to setting up Layer 7 Innovations, I had the privilege of being part of various local and multinational Technology and Solution companies, where I really nurtured my interest and understood the nitty-gritty, trends, and demands of the industry. The idea to form Layer 7 Innovations came through this experience as well as the constant rise in demand for modern technologies across industries. I also realized, whilst the demand for modern technologies for growing, the need to obtain these technologies at an affordable cost was also growing parallelly. Along with the demand for adopting modern technologies, the need for companies and organizations to implement sound cyber security controls (to safeguard your business, and clients and avoid disruptions to your operation and unplanned expenses) was also rising. Traditional approaches to security, which focused on protecting the ‘perimeter’ were to be insufficient. These market trends and rising demands combined with my passion and already established network in Sri Lanka (which enables the procurement of required skills at a very competitive and economical rate) primarily paved the way for the concept of establishing Layer 7 Innovations together with its own Cyber Security arm “Cyber Cop”, where today we offer a range of technology solutions as well as comprehensive cyber security solutions at an affordable cost and state of the art quality.
What are your company’s business model–in house team or third party vendors/ outsourcing?
We follow an in-house business model. Our highly skilled team facilitates the full product cycle from concept/design to final product development and release. Our team includes both front and back-end developers as well as UI/UX designers, which enable us to successfully cater to full-cycle in-house product development services. From a cyber security perspective, our team of “Security” experts, who are qualified and well versatile in their domain drives the Cyber Cop arm of the company and are geared to provide comprehensive cyber security solutions in-house.
How does your company differentiate itself from the competition?
At Layer 7, we aim to merge leading-edge business strategy and IT knowledge with global human needs by developing a range of high quality, efficient and effective technology solutions with a focus on the best possible end user experience at an affordable cost. What differentiate us from other similar solution providers is the fact that we offer a one-stop solution for all technology solution requirements (from generic IT solutions, mobile applications or Fintech solutions, cyber security, AR or VR solutions, IoT, UI/UX…etc.) from beginning to end. Our in-house business model coupled with the fact that our key resources are based in Colombo, Sri Lanka, enables us to offer our solutions at an affordable and appealing cost, giving us a further competitive edge in the market / industry.
What industries do you generally cater to? Are your customers repetitive? If yes, what ratio of clients has been repetitive to you?
We cater to a multitude of businesses engaged in banking and finance, shopping and retail, Fin Tech, HR solutions and services, education institutes, software and technology, food & beverages, Travel tech…etc. Approximately 75% of our clients are repetitive in nature and contract with us on multiple requirements.
Please share some of the services that you offer for which clients approach you the most for?
Among the numerous services we offer, the most demanded services include software solutions, mobile applications, and cyber security-related services.
What is your customer satisfaction rate according to you? What steps do you take to cater to your customer’s needs and requirements?
In our view, we have a 100% customer satisfaction ratio, and this is evident by the customer feedback we have received thus far as well as our customer retention ratio of 90%. In addition, one of the key methods by which we have and are securing new customers/businesses is through referrals and recommendations made by our existing clients, which goes on to further emphasize how satisfied our clients are with the services we offer.
What kind of support system do you offer to your clients for catering to their queries and issues?
Support we offer to our clients starts from the point where a client approaches us for our services and continues through the product cycle all the way till the implementation to post-implementation support. We start supporting our clients at the inception by having a detailed and structured discussion to understand their vision from a business standpoint and the relevant solution is built up from thereon. Continuous dialog is maintained with the client throughout the project and clients are presented with detailed walkthrough sessions to help them keep up-to-speed with the project's progress and clarify any concerns or queries they may have. We will also progressively deliver the modules of the application or solution that is being developed or implemented so that the client can conduct required tests and checks without delay and highlight any issues or required fixes. In addition, we also provide post-implementation support once an annual maintenance contract is in place.
What kind of payment structure do you follow to bill your clients? Is it Pay per Feature, Fixed Cost, Pay per Milestone (could be in phases, months, versions etc.)
We usually request our clients for a mobilization fee (approximately 30%-35% of the total project cost) at the beginning of each project and the balance fee will be collected at pre-defined project milestones (2 or more, depending on the nature and duration of the project).
Do you take in projects which meet your basic budget requirement? If yes, what is the minimum requirement? If no, on what minimum budget you have worked for?
The minimal budget we are considering to onboard a new project is around US$ 25 per hour.
What is the price range (min and max) of the projects that you catered to in 2021?
Between US$ 25 To US$ 30 per hour.
Where do you see your company in the next 10 years?
Our vision is for Layer 7 Innovations to reach a net worth of USD 10mn in the next 10 years.