Monthly Recurring Revenue (MRR) increased 7x in September and will continue to grow in October due to new contracts implemented. The leap to MRR close to 13,000 USD is a taste of what is coming. TERP starts scaling sales in October.
The leap is a result of a strategic shift announced to investors in April. In March 2021, TERP started shifting its strategic focus from product development to market penetration in the maritime education segment. The new school year has just begun, and TERP is implementing the new contracts.
The release of the post-chasm MVP in August allows the company to start scaling sales. Until now, the sales activities have been minimal. That changes in October as TERP onboards its first sales team. The first step is to validate the sales playbook with a few sales representatives. When validated, the company can take the next step and increase sales on a larger scale.
We are setting up the company for exponential growth, but maritime education is a limited market. To continue growing, we have to make another strategic shift from market penetration to market development by adding new market segments at some point. Access to relevant content is critical when entering new markets. TERP prepares learning resources for two new market segments:
- Maritime training
- Nursing Education (Health Sciences)
The sales team will continue focusing on maritime education in 2021, but the new content will allow the company to grow in new market segments in 2022.