Inmagine Co-Founder Stephanie Sitt
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Inmagine Group is probably the first tech company to build a successful business without raising external capital in Southeast Asia. Started in 2000 by the entrepreneur couple Andy and Stephanie Sitt, the group aims to provide creative professionals and entrepreneurs with access to “high-quality digital content at an affordable price”.
e27 spoke with Stephanie Sitt, who shares the company’s bootstrapping journey and how its conscious decision not to take VC funding helped it maintain full control over its vision for democratising creativity.
Excerpts:
Can you give us some background on how Inmagine Group was founded and how it has evolved?
Inmagine Group was established in 2000 with a mission to provide creative professionals and entrepreneurs with access to high-quality digital content at an affordable price.
Over time, the company has evolved into a global creative ecosystem with multiple brands under our umbrella. Our portfolio includes Pixlr, a popular online photo editing tool, Designs.ai, an AI-powered design platform, and 123RF, a leading stock content provider.
Our mission to democratise creativity remains at the core of everything we do, and we strive to provide tools and resources that enable people to unleash their full creative potential. Our success is driven by our talented team and a culture of collaboration, creativity, and excellence.
One of the unique aspects of Inmagine is that it has grown without VC funding. Can you talk about the decision not to seek external investment, and how you have been able to finance your growth without it?
Inmagine’s unique approach to growth without external capital or VC funding is a conscious decision to maintain full control over the company’s vision for democratising creativity.
The company has financed its growth through a combination of revenue reinvestment, strategic partnerships, and operational efficiency. Reinvesting a significant portion of profits back into products and services allows for continuous innovation and improvement.
Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture
Strategic partnerships with like-minded companies that share Inmagine’s values have helped expand reach and offerings. By focusing on operational efficiency, Inmagine has optimised processes and resources to maximise impact and profitability.
While external investment has its benefits, Inmagine’s decision to remain independent has allowed it to stay true to its mission and values, giving it the flexibility and agility to respond to changing market conditions and client needs.
How has Inmagine been able to compete with other companies in the same space that have received large amounts of funding?
We have been able to do so by focusing on our strengths and leveraging our unique position in the market.
We have built a culture of innovation, creativity, and excellence that sets us apart from competitors. In addition, Inmagine has been able to build strong relationships with clients, partners, and employees, fostering a sense of loyalty and trust that helps it stand out in a crowded market.
The company has also been able to adapt quickly to changing market conditions and client needs, thanks to our flexibility and agility.
In the local context, Inmagine has been able to compete with other companies in Malaysia’s creative industry by tapping into the country’s diverse pool of talent and leveraging its resources and expertise. Malaysia has a growing creative industry and Inmagine has been able to capitalize on this by providing employment opportunities and investing in the development of local talent.
By doing so, we have been able to position ourselves as a leader in the local creative space and to compete effectively with larger companies that have received significant funding.
What strategies have Inmagine Group used to achieve such rapid growth and scale while maintaining profitability?
One of the key strategies that Inmagine Group has used to achieve rapid growth and scale while maintaining profitability is its focus on artificial intelligence (AI) and machine learning (ML). By investing in AI and ML technologies, Inmagine has been able to automate many of its processes, allowing it to scale quickly while reducing costs and increasing efficiency.
For example, Designs.ai uses AI to generate custom logos and brand identities allowing the company to provide high-quality design services at a fraction of the cost and time required for traditional methods.
Inmagine has also used AI and ML to improve its stock content search algorithms, making it easier for users to find the images, videos, and audio content they need. This has helped the company to maintain its position as a leading provider of digital content in a highly competitive market.
In addition to its focus on AI and ML, Inmagine has also used a combination of strategic partnerships and revenue reinvestment to achieve rapid growth and scale while maintaining profitability. By continuously innovating and investing in its products and services, the company has been able to stay ahead of the curve and maintain its position as a leader in the creative industry.
Can you talk about some of the biggest challenges Inmagine Group has faced along the way, and how you overcame them without external funding?
One of the biggest challenges Inmagine Group has faced is constant market disruption, but the company has been adaptable, innovative, and decisive in reacting to market changes. When the COVID-19 pandemic hit and the demand for digital content increased dramatically, Inmagine was able to quickly pivot and provide relevant content to its clients. The company also invested in new technologies and tools to help users create and edit content remotely, ensuring that it remained relevant and valuable in the changing market.
Also Read: Bootstrapped: How 99VR raced against the clock to build a profitable business
Another challenge that Inmagine faced was the need to continuously innovate and improve its products and services to stay ahead of the competition. The company overcomes this challenge by reinvesting a significant portion of its profits back into research and development, as well as through strategic partnerships and acquisitions.
Overall, Inmagine has been able to overcome the challenges of market disruption and competition by staying true to its values and mission, being adaptable and innovative, and making decisive moves to react to changing market conditions.
How has the company culture at Inmagine Group contributed to its success, and how do you maintain that culture as the company continues to grow?
The company culture has played a critical role in its success. The company’s culture is centred around innovation, creativity, and excellence, and is characterised by a strong sense of teamwork, collaboration, and respect for individual ideas and contributions. This culture has helped to foster a sense of ownership and accountability among employees, and has enabled them to work together to achieve the company’s goals.
To maintain this culture as the company continues to grow, Inmagine has implemented several strategies, including regular engagement programs, ongoing training and development opportunities, and a strong focus on diversity, equity, and inclusion.
The company also has a flat organisational structure that encourages open communication and transparency, enabling employees at all levels to contribute to the company’s success. By prioritising its culture, Inmagine has been able to attract and retain top talent, foster innovation and creativity, and maintain its position as a leading player in the creative industry.
Inmagine Group has made several acquisitions over its existence. How have these acquisitions contributed to the company’s growth, and how do you evaluate potential acquisition targets?
Inmagine Group’s acquisitions have been a significant contributor to the company’s growth. By acquiring other companies that offer complementary products or services, Inmagine has been able to expand its offerings and reach new markets, while also gaining access to new clients and talent.
When evaluating potential acquisition targets, I focus on several key factors, including the target company’s strategic fit with Inmagine’s existing business, its financial health, and the potential for synergies and growth opportunities. I also place a strong emphasis on cultural fit and ensuring that the target company’s values and mission align with those of Inmagine.
Overall, Inmagine’s approach to acquisitions has been strategic and focused on long-term growth, enabling the company to expand its reach and offerings while maintaining its position as a leader in the creative industry.
What is the long-term vision for Inmagine Group, and how do you plan to achieve that vision without external investment?
Our long-term vision is to become the leading global creative ecosystem by continuing to innovate and provide smarter, faster, and easier tools and services that meet the evolving needs of our users. To achieve this vision without external investment, I plan to continue reinvesting profits back into the company, focusing on research and development, strategic partnerships, and acquisitions.
Inmagine also plans to maintain a strong focus on operational efficiency and cost optimization, enabling it to continue growing and expanding its offerings while remaining profitable while leveraging its existing brands, such as Pixlr and Designs.ai, to provide users with a comprehensive suite of creative tools and services.
By continuing to innovate and improve its products and services, and by staying ahead of market trends and client needs, I believe that Inmagine can achieve its long-term vision without external investment. By staying true to its vision and values, Inmagine is confident that it can continue to achieve sustainable growth and success over the long term.
Can you share any success stories or milestones that you are particularly proud of?
Inmagine Group has achieved many milestones and success stories that I am extremely proud of. One of our proudest achievements is the global reach of our brands, including 123RF, Pixlr, and Designs.ai.
With more than 300 employees, we have been able to provide our services to millions of users around the world. 123RF, our stock photo library, has grown to include over 200 million high-quality stock photos, with 90,000 new content added daily from over 300,000 creative contributors.
Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO
This has enabled us to become a leading player in the stock photo industry, providing high-quality content to businesses and individuals worldwide. Pixlr, our online photo editor, has also been a great success, with over 10 million monthly active users and new features for 2023.
Finally, Designs.ai has experienced rapid growth, helping businesses worldwide to create professional-grade designs quickly and easily.
Overall, we are proud of the success and milestones achieved by our brands, and we are committed to continuing to innovate and provide exceptional products and services to our users worldwide.
Do you have plans to launch an IPO or get any other forms of exit in the near future?
Never say never, but at the moment, my focus is on continuing to grow Inmagine Group and achieve our long-term vision of becoming the leading global creative ecosystem. Our goal is to provide smarter, faster, and easier tools and services that empower individuals and businesses worldwide to create, discover, and connect through design, technology, and entrepreneurship.
I believe that by focusing on providing exceptional value to our clients and innovating to meet their evolving needs, we will continue to experience rapid growth and success. While we do not have any plans for an IPO or other exit strategies in the near future, we remain open to exploring all opportunities that can help us achieve our long-term goals and vision for the company.
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