video

SxSW Highlights | Creating Genius Through Collaboration

‘Newspaper Artist’, Austin Kleon was a witty, entertaining, funny and stimulating keynote presenter at SxSW 2014.

In this vide, Suzi Dafnis and I talk about what we loved about his presentation, and what we loved about his encouragement to create genius through collaboration … And ‘showing your work’.

 

video

SxSW Highlights | The New Digital Age

Eric Schmidt, Google Chairman, and Jared Cohen, Director
Google Ideas provided a provocative discussion on the impact of digital technology on the world, particularly developing nations.

In this video Suzi Dafnis and I discuss their presentation and the key implications not only for the world in general, but us as consumers of the internet.

post

The Five Steps to Getting Acquired – Highlights from SxSW

I’m currently at SxSW, the worlds’s largest interactive media festival, in Austin, Texas. I will attempt to bring pertinent highlights from the week … I say ‘attempt’ because there is so much to see, consider, think about and absorb at Sx that really … I can make no promises about what I’ll be able to get out of my mind and on to a screen.

One of the streams that has taken my interest this year is start-ups, funding and acquisition. Makes sense really, given I’m running a start-up ;)

One of the sessions was ‘The 5 Secrets of Getting Acquired’, a panel discussion by Gabe Karp from Detroit Venture Partners and Matt Wise from Hello World.

Here are their 5 Steps to Acquired (or getting the funding you want)

1. Have an adult on your team

This was partially tongue in cheek, as yes, most of us are adults. But what Karp and Wise mean in this one is have someone with pedigree or experience that will impress and reassure investors. An ‘adult’ on your team should also show capability to deal with challenges both in the market place as well as in the funding process. Someone with enough life experience to have some commercial resilience.

2. Talk in sound bites

‘Make your business 9-year-old simple’ says Wise. Make sure your business can be described easily in a 30 second elevator pitch, in simple, digestible chunks.

When developing your elevator pitch, Wise recommended this formula:

Category – what category are you in? (HEARIS is in the software category in the social media space)

Differentiator – what makes your business different from the others in your category? (HEARIS specifically solves problem of multiple page management for franchise and other distributed retail networks)

Practical demonstration – give an example to have it all make sense. (… for example, Goodlife Gyms and Fitness First use HEARIS to enable their franchisees to build their local membership engagement while head office can monitor and respond to customer service conversations.)

3. Be appealing

Wise and Karp both emphasised that start ups often spend too long getting to ‘perfect’ before looking for funding, whereas most investors (in the US anyway) are far more interested in the potential of the business. So be appealing in terms of potential, in terms of ‘total addressable market size’ (TAMS), and have an attractive business that can scale profitably.

4. Get your shit together

In others words, know your shit. Have good financials based on sound assumptions (better to be conservative and exceed expectations that bullish and not meet them). Know your market, know your competitors and know how you’ll beat them. Understand your core competencies (yes, that MBA or business degree throes actually adds value here), and most importantly, don’t lie (or exaggerate, or inflate your credentials or school …).

5. Go make friends

Both Wise and Karp said it’s too late to start building your networks, or introducing yourself to investors, when you need the cash. Network, network, network and network they said to build relationships with acquisition targets, investors, influencers and advisors. And by build relationships, stay in touch, follow-up, keep them in the loop of your progress. “I’m not looking for funding right now but I’d like to stay in touch” was their suggested opening line.

Finally their tip was, you need to have an exit plan (investment, acquisition and by whom). Most start ups have a sales plan, technology plan, marketing plan, why not an exit plan?