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multimap.com
Online Maps to Everywhere!




The Multimap Journey
The Multimap Journey
        February 2013
         February 2013

        Sean Phelan
        Sean Phelan
          Founder
          Founder
multi    map.           com
Online Maps to Everywhere!


About me
   University of Sussex, 1977-1980
     • Electronic Engineering/Computer Science

   Software engineer at Scicon Consultancy then Geac Computer for ~9 years
     • Geac specialised in high-volume cost-effective transaction processing
     • I worked on computer networking

   MBA, Institute Theseus, France 1989-1990
     • specialist MBA in technology strategy & innovation

   Telecoms strategy consultant, at Yankee Group then KPMG, for ~5 years

   Started Multimap.com late 1995

   Sold company to Microsoft in December 2007

   Now an Angel Investor
     • 11 investments made; 6 still in business.



                                                                               Page 2
multi    map.           com
Online Maps to Everywhere!


About Multimap
   Founded in 1995 and online since 1996

   High-volume public site delivers close to 200 million page views per month

   #1 business mapping service provider in Europe; #2 or #3 Worldwide
       • Delivering maps to more than 1,200 business customers
       • Broad portfolio of products
       • Serving multiple platforms

   120 Employees in London, Boston, Sydney, and Istanbul

   Consistently profitable since mid-2002

   One of only three companies to appear in in Tech Track’s Top 100 fastest-growing Technology
   companies in 2003, 2004, 2005, and 2006

   Acquired by Microsoft, December 2007



                                                                                            Page 3
multi    map.           com
Online Maps to Everywhere!


Why start this, in 1996?

    GPS was
    becoming a
    consumer product

    GSM was taking off
    as a cellular
    standard; mobile
    phone penetration
    was growing

    Netscape went
    public: the internet
    is real!




                              Page 4
multi    map.           com
Online Maps to Everywhere!


The original idea: Maps on phones…




                                     Page 5
multi    map.           com
Online Maps to Everywhere!


How did companies get web mapping in 1995-1997?

     Desktop GIS packages from Mapinfo, ESRI or
     other smaller vendors…

     Combined with “web server” add-ons to get
     images from desktop to web…

     Combined with professional consulting services to
     make it all work, usually from consultants who had
     never done this before….

     Total cost likely to be from £15,000 to £50,000.

     Deployment time likely to be 2-6 months.



                                                          Page 6
multi    map.           com
Online Maps to Everywhere!


The initial web service concept: “Mash-up 1.0”

                                                                    Maps come from
                                                                    Multimap.com; points on
                                 Page Request
                                                                    maps come from the
                                                                    customer
                                                      Your Server
                                Page Response
                                                                    Set up in under 1 hour

    User’s computer                                                 List price: £500
                                          MAP
                                            Request

                              MAP
                              Response


                                                Multimap
                                                 Server




                                                                                        Page 7
multi    map.           com
Online Maps to Everywhere!


Disruptive Innovation?



“A disruptive innovation is an innovation that helps create a new
market and value network, and eventually goes on to disrupt an
existing market and value network (over a few years or decades),
displacing an earlier technology. The term is used in business and
technology literature to describe innovations that improve a product
or service in ways that the market does not expect, typically first
by designing for a different set of consumers in the new market and
later by lowering prices in the existing market.”



  Source: http://en.wikipedia.org/wiki/Disruptive_innovation
                                                                       Page 8
multi     map.           com
   Online Maps to Everywhere!


  Incremental Innovation




Christensen 1997; Wikipedia graphic
                                      Page 9
multi     map.           com
   Online Maps to Everywhere!


  Innovation & Product Differentiation




Christensen 1997; Wikipedia graphic
                                         Page 10
multi     map.           com
   Online Maps to Everywhere!


  Disruptive Innovation?




Christensen 1997; Wikipedia graphic
                                      Page 11
multi    map.           com
Online Maps to Everywhere!


Early-stage Timeline

               1996           1997   1998      1999     2000       2001




          - Bootstrapping -                 Fund-
                                                      - Growth -
                                            Raising
                •Market Research
                                                      •Recruitment
                •Sourcing map data
                                                      •Offices
                •Software development
                                                      •Marketing campaign
                •Web site creation
                                                      •B2b sales team
                •Ad sales
                •Early b2b sales




                                                                            Page 12
multi    map.           com
Online Maps to Everywhere!


Quarterly Sales & Profitability, Q4 1999 to Q4 2001




                                                  New Office
                                                  New Office




                              Ad Campaign
                              Ad Campaign



                                                               Page 13
multi    map.           com
Online Maps to Everywhere!


2000/2001 – dot.com Crash

    Tech valuations peaked in March 2000 then collapsed

    wiped out $5 trillion in market value of tech companies from March 2000 to October 2002

    Banner advertising CPMs fall from £10/thousand to 20p/thousand

    In UK, RIP Boo.com, Clickmango.com,
    Ready2Shop.com, Pets.com,
    Toysmart.com, et al.

    Investor’s interest in tech start-ups
    completely evaporates




            How to respond?


                                                           NASDAQ Composite index             Page 14
multi    map.           com
Online Maps to Everywhere!


Options:




                              ✔

                              Page 15
multi    map.           com
Online Maps to Everywhere!



       Creation and growth of Multimap

                       2004            Australian office; Microsoft partnership; NZ partner
                             2003         Sunday Times Tech Track 100; Australian maps; won Argos
                                           and Ford US; profitable again; more than 1 billion maps served

                                  2002  Ford Europe becomes a client… integrated hotel &
                                           
                                        restaurant services, gained Australian distributor
                                  2001  US street-level maps launched, Recognized as #1 Directory
                                         in the UK, Interactive TV service.
                                       2000            Launch of WAP, PDA services, Tele Atlas street-level
                                                        maps, Travel directions, Aerial photos, tube maps
                                       1999             $3 million investment by Flextech (now Telewest)
                                    1998              Worldwide service launched. First use of OS data
                                1997  Launch of public site. First fee-based customers
                             1996  Initial software development. Worldwide patent filing
                  1995            Company Founded. Initial patent filing.
                                                                                                            Page 16
multi    map.           com
Online Maps to Everywhere!


Financial Performance, 1999-2005




                                   Page 17
multi    map.           com
Online Maps to Everywhere!




                              Page 18
multi    map.           com
Online Maps to Everywhere!




                              Page 19
multi    map.           com
Online Maps to Everywhere!


How did the Multimap development team respond to Google, draggable maps etc.?



           Definitely a “bet the company” project. Actually three projects:

              • Create a draggable map API

              • Create ~4 billion map tiles to cover the mapped surface of the earth at street level

              • Create a new public web site, using our own API


           Did it all succeed?




                                                                                                       Page 20
multi    map.           com
                                      Creation and growth of Multimap
Online Maps to Everywhere!




                      2007            Launch of new public site with draggable maps; added coverage
                                       of China, Malaysia, Hong Kong, Singapore, Thailand.
                        2006          Queen’s Award for Innovation; Draggable map API; Malaysian
                                       partner; new office; new site design
                        2005          US expansion; draggable maps for Yell; first £1 million month
                      2004            Australian office; Microsoft partnership; NZ partner
                     2003             Sunday Times Tech Track 100; Australian maps; won Argos and
                                       Ford US; profitable again; more than 1 billion maps served

                    2002              Ford Europe becomes a client… integrated hotel &
                                       restaurant services, gained Australian distributor
                 2001            US street-level maps launched, Recognized as #1 Directory
                                  in the UK, Interactive TV service.
         2000               Launch of WAP, PDA services, Tele Atlas street-level
                             maps, Travel directions, Aerial photos, tube maps

                                                                                                  Page 21
multi    map.           com
Online Maps to Everywhere!


Financial Performance, 1999-2006

      £ 10,000
                                                                                                     9484


        £ 8,000
                                                                                           7,569
                                             Total Revenue
                                             EBITDA
        £ 6,000
                                                                                 5,361


        £ 4,000
                                                                       3,381

    £ Thousands                                              2,599
       £ 2,000                                                                             1926

                                                1,123                            1220                1100
                                     565                               392
                             300
               £0            0                            -109
                        1999       2000      2001       2002         2003      2004      2005      2006
                                     -1332      -1181

       -£ 2,000


                                                                                                            Page 22
multi    map.           com
Online Maps to Everywhere!


Transaction Timeline


    2005/2006:         Original investor Telewest merges with NTL; combined entity merges with Virgin Mobile
    to     form Virgin Media

    Early 2006:               Virgin Media indicates general interest in an exit from Multimap

    Q3/Q4 2006:               Decision to seek new investor(s) for ~30% of equity (all replacement capital) — ~£8M

    Dec 2006:                 RFP sent to three potential advisory firms

    Jan 2007:                 Presentations from advisors; winning proposal: First Capital

    Feb 2007:       Finalisation of First Capital engagement; work commences on Information
    Memorandum (IM)

    April 2007:               IM completed & circulated to investors; development and practice of investor
    presentation

    May/June 2007             Presentations to potential investors — VC, private equity & trade.




                                                                                                               Page 23
multi    map.           com
Online Maps to Everywhere!


Transaction Timeline


    July 2007                 Potential trade investors express interest in “majority stake”

    23 July 2007              “TomTom N.V. intends to make a cash offer of €2 Billion for TeleAtlas N.V.”

    August 2007               Expand engagement of First Capital to encompass trade sale

    Sept 2007                 “Nokia to Pay $8.1 Billion for Navteq”

    10 Oct 2007               pre-Budget report: new flat 18% CGT rate replaces 10% after taper relief

    18 Oct 2007               Deadline for final offers

    23 Oct 2007               Enter exclusivity with Microsoft

    12 Dec 2007               Transaction announced.




                                                                                                            Page 24
multi    map.           com
Online Maps to Everywhere!




                              Page 25
multi    map.           com
Online Maps to Everywhere!




How to raise Angel Investment




                 (with thanks for content to Julian Costley)



                                                               Page 26
multi    map.           com
Online Maps to Everywhere!




               What does an angel want?
         Upfront proposition

          “I would like you Mr./Ms Investor to invest X for Y% of my business. The
          business will achieve Z financial performance over Q years. The
          proposition will become valuable to various potential buyers in P years,
          and I intend to sell to one of these acquirers in 5 to 7 years. Given
          comparable deals in the market, I anticipate that the business will sell for
          a price which equals 5X profit [sometimes revenue is the multiple used],
          and our forecasts show that we will achieve that in that time period.”



          Courtesy of Julie Meyer


                                                                                  Page 27
multi    map.           com
Online Maps to Everywhere!




               What does an angel want?
         Credible model on revenue and general idea – market
          need, scale

         Single main idea:

            GOOD - “We can become the definitive support
             organization for international staff locating in Hungary”

            BAD – “Once we have all these international staff on
             our books the real profits will be driven by the dating
             agency we plan to offer as well...and...er...selling them
             air tickets...”


                                                                         Page 28
multi    map.           com
Online Maps to Everywhere!




               What does an angel want?
        Management commitment – personal time spent and
         financial commitment of own money

        The plan is oven ready – just needs the last ingredient
         (money) before serving!

        To add value - sector known to Angel

        Accessible location/country of the business

        Attractive valuation/investment return – downside
         protection before upside gain
                                                                   Page 29
multi    map.           com
Online Maps to Everywhere!




               What does an angel want?
           Enough funding asked for and a share for the
            angel that gives the Angel a ‘voice’

                A well-structured investment round sells ~30%
                As a group we need 10% minimum

           Make it easy for me!

                Information, meetings, term sheets, return
                 calculations, etc.

                                                                 Page 30
multi    map.           com
Online Maps to Everywhere!




                   What Angels usually get!
    You don't know who I am!
        Rarely do the management teams actually establish:
        “who is my audience?”
    Poor administration
        Rarely does anyone check if the information sent in
        advance has reached them
    Unclear investment proposition
        Yes, we get a pre-money valuation but a simple NPV
        or earnings multiple calculation helps explain the
        opportunity



                                                              Page 31
multi    map.           com
Online Maps to Everywhere!




                   What Angels usually get!
   Angels are experienced business people, so don’t tell us
    things that don’t match our real-world experience:

        “We expect 250,000 registrations on our website at an average €0.01 per
         registration = €2,500 acquisition cost”
        “We aim to minimize staff recruitment costs through our MBA alumni
         contacts”
        “Provided every user stays on line with us an average of 2 hours a day we
         meet our projected figures”
        “We can be fully operational 60 days after funding and cash generative in 9
         months!”



                                                                                       Page 32
multi    map.           com
Online Maps to Everywhere!




                    What Angels usually get
  •   Your money is too expensive!
             • Angels take risks but expect returns of 10X or more…
             • Which is logical considering risk
             • You can get cheaper money later through higher
               valuations and/or by adding debt to your balance sheet.




                                                                      Page 33
multi    map.           com
Online Maps to Everywhere!




                    What Angels usually get
•   Pitching before being ready to follow up:
        • “The full business plan is nearly ready; we’ll send it
          when it is....”
        • “We have top-level financials but no detailed monthly
          P&L and cash flow data for 3 years out”
        • “We’ve yet to prepare subscription documents but we
          will send ... etc., etc.”




                                                                   Page 34
multi    map.           com
Online Maps to Everywhere!




                    What Angels usually get
     •   There’s no sales close. But you could say...
             • “Are you interested enough to meet us again for a detailed review?”
             • “Would you be prepared to spend 2 hours with us refining our
               strategy – you seem to know a lot about this sector?”
             • “Would you be prepared to send our plan to other investor friends
               you have?”
             • “May I have your card or email address so we can follow up and
               keep you in the picture as we move to close this round?”




                                                                                Page 35
multi    map.           com
     Online Maps to Everywhere!




                         What Angels usually get
   Entrepreneurs sometimes give up too easily
        We don’t want to be hassled, but determination is good
        If the proposition changes positively — then tell us
        If an angel says ‘no’ then ask why – you may be able
         to get around the problem




                                                                  Page 36
multi    map.           com
Online Maps to Everywhere!




        Thank you!



   @sean_phelan




                              Page 37

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The Multimap Journey and How to raise Angel Investment by Sean Phelan

  • 1. multimap.com Online Maps to Everywhere! The Multimap Journey The Multimap Journey February 2013 February 2013 Sean Phelan Sean Phelan Founder Founder
  • 2. multi map. com Online Maps to Everywhere! About me University of Sussex, 1977-1980 • Electronic Engineering/Computer Science Software engineer at Scicon Consultancy then Geac Computer for ~9 years • Geac specialised in high-volume cost-effective transaction processing • I worked on computer networking MBA, Institute Theseus, France 1989-1990 • specialist MBA in technology strategy & innovation Telecoms strategy consultant, at Yankee Group then KPMG, for ~5 years Started Multimap.com late 1995 Sold company to Microsoft in December 2007 Now an Angel Investor • 11 investments made; 6 still in business. Page 2
  • 3. multi map. com Online Maps to Everywhere! About Multimap Founded in 1995 and online since 1996 High-volume public site delivers close to 200 million page views per month #1 business mapping service provider in Europe; #2 or #3 Worldwide • Delivering maps to more than 1,200 business customers • Broad portfolio of products • Serving multiple platforms 120 Employees in London, Boston, Sydney, and Istanbul Consistently profitable since mid-2002 One of only three companies to appear in in Tech Track’s Top 100 fastest-growing Technology companies in 2003, 2004, 2005, and 2006 Acquired by Microsoft, December 2007 Page 3
  • 4. multi map. com Online Maps to Everywhere! Why start this, in 1996? GPS was becoming a consumer product GSM was taking off as a cellular standard; mobile phone penetration was growing Netscape went public: the internet is real! Page 4
  • 5. multi map. com Online Maps to Everywhere! The original idea: Maps on phones… Page 5
  • 6. multi map. com Online Maps to Everywhere! How did companies get web mapping in 1995-1997? Desktop GIS packages from Mapinfo, ESRI or other smaller vendors… Combined with “web server” add-ons to get images from desktop to web… Combined with professional consulting services to make it all work, usually from consultants who had never done this before…. Total cost likely to be from £15,000 to £50,000. Deployment time likely to be 2-6 months. Page 6
  • 7. multi map. com Online Maps to Everywhere! The initial web service concept: “Mash-up 1.0” Maps come from Multimap.com; points on Page Request maps come from the customer Your Server Page Response Set up in under 1 hour User’s computer List price: £500 MAP Request MAP Response Multimap Server Page 7
  • 8. multi map. com Online Maps to Everywhere! Disruptive Innovation? “A disruptive innovation is an innovation that helps create a new market and value network, and eventually goes on to disrupt an existing market and value network (over a few years or decades), displacing an earlier technology. The term is used in business and technology literature to describe innovations that improve a product or service in ways that the market does not expect, typically first by designing for a different set of consumers in the new market and later by lowering prices in the existing market.” Source: http://en.wikipedia.org/wiki/Disruptive_innovation Page 8
  • 9. multi map. com Online Maps to Everywhere! Incremental Innovation Christensen 1997; Wikipedia graphic Page 9
  • 10. multi map. com Online Maps to Everywhere! Innovation & Product Differentiation Christensen 1997; Wikipedia graphic Page 10
  • 11. multi map. com Online Maps to Everywhere! Disruptive Innovation? Christensen 1997; Wikipedia graphic Page 11
  • 12. multi map. com Online Maps to Everywhere! Early-stage Timeline 1996 1997 1998 1999 2000 2001 - Bootstrapping - Fund- - Growth - Raising •Market Research •Recruitment •Sourcing map data •Offices •Software development •Marketing campaign •Web site creation •B2b sales team •Ad sales •Early b2b sales Page 12
  • 13. multi map. com Online Maps to Everywhere! Quarterly Sales & Profitability, Q4 1999 to Q4 2001 New Office New Office Ad Campaign Ad Campaign Page 13
  • 14. multi map. com Online Maps to Everywhere! 2000/2001 – dot.com Crash Tech valuations peaked in March 2000 then collapsed wiped out $5 trillion in market value of tech companies from March 2000 to October 2002 Banner advertising CPMs fall from £10/thousand to 20p/thousand In UK, RIP Boo.com, Clickmango.com, Ready2Shop.com, Pets.com, Toysmart.com, et al. Investor’s interest in tech start-ups completely evaporates How to respond? NASDAQ Composite index Page 14
  • 15. multi map. com Online Maps to Everywhere! Options: ✔ Page 15
  • 16. multi map. com Online Maps to Everywhere! Creation and growth of Multimap 2004  Australian office; Microsoft partnership; NZ partner 2003  Sunday Times Tech Track 100; Australian maps; won Argos and Ford US; profitable again; more than 1 billion maps served 2002 Ford Europe becomes a client… integrated hotel &  restaurant services, gained Australian distributor 2001  US street-level maps launched, Recognized as #1 Directory in the UK, Interactive TV service. 2000  Launch of WAP, PDA services, Tele Atlas street-level maps, Travel directions, Aerial photos, tube maps 1999  $3 million investment by Flextech (now Telewest) 1998  Worldwide service launched. First use of OS data 1997  Launch of public site. First fee-based customers 1996  Initial software development. Worldwide patent filing 1995  Company Founded. Initial patent filing. Page 16
  • 17. multi map. com Online Maps to Everywhere! Financial Performance, 1999-2005 Page 17
  • 18. multi map. com Online Maps to Everywhere! Page 18
  • 19. multi map. com Online Maps to Everywhere! Page 19
  • 20. multi map. com Online Maps to Everywhere! How did the Multimap development team respond to Google, draggable maps etc.? Definitely a “bet the company” project. Actually three projects: • Create a draggable map API • Create ~4 billion map tiles to cover the mapped surface of the earth at street level • Create a new public web site, using our own API Did it all succeed? Page 20
  • 21. multi map. com Creation and growth of Multimap Online Maps to Everywhere! 2007  Launch of new public site with draggable maps; added coverage of China, Malaysia, Hong Kong, Singapore, Thailand. 2006  Queen’s Award for Innovation; Draggable map API; Malaysian partner; new office; new site design 2005  US expansion; draggable maps for Yell; first £1 million month 2004  Australian office; Microsoft partnership; NZ partner 2003  Sunday Times Tech Track 100; Australian maps; won Argos and Ford US; profitable again; more than 1 billion maps served 2002  Ford Europe becomes a client… integrated hotel & restaurant services, gained Australian distributor 2001  US street-level maps launched, Recognized as #1 Directory in the UK, Interactive TV service. 2000  Launch of WAP, PDA services, Tele Atlas street-level maps, Travel directions, Aerial photos, tube maps Page 21
  • 22. multi map. com Online Maps to Everywhere! Financial Performance, 1999-2006 £ 10,000 9484 £ 8,000 7,569 Total Revenue EBITDA £ 6,000 5,361 £ 4,000 3,381 £ Thousands 2,599 £ 2,000 1926 1,123 1220 1100 565 392 300 £0 0 -109 1999 2000 2001 2002 2003 2004 2005 2006 -1332 -1181 -£ 2,000 Page 22
  • 23. multi map. com Online Maps to Everywhere! Transaction Timeline 2005/2006: Original investor Telewest merges with NTL; combined entity merges with Virgin Mobile to form Virgin Media Early 2006: Virgin Media indicates general interest in an exit from Multimap Q3/Q4 2006: Decision to seek new investor(s) for ~30% of equity (all replacement capital) — ~£8M Dec 2006: RFP sent to three potential advisory firms Jan 2007: Presentations from advisors; winning proposal: First Capital Feb 2007: Finalisation of First Capital engagement; work commences on Information Memorandum (IM) April 2007: IM completed & circulated to investors; development and practice of investor presentation May/June 2007 Presentations to potential investors — VC, private equity & trade. Page 23
  • 24. multi map. com Online Maps to Everywhere! Transaction Timeline July 2007 Potential trade investors express interest in “majority stake” 23 July 2007 “TomTom N.V. intends to make a cash offer of €2 Billion for TeleAtlas N.V.” August 2007 Expand engagement of First Capital to encompass trade sale Sept 2007 “Nokia to Pay $8.1 Billion for Navteq” 10 Oct 2007 pre-Budget report: new flat 18% CGT rate replaces 10% after taper relief 18 Oct 2007 Deadline for final offers 23 Oct 2007 Enter exclusivity with Microsoft 12 Dec 2007 Transaction announced. Page 24
  • 25. multi map. com Online Maps to Everywhere! Page 25
  • 26. multi map. com Online Maps to Everywhere! How to raise Angel Investment (with thanks for content to Julian Costley) Page 26
  • 27. multi map. com Online Maps to Everywhere! What does an angel want?  Upfront proposition “I would like you Mr./Ms Investor to invest X for Y% of my business. The business will achieve Z financial performance over Q years. The proposition will become valuable to various potential buyers in P years, and I intend to sell to one of these acquirers in 5 to 7 years. Given comparable deals in the market, I anticipate that the business will sell for a price which equals 5X profit [sometimes revenue is the multiple used], and our forecasts show that we will achieve that in that time period.” Courtesy of Julie Meyer Page 27
  • 28. multi map. com Online Maps to Everywhere! What does an angel want?  Credible model on revenue and general idea – market need, scale  Single main idea:  GOOD - “We can become the definitive support organization for international staff locating in Hungary”  BAD – “Once we have all these international staff on our books the real profits will be driven by the dating agency we plan to offer as well...and...er...selling them air tickets...” Page 28
  • 29. multi map. com Online Maps to Everywhere! What does an angel want?  Management commitment – personal time spent and financial commitment of own money  The plan is oven ready – just needs the last ingredient (money) before serving!  To add value - sector known to Angel  Accessible location/country of the business  Attractive valuation/investment return – downside protection before upside gain Page 29
  • 30. multi map. com Online Maps to Everywhere! What does an angel want?  Enough funding asked for and a share for the angel that gives the Angel a ‘voice’  A well-structured investment round sells ~30%  As a group we need 10% minimum  Make it easy for me!  Information, meetings, term sheets, return calculations, etc. Page 30
  • 31. multi map. com Online Maps to Everywhere! What Angels usually get!  You don't know who I am! Rarely do the management teams actually establish: “who is my audience?”  Poor administration Rarely does anyone check if the information sent in advance has reached them  Unclear investment proposition Yes, we get a pre-money valuation but a simple NPV or earnings multiple calculation helps explain the opportunity Page 31
  • 32. multi map. com Online Maps to Everywhere! What Angels usually get!  Angels are experienced business people, so don’t tell us things that don’t match our real-world experience:  “We expect 250,000 registrations on our website at an average €0.01 per registration = €2,500 acquisition cost”  “We aim to minimize staff recruitment costs through our MBA alumni contacts”  “Provided every user stays on line with us an average of 2 hours a day we meet our projected figures”  “We can be fully operational 60 days after funding and cash generative in 9 months!” Page 32
  • 33. multi map. com Online Maps to Everywhere! What Angels usually get • Your money is too expensive! • Angels take risks but expect returns of 10X or more… • Which is logical considering risk • You can get cheaper money later through higher valuations and/or by adding debt to your balance sheet. Page 33
  • 34. multi map. com Online Maps to Everywhere! What Angels usually get • Pitching before being ready to follow up: • “The full business plan is nearly ready; we’ll send it when it is....” • “We have top-level financials but no detailed monthly P&L and cash flow data for 3 years out” • “We’ve yet to prepare subscription documents but we will send ... etc., etc.” Page 34
  • 35. multi map. com Online Maps to Everywhere! What Angels usually get • There’s no sales close. But you could say... • “Are you interested enough to meet us again for a detailed review?” • “Would you be prepared to spend 2 hours with us refining our strategy – you seem to know a lot about this sector?” • “Would you be prepared to send our plan to other investor friends you have?” • “May I have your card or email address so we can follow up and keep you in the picture as we move to close this round?” Page 35
  • 36. multi map. com Online Maps to Everywhere! What Angels usually get  Entrepreneurs sometimes give up too easily  We don’t want to be hassled, but determination is good  If the proposition changes positively — then tell us  If an angel says ‘no’ then ask why – you may be able to get around the problem Page 36
  • 37. multi map. com Online Maps to Everywhere! Thank you! @sean_phelan Page 37

Hinweis der Redaktion

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  3. And then a few weeks later, Google released their own UK coverage