In a recent episode of Category Visionaries, ChargeLab CEO Zak Lefevre revealed how waiting for the right market conditions proved more valuable than rushing to innovate. With over $20 million raised, their journey offers a masterclass in strategic market timing.
The Patience Principle
“I started this business back in 2016, but we didn’t raise any venture capital until 2019,” Zak explains. This three-year gap wasn’t a failure to raise—it was strategic patience. The market needed to mature before a software platform could succeed.
The Platform Position
Instead of trying to build everything themselves, ChargeLab made a crucial strategic choice. “We don’t build out a public network of chargers, but we provide the back end technology for the folks who are doing that,” Zak shares. This positioning unlocked a crucial insight: some customers can’t afford to wait for vertically integrated solutions.
The Market Evolution Insight
Patience paid off as the market caught up. “Back in 2016, nobody in the legacy businesses were thinking about this. Now in 2022, I guarantee every gas station that has more than, let’s say, 20 sites… guaranteed is looking at and thinking about the future of EV charging,” Zak observes.
The Geographic Advantage
Rather than chase Silicon Valley talent, ChargeLab turned their Toronto location into an advantage. “It’s not San Francisco. It’s not New York. But as far as secondary tech markets go, I think Toronto is the best,” Zak explains. This allowed them to maintain in-house North American development while competitors often resort to offshore development.
The Fundraising Reality
Perhaps Zak’s most valuable insight concerns how investors evaluate companies: “The brilliant investors say, ‘No, we invest in the right market because there’s going to be ups and downs in your team… But if you are in the right market, that’s where the real growth opportunities are.'”
The Pattern for B2B Founders
ChargeLab’s experience reveals a crucial pattern: in infrastructure markets, timing often matters more than technology. “EV sales are growing at 30% to 40% kagar. There are more EVs sold in the past 18 months in America than in the previous ten years,” Zak notes. The key isn’t being first—it’s being ready when the market needs you.
The Evolution Strategy
As markets mature, go-to-market strategies must evolve. “The great thing that’s happened as this market has matured is there’s now a healthy ecosystem of partners that we have that do the installs that sell the hardware. And so we can really focus on the software,” Zak explains.
This evolution allows companies to focus on their core value proposition rather than trying to solve every problem themselves.
In a recent episode of Category Visionaries, Zak Lefevre shared these insights about ChargeLab’s go-to-market journey. Their experience suggests that in emerging markets, strategic patience often beats rapid innovation.
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