The Tippy Top
The Tippy Top
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The podcast that helps entrepreneurs succeed by sharing best practice and creating alignment with both customers and investors. Featuring seasoned entrepreneurs, venture capitalists, and industry professionals. The Tippy Top helps you learn vicariously - because you simply don't have the time to learn each lesson through the school of hard knocks.
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Oct 30, 2022
3.4 Jess Ratty on PR & branding, crowdfunding, and social media
PR, social media and crowdfunding finally explained!
We all know that PR and social media are important.
But do we really know what good looks like?
And what can go wrong if we take our eye off the ball?
Whether you're using it to promote a crowdfunding campaign or drive new business, a proper communications strategy is essential to success.
If you're looking for pointers, tune into this episode featuring the amazing Jess Ratty a.k.a. Jessification.
Jess is the Founder and leader of Halo PR and Comms; a creative, bold, future-focused communications agency. Halo works with leaders in technology, deep tech, AI, Low Earth Orbit, deep space, fashion tech, out-of-home, fin tech, entertainment and social transformation industries globally and for the betterment of societies across the world.
Jess is named BBC Expert Woman & LinkedIn Story of Success. Previously Jess was a key player in the build and development of the UK's largest rewards-based platform, Crowdfunder. Jess' communications trade was learned and honed from a decade of working at The Eden Project in Cornwall. Born social. Jess has worked in the media and communications industry for the last 18 years - inspiring conversations to create widespread transformations.
Main topics and learnings:-
1. PR and branding - What great looks like:
1.1. PR adds trust and credibility. Far more than paid adverts.
1.2. PR helps you get in front of your customers so they can buy.
1.3. With PR, think about the overall journey, especially in the context of the ecosystem.
1.4. PR is one part of your comms strategy - videos, blogs, social.
1.5. Bad PR - journalists will get to know you. Manage it carefully.
1.6. PR is about selling you and your reputation, not just selling your product.
2. Crowdfunding - How to actually bring the crowd:
2.1. Bringing the crowd is about being human and storytelling. It's not about money, it's about marketing.
2.2. Crowdfunding done wrong - celebrities and influencers aren't a guarantee of success. Be wary.
2.3. Crowdfunding is tough work and you need a solid plan. Think about logistics. Do it with passion and gusto!
2.4. The best crowdfunding campaigns are done by you.
3. Social media - Learnings from managing 25+ social media accounts:
3.1. Don't do social for the sake of it! Must have value, must be interesting.
3.2. Better to have no account than a badly managed account.
3.3. Knowing your audience really matters.
3.4. Leverage your employees, they are a big fan base.
Get in touch with Jess via her Twitter handle @_Jessification_ or Insta or Jess Ratty on LinkedIn.
See you for the next one soon!
Alex @thetippytopblog
#pr #socialmedia #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing
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Aug 29, 2022
3.3 Prateek Sanjay from Foundraisr on investor/customer outreach, drafting amazing copy and documentation best practice
"We have 4 weeks until cash-out, can you invest?"
There's a fine line between distressed investing and venture capital.
In both scenarios, the cash may only land 4 weeks before the business runs out of money.
The fundamental difference with VC is that the conversations probably started 18-24 months prior.
With distressed, it may have only been 1-2 weeks ago and businesses pay dearly for this.
If you're looking for solid fundraising advice listen to LinkedIn influencer and founder of Foundraisr, Prateek Sanjay.
Prateek specialises in helping make people understood in a way that is relevant to people other than them.
Prateek's journey started in the Wealth Management division at UBS in New York where his role was to ensure client concerns were understood. Later on it was explaining new M&A department projects to the Board of a EUR 4bn telecoms company. Then at a start-up fundraising consulting firm, Prateek's job was to convert founder notes into something that investors understood. In his subsequent freelance career, Prateek would convert Deeptech language into 'English.' Prateek also spent a considerable amount of time writing grant applications where he translated what scientists and engineers said into normal words that people understood. Finally, working as a sales person at an app development agency, Prateek had to understand what the actual idea was so that the technical and product team could actually build it. Based on his messaging superpowers, Prateek was then asked to write short cold emails to investors to get meetings. No surprises his conversion rates were high and this service is very much in demand so Prateek created Foundraisr to do it full time.
Main topics and learnings:-
1. Researching and finding customer or investor names:
1.1. Need a process to find the financial stability of each customer.
1.2. Check customer willingness and ability to pay - what have they raised and what for?
1.3. Investors - check what their convictions are.
1.4. Use a sniper rifle approach, never a shotgun!
1.5. Specify the relevance of your offering in the first 2 lines.
1.6. Beware of niche sectors. Sometimes there's just not enough potential leads.
1.7. First impressions count - don't reach out too early.
1.8. Build your contact list 12 months before you need them. Trying to close things quickly sends out a negative signal.
2. Drafting amazing copy:
2.1. Prateek's most popular social media posts are time and money saving hacks.
2.2. Create content that is instantly actionable, insightful and deliver instant results.
2.3. Deliver value in the first 4 lines, don't wait until later in the post.
2.4. Best format - half lines of text using bullets and nothing that wraps onto two lines. Must look like classroom notes
2.5. Content guide:
2.5.1. 'Desired outcome you will get if you read this.'
2.5.2. Instructions on what to do.
2.5.3. Summary.
2.5.4. Call to conversion - e.g. "let me know in the comments."
2.6. When doing prospecting, look for buying signals using social listening tools.
2.7. Social selling is by far the best way to prospect.
3. Document access and navigation:
3.1. Use asynchronous communications to save you and investors time. E.g. Place videos, documents, how-to-guide on Journey.io / Google Drive / Trumpet / Sharepoint / Dropbox.
3.2. Calendly is helpful but meeting time is finite and not everyone can remember every meeting they've had.
3.3. Make sure your projections are realistic if you're committing them to writing.
3.4. Stay away from judgemental investors.
Book a phone call with Prateek via the link on his LinkedIn.
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May 22, 2022
3.2 Luke Smith from Forward Partners on getting to market in B2B SaaS, extracting value from your board and fundraising 101
Are you extracting the maximum value from your Board? Do you know how to efficiently go-to-market in B2B SaaS? Are you approaching investors in the best possible manner?
In Episode 3.2, Luke Smith pulls back the curtain on early stage venture capital and start-ups.
Luke Smith joined Forward Partners from REV Venture Partners, a corporate VC, where he was responsible for deal origination, investment due diligence and portfolio reporting. He was previously a consultant with the strategy consultancy Oliver Wyman, where he worked across the retail, aviation, healthcare and FMCG sectors. Luke originally planned a career in science and he holds a PhD in biochemistry. His focus at Forward Partners is on sourcing and executing new investments.
Forward Partners is a UK-focused pre-Seed and Seed fund with cheques from £200k up to c. £2m. They focus on Applied AI, e-commerce and marketplaces, with growing interest in Web3. One of their USPs is their "studio" (operational support) team including developers, product, design, growth and PR experts - almost like a non-profit agency that work on the portfolio. They are publicly listed so there's less pressure on exit timelines.
Main topics and learnings:-
1. Getting to market in B2B SaaS:
1.1. Tier 1 customers take all your time and resources. Perhaps focus your efforts on tier 2s.
1.2. When selling to enterprise, understand the stakeholders and what they want. Find the biggest user pain possible because then the internal champion inside the company will move mountains to onboard you.
1.3. Expect to wait 6 months for a signature and a further 3-6 months for your cash.
2. Extracting the most from your Board:
2.1. The Board is there to hold management to account and set the strategic direction. Board meetings are not a reporting session but rather 80% forward looking.
2.2. Boards should be small at 5-7 people. Find sector experts.
2.3. Get your Board pack out a week early and cover off initial questions via email. Use the Chair the liaison between management and the Board to keep things optimised.
2.4. In time, your Seed investors may roll off your Board and cap table. This is normal and healthy.
3. Fundraising 101:
3.1. Have a great deck to start with (VCs are quite lazy!). You can start without a deck but that's risky. Do the work and be targeted. Either do good cold inbounds or look for intros. Avoid automated emails.
3.2. Treat Q&A as an opportunity to build credibility and trust. Make sure you understand who is covering what question.
3.3. Red flags for investors:
3.3.1. Worrying inter-founder dynamics.
3.3.2. Founders with ego or who appear untrustworthy.
3.3.3. Wildly optimistic forecasts.
I certainly learned loads from Luke and hope you did too.
If you'd like to get in touch with Luke, email him on luke@forwardpartners.com or find him on Twitter @LukeSmith402 and Medium with LukeSmith402.
Speak soon,
Alex @thetippytopblog
#boards #b2bsaas #podcast #fundraising #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing #founders #redflags
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May 15, 2022
3.1 Raja Skogland from The Visionary Company on investor readiness, building marketplaces and materialising your dreams and ideas
...and we're back with Season 3 of the Tippy Top Podcast!
If you're an entrepreneur and looking to raise - are you investor ready?
Do you know what being investor ready actually means?
This exciting episode features the multi-talented Raja Skogland, founder of The Visionary Company in Norway and investor in 50+ start-ups. Investment banking, community building, creating start-ups, running incubators/accelerators, investing in start-ups and exiting a few, Raja really has done it all. You'll learn that there is little that Raja doesn't know about start-ups.
Since 2015, Raja has been helping 1,000s of entrepreneurs build their network, gain knowledge, and access capital, to be able to start and successfully grow their company. From 2016 to 2018, she launched and managed thehub.io growing the platform to over 1,200 start-ups and 100,000 unique visitors per year. In 2019, her company launched the first online accelerator for start-ups in the Nordics, which was acquired by TheFactory.no. Later Raja became CEO at TheFactory - awarded best accelerator in the Nordics in 2019, where she was helping founders grow their business and get Investor Ready. Recently Raja started The Visionary Company, where she helps startups gain traction and get Investor Ready, while also helping aspiring angel investors build a portfolio of start-ups.
Main topics and learnings:-
1. Investor readiness - what investors want to see:
1.1. Investor readiness means you have a solid business. It has nothing to do with paperwork.
1.2. Investors are looking for a solid, sustainable, scalable business that could be profitable one day.
1.3. Investors want to see traction, a product roadmap, go-to-market strategy, strong team, previous exits, good entrepreneurship Universities, passion, vision, a numbers orientation and a superpower in something like branding or fundraising.
1.4. Your business must always solve a strong problem!
1.5. The best resource to get investor ready is an online accelerator.
2. How to grow a marketplace start-up:
2.1. Marketplaces are hold to monetise and usually not attractive to most investors.
2.2. It's much easier to build an offline community first than try build an online market place from scratch.
2.3. Go niche at first and build loyal customers. Then build the next product iterations alongside them. You don't need to think of everything yourself!
2.4. Zebra-unicorn 'Head of Growth' people do exist but they cannot solve all of your start-up's problems. Timing is also everything when looking for a resource to help you scale quickly.
3. Materialising your dreams and ideas - insights from a seasoned coach:
3.1. Start entrepreneurship as early as possible. Failure is part of the learning process so you need time.
3.2. You can always go back to your job. Life is short. You will learn loads from your start-up and probably come back at the same position or higher in the company. There's no good reason to not pursue your start-up dream.
3.3. Coaching helps you step back and get a reality check. Much like a start-up Board.
3.4. Leave your ego at the door when building your start-up. Keep hungry, keep humble.
At the end of the day, being investor ready isn't all about investors. It's about being ready as an entrepreneur/team, being ready for your customers, and last but not least, being ready for your investors (because they really just want you to succeed!).
Thanks for tuning in,
Alex @thetippytopblog
#investorready #growth #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups
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Mar 13, 2022
2.10 Joel Palathinkal from Sutton Capital and Alexander Leigh on pitch decks, DEI, and relationships - two-way interview
Why do start-ups fail?
#1 CB Insights reason: They fail to raise follow-on funding.
But why? Why do they fail to raise follow-on funding?
A brilliant engineering interrogative technique taught to me to establish the root cause of problems is the '5 whys.'
Essentially ask why 5 times, going deeper and deeper until you uncover the real reason.
So, back to start-ups:
1. Why do they fail?
Because they fail to raise follow-on funding?
2. Why?
Because they fail to convince investors.
3. Why?
Because they usually haven't performed.
4. Why?
Because the team is not motivated.
5. Why?
Because there is team conflict and the relationships are not working.
That's of course a hypothetical example but I bet its quite a common one.
Keen to find out more?
Tune into this inaugural two-way interview podcast exclusive with Joel and myself to learn how the VC / Start-up industry really works.
Dr. Joel Palathinkal is a seasoned investor and entrepreneur affiliated with a global network of Single Family Offices, High Net Worth Investors, Endowments, and Venture Capitalists. He's the CEO of Sutton Capital and an LP / Mentor to emerging investment managers. Sutton Capital invests in opportunities focused on Fintech, Real Estate, B2B SaaS, Deep Tech, Space Exploration, Impact Investing, Cleantech, & Climate Change. Early in Joel’s career, he ran technology product innovation in Fintech, Artificial Intelligence, & for the Dept. of Defense. He completed his Ph.D in Modeling & Simulation while he was building flight simulators for the Defense Industry.
Main topics and learnings:-
1. What reviewing 100,000+ pitch decks teaches you:
1.1. First impressions are everything.
1.2. Use Canva is you don't have a designer.
1.3. TAM, Team, Traction. In that order.
1.4. Interview your customers before your VCs do!
1.5. Solve customer problems now AND look 5-10 years ahead.
1.6. Less is more. Use infographics.
1.7. Don't be too creative with the truth.
1.8. Contact information on page 1!
1.9. The pitch deck's job is just to pique interest.
1.10. Don't try sell a piece of old rope. Focus on getting the business right first.
2. Serving the under-served:
2.1. All disruptive companies focused on strong customer pains.
2.2. Under-served markets are untapped markets.
2.3. Diversity, Equality & Inclusion (DEI) - don't focus negative energy on it. 'Stay on mission.'
3. Start-ups are built on solid relationships:
3.1. VC/start-up is a long-term relationship. Your behaviour comes full circle.
3.2. Post-covid: Don't be transactional. Add value first. Be truly philanthropic.
3.3. Take time to pick co-founders. Pick people who are different and better than you.
It's been said that VC / start-up would be loads easier if we didn't have to work with people.
But it would also be really boring.
[Good] people are what make the sector so exciting and dynamic.
So surround yourself with great people and let the good times roll!
Hit 'like' if you agree.
Alex @thetippytopblog
#pitchdecks #relationships #disruption #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing #cofounders #diversity #dei #inclusion
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Mar 6, 2022
2.9 Anthony Rose on building start-ups, founder-friendly funding and the art of the pitch
Are you fundraising for your start-up?
Hopefully you already know the difference between equity, a CLN and an ASA.
If not, fear not, Anthony Rose from SeedLegals explains all in this podcast exclusive.
Anthony kindly explains everything from validating your idea, to pitching, to fundraising, and even start-up strategy.
Anthony Rose bio: Founder & CEO SeedLegals, insight-driven automated legals for startups. Founder Beamly, 6Tribes, QJAM. Investor in Papped. Director Vizrt. The man behind the BBC iPlayer.
Main topics and learnings:-
1. Building a product people want:
1.1. Most founders don't properly validate their idea. Ask "have you ever looked for this," not "would you use this product."
1.2. Listen to your customers, not your team. Or get your team to listen to your customers.
1.3. Use your mission statement as the yardstick when doing customer-driven development. Fix usability issues right away though.
1.4. Don't try do B2B and B2C at the same time. You'll end up being schizophrenic and not satisfying either.
2. Empowering founders:
2.1. We're seeing the rise of agile funding rounds with rolling closes.
2.2. Rounds are moving quicker (from 4 months to 2 weeks). Investors that don't adapt may lose out.
2.3. Get data on what is 'market' for deal terms, don't leave it to chance.
2.4. Consider using an Advanced Subscription Agreement ("ASA") as it is perhaps the best instrument for founders.
3. The art of the pitch:
3.1. Pitching is telling a story to persuade an investor to do something.
3.2. On stage, be a showperson, that's what people want.
3.3. When pitching online, get your tech perfect.
3.4. Do your audience research first by mingling.
3.5. Before you pitch to investors, pitch to your customers through content marketing. It's free and still very underrated. It makes you a thought-leader and drives sustainable web traffic.
No matter what advice you were looking for, I'm sure you'll agree that this episode puts the power firmly in the hands of founders.
Chat soon,
Alex @thetippytopblog
#asa #product #pitch #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing #advancedsubscriptionagreement #empowerment #founders
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Feb 27, 2022
2.8 Alex Packham on entrepreneurship, building a solid business and exiting
The day you take on venture capital is the day you agree to sell your business.
Before you do that though, you'll need to build something someone wants to buy.
The best way to do that is not to focus on disrupting a market, but rather to solve a strong customer pain for millions of people.
Learn more from Alex Packham's inspiring story.
Alex started his social media career at ODEON and NOW TV. In 2014 he then started his own digital agency ASTP and content marketing SaaS platform, ContentCal. The agency quickly grew to a team of 20 with +£1m revenue. Using those profits to fund ContentCal development, ASTP merged into ContentCal to focus on a B2B SaaS model.
Alex raised over £10m for ContentCal, built the business to 3,000+ customers globally, a team of 50 and growing 150% year on year. His main focus as Founder & CEO is defining their vision, helping build their incredible team, product strategy and business development. In Dec 2021 ContentCal was acquired by Adobe.
Main topics and learnings:-
1. How to build a solid business:
1.1. A business is about generating revenue from day 1, with a focus on the bottom-line. This keeps you disciplined. Make sure people part with their cash as early as possible.
1.2. As a leader, you should only do c. 3 things a week. Delegate the rest to people who are smarter than you. Then give them space.
1.3. Before you begin a start-up, just prepare mentally because you'll learn the rest on the job. After you begin, get regular feedback and use mentors.
2. Why you should be an entrepreneur:
2.1. Starting a business is so fulfilling (while also being challenging) so 'have a go' because 'life is too short' not to!
2.2. To attract venture investors, you need to reverse engineer a big outcome. Usually this means setting out to dominate a market segment.
2.3. Solve a strong pain for a specific person. Then do this 1 million times. Beating another a business is not a 'vision.'
2.4. Networking is critical to success. As an entrepreneur, the network you'll build is incredible.
3. How to exit like a ninja:
3.1. Before you think about exiting, focus on building a solid business because that's what people are actually buying.
3.2. Negotiating an exit should not be underestimated otherwise you'll lose money throughout the process.
3.3. You'll maximise your exit value and make the transition as easy as possible if you start delegating early.
3.4. The CEO's role is building teams, and setting and cementing the vision. The leader is the glue that sticks everything together. It's a very unique job that does not have a traditional job spec.
Sound like something that might interest you?
Why not have a go? It doesn't have to be venture-backed. In fact, most businesses aren't suitable for VC.
It may take 10 years as a side hustle but it will almost certainly be an incredible journey.
Chat soon,
Alex @thetippytopblog
#exits #entrepreneurship #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing
Keep up to date with Alex Packham here:
https://www.alexpackham.com/
https://www.instagram.com/astpackham/
https://twitter.com/alexpackham
https://www.linkedin.com/in/alexpackham/
Referenced book: https://www.goodreads.com/book/show/41881472-the-psychology-of-money
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Feb 11, 2022
2.7 Toby Lywood from Oxx on approaching investors, go-to-market-fit, and internationalisation
Thinking about expanding your start-up into the US?
It's probably one of the hardest things that a company will ever do.
Akin to building a new start-up from scratch while still running the old one.
The timing is also very important. Get it wrong and you'll end up in the US graveyard like many others.
Rather learn from people who know what works and what doesn't, like Toby.
Toby Lywood is an investor at Oxx, a B2B SaaS focused fund investing at the scale up stage in companies across Europe and Israel. Based in London, Toby joined the Oxx team around two and a half years ago.
Prior to working at Oxx, Toby worked in the TMT transactions team at EY in London for three and a half years where he performed financial due diligence on a mix of buy-side, sell-side and IPO transactions. Toby holds an BA in History from Trinity College Dublin and is a Charted Accountant.
Main topics and learnings:-
1. The art and science of how to approach investors:
1.1. Tailor your deck to the sector and stage of VC you're targeting e.g. B2B SaaS - Series A.
1.2. VCs are backing people, not just ideas. Errors in decks give a very bad first impression.
1.3. Be passionate and transparent when pitching. Sell the vision.
1.4. Make data clear and fit it to your strategy.
2. Product-Market-Fit ("PMF"), Go-To-Market-Fit ("GTMF"), Growth & Moat ("G&M") stages explained:
2.1. PMF = the business value proposition aligns with customer needs. $0m - $3m ARR but typically $1m. Series A.
2.2. GTMF = Predictable growth engine with good unit economics. Look at CAC payback period, and LTV to CAC ratio. $2m - $20m ARR. Late Series A to Series B. Early majority of customers.
2.3. G&M = GTM playbook is working. Continuously recruiting at pace. Building a distinctive brand. Sustainable revenue growth. Geographic expansion. $15m+ ARR. Series B++.
2.4. Look for leading indicators e.g. customer engagement and NPS scores. Not lagging indicators like churn.
2.5. Don't try scale too quickly as you'll burn too much cash.
3. How to internationalise your business without ending up in a graveyard:
3.1. UK companies are moving to the US increasingly later.
3.2. Moving to the US is the hardest thing a company will ever do. Timing is very important.
3.3. There are 5 models of internationalisation:
3.3.1. Straight to the US e.g. Zendesk, Stripe, Datadog.
3.3.2. Adjacent first - geographically nearby countries e.g. Unity, UI Path, Mimecast.
3.3.3. Team and business model - non-obvious locations where your team are e.g. Personio, Oudin.
3.3.4. Globally distributed - software businesses that are globally applicable e.g. Hubspot, Typeform, Pipedrive.
3.3.5. Inorganic via M&A e.g. Insurtech companies.
3.4. Expanding to the US involves moving there. Hiring and retention is hard. Need to look like a US business. Might have to do GTMF again.
If after this, you still want to expand into the US, perhaps it is the right decision for you.
If you're done the move before (successfully or not), keen to share your thoughts?
Alex @thetippytopblog
Book referenced in the podcast: The sales acceleration formula by Mark Roberge
#internationlisation #productmarketfit #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing
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Feb 6, 2022
2.6 AMG from Practical CFO on investment strategy, start-up realities and mistakes
The majority of start-ups fail because they run out of cash.
A good financial model can serve as a health barometer and predict issues.
Don't leave business planning to chance.
Hire a strong CFO at the outset, even if it's part-time.
Angela-Marie Graham ("AMG") is an SME CFO with an eclectic career, that started with a work placement in an art supply company that wouldn’t use a computer because a catastrophic failure a year early! "But I used a spreadsheet because even as a junior I knew how important they were. Since then, I have worked in the book publishing, telecoms, energy and retail businesses, amongst others and now work for a practice where most of our clients are start ups including software developers, and those aiming to make world changing biomedical advances. And I love what I do and consider myself fortunate that I actually found accountancy!"
Main topics and learnings:-
1. Your investment strategy is as important as your business strategy:
1.1. Keep your cap table clean both in terms of employees and investors.
1.2. Follow-on funding is a reality. Plan for it and link it to your value inflection points.
1.3. Fundraise 25% more than you think you'll need.
1.4. A good financial model helps you plan, refine your thinking and convey your business idea.
1.5. Keep your financial model very simple. It just needs to tell a story. No macros please.
1.6. As the CEO, you must own the financial model.
2. What it really means to run a company:
2.1. Be prepared for banks and find your zen place before you start.
2.2. There is lots of admin. Understand your strengths and weaknesses.
2.3. Use an accounts@email for future-proofing. Use a password manager.
2.4. You will have sleepless nights. Take time out, it is incredibly important.
2.5. Hire for your weaknesses, find trusted suppliers and then 'let go.'
2.6. Find a mentor who is also an entrepreneur.
3. Silly mistakes that may cost you your business:
3.1. When hiring, stop looking for 'Jesus in a skirt.' Hire for attitude & passion.
3.2. Diversity is not about ethnic origin. Look for diversity of thinking.
3.3. Don't be too cheap. Invest your business. Always respect the cash though.
If the above doesn't sound all that exciting, get help. There are people who specialise and love doing these types of things.
Chat soon,
Alex @thetippytopblog
#financialmodel #captable #CFO #podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #angels #angelinvesting #investors #investing
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Jan 30, 2022
2.5 Edward Reid from PWC Raise | Ventures on picking investors, fundraising strategy and process management
So you've finally reached the magical £1m ARR and you're ready for your Series A raise.
The hard bit is done right?
Unlikely. The reality is that the rules of the game change at Series A.
The fundraising time commitment, rigour, due diligence, process and stakeholder management effort goes up significantly from what you may have experienced during your Seed raise.
To add to the complexity, choosing the wrong investor at this point could be a catastrophic decision.
Want to know more?
Watch or listen to The Tippy Top Podcast Episode 2.5 Edward Reid from PWC Raise | Ventures on picking investors, fundraising strategy and process management.
Edward has wide and varied experience, working across multiple industries and sectors prior to joining the PWC Raise | Ventures team in January 2020. He first joined PwC in September 2012 and completed his ACA in the Banking and Capital Markets Assurance practice in 2015. In September 2016, he joined the Business Recovery Services team where he focused on turnaround and transformation programmes for large corporates and public sector institutions.
Main topics and learnings:-
1. Picking the best type of investor for your business:
1.1. Spend time with them to build a good rapport. Find out what they're like by asking their portfolio companies.
1.2. Look for credentials and track record. Also, are they empathic to the needs of entrepreneurs?
1.3. Scrutinise the underlying deal structure, not just valuation.
1.4. Red flag: When investors drag their heels on the deal. It may be annoying now but on round 2, it may be the difference between success and failure.
2. Fundraising - how much and when?
2.1. Raise enough for an 18-24 month runway because this is a realistic time-frame to achieve your goals. Fundraising takes lots of mental capacity and time. Having cash in the bank will help you sleep better and help keep all decisions strategic.
2.2. A good ratio is raising 3 parts capital to 1 part revenue e.g. £1m annual recurring revenue (ARR) = £3m raise.
2.3. Be wary of benchmarks on valuations. The rules of the game are changing constantly.
3. Managing the investment process:
3.1. Set a strategy at the start. Fundraising can take 6 - 12 months from start to finish.
3.2. Three core stages. 1. Getting investor ready & all materials sorted. 2. Actually engaging with investors. 3. Completion.
3.3. Stage 1 takes at least 6 weeks and is crucial to getting your fundraise right: Pitch deck, FAQs, and 3-statement financial model.
3.4. Use a corporate finance house for advice, material preparation, document management and bandwidth.
See, there's quite a bit to it. At least you're that much more prepared than before you read this though.
So, what do you want to learn more about next?
Let me know in the comments or send me a DM.
Alex @thetippytopblog
Link to PwC Raise | Ventures valuations webinar.
#seriesa #fundraising #podcast #seriesb #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #startups #thetippytop #businessadvice #seed #entrepreneurs #tech #investors #investing #healthtech
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Jan 23, 2022
2.4 Joshua Western from Space Forge on investors, service providers and team
Joshua Western from Space Forge recently raised the largest Seed-stage Space-sector round in the EU at $10.2m. He kindly shared his experience with us.
Joshua is the CEO & Co-Founder of Space Forge, an in-space manufacturing company, building the world's first returnable and re-launchable satellite platform. They are doing this to unlock scalable manufacturing on-orbit of materials impossible to create on Earth. These materials returned to our planet lower energy consumption by over 60%. Joshua previously worked for major European aerospace and space companies and the UK Space Agency on space exploration, national security, strategy and sustainability.
Main topics and learnings:-
1. Pick your investors carefully:
1.1. UK venture capital is led by finance. US venture capital is led by entrepreneurs.
1.2. Leverage EIS in the UK to get smart money ASAP. There's lots of dumb money in the UK.
1.3. Entrepreneurship and fundraising is a steep learning curve, but a great thing to do!
1.…
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Jan 16, 2022
2.3. Peter Cowley - The Invested Investor on lessons after 12+ start-ups & 75 angel investments
Peter Cowley, a Cambridge University technology graduate, founded and ran over a dozen businesses in technology and property over the last 40 years. He has built up a portfolio of 75 angel investments with 11 positive exits (including one that is 107X his investment and returned all the cash he has invested) and 17 failures. He is a board member of the Global Business Angel Network (GBAN), President Emeritus of the European Business Angel Network (EBAN), former chair of the Cambridge Business Angels and was UK Angel of the Year 2014. He has reviewed thousands of business plans, mentored hundreds of entrepreneurs and is on the board of eight startups.
He is a fellow in Entrepreneurship at the Cambridge Judge Business School and is on the investment committee of the UK Angel Co-fund. He has also had 16 years’ experience as chair, treasurer and trustee of the boards of seven charities.
With his son, Alan, Peter is sharing his and others’ experience…
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Jan 9, 2022
2.2. James Newell from Clear Sales Message on how to sell
We're delighted to be joined by James Newell from Clear Sales Message.
If you're still leaving your sales to chance, this episode is for you. James has a noteworthy career in sales with organisations such as Mercedes Benz, Ferrari, BMW and Alfa Romeo. James now licenses his sales methodology to UCL & London & Partners for their entrepreneur programmes.
Key topics and learnings:-
1. Sell the destination, not the journey:
1.1. To become a better seller, think how you'd like to be treated as a buyer.
1.2. You're probably not selling what you think you are. Find out what your clients/customers are really buying. It's usually something quite human.
1.3. Remember that people don't care about features.
2. The Trigger Point: It drives the client to need your offering at the moment that you are pitching it, not just some time in the future.
2.1. To find the trigger point for new customers, ask existing customers.
2.2. Potential buyers ask specific questions when they're really interest…
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Jan 3, 2022
2.1. Matthew Holding on navigating the VC world
Matthew Holding from Systema VC leads us into 2022 with the start of Season 2 of the Tippy Top Podcast.
Matthew shares some unique insights about leadership and how the investment world really works!
Matthew is the Chief Operating Officer & investor at Systema.vc and has held numerous investment roles since 2015. He's also currently a British Army Officer and training to be Troop Commander of 30+ soldiers. Matthew is ACA qualified and holds a Bachelor of Medical Science in Biomaterials.
Key topics and learnings:-
1. How to navigate the VC world:
1.1. Get out there and don't be afraid.
1.2. Be hungry and network like crazy.
1.3. If you get a "no," it's not always about you, there's lots of other factors at stake.
1.4. Always be transparent and concise with your communication.
2. Dos and don'ts of pitching:
2.1. The pitch is all about capturing the attention of the VC.
2.2. Being able to stand up to scrutiny is more important than a polished pitch deck.
2.3. The pitch is th…
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Dec 29, 2021
1.10. Nic Pillow on equity funding, customers and success in start-ups
A warm welcome to Nic Pillow on this final episode of season 1 of the Tippy Top Podcast.
Nic is currently a VC investor at Blackfinch Ventures. Prior to that Nic completed a doctorate in AI at the University of Oxford, founded a start-up, worked in many other start-ups and also did his time in corporate, including 7 years at Nokia.
Nic brought a balanced perspective to the show, including being very candid about what taking equity funding is really like.
Key topics and learnings:-
1. Do you really want equity funding?:
1.1. Remember you are agreeing to sell your business on day 1. Make sure you detach emotionally from the outset. The umbilical cord might get cut sooner than you expect.
1.2. You may be disappointed with your investors. Find out if they really have what you need and whether they will challenge you effectively.
1.3. Valuations can go down. Not only the post-money but the pre-money = loads of additional dilution. Spend your investment money wisely.
2. How to measur…
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Dec 19, 2021
1.9. Jonathan Sun on re-inventing the VC model
A massive welcome to Jonathan Sun, founder of Horizan VC. Jonathan is a VC who is passionate about making the ecosystem work. A breath of fresh air in what can sometimes be a very opaque industry.
Jonathan has incredible enthusiasm and doesn't waste time maintaining the status quo. If you're thinking about building a start-up, you'll definitely first want to listen to the section on pretotyping!
Three main topics and key learnings:
1. Validate ideas with pretend prototyping (pretotyping):-
1.1. Before you build an MVP, first setup a landing page and get customers to enter their credit card details. Rather get this wrong 15 times than building the wrong product.
1.2. No-code is on the rise and will democratise SaaS. If tech businesses want to differentiate, their code will need to exemplary.
1.3. Chief Product Officers may therefore become more valuable than Chief Technical Officers.
Link to Jonathan's pretotyping podcast if you want to hear more: https://podcasts.apple.com/dk/po…
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Dec 12, 2021
1.8. David Dixon on start-up leadership, success and the future!
This week we're delighted to be joined by David Dixon, our first digital business growth coach and NED. You'll come to know David as a true tech visionary and one of the nicest people you'll meet.
This episode has some really profound predictions for the future and how you should prepare!
Three main topics and key learnings:
1. Leadership is core to scaling:
1.1. You need to find a commercial gap. Tech is merely an enabler. Do the world need your product/service?
1.2. Leadership is about making decisions. Both decisions you make and those that others are empowered to make.
1.3. You need a north star. What are you aiming for?
1.4. Be aware of the power of culture. Culture is everything #peterdrucker
1.5. The UK needs to get better at empowering leaders. The US culture creates a better conditions for start-ups to succeed.
2. Why some ideas fail and some succeed:
2.1. There is definitely an element of luck.
2.2. Hire people better than you and then let go. Easier said than do…
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Dec 5, 2021
1.7. Xavier and Sam from Angel Investment Network on how to raise
Our first ever dual podcast and what perfect guests to lead the charge! Both Sam and Xavier from Angel Investment Network are about as passionate as they come. Their 'work' is entirely focused on helping entrepreneurs succeed. They've helped build a truly impressive global network of Angel investors and facilitated thousands of investments. They also have a more hands on fundraising service for later rounds which means they're a one-stop shop for pre-Seed to pre-IPO funding rounds. With over 22 years combined experience in start-ups, they've learning a thing or two and kindly shared their wisdom.
Topics and top learnings:
1. Founder conduct:-
1.1. Nice people generally have better fundraising outcomes.
1.2. You need a connection with your investors because it's a long-term relationship.
1.3. Competence and execution are key. Passion is also hugely important. Also, keep your investors regularly updated.
1.4. Be your authentic self. Investors will see through anything else.
2. Sta…
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Nov 28, 2021
1.6. Jim Nicholas on passion in entrepreneurship
Podcasters, you're in for a treat today with Jim Nicholas, CEO of Uniphy and Chair at Codeplay. An entrepreneur that walks the talk. Most people only talk about passion. Jim is so inspiring that he has this visceral gravitational pull in every room he enters, so I had to invite him on the show.
If you're thinking about becoming an entrepreneur, now or in the future, this episode is for you!
Topics and learnings:
1. Passion makes the world go around:
1.1. Passion is the fuel for innovation. It is a fundamental ingredient.
1.2. Passion cannot be faked, it's too obvious to everyone.
1.3. Anchor your passion in numbers, otherwise it's just hot air.
1.4. "Start where you are." Don't look for silver bullets to improve your circumstances.
1.5. Consider optimising your career for how much fun you're having.
1.6. Focus on something you're interested in. Invest and apply yourself. That's most of the work.
2. How creating an ecosystem reduces your CAC:
2.1. Take a macro view of how you…
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Nov 21, 2021
1.5. Part 2 - Mike Morgan on the realities of being an entrepreneur
We're back with Part 2 with Mike Morgan. If you enjoyed Part 1, I guarantee you'll be inspired by Part 2.
Part 2 lessons:
1. How to deal with investors:-
1.1. "VCs are for life, not just for Christmas."
1.2. "Keep your friends close and your investors closer."
1.3. Pick up the phone. Don't wait for Boards to speak to your investors.
2. How to avoid mistakes:-
2.1. Speak to other entrepreneurs in your investors' portfolio. They won't be competitors and should be on the same mission.
2.2. Seek counsel from others who have been through what you're going through now. They won't tell you what to do, they will just test your theories and help with decision-making frameworks.
2.3. Keep it simple. Don't over complicate your business before it's necessary. Both in terms of organisational structure and trying to automate everything.
2.4. Do everything you do for your customers.
2.5. Work hard to make yourself operationally redundant.
2.6. When you find someone better than you, hire…
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Nov 14, 2021
1.4. Part 1 - Mike Morgan on the realities of being an entrepreneur
We said we would have seasoned entrepreneurs on the show and true to our word, Mike Morgan from Channelsphere joins us this week to share his incredible entrepreneurial journey. A real account of what it is like being an entrepreneur rather than the glamorous veneer we frequently see in the media.
Mike has been on all sides of table of start-ups, holding all of the following titles: CEO, Managing Director and Founder, Chairman, Interim Executive, Start-up and Scale-up Advisor, NED, Mentor and Angel Investor.
Mike is a seemingly bottomless source of knowledge and inspiration. Accordingly, Mike kindly agreed to split this interview over 2 episodes to give you listeners the maximum possible benefit.
Part 1 lessons:
1. Mental health in entrepreneurship -
1.1. Find someone to talk to and make sure it's a fellow entrepreneur who can really understand what you're going through. A traditional business mentor/coach won't likely be enough.
1.2. Mental health isn't necessarily on the rise,…
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Nov 7, 2021
1.3. Lucy Rands on navigating venture capital and helping the planet
Not all VCs are created equal. Rather aptly in the midst of Cop26, this week we're thrilled to be joined by Lucy Rands from ETF Partners. Lucy's passionate for helping entrepreneurs and the planet really shines through. Lucy also shared some incredible insights about everything from pitch decks to the climate crisis and how we need to be part of the solution.
3 main topics and learnings:
1. Mistakes
1.1. Firstly good investors know that the journey as an entrepreneur is incredibly tough so know that there's a great deal of respect and admiration for what you do.
1.2 The best way to be successful is to stay focused and tell one story.
1.3. Also, spend time understanding yourself, then seek appropriate training or hire for other gaps.
2. Series A
2.1. The investor and entrepreneur relationship is often described as a marriage. It is. The main difference being that it's harder to get divorced in a start-up!
2.2. To attract Series A investors, you need to demonstrate that there is…
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Oct 31, 2021
The Tippy Top (Trailer)
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Oct 31, 2021
1.2. Peter Walsh on the reality of startup fundraising
Peter Walsh (ex-Match Capital) shares his deep insights about the reality of raising funds for start-ups.
3 main topics and learnings:
1. Time to fundraise: reality vs fantasy - bank on 6 -12 months and be prepared to double it.
2. Founders always raise too little and it's tough - rather get money from your customers.
3. Why start-ups fail and how to avoid it - be relentless and plan ahead.
Thanks for all your supportive comments to date. As always, please let me know what topics you want covered next.
Enjoy the show,
Alex @thetippytopblog
Connect with Peter and ThoroughBid here:
Instagram: ThoroughBid
Facebook: (11) Thorough Bid
Twitter: ThoroughBid
LinkedIn: ThoroughBid
YouTube: ThoroughBid
#podcast #learnwithalex #askalex #investoready #vc #venturecapital #vcs #entrepreneurship #thetippytop #businessadvice #startups #seed #entrepreneurs #tech #investing #investors #angelinvestors #pod #fundraising #peterwalsh
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Oct 24, 2021
1.1. JP Luchetti on start-up success
This episode features JP Luchetti. JP wears many hats including being a VC, founder, go-to-market expert and product guru.
You'll learn about:
* The real reason for start-up failure. Yes, it's that they run out of cash / don't raise follow-on funding, but why?!
* The Prove and Promise Framework. Basically how to ensure your VCs keep investing.
* PMF & NPS scores, and the North Star Metric.
Overall, you'll have simple and clear takeaways about exactly how to succeed as an entrepreneur. What's not to love?
Big thanks to JP for suggesting the topic, sharing his valuable knowledge and taking the time out of his busy schedule. Find more from JP here: https://www.whosfabio.com/ and https://www.deazy.com/
Enjoy the show,
Alex @thetippytopblog
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