Founders: Simon Blyth, 30
Head Office: New South Wales
A few false attempts at starting up a business provided the germ of an idea for founder Simon Blyth for the LX Group.
“I pursued a number of failed product based start-up technology companies befores starting LX,” he admits.
But the businesses all ran into different challenges including poor speed to market, patent problems, funding, team issues and a lack of technical resources.
It was out of these frustrations that Blyth started LX, a business devoted to high speed to market product development.
“Essentially LX is a new product development consultancy offering a range of services to take a new product concept through to design and manufacture,” Blyth says.
The business specialises in electronics/hardware design, embedded firmware and software development.
The goal posts are constantly shifting for LX with the electronics industry changing at a rapid rate.
“New technologies are always being developed, new chipsets are being released and clients are requiring us to push the boundaries of technical feasibility,” says Blyth.
He says offshore design houses have rated LX “simply can’t compete with” so the business needs to compete on factors other than price.
“These factors include customer interaction and service, quality, responsiveness and reliability,” he says.
“We have also expanded our service base to include design reviews for projects undertaken by offshore teams to provide local businesses with a form of quality assurance in the work delivered.”
In the future Blyth wants LX to use its strategic capability in developing new products on its own product range so revenue shifts to being predominantly product based as opposed to service dependant.
“Our primary goal over the next 24 months is to change our revenue from being 90% service, 10% product to 50% service, 50% product – while maintaining our over 100% year on year growth,” he says.