Product Lab
About the Company
Product Lab, based in Vietnam, was the first digital product management consulting firm in the country. The company aimed to support startups and large corporations with training and consulting services to help them develop product management expertise. Product Lab also partnered with leading universities in Vietnam to deliver workshops and created e-learning resources for students and professionals. Their services included in-person workshops, webinars, and an online curriculum, focusing on foundational skills in digital product management.
The company’s services gained attention, allowing Product Lab to connect with significant corporations like Vinpearl and Vinfast and media outlets like Hanoi TV. The company’s focus on local industries and academia allowed it to pioneer a new approach to product management consulting within the Vietnamese market. Through strategic collaborations, Product Lab carved out a reputation for being innovative in the nascent digital product management sector in Vietnam.
Idea Behind Company
Long’s inspiration for Product Lab came from his work in tech and his realization that Vietnamese startups lacked strong product management skills. He met co-founders Thinh, Boris, and Ben, each bringing over a decade of experience in product development, management, and design thinking. This collective expertise led them to establish Product Lab, intending to fill the skills gap in Vietnam’s startup ecosystem.
The team recognized that, in Vietnam, most startup founders had a technical background but lacked knowledge in product management. Unlike more mature markets, Vietnam had limited resources for entrepreneurs to learn about building and managing products. The founders believed that by offering consulting services and educational resources, they could help local startups improve their product offerings, ultimately elevating the industry standard.
Creating the Company
Product Lab’s journey began with the development of a curriculum and consulting framework. They relied on their personal and professional networks to find their initial clients, organizing these contacts into a potential client database. Product Lab tailored its services by gathering information on clients’ needs, refining its consulting questionnaire to provide more precise guidance. They built a comprehensive curriculum based on global standards, referencing top institutions like Harvard and Stanford.
To promote the curriculum, Product Lab hosted a launch event with around 40 attendees, primarily students and early-stage startup founders. This event helped increase visibility and provided attendees with discounted course rates, leading to a steady influx of clients for their training sessions. The founders’ commitment to bootstrapping helped manage initial expenses, covering costs through personal savings and foregoing salaries to support company growth.
Launching the Business
Product Lab officially launched in September 2020, though preliminary work had begun earlier that year. The company organized an introductory event to connect with potential clients and generate interest in its offerings. The four co-founders initially invested $4,000 collectively, covering early expenses like hosting, marketing, and domain services. Marketing strategies included collaborations with local media, like an appearance on Hanoi TV, which amplified Product Lab’s reach.
They implemented a multi-channel approach for client acquisition, using events to connect with businesses and leveraging OnMic, a Vietnamese audio platform, to reach individuals in the marketing sector. The audio show gained traction, attracting a specialized audience, but digital advertising proved less effective, given low awareness of product management. As a remote-first company, they optimized expenses and focused on building a lean operation, balancing in-person and virtual resources.
Earnings
By its peak, Product Lab generated approximately $8.7K in monthly revenue, translating to an annual income of about $104K. Most revenue came from consulting contracts with corporations and individual training services, while partnerships with educational institutions contributed additional visibility. The company faced challenges scaling through digital ads but successfully relied on networking, events, and social platforms for steady growth.
Product Lab’s success was limited by the pandemic's impact, which restricted in-person training opportunities but also created demand for digital transformation. Despite intentions to expand regionally, Product Lab’s journey concluded in 2023. The team attributed their progress to resourcefulness and adaptability, though challenges in maintaining sustainable revenue led to its eventual closure.
