Dreamonkey
About the Company
Dreamonkey is a software house based in Italy that specializes in developing web applications and working with industrial Internet of Things (IoT) solutions. The company caters to enterprise-level clients, focusing on custom, high-quality software, often developed under non-disclosure agreements (NDAs). Their projects range from web-based applications to backend software, typically tailored for internal use by businesses. They take pride in their strong attention to detail and innovative solutions. Over the years, Dreamonkey has also contributed to the open-source community, particularly with the Quasar framework, reflecting their dedication to quality and collaboration.
Dreamonkey has successfully established itself as a B2B company that emphasizes a thorough technical analysis process and exceptional user interfaces (UI). Their strategic focus on the enterprise market has enabled them to avoid competing with lower-budget development firms, particularly in Italy, where many web agencies offer basic services. As a result, Dreamonkey has carved out a niche for itself as a provider of top-tier, custom software solutions for larger companies.
The company has shown steady growth since its inception, with annual revenue increasing by 50% year-over-year. Despite starting with limited resources, the team has grown its customer base and established a reputation for delivering high-quality solutions, making Dreamonkey one of Italy’s leading software companies.
Idea Behind Company
The inspiration for Dreamonkey emerged from Federico’s desire to create a tool that met his personal organizational needs. The original idea, Check Your Life, was a project management tool developed with friends in 2013. However, the project faced several difficulties due to their limited experience and lack of funding. Despite these challenges, the group realized they had acquired valuable skills, and they decided to shift their focus toward selling their software development expertise as a service.
Federico had always aspired to be an entrepreneur, and after working as a systems engineer, he wanted to turn his dream into reality. The failure of Check Your Life didn’t deter the team; instead, it motivated them to rethink their approach. By leveraging the knowledge they gained from the failed project, they decided to offer custom software services to clients. Their understanding of the complexities of launching a project gave them a competitive edge, allowing them to offer practical solutions based on real-world experience.
The team's pivot from a failed startup to a thriving service-based company highlights their resilience and willingness to learn from their mistakes. This ability to adapt, combined with their deep knowledge of software development, laid the foundation for Dreamonkey’s success.
Creating the Company
Dreamonkey was officially established in 2016, with the primary goal of supporting their development work and providing a steady income for the team. The founders were fueled by a shared passion for software development and a desire to make a lasting impact in the tech industry. Initially, they worked from their homes, with financial support from their families, as they built their portfolio and began attracting clients.
Their early days were challenging, as the team had no pre-existing client base and had to rely on personal savings and a few lucky breaks to get the company off the ground. Despite these challenges, the team remained committed to their vision. They pursued high-quality projects rather than competing with low-cost, high-volume software development agencies. This strategic decision allowed them to build a reputation for excellence and establish themselves as a leading software house in their niche.
Dreamonkey’s success can be attributed to the team's strong work ethic, their attention to detail, and their ability to differentiate themselves from the competition. Over time, they secured contracts with larger companies and continued to refine their brand identity, making Dreamonkey a trusted name in the software development industry.
Launching the Business
Launching Dreamonkey required a combination of hard work, personal sacrifice, and a bit of luck. In the beginning, the founders relied on personal savings and family support to cover their expenses. Without an established client base, they had to work tirelessly to build relationships and secure their first projects. These initial projects were smaller in scale, but they allowed the team to demonstrate their skills and build a reputation for delivering high-quality software.
Over time, word-of-mouth referrals became a crucial driver of new business for Dreamonkey. The team also worked on improving their online presence, investing time and resources into optimizing their website and enhancing their brand image. By focusing on quality and innovation, they were able to differentiate themselves from competitors, many of whom were offering basic web development services at lower prices.
Dreamonkey’s big break came when they were hired by larger companies to work on high-budget projects. This allowed them to build a strong portfolio and establish themselves as experts in the field of web development and industrial IoT. As their reputation grew, they began to attract clients from outside of Italy, including the USA and Canada.
Earnings
Dreamonkey has experienced consistent revenue growth since its founding. In its first year, the company earned $90K in revenue, and by 2022, it had grown to $360K per year, with monthly earnings of around $30K. This steady growth can be attributed to their focus on high-budget projects, their commitment to quality, and their ability to retain clients through excellent customer service.
The company's financial success is also due in part to its flexible cost structure. By keeping overhead low and relying on a combination of in-house staff and freelancers, Dreamonkey has been able to maintain strong profit margins. They also avoid relying on expensive hardware suppliers, further reducing costs.
Looking ahead, the team at Dreamonkey is exploring ways to generate passive income through personal projects, which would allow them to scale the business further and take on even more ambitious projects. Despite their success, the team remains committed to continuous improvement and is always looking for new ways to grow and evolve the company.
