PR COVERAGE - Nice little Fillip

The other day I was a speaker at an all-day event on the pros and cons of Intellectual Property protection.

It was promoted by Fillip, the organisation that has been very helpful and supportive with the RE:tie invention I am marketing.

Seems my adventures with RE:tie are deemed an entertaining example of the roller-coaster ride it can all represent. At least it got some nifty PR in the Birmingham Post, and major regional daily.

I also had a lot of good feedback from many present, which was encouraging, as we were talking hard-nosed types from the VC and associated worlds.

I feel like sharing an exchange I had with one kind soul who offered some good advice on dealing with money men, with my answers in reply putting it in the context of one from the more creative side of the equation.

One major drum I banged at the event was that too much resource was going into funding the making of things and not enough into complementing these efforts with sales. Inventors tend not to be great at Business Plans or pitching to boards packed with bean counters.

Note that (in big bold letters), they will not do everything for you and I’m afraid to say it takes a considerable and consistent time and energy commitment from the current management team to enable them to do their job.

Don't get me wrong. I will meet more than halfway. The more I do, the more I save... and make. Thing is, there is no management team... I'm it. Chief cook and bottle washer. I can do time and energy. What I can't become is something I am not. Too many suits so far seem to have a problem getting their heads round that. I need a team of complementing talents. Some consultant telling me what I need that I have already told 'em I know I need... er... no.
It will take longer and be more painful than you ever imagine at the start, but there is no magic bullet to either funding or a stronger management team.

It will take longer and be more painful than you ever imagine at the start, but there is no magic bullet to either funding or a stronger management team.

Length and pain noted. Been there, am still... got the T shirt. Robert the Bruce is my inspiration.

I understand where you are, I was in the same position, there was one of me, but if you don’t support them, it’s impossible for them to produce the resources you’ll need to take it to the next stage.

Finding, and clicking with the right guys is the mission. Intros like this one will help that happen.

No VC is going to even consider you without a solid plan.

Noted. But most I'd not be targeting. Their skill sets are inappropriate and while I need hard-nosed money men reigning me in, wannabe Dragon's Denners who have no vision of making the world better whilst making money are not either. Without folk who pluck ideas from the ether, guys like this are nothing. A joke about a one word business plan is funny to other suits, but cheap. What about the story of how they saw a product's potential and worked with the creator to make the plan perfect, if necessary using network contacts to complete the jigsaw. 'Computer says no' followed by 'try again, do better and come back when it's how I expect it' is not a mindset I'd want on my team, even if I could find a way of helping them deliver money I need to pay back with interest. I don't need money as such; I need talent and access... which does take money. It makes sense to have that role performed by a player on my team with a vested interest in long term success, not a vulture hovering above seeking a quick return.

You need the following pieces clearly worked out in your mind to pass on even before you approach anyone else–

The potential for the business, numbers (size of market not micro detail)
Sorted.

The routes to market
Sorted.

The licensing potential
Sorted.

Detailed current and IP road map
Sorted.

SWOT analysis – risks & threats, opportunities, strengths and weaknesses
Sorted.

Where you fit in and your future role
Sorted.

What skills you’re going to need to rent in the future
Sorted.

Exactly what do you want to do with the funds and how will it achieve the growth that will reward anyone coming in
Sorted.

Investors from what I hear rarely feel comfortable with one product companies

Noted. Not really a problem, because it's a design with license potential. See rapstrap. Plus I do have more second use ideas in mind. I need a hero to play off first. Then there is a whole raft of other inventions to come. I am at least smart enough to keep 'em tucked away until I can afford to protect them, and give all necessary resources to exploiting them. Being the guy behind the 'RE:tie' is a brand foundation I am building here.

And I think you need an idea of what will generate growth moving forward.

Those numbers exist, but already this is moving into areas I am not qualified to handle effectively. If a bridge is needed to interface with a VC, so be it. That's who I need to find to fight my corner. There is no point pitting me against a suit who expects me to fit into their mindset totally as it will end in tears.

I am here to make money by doing good. Not just for me, but all who hitch up. That means seeing the potential of what I am seeking to achieve and convincing me that they can make it happen as much as I need to convince them it's worth the effort. A way with P&L's and a swanky office and a client list means diddly. I seek added value, personality matching and end-benefit focus.

If you get the opportunity to pitch to any investors they want to see someone; extremely clear, passionate, focussed, with very defined aims. Don’t forget at our level, 90% of what they’re investing in is your ability to deliver, bring in the rest of the team and manage and motivate.

I am at the bringing in the rest of team stage. It seems my pitch has re-inspired a few to wish to help, with luck not for up front money but to share in the rewards.

My instinct is that you need at least one deal already in place to use as a platform.

Agree. Too many in this country are set on being first to be second. I get one and the dominoes will fall. It will give me great pleasure to charge those who could have had a much better deal a lot longer ago... anything I feel like.

Live... and sucking!

Recently I did a Dragon's Denny kind of effort. A Bristol-based media-business company posted a contest invite to pitch, and I decided to go for it with RE:tie.

Well, I ended up on the shortlist! But now you can see how I also managed not to win!

One thing you should bear in mind is the brief, and this one was a bit loose. I had presumed that it was about the idea of course, but mainly about the money. And I know VCs don't get out of bed for less than £1/2M. Hence we had to concoct a scheme whereby I could ask for that much money, justify how it would be spent... and how they, and we, would not only recoup our investment, but then really start coining it. As it turned out, what we came up with, while not the only option, made a lot of sense.

Shame they didn't want to hear about the money, then. I had us on £10k per day for the rest of our lives after just a year. Remember, this was billed as looking for unique new ideas that would be of interest to major investors. But they didn't ask how that would happen.

Not much I can say. They were coming from a very different mindset in about every way. I can't believe that being 'smart', meaning wearing a suit*, is still an issue in getting behind an idea, but there you go. They also, amazingly, almost all seemed amongst the few so far who plain didn't 'get' RE:tie. Funny how so many in business, and especially when one gets to the business of green, operate on the basis of 'Well, I wouldn't'. I'm sure they don't shop in Tescos either, but most folk do. At least they were pleasant, if a bit negative, though I would have wished for more constructive feedback. I got what they wouldn't do, but not much on what they would.

Still, we now have some edited footage and it will get an airing. So possibly worth doing still. Not sure what I would have done differently. But still a valuable opportunity.

Off now to scope the other contestants in companion to see where I went wrong:(

Addendum - There's a blog too. Now all I need to do is find my password!

*Suited and booted?

Interesting.

I could have come in a suit. I do have one. I made the decision not to (a 'Bench' over shirt is still 'smart casual' in my book, especially on a hot day). Poor call, evidently.

It was on a variety of grounds.

First up this was not a typical DD/VC/BA pitch.

As I recall the main aim was to seek a great idea. From all my years in the ad world, great ideas tended to come from folk who didn't see suits as the main point of a productive day. And in the theatre that is presentation, I suspect most of my clients would have been a tad thrown to find a wall of corporate grey drones trying to convince them how to engage with normal folk... teens, kids, Mums, silver surfers... with their messages.

Of course you are also selling a business idea, so it is optimal to have a guy on the team who the money men can identify with. No such option. My bad.

But it is still a worry that the veneer still seemed/s these days to matter more than the substance. I guess such as The Apprentice and most of the UK's government and corporate activities of late have shown how tops the results of this mindset are for the country's fortunes.

I came fully armed with numbers for my financial pitch, if they were required. But as the judges were not going there, this was irrelevant as, surely therefore, was the need to look the part for this aspect?

We all make judgements, on various bases, so I guess dress can serve a function in this.

For my part, I am selling what I know and who I am trying to reach with what I create, and how I understand and identify with them.

Hence the critique from one judge 'Why would I want to do this?' was not a concern: I doubt a free piece of plastic that can save pennies (and planet) would make much difference to a suited and booted finance whizz. But I can understand why packaging for champagne bottles would. More his 'zone' I guess. Oh, did I mention that we had estimated payback of investment within a year, and then £10k per day from then on?

But it is a two-way street. I also need to work with these guys, and have confidence that they 'get' my concept, see its potential and where I am coming from. Makes working together fun... and profitable.

So long as they can prove to me we're on the same page, have a clear vision and strategy to achieve our objectives, I could care less if they were sitting in shorts and a flip flop.

Actually perhaps dress also more appropriate for a late-teen oriented design innovation festival, held in a converted ex-disco in a dirty room with stained windows, if you think about it.

So yes, If I am presenting to a VC in a corporate office or a retail board there will be a suit... if no tie. But I will have a guy in full Armani with me who will be. Here... it wasn't necessary or relevant to the task at hand or the brief I had.

Don't know if you agree on the last bit, but glad you might on the rest.

Special know-who

Media software firms go to US on government-backed mission

One wishes them well. But there is also a whistful ponder as to what got this particular bunch government-backing, and the extent of such largess.

Plus who is funding the evident caravan in tow.

With a few exceptions, from the summaries provided, if stuck in a lift for 30' with most of these guys, if I was a VC I'd be asleep by the the 3rd floor.

If I remember and can find it, the progress of this merry band might be educational.

Desperately seeking Susan. Or Bob, Carol, Ted & Alice

Last night I attended an investment funding event at (and, I think, co-sponsored by) the University of Worcester School of Business.

There were others involved, with the lead being a brokerage called Beer & Partners, but also Advantage West Midlands as well.

Initially billed as a 'Dragon's Den', I almost didn't go because of the connotations of that sick show, but in the form of a 'Business Angel' Panel, which it was, I am glad I did.

A well-attended event, there was a good 100 folk there, so interest was high. And I recognized a few faces.

The panel comprised some experienced investors, though the names meant little to me: Mike Weaver (head of Beer in this neck 'o the woods), Kerry Jones, and Jim Walker.

The latter came out with the quote of the evening, which at least made it for me: 'Any product which addresses environmental issues is now really important, and top of any investor's list'.

And the pitches were all from 'green' businesses, which was a complete, if pleasant, surprise. There was an automotive fuel efficiency device and two energy monitoring devices/systems, which is an area I know quite a lot about of course.

At about 10mins, with feedback from panel and Q&A, it all scooted through in a very interesting hour.

I was mainly there as all that I am up to has hit the next hurdle of actually getting what I am doing to market, and into profit, and for that I know I need people with me. So, interestingly, earlier that day I had been engaged in just such an effort. And pretty encouraging it was, too. One was an interview, whereby a very talented and savvy post grad was seeing why she would want to spend a month here. I hope she got the answers she sought, and hence will. The other was with a marketing guy who for once was not looking for an upfront fee before doing anything. And he is both local, experienced and connected.

But as I do think investors may well still be part of the mix, I was keen to see how one might package the proposition.

Three interesting products. Three personable chaps pitching. But I was encouraged, because I had been thinking what I was up to and capable of would not be up to the task. Yet I felt my pitch, when it comes, would stack up very well in comparison. And the judges, though I suspect being very nice about it all, seemed interested and keen to develop things with these guys, though I actually had some reservations from my knowledge of market conditions, in several areas, for at least a couple of them.

Also interesting was the pitches. All were cut off. And all were cut off by spending too much time on what it was at the expense of how it would make money, and where, with who, etc. An easy mistake to make, and one I have done a lot by being the creator and not so focused on the profit motive aspects.

Also of note was the amounts requested, especially with some fairly hefty capital-requiring proposals, and/or also with significant staffing levels of senior folk for as yet unproven market concepts. Numbers of £150k were being mentioned, which can get gobbled up in a flash! Heck, I could do that with Junkk just on a sales director for a year.

Speaking of which, one the angels mentioned something I did not know, which is that supermarkets expect associated marketing budgets to be attached to any 'product' they engage. Worth bearing in mind for RE:tie.

There were also several other panel questions that seldom were addressed in the pitches, but were good to know as being important for inclusion and also as points of priority in such pitches.

IP was seldom highlighted, but is obviously key.

But the one thing that stood out above all that these guys were looking for is the management team. In place... and on the case.

And that is what I don't yet have, and must soon get.

Thing is, this event got me no further, just as have any conversations I have had with in theory 'innovator-supportive' Gov//NGO organizations, as to how I find such folk.

But I'm clawing closer... I think.

Many happy returns of the day, er, 6 months, er...

RE:tie burbles along, and I'm getting to a point soon where we try and sell it. So I was amused by this: Dragons’ Den reject eyes riches abroad

And especially this: Reflecting on news of Gordon’s success, Ms Elnaugh (she'd be 'the founder of Red Letter Days, which collapsed later that year, said it was the “most ridiculous” she had ever heard of) reportedly said she is pleased he has done well, but said investors want to see a return in six months, rather than the three-year window he envisages.

I'd say I'd always like to see a return within a decent period, but so long as you make more than you spend and cover costs and time it's going to be ok. And if in being so determined to get it in 6 months rather than 3 years one ends up going bust, I think you get all you didn't deserve.

I believe there are a few Dragon's Den successes out there, but mainly I'd say all involved (with the exception of the inspired guys who gave it a go and pitched despite the obvious desire of the makers not to support or motivate the true entrepreneurial spirits, but solely to seek car-crash TV) should hang their egotistical (judges), ratings-driven (production and BBC) heads in shame.

How hungry are you?

Last night I was watching, shock-horror... Dragon's Den!

Now some may know that I have not been a fan. I watched the first series and really didn't take to the set up. Then I was invited to take part and managed to get myself bounced pre-heats (I suspect by letting on too much of my 'no such thing as bad PR' agenda) so sulked a bit. Then I met several lovely people who had taken part and really didn't like it for hwo they had been treated. Then I took part in SKY's Big Idea and saw just what I could have got into, and so liked the whole thing even less.

But this was a 'where are they now?' compilation.

Now, as we all know, many things can be conjured in the edit suite, so it's odd that I hung in for the first 50 minutes because it conformed to all my worst imaginings. Mostly this was a bunch of poor sods being set up for a nasty fall. And the sheer arrogance of the judges was simply breathtaking. All my previous misgivings about how poorly this represented the inventor/entrepreneur/VC process was reinforced in spades. Why does it have to be like that... well, good TV of course! At least a few who were ill-served by the finance process were still doing OK riding the wave of the BBC audience base.

Then we got to the final one. And this was a true success. So its position was not surprising assuming the BBC has a modicum of ethics and desire to at least tilt to the notion that it's trying to promote a public service, and not just muck about boosting ratings. How that Evan guy has any cred elsewhere as a consequence is a mystery.

Ignoring for now that the BBC machine is putting a scag load of wonga in other people's pockets by playing along (and if I could do it, I would, so no harm, no foul), this was an interesting set-piece in how it could/should be done.

Shame the product was vile, being some kind of TellyTubby Teddybear (I would have thought the IP would have been interesting) so your kid can truly do without any parental input at all (which the usually less than my favourite Duncan noted and bailed from the off), and bust it within a day.

But the process was more than interesting. The pitcher, a bright young lad, had really got his plan together, and it pushed the moneymens' buttons big time. Plus he sucked up to them in all the right ways, which got them on board. But he also seemed to listen and respond... quickly, which really got them proactive. To the extent that, instead of almost all else I have seen pumped out on the BBC news by way of a commercial for whatever they are trying to push to success to justify the show, the principals actually seemed to be taking part beyond dropping chump change... along with the poor sods they toy with.

Of course, the lure of personal profile with a running camera (oddly Argos got a mention, plus a corporate shot... nothing to do with their being a partner) and the chance of turning a buck may have helped.

I still think the whole thing is pretty despicable, but at least with this one, small exception, I saw a glimmer how all the parties could pull together to make something work.

Something to bear in mind as today I have just posted the package for the IP competition to throw some serious weight behind RE:tie. I just hope that when I hit the VC trail, they are nothing like most of what I saw on display last night.

If I am putting money in another's pockets, I not only want to do so knowing it's justified, but they deserve it too. Plus I'd prefer to like 'em and know they at least have some soul.