Lipscore was supposed to breathe life into online customer reviews, but setbacks piled up and founder Henning Frettem was close to giving up in 2016. Then, things turned around.
Henning Frettem, founder of the tech company Lipscore, initially struggled with the business, facing setbacks and fierce competition. However, after a complete change in the business model from free software to a subscription-based model, and an infusion of capital and skills from new co-owners, Lipscore’s fortunes drastically improved. The company saw a 277% increase in income in a single year and successfully competed against international players. Lipscore’s system automates the customer review process, with Frettem saying the company’s average feedback rate is far ahead of its international competitors. The company now aims to raise 4 million kroner in fresh capital as it looks to expand nationally and internationally.