This week I wanted to share a resource with you that we normally only give to our customers on Angel Investment Network…
It’s a short e-book that sets out in as simple as possible terms what should be included in the pitch deck that you send or present to prospective investors. An important point to be noted here is that ‘what should be included’ is, more often than not, ALL that should be included. In your pitch deck you’re trying to engage and persuade – to blow minds not to numb them. So the details you give should be the ‘minimum effective dose’ to get investors thinking and wanting to find out more.
The purpose of our site is to connect entrepreneurs and investors, so you might say that teaching people about pitching falls beyond our remit; but you’d be wrong.
1. We like to make sure our entrepreneurs are as well prepared as possible for the result of any connections made through our site (or elsewhere), so that down the line they can write to tell us how successful they’ve become.
2. We see so many bad pitch decks and so many good’uns (literally thousands a week!) that we know what gets investors giddy…
This week I wanted to share with you a great little article about user onboarding. While it’s primarily useful for web-based companies, there’s an important lesson in there for anyone who cares about driving success.
In brief, the article demonstrates that the most effective way to increase user retention, is to focus on onboarding – that first day or week in which a user is experiencing your product for the first time. By focussing on this ‘handshake’ moment not only will you retain a higher percentage of users/customers in that first day/week, but there will be a knock-on effect from this in the subsequent days/weeks; with the result that your churn will be significantly reduced across the entire user lifecycle and your revenues will have increased accordingly and significantly. Even though you only made changes at the start of the lifecyle.
Imagine two scenarios in which you are entering a hotel…
In the first, you go through the swivel doors into a silent and dimly-lit atrium across which you can just make out a receptionist slumped behind the desk. You lug your bags over to the desk gasping audibly from the effort. The receptionist does not even look up etc…You get the picture.
In the second, you go through the swivel doors into a dazzling atrium buzzing with fellow guests cheerfully chatting away whilst relaxing in comfy chairs as handsome waiters and waitresses serve them Prosecco and canapes; and have their luggage taken up to their rooms.
Obviously the second scenario is intended to create a ‘WOW’ factor. This ‘WOW’ factor is important because it creates a perspective in the mind of the customer which will set the tone for how they perceive the whole experience. In other words, the happiness created at the start will mean that the customer is more likely to use more of the various facilities and services, tip more and return in future.
So whatever business you’re in, remember you never get a second chance at a first impression; and the first impression is most important one you can make.
Happy New Year everyone! I hope that 2016 brings you all sorts of success and happiness.
As we intrepidly sally forth into the New Year, I thought it would be worth glancing back at the state of startups in 2015 in the hope that a bit of retrospective nous will help us go more boldly into 2016.
San Francisco-based VC firm, First Round, which specialises in providing funding for seed stage tech companies (including Uber, Square and Warby Parker) is my resource for this one. In their concise 2015 review they collect the opinions from hundreds of startup founders with the aim of understanding what it meant to be a member of the community in 2015.
Their insightful review shows what founders think on a variety of questions including:
Will it get easier to raise funds in 2016?
Who is the most admired leader in the startup space?
What’s a startup founder’s biggest fear? And why it’s a mistake…
Experiential marketing has proven to be a cost effective, authentic and powerful way of growing your brand. For the uninitiated, “experiential marketing” is a strategy that encourages engagement from your target demographic by encouraging them to play an active part in the evolution of the brand. In other words, you give them an experience that makes them feel part of your brand. It’s a great way to create loyalty and evangelism for your business.
Co-founder of London-based restaurant startup, Grub Club, Siddarth VijayaKumar, shares how experiential marketing worked for them in this article for TechCityinsider including how Grub Club has been collaborating with Airbnb for Christmas…
Angel investment Network helped Grub Club fill their seed round and we are absolutely delighted to see them making waves alongside the big boys in the startup community like Airbnb; and winning awards like TCi’s 2015 Award for London innovator of the year.
It doesn’t seem like that long ago that we helped Uncover, which went on to become the UK’s premier restaurant reservation app, fill their seed round. In fact it’s only been 16 months. But on the back of their extraordinary year since launch they have now been acquired by Velocity, the world’s leading international digital hospitality service, for an undisclosed figure.
9 months after launch Uncover had gained 135,000 users and was partnered with 350 of London’s high-end restaurants (incl. Alain Ducasse Restaurants, Coya, LIMA, Restaurant Story, Taberna do Mercado, and The Clove Club). In that period it was recognised by Apple as its “Best App” on over 10 different occasions for its immaculate user experience.
The deal means that the new, refined platform, due to be launched early in 2016, will have a network of 800 venues and over 60 Michelin stars and that Velocity has taken itself another step closer to being a comprehensive hospitality platform all over the world.
Even though i’ve been in the startup business for a while now, when i stumbled across this infographic by Funders and Founders, it reminded me how useful it can be to glance back at the basics once in a while. In an increasingly fraught and complex world, it is not only extremely helpful, but also motivating to step back and see the workings of the bigger picture; to catch sight of the wood for the trees. Details are important; but occasionally we can get bogged down in them.
As every successful person ever will tell you – if you get the basics right, the rest will follow.
This is true even for the most seasoned of serial entrepreneurs. Especially as a number of the processes outlined in this simple infographic will remain crucial throughout the life of your startup, not just at the beginning. So whether you’re just starting out or a startup veteran, it’s worth casting your eyes over this one…
Cloudpaging leader, Numecent, have just raised $15.5M in series B funding bringing their total investment accrued to approximately $38M.
We first encountered Numecent back in 2012 when they approached us looking for seed funding for their cloudpaging technology concept that enabled native Windows applications to be delivered from the cloud. We were impressed by the fact that Numecent’s clients would have no need to download or install any software on a PC at all; and, applications would be delivered 20-100x faster than a conventional download.
We raised them £900k in seed funding and are now delighted that their promising technology is continuing to receive the recognition and investment it merits. On top of the Series B funding, Numecent was named a winner of the Red Herring Top 100 North America award, was chosen among the top 20 virtualisation solutions by CIO Review magazine and was cited as one of the 12 data-centre technology companies to watch by TechTarget.
Want to know more about Numescent? Watch the video below:
Ask a sample group of people why startups fail, and, assuming they have a vague understanding of the modern world, they’ll give you a host of different reasons. Misfiring team. Poor product. No market. No business model. Delusional founder etc. And undoubtedly, they are all true depending on the circumstances in which the particular startup failed.
But there is a root problem to many of these problems. And it’s a simple one: a lack of tracked data, or perhaps simply a wilful ignorance of it. Data is the only means of empirically measuring the performance of your startup and building good practices upon proven foundations. In other words, tracked data gives you actionable insights where you would otherwise be guessing. Build upon what you already know to be true and your chances of avoiding ultimate failure will be much greater.
What this means is that failing on a low key level can be invaluable for the knowledge it provides; and as such, a failure can be considered a success if you properly understand and learn from the data you receive. Knowing what not to do can thus be as important as knowing what to do throughout the early stages of your venture.
This is the important point about success and failure. Micro-failures are useful stepping stones to ultimate success provided the data is tracked and learnt from after each attempt. As Elon Musk, CEO of SpaceX and Tesla Motors, puts it; “If things are not failing, you are not innovating enough.”
Over the course of the last year we raised £600k in seed funding for one of the UK’s most promising tech startups, what3words. If you haven’t heard of them yet, you’ll want to watch their video (below) to get in the know about the extraordinary developments they’ve made in geo-location technology, mapping the entire planet into 57 trillion 3m by 3m squares, each with its own three word label.
On the back of the successful seed round, what3words has gained significant traction including contracts with leading geographic information system providers. Their success piqued the interest of Intel Capital who alongside existing Angel Investors have filled a Series A round in the region of £2.5 million.