Traditional networking events can be expensive, time-consuming and sometimes fail to connect you with relevant contacts for your business. This is where 85by55 comes in.
As a self-proclaimed ‘Chatroulette meets LinkedIn’ 85by55 offers users a platform for networking comprised of a seemingly random video pairing which lasts just two minutes in order for users to create ‘meaningful interactions’ in the most efficient amount of time. Intelligent programming ensures that you won’t be matched with the same person twice, and will only be connected to those who match your preferences. Once the two minutes are up you can choose whether or not to connect with your new contact via LinkedIn and other social networks. Registration is free, and once you’re logged in and have set your filters, you’re free to network from the comfort of your home or at work in your lunch hour; the choice is yours. You may be wondering where the name 85by55 originated from. Co-founders Shed Simove and Jonathan Fren chose the name because the average size of a business card is 85 by 55 millimetres. ‘Ahhh’ I hear you say, ‘catchy’.
85by55 offers a unique way to connect with like-minded people – in theory. But the open nature of the website could be an invitation for improper use despite the startup encouraging users to sign up with a LinkedIn profile in an attempt to abolish such behaviour.
Shed Simove, once a TV producer and now an entrepreneur, explains one tactic used by the company in order to promote 85by55. April Fool’s Day saw the launch of www.NigeriaGoogle.com, just a month after the launch of 85by55. The website got almost 100,000 hits in just a few hours which subsequently generated 15,000 clicks through to their own website, thus boosting awareness and spreading the company name. The site got removed but Simove is currently fighting to get it back up.
In the future 85by55 will offer a premium option which will require a small cost for the user whilst simultaneously offering an optimised service thus generating increased revenue for the company. The business also hopes to have their software embedded into partner websites thus increasing its use.
In theory Simove and Fren have created a unique and exciting opportunity for professionals to meet with other professionals in the hope to improve their businesses and create a web of useful contacts. However, perhaps 85by55 lacks practicality – we’ll just have to wait and see.
Blippar gives users the ability to transform their world by injecting life into various everyday objects. Simply by pointing the camera on your smart device towards recognised visual ‘markers’ you can open an interactive realm featuring unique experiences such as offers, entertainment and animations. These markers can be anything from print to actual objects which reward Blippar uses with an instant surprise.
London based Blippar launched in 2011 by a team of entrepreneurs with the aim of creating a platform for media and brand owners. The somewhat revolutionary app allows, theoretically, for an interactive advertising experience from a number of different brands and products through the single lens of the camera phone. The speed of image recognition is what CEO and Founding Director Ambarish Mitra feels stands Blippar apart from competitors, describing the experience as looking through a ‘magic lens’. Blippar also allows media and brand owners to monitor how users are engaging with their advertising by providing them with real time data, a function which has been enabled purely through Blippar.
The Blippar experience is a form of advertising which relies on the consumer for their initial input. It is therefore important that customers can give productive feedback which can mould and shape the growth of the app and the way in which media and brand owners use the app. Blippar of course realise this crucial aspect and have explained that the app must follow the needs of the consumer and not vice versa.
Smartphone ownership is the fastest growing global technology trend, a fact which carries huge implications for those working within the field. Blippar have teamed up with big names such as Tesco, Cadbury and Eurostar, thus propelling Blippar as a brand in itself.
Initially founded by Ambarish Mitra and Omar Tayeb, the idea came when playing with the image of the Queen on a twenty pound note in a pub. The company has now experienced a huge amount of growth, gaining over 350,000 users in 5 months and earning Omar Tayeb Young Innovator of the Year at The Guardian’s Digital Innovation Awards. He explains, “The last nine months have been fantastic for Blippar and we’ve got a load of improvements to our technology coming down the pipe soon, so hopefully the rest of 2012 will be even more exciting”. We can’t wait.
Mitra states that exhibiting at CES was the first initiative of entering the US market which allowed them to create a platform to leading brands in the States. He also believes that the key ingredient to a successful campaign is providing the customer with exactly what they want whilst simultaneously pushing brands to communicate with the customer on exactly what content is ‘blippable’. Mitra’s favourite ‘blipp’ comes from Heinz Tomato Ketchup which transforms a ketchup bottle into a recipe book and gives customers the opportunity to win daily prizes. He wants to make Blippar something routine, something that can become an everyday habit rather than a strange concept.
Earlier this year Blippar received seed funding from Qualcomm Ventures, the size of the investment was not disclosed.
Being a frequent reader of a number of enterprise blogs, websites and magazines I am often inundated by all nuggets of advice on how to build a successful company. The vast majority of these offer genuine sound advice that I attempt to apply. However recently one particular factor has really been prominent and has got me thinking at length.
After attending the Silicon Valley comes to UK conference in London last November I came away energised. All of these amazingly successful entrepreneurs, had some amazing stories and great advice but I soon realised there was a common undertone to all of their stories. These people ate, slept, drank and constantly thought about their business and how to improve it. In other words they were insanely passionate about what they did! It wasn’t about the money or the ego but about passion! A passion to build something simply amazing!
One month after the Silicon Valley event I found my self browsing the apple app store looking for a quality read to entertain me for a 3-hour flight. In a whim I downloaded a sample of the Steve Jobs Biography. 30 pages in I was hooked!
As you probably know, Steve Jobs was extremely successful, wealthy, and considered one of the most important visionaries of our generation. However what you may not know was that many people considered him cold, ruthless, harsh and hard to deal with.
These qualities could quite easily be misconstrued as the symptoms of somebody who had let their success get to their head. Browsing through a number of online blogs and forums it really does appear that Jobs courted this marmite type of love, hate following due to his views and actions.
However I find my self believing that these were not character traits displayed by a man wanting money, fame or recognition but instead the character traits displayed by an extremely driven man. A man so passionate about what he did that he was willing to put his beliefs and passion for his values and products above any thing else! The results of this approach speak for them selves.
Jobs never graduated from college. He never worked for some massive multinational on a graduate programme. He had never even started a business prior to apple. But he did have complete focus and passion on his quest to change the world of technology for the better and he succeeded.
So when investigating and researching your first start up or fortieth start up its probably worth taking note of some of the visionaries of our generation and deciding how truly passionate you are to make a difference.
Editor Note: Andrew is currently studying a Masters of Enterprise at Manchester Business School. He is also Vice President of Manchester Entrepreneurs and founder of Urban Student Fashion Label, PieBoy (http://www.pieboyclothing.co.uk). He will be continuing his enterprise journey with Entrepreneur First later this year after being selected as part of the programmes first cohort. Follow him on Twitter: adajervis
Oliver Bridge explains the things entrepreneurs should watch out for when engaging with private equity investors.
I recently crossed over into the world of private equity, having come from a background in entrepreneurship. From a young age, I have run my own companies – starting with a mobile disco whilst I was at school, then an online footwear retailer (Biggerfeet.com) and finally an online gender search engine (Genderchecker.com). When I was at university I was involved with Oxford Entrepreneurs and for the last couple of years, helped run workshops at Silicon Valley comes to Oxford, an event which annually plays host to a wide range of high profile technology entrepreneurs from the likes of LinkedIn and Google.
In November, I joined Synova Capital, a private equity team based in Green Park, London. Synova looks to invest in businesses which are making between £1m and £5m a year in profit and where possible backs entrepreneurs and founders to help them grow their businesses further. Part of my role is helping identify which companies we should be talking to and meeting the management to determine whether we think the business would be a good investment for Synova. A lot of the companies I speak to are still run by the founding entrepreneurs, and it’s been an interesting couple of months: meeting different people and seeing how they approach the opportunity.
From what I saw in my time before private equity, entrepreneurs are an unusual group of people. They work slavishly on a single project – often in the face of great adversity, devoting all of their energies, resources and willing to something which might not make sense to others. Sometimes they can be blinded to the arguments against their idea, and seem to have a disregard for authority that can at times, border on unhealthy.
Investors are different. They, like entrepreneurs, also work hard, but they have a number of different opportunities which come across their desk and as a result, they have a lot of options about where they focus their attention. The initial challenge for anyone seeking investment is therefore to stand out and get noticed.
So what should entrepreneurs bear in mind when trying to engage with investors to enhance their chances of success?
· Make sure you pitch to the right type of investor. Angels and VCs typically are happier to invest in unproven ideas, whereas most PE investors will only consider established, profitable businesses that they can grow further – be that expanding internationally or growing the profile of the business. So, if you get a “no” – then don’t despair – it could be that you’re pitching to the wrong type of investor.
· If investors are going to enter into a deal without a controlling stake, then they need to be confident that they will be consulted with and listened to on any significant decisions which could have a material impact on the business. Not only is there a large amount of money at stake, but also an investor’s reputation, should anything go wrong. An entrepreneur that wants to hold onto their majority stake needs to convince investors that they will be a co-operative and understanding business partner.
· Investors speak with hundreds of different businesses every year and have lots of different options about where they direct their time and money. The best strategy for somebody trying to stand out from the crowd is to be pro-active – try to be quick to suggest dates for meetings, send information promptly and return phone calls as soon as you can.
· It’s crucial to be credible. A young, healthy and ambitious entrepreneur who claims their business is going to grow 50% next year but wants to sell all of the shares immediately is going to raise eyebrows – if there is so much money to be made why do they want out? Entrepreneurs should be prepared to commit financially to the future of the business when they sell – and may be required to ‘roll back in’ some of the proceeds from selling their shares, or commit to an earn-out. Entrepreneurs should expect this – investors want to protect themselves after all.
Most successful entrepreneurs are smart, empathetic and credible – that’s how they got to where they are. I also believe these are qualities which will stand an entrepreneur in good stead for dealing with an investor, so being true to your instincts should serve you well: put simply, it’s not a case of re-inventing the wheel.
I caught up with Monique Needham, one of the co-founders of The Startup Crowd – The Startup Crowd is a series of events (Ideation, Build and Pitch) that is focused on bringing together start-ups and entrepreneurs together to solve their business challenges.
In the full interview below, Monique talks me through her journey so far running the company and how the idea for The Startup Crowd came about.
Hi Monique, Thanks for doing this interview with me.
No problem at all!
Can you give you some background information about yourself, were you the entrepreneurial type growing up?
I want to say I wasn’t. I didn’t come from an entrepreneurial background as such. When I was younger the idea of being an entrepreneur was not something I thought I was. I had ideas, self taught myself things I wanted to learn, often challenged the way things were done at school, and as I got older, at work. Something inside me never seem completely satisfied working to create someone else’s dreams come true. I had dreams of my own I wanted to see come to life. Still do! I just thought, I want to do something that I enjoy, do it the way I want, how I want, when I want and work with the people I want. Some called it being spoilt, in hindsight I call it my untapped entrepreneurial spirit.
Tell me how the idea for The Startup Crowd came about?
Tayo (my co-founder) and I were having lunch one summer afternoon after working on a project together. We talked about our own start-ups and the struggles of working alone. We wanted to meet like minded people, other entrepreneurs. The types of conferences and events we had come across that we would love to attend were very expensive, way out of our ‘startup’ budget so we thought well if the type of events we want to go to does not exist lets start up one ourselves.
What is The Startup Crowd?
The Startup Crowd is a series of events (Ideation, Build and Pitch) that is focused on bringing together start-ups and entrepreneurs together to solve their business challenges. We understand first hand the difficulty of starting up and working alone so our goal is to provide 6 hours of rapid incubation and start-up support. Through collaborative problem solving with the start-ups who attend and our superb business mentors The Startup Crowd aims to provide attendees with the mental models needed to help entrepreneurs think differently, develop concepts, build a strong network and propel their business forward. (All the things Tayo and I wanted when we first came up with the idea)
How’s has the first few months of running the business been? What would you say was the hardest part of starting the business?
The first few months has been a HUGE learning curve. Since we are our own target audience we have been able to come up with what we think start-ups would need and within months of coming up with the idea we had already ran the first event, Ideation Camp. We both have invested a great deal of time and our own money into this as we believe in it so much, so the hardest part for me was the fear of will people turn up, especially since we are new company, and will people enjoy it and take something from the day’. (My heart was pounding throughout the whole day of Ideation Camp) That feeling in my chest and that voice in my head saying ‘will this work, I pray this works’ and thankfully the first event was a success.
What is your business model?
Our main aim is to make our events affordable without cutting any corners on quality, so for the short term sponsorship. However we hope to be able to scale the business through a licensing format which will allow others to run The Startup Crowd , hopefully around the world *smiles*
What could you say has been some of the key things you’ve learnt so far as an entrepreneur?
Believe in yourself! Self doubt is something that constantly makes a surprise visit in my mind from time to time and I have moments where I think ‘I can’t do this’. I don’t have anyone telling me how great a job I am doing so I have had to sometimes step out of myself, motivate and praise myself for my efforts.
Also listen to your instincts! I can honestly say I have not gone on my gut feeling this much ever before until now. I have been in situations in the past were things just don’t seem right yet I have chosen to ignore that feeling, lets just say I should have listened.
What pieces of advices could you give to aspiring entrepreneurs out there looking to start their business?
Don’t sit on your idea trying to make it perfect before you tell anyone about it. I know we can be very protective of our ideas due to the fear of someone coming along and stealing it, however how do you even know what you are offering in your business is even something that people want? Not only just that but I found that when I had a new business idea, when I shared elements of it to others it enabled me to develop it in ways I could have never done alone. Being in my own head when trying to grow a concept was not always a great thing, getting different perspectives, using others around me as a sound board was one of the best things I could of done. Give you idea some air, let it breathe as long you hold on to the heart and the core of what it is, no-one will be able recreate it the way you plan to.
What can we be expecting from you and The Startup Crowd in 2012?
Everyone can expect 12 camps over the next 12 months. This year is all about testing the framework of how our days will work. We are very hands on with everything and taking on board every ounce of feedback we get. This year is beta year, so that by 2013 we can scale The Startup Crowd beyond just London and even, we hope, the UK.
Where do you want the company to be in 5 years?
Helping support start-ups globally! Knowing that something we created was helping entrepreneurs all over develop and grow would honestly put a huge smile on my face.
The Startup Crowd will be holding their first event of the year: Build Camp on the 18th of Feb 2012, Click here to book your tickets now with a special discount code (UNLOCKYHP) for the YHP readers.
Concept Cupboard is an online marketplace with a social purpose. It’s a place where businesses can work with the next generation of creative talent to produce professional and cost effective marketing [Click here to learn more about how it works] and today I had the opportunity of Interviewing one of the founders of the company, Chris Dodson, and this is what we talked about.
Can you give us some background information about yourself
My background is in marketing. After studying marketing at university in the UK & US I decided to go and work for an agency. Joining a big corporate just wasn’t that appealing and it has been that way ever since. Prior to starting up Concept Cupboard I was working for an awesome advertising agency called archibald ingall stretton, just off Oxford Street. It was a brilliant place to work, with lots of fun talented people.
The last 12 months have been incredible and it’s been a massive learning curve. I’m now Managing Director of Concept Cupboard, one of 30 Marketing Academy scholars in the UK & I also managed to make it into the final 8 of the Shell LiveWire’s Young Entrepreneur of the Year award. I’ve even been to 10 Downing Street. All of which has been made possible by setting up Concept Cupboard.
How did the idea for Concept Cupboard come about
I had the idea for Concept Cupboard while on a train from London to Nottingham en route to a stag do. I had two hours where I switched off my phone and just scribbled down some business ideas and after the weekend was over I asked one of my client’s at O2 what he thought (luckily I didn’t lose my notes). It transpired that he loved the idea and wanted me to meet some of his friends to discuss it in more detail. During dinner we decided to join forces and go into business together. I left my job about 6 weeks later and started working on Concept Cupboard full-time.
Some of the key things you’ve learnt along the way
I’m learning all of the time. There is no guide for running a business and so you make it all up as you go along. Getting advice from other business owners is a massive help, and you often find people are experiencing similar difficulties. But every business is different and the way you approach problems will never be the same so ultimately it is your call. It’s quite scary but also extremely liberating.
The biggest lesson I’ve learnt so far is to focus. I am very clear on the things that will drive the business forward and I ensure that they are prioritised above everything else. AS you can imagine it also helps the team know what they need to do.
A difficult period starting the business and how you overcame it.
We haven’t had any real difficulties to date (touch wood). I think they become more common as you grow and stop being a startup, e.g. when you have 30+ staff. We aren’t quite there yet, but hopefully soon.
The business now: your plans for the future?
We’ve had a good first year winning a number of business awards, including being named as one of the 20 best UK startups of 2011. That’s given us a nice confidence boost and helped shape our plans of where we can go with Concept Cupboard. We are coming up to our first year anniversary so that is a great milestone in itself. It is crazy to think that about 12 months ago Concept Cupboard didn’t exist in the public domain.
Later this year we’ll be launching Concept Cupboard globally as well as adding new services & features to the UK site. Watch this space.
Advice to young entrepreneurs starting out.
There isn’t a better time to start your own business, especially if you are leaving school or university. Startups are in vogue in the UK at the moment, and investors & the media are looking out for the next big thing. It’s a perfect environment for young new companies to thrive in.
My advice to anyone starting out would be to as follows:
- Have a clear idea of what the business is and how you will generate revenue. I personally don’t think you need a 20-page business plan but you do need a document that sets out your vision. If you can do that in a few pages then great, but put energy and effort into making it as good as it can be. You can always update it as you go.
- Develop a thick skin quickly. People will say no. Some might even say that your business won’t succeed. By all means listen to constructive criticism and don’t ignore feedback because that can be dangerous. They might have some good points, but you’ll meet people who don’t have the vision you do. Don’t let it get you down.
- Pick up the phone & get out a meet people. It is really easy to just sit behind your computer and get a business started, but to create partnerships and generate word of mouth recommendations you need to get out and meet people. Go to relevant events, call up potential partners/customers, set up meetings etc.
- Enter business awards. There are so many business awards programmes out there so even if you have just started you can find competitions to enter. They are so good for PR and raising your awareness, especially if you enter competitions specifically for young people. Competitions like Shell LiveWire not only offer cash prizes, but really do give you some credibility.
Sachin Agarwal is the founder and CEO of Posterous. After graduating from Stanford University in 2002 with a degree in Computer Science, Sachin decided to work for Apple although he said he almost choose the job at Amazon but being an Apple fanboy, he decided to join the team at Apple.
During his time at Apple he worked on Final Cut Pro for 6 years but after feeling a “burning need” to build a better way to share photos and content on the web, he founded Posterous in 2008.
This is my Interview with Sachin.
Doing a bit of research I realised you’re originally from the UK, when did you move over to the US and why did you move?
I was born in the U.K. but moved to Southern California when I was 3. One funny UK story is that there is a restaurant in Newcastle, England named after me. My mom and dad met and got married in London, England. They opened a restaurant named after me in Newcastle, soon after I was born. The restaurant still exists today, but I haven’t been there in over 25 years.”
What’s your take on UK entrepreneurs struggling to get investment on their startup compared to opportunities for entrepreneurs in the US especially Silicon Valley?
I left the UK when I was 3 so I don’t have much insight into the UK funding environment. That said, I can’t think of a better place for an entrepreneur than Silicon Valley.
Anyways, Let’s dive into it. How did the posterous idea begin, What is the story behind it? The transition from just an idea to a company?
After graduating from Stanford, I worked for Apple for six years as an engineer for Final Cut Pro. The idea for Posterous came down to filling a burning need. I was living in New York and keeping in touch with all of my friends in San Francisco. I was always blogging, taking photos and posting photos — it was simply too hard. I wanted to build a better system.
So I started coding at night and on weekends. Pretty soon, I had something to show and was lucky enough to get accepted by Y Combinator.
What difference do you think Posterous brings into the blogging world?
Posterous’s disruptive idea was simplicity — that you could create and update your blog via email when competing services were making blogging more complicated. Email was the perfect platform to use since all mobile devices have email, and you can send photos and other attachments.
We’ve extended beyond blogging but continue to focus on the value of simplicity and how it can solve consumer problems.
What is the one thing you like the least about the internet and why and how do you think it can be solved?
The Internet as an application platform stinks, and I think this is even more apparent now as we see incredible iPad apps being released. Why are iPad apps, in their initial versions, so much better than websites that have existed for years? The Internet is great as a generic platform for consuming flat, static content, but isn’t good for rich media
When are you guys planning in launching/rolling new features? What are your developers working on these days?
We just launched Posterous Spaces, which was a massive effort and, so far, a huge success. It’s clear that people are looking for an easier way to share privately. Posterous Spaces give you the control to share as widely as you want or limit to a select few.
As for the future, many aspects of the online sharing process are still broken, which creates opportunities for Posterous Spaces to continue to innovate.
I know Posterous is currently a free platform, Is there any plan to introduce premium services?
Yes – we’re a free platform. I’ve never believed in advertising based businesses. If I find value in a product or service, I’ll pay for it. I buy my music. I pay for Netflix. I don’t like it when advertising ruins my experience when using a product. And that’s why there’s no advertising on Posterous. We want you to enjoy the content. When you’re viewing your friends’ photos or your family home videos, you don’t want to see ads alongside those. And I believe if we create a lot of value for our users, there will be other ways to generate revenue.
Is the business profitable?
Not yet – fortunately, we’re a lean team so the expenses are pretty low
I know you’re an investor in Backtype, Is this something you’re looking to go into a bit further in the coming years?
Right now, I couldn’t be happier running Posterous, but I hope so!
List the three most valuable lessons you’ve learned as an entrepreneur?
Wow – it’s tough to narrow down to three
1) Your company should be run by engineers, not managers. Everyone needs to be passionate about the product, and the best way to get people passionate is to give them ownership.
2) Give employees the freedom to own and improve their products. It’s important to have goals, but make them long-term and then set people free.
3) Don’t play the feature game with your completion. Your team shouldn’t be focused on what the competition is doing – they should be driven to innovate and come up with products that challenge the status quo.
What’s the No. 1 mistake you see a lot of entrepreneurs making and you wished they didn’t make?
Starting a company is one of the hardest things you can do in life. You will be challenged every day, and you will have to sacrifice a lot if you want to be successful. So my advice is that you shouldn’t rush into starting one. Don’t start a company just for the sake of starting a company. Wait until you have an idea that you believe in so much that it keeps you up at night.
Until you have that idea, get more experience. It’s really valuable to work for an established, successful company before starting your own company. I learned a ton at Apple about how to design, develop and ship products — this experience still helps me every day at Posterous.
I’m a big believer in education and experience. The longer you wait before starting a company, the greater your chances are for success.
What are the most crucial things that you’ve done to grow your business?
The best marketing tool you have is your product, so if I had to pick one thing to fuel growth, it would be to build a great product.
New business ventures, social enterprises and creative projects can now get investment at Civilisedmoney, the next generation investment platform which launches this month. Whether its £500 for a local community scheme or £1m+ to launch the next big business venture, Civilisedmoney can help you secure investment.
What is Crowdfunding?
Crowdfunding is the next generation of business investment, giving entrepreneurs the platform and opportunity to raise smaller amounts of funding from their own network of friends, family, colleagues, customers, suppliers and ordinary people, rather than from one or two wealthy investors.
By attracting lots of investors who invest smaller amounts of money into a person, company, product or idea, in return for equity or other rewards, entrepreneurs can bypass the traditional choices of business angels or venture capital and get on with the business, whether commercial, social or just personal.
With banks repeatedly failing to pump the much needed investment into business and enterprise, entrepreneurs need more effective, innovative ways to fund their ideas. Crowdfunding has the benefits of building a network of supporters and advocates, pre-selling your product and testing the market, and you begin your business without debts and loans.
About civilisedmoney
Civilisedmoney, online people-to-people financial services, owned by you, makes it easy for people to invest, donate, lend, borrow and transact money with each other directly at fair and transparent rates, cutting out need for the middlemen, the banks.
Civilisedmoney launches with two crowdfunding products for entrepreneurs, businesses, organisations and individuals. civilisedmoney is also developing a full range of people-to-people financial services products that offer a genuine alternative to those currently provided by banks.
Civilisedmoney and people-to-people internet services give people the opportunity to come together to create a fresh financial future. One that is fair, transparent and without the expense of branches and big bonuses or the dangers of banks gambling with your money. It is banking with people, not banks, simply people connecting directly, fairly and transparently.
Crowdfunding with Civilisedmoney
Civilisedmoney currently offers two crowdfunding products for entrepreneurs, businesses, organisations and individuals:
Invest & Get Investment is equity based crowdfunding to fund start-ups and business expansion. It connects entrepreneurs with like-minded people in order to raise capital.
Crowdfund & Get Funded is reward based crowdfunding. Likeminded people can pool their money to back an idea, a person, or a business, in exchange for goods, services or something else of value.
Contact Civilisedmoney
If you have a venture or project you would like to crowdfund, please contact Rudi Schogger at rschogger@civilisedgroup.com or for more information, please visit www.civilisedmoney.co.uk
So finally a few days afterStartup Weekend London2011 I have had the chance to reflect on what was a great weekend!
For those of you that don’t know Startup Weekend, it is an event held from Friday evening to Sunday night where a bunch of ambitious and determined entrepreneurs come and pitch an idea, build a startup and present to the judges over the 54 hour period.
Here is a video to explain a little more:
So I gave a little update ‘27 hours in‘ but this is a more comprehensive review of events.
Startup Weekend Day 1
So Friday evening roles up and so do over 200 entrepreneurs, all ready to network, pitch, build, eat, drink and generally have a good time. Stocked up on pizza and beer over 60 participants took to the floor to pitch there ideas. With only 60 seconds per pitch and 64 pitches it was a frantic hour and a bit. Ideas where then voted on and over 20 where then picked.
This is where it got even more frantic as those chosen now had to form a team, how, by shouting over everyone else to attract people over to you. With half an hour to find attract people with the right skills the room felt like a busy trading floor. It was evident that developers were in high demand, as always.
I joined a team called Social Stadiums, pitched by Sam, the idea was a social network for sports stadiums where fans could comment, sharepics/vids, vote on polls and even purchase merchandise and food and drink from the app.
Due to such a large number of participants the venue was moved to Ravensbourne college right in front of The O2, formally the Millennium Dome. A beautiful venue as this was, it did not have the capacity to accommodate people overnight, which the previous venue did.
This meant after the pitches it was virtually closing time and so with little chance to meet the team so far we decided to hit the bar and get to know each other over a couple beers.
Startup Weekend Day 2
Saturday morning and with half the teams based in Ravensbourne college and half the teams based in Club Workspaces in Clerkenwell (the original location) everyone got underway.
We had a large team, a very large team, 11 to be exact! There goes the lean startup model, but at least we had a lot of skills available to us. Having such a large team brought about in benefits as apart from a large skill set we got to work intensely with a diverse amount of people that we have all got to know each other well. The downside was that it took a little longer in making decisions and sometimes peoples roles were undefined. But everyone wanted to get stuck in and took it upon themselves to get involved, contribute and be proactive. 10 guys and 1 girl, 3 designers, 1 designer and the rest in business and marketing roles, it certainly was an interesting team, if what a little unnecessarily big. But we all got on well, which always help.
After spending most of the day figuring out what we are going to work on and talking to mentors, which where useful although after about the fourth one a little annoying. Slowed us down a little having to explain what we were doing 6+ times. They did give us some great pointers and take apart aspects of our strategy which put us on the right track.
The day was long but enjoyable and after dinner everyone retired to the bar in The O2 for a night organised by one of the other startups in attendance, PartyWithALocal. They do exactly as the name suggests, find locals for you to party with when travelling.
Startup Weekend Day 3
The last day of the weekend begins with a few looking a little worse for wear afterthe previous night, but with the pitchesonly now hours away, heads were down working hard. As the afternoon rolled on teams began practicing their pitches. After lunch we grabbed a couple mentors showed them our pitch. They shot it down, changes needed to be made. Again, new pitch, more mentors to hand us even more advice and therefore changes. It was all fantastic advice and come 4 ‘o’ clock we felt we had a great pitch, but the multiple revisions gave us little time to practice the pitch. We did however take on all the questions mentors asked us and create the perfect responses. This proved useful as you will see later.
As the clock hit 4.30 the presentations began. 4 minutes to pitch and 4 minutes of Q/A from the judges. In a room of well over 200, it got a little toastie to say the least. There were plenty of beers and crisps to last the four hours or so of pitches.
Our pitch for Social Stadiums, came just after the midway break, so people were a little more fresh and alert at least. Our presentation started fantastically, Sam did a good job, but unfortunately as we came to our slide where we embedded a video, of some market research we carried out, the volume didn’t work. In trying to rectify this the tech guy switched screens and in the end we were glad that we added subtitles on. Anyway despite the disruption the pitch went well although we were unable to finish due to the time lost during the video incident, aagghhh technology!
So the Q/A next and thankfully we fully covered every potential angle they could come at us beforehand. Sam answered every question with aplomb and impressed the judges with the answers.
The Results
Did we win?! No
The prizes were as follows:
The main prize, most innovative, went to Portal Entertainment an independent cross-platform production company (who were already a little more established before they turned up at the weekend)
The most likely to get funding were Trendset.me who delved into crowdsourced market research.
The finally prize was most likely to make a million which went to Invizuaa digital marketing accountability company. (Again a bit disappointing since they were already more established before the weekend)
Oh yeah and since there were a couple of fun apps that would definitely go viral, they made up a category, funniest app which went too ImClockingYou, who I thought had a fantastic app and funny, well done pitch. Basically you can set time limits, say if you are going shopping with your girlfriend and the time limit is exceeded she forfeits and you gain a reward from your girlfriend. It can be anything that you determine from cooking dinner to ‘special time’ as they put it in there pitch. It works both ways and for any situation you wish. It’s a pretty funny idea, and that’s why they won funniest app I guess!
And all though these were the winners there where no losers over the weekend, I think everyone learned something and was part of a fantastic experience one which many will want again and one which many entrepreneurs encounter across the world at other Startup Weekends.
So what are my takeaways, well here are a few Startup Weekend Tips:
Remember your building a company, not just a product!
This was the first thing we did, build a strategy and make sure we knew what we wanted to say on the Sunday night pitch. This helped us prioritise the app we built. This is what will help us take the company forward in the future as well. With the number of Bus/Marketing guys in the team, it’s no surprise we took this route.
Find a way to be different
There are a lot of people, ideas and pitches, and with only 60 seconds to pitch you need to make sure you stand out, whether it is how you present or what you wear it doesn’t matter just make an impact or your cool idea might get lots and forgotten about amongst tens of other cool ideas
Make the most of the mentors
They’re there for a reason. You may think you have the greatest idea in the world but don’t be afraid to share it with others, that’s the only way people can pick holes in your idea. They are there to help push you in the right direction and offer advice on your pitches, ideas etc…
And one last thing, enjoy it! It is a great experience and make the most of it, just have fun.
So I’m here at Startup Weekend London (#swLondon for all you tweeters), 27 hours in and Social Stadiums is taking shape. What is Social Stadiums, well it’s a stadium fan engagement application!
Yeah I know, what?!
Essentially ‘Social Stadiums’ is a mobile application that helps sports clubs engage with their fans and enhances the match-day experience through digital content and interactive services.
Features?
Initially:
A set of rich digital feeds containing spectator comments, photos, and videos. It will also allow the host to upload premium content such as instant replays and stats but only on the premium app.
A poll feature which allows spectators to put a question to the rest of the crowd in real time – such as should it have been a penalty? Or voting for Man of the Match? – and the plan is to also provide a service through which the results can be displayed on the big screen during half time and the end of the game.
A retail feature through which spectators can purchase food/drinks/merchandise/tickets using their mobile device and pick it up from the fast track counters. Benefits include; spread peak demand for Food/drink sales and it will give the club an opportunity to sell merchandise while the fan is emotionally engaged. (Future feature)
We have come up with enough feature ideas to last the next 10 years. As I write our fifth revenue model is being discussed. I think we are settling on a freemium model with a premium subscription package as well, then bringing on merchandise deals with clubs later, after have grown our userbase.
Just looking at the early, early prototype, it’s looking cool.
We’ve had some great mentors come and help us over the weekend, we have quite a large team so often we can lose focus, and they have often set us back on track.
So that’s the update, it’s changing all the time, being refined, but I will update again after the pitches! In the mean time sign up to be alerted when you can access the Social Stadiums App here – http://socialstadium.kickofflabs.com/
Let me know what you think of the idea in the comments below or tweet me!
