Take a look
We spoke to the founder and director of MedTate, Pete Tate to find out more about Ojamin. It’s a health drink which is helping people manage their diabetes.
Three reasons you should be watching them:
- Medtate is in a fast growing marketplace – health and wellbeing
- The brand has authenticity, heritage and passion – in spades!
- Our flagship product Ojamin Herb & Fruit is loved by diabetics and those seeking wellness
- Company: MedTate
- What it does, in a sentence: London-based nutraceutical company, producing health products
- Founded: March 2011
- Founder/s: Pete Tate
- Size of team: 5
- Your name and role: Pete Tate, founder and director
What problem are you trying to solve?
The massive problem of diabetes. My grandfather, LK Tate, was based in India and was diagnosed with diabetes at the age of 44. Resolved to heal himself, he studied Ayuveda and then used his knowledge to create a tonic to help his manage his diabetes. He created the original Ojamin and soon found his diabetes to be much more manageable. Ojamin became a hugely popular product in India and Asia. We have since reformulated the tonic and have launched it in Europe. The diabetic market is large, it’s a genuine help to suffers and those keen on a restorative boost.
It is a complex potent mixture of 14 herbs and fruits. Every ingredient in Ojamin has antioxidant properties. Hence, though this tonic is suitable for, and beneficial to, diabetics, it is also a fantastic source of many nutrients. It can be taken by anyone who needs an additional health boost.
How big is the market – and how much of it do you think you can own?
The potential market for Ojamin Herb & Fruit is enormous. It falls within the huge health and wellness market, a rapidly growing marketplace.
How do you make money?
Ojamin Herb & Fruit tonic is MedTate’s first and flagship product to market. Our revenues currently come from sales of the tonic. We are planning the roll out of two more products to the line, including a capsule version of the product, a sachet version and a tea. Perfect for those on the move or frequent travellers.
Who’s on your team that makes you think you can do this?
My inspiration for creating and producing Ojamin Herb & Fruit is of course my grandfather – without him none of this would be possible. There are two teams, my London based team and the production team, who make Ojamin from start to finish, they are the backbone of the company. The London team work very closely together, so I couldn’t choose just one team member. We all have different strengths and ideas but this diverse approach to the product is what makes us stand out in a crowded market.
Who’s bankrolling you?
MedTate is a wholly family owned company with no shareholders. The seed funding was provided by the Tate family. At present the company is sustainable financially via our worldwide sales. However, we also have prospective investors keen to invest in this venture, and I am looking forward to further growth.
What advice would you give other entrepreneurs trying to secure that kind of finance?
I think that when securing finance for any project, it is essential to first have a very clear plan with objective and realistic aims and goals. Belief in your product, knowledge of its efficacy and a view of hidden costs and big targets all help. Make sure that your goals and the goals of investors are in alignment and that profitability is not their only objective – to my mind, investors who believe in the product are vital.
What do you believe the key to growing this business is?
The key to growth for any business is constant innovation and listening to the consumer. We created a small batch of product for pilot launch last year, and tested it with a few willing consumers. This was key to helping us understand customer needs and preferences. We listened, and have now rolled out an improved recipe of the product, whilst maintaining efficacy.
What metrics do you look at every day?
Sales and brand visibility are key metrics to be examined every day. PR and marketing are incredibly important assets to any business and we keep a close eye on the statistics and metrics across our social media accounts. For no cost we are able to measure the brand’s reach both in the diabetic and wellness community as well as geographically, gauge public reaction to news from the company and interact with potential customers and influencers.
What’s been the most unexpectedly valuable lesson you’ve learnt so far?
We have learnt many lessons and continue to learn and adapt. The most valuable so far though is learning to be more protective of the product and the work we do – everyone is trying to make money and it’s important to protect your patch, whilst encouraging growth!
What’s been your biggest mistake so far?
A tough one! We all make mistakes, and there have been many along the way. I know it’s a cliché, but learning from our mistakes, recognising strengths and weaknesses and then moving forward with that information is vital. We’ve made mistakes with suppliers, and not realising that of course no one knows our business or cares as much about our business as we do. It’s important to always triple check deliverables and deadlines. At the early stages of business, it’s also easy to choose design over practicality. But sometimes you have to ensure that the decisions you make about a product enable profitability, efficiency in production, etc. It doesn’t impact what’s in the product itself, but can lead to a lot less headaches.
What do you think is on the horizon for your industry in the year ahead?
The diabetic community is growing as fast as it ever has, which means that more and more people every day join the potential market for our industry. There will be even more demand for diabetes relief products in a year’s time than there is now.
Which London start-up/s are you watching, and why?
I keep an eye on all start-ups involved in health, technology and social media. As everything moves online, we will increasingly need tech start-ups to provide secure cloud technology and assist companies like Ojamin in data analysis and streamlining the information we gather from social media and online sales of the products.