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University of Athens Entrepreneurship Conference. 11 th November 2005 Onic V. Palandjian onic@capitalconnect.gr - onic_pala@yahoo.com. Agenda. ihavemoved summary From an idea to a startup Securing investors International expansion Selling the company Key takeaways. Agenda.
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University of Athens Entrepreneurship Conference 11th November 2005Onic V. Palandjianonic@capitalconnect.gr - onic_pala@yahoo.com
Agenda • ihavemoved summary • From an idea to a startup • Securing investors • International expansion • Selling the company • Key takeaways Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Agenda • ihavemoved summary • From an idea to a startup • Securing investors • International expansion • Selling the company • Key takeaways Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
ihavemoved Limited (IHM) • IHM is an change of address notification network • Founded in London in 1999 • Founding team of four (two Greeks, an Australian, an Englishman) • Royal Mail Plc owns IHM since ‘03 Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Process Overview telephone company mover IHM database electricity company Supplies details via internet or Paper forms Banks government companies pay IHM free to mover Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Notification from customers Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
How it works New&Old Address Select Firms Enter Details Confirm Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
2003 OCT 2001 AUG 2000 FEB 2000AUG 2003JAN 1999 SEP 1999NOV Website Launch 1st round Funding€4.0 Μ 2nd round Funding€3.4 Μ SoldGermanSubsidiary Expansionto Germany SoldIHM Founded IHM Tech BubbleBursts Worldwide economic downturn InternetBoom IHM milestones Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Agenda • ihavemoved summary • From an idea to a startup • Securing investors • International expansion • Selling the company • Key takeaways Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Finding the right ingredients • Team with complementary skills and common vision • Location with favorable business climate • The right timing • Innovative business with potential • Unique Selling Point Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
June 1999 • IHM sparked out of a brainstorm at a London Business School MBA project • Draft business plan prepared • ihavemoved.com name identified and registered • Limited Company incorporated in London Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
August 1999 • 1st business plan finalized (38 versions till sale to Royal Mail) • Meetings with potential partners, clients and VCs who improved the concept and revenue sources • startup loan of €50,000 secured from HSBC Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
September 1999 • Niko & Onic fly to London, decide to join IHM in a few hours • Technology is outsourced • PR is outsourced Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
October 1999 • founders work full-time from two flats nicknamed “silicon mews” • leading law firm “Berwin Leighton” hired • advertising agency “Conquest” hired • all work without payment till first round funding Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
At work… Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
November 1999 • IHM goes live on 11th • FT write big articlefor launch Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Pictures 6000WPublic Relations Stunt Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
PR photo Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
November 1999 • Amerada Gas signs first contract • PowerGen agrees on first white label • Articles about IHM are published in all major newspapers in UK • Another €80,000 invested from co-founders Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Original site Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
December 1999 • British Gas’ intelligence hears Amerada signed and quickly follow • Received initial revenue from PowerGen white label • Berwin Leighton introduce IHM to CNN as an innovative start-up for a feature • CNN is refused entry at First Tuesday’s December event Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
January 2000 • First Tuesday’s January event occurs • CNN films IHM’s efforts to meet VCs • Rothschild’s VC asks for a business plan • Hyundai President in Korea sees CNN feature and asks IHM for more info • IHM is running out of money… Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
CNN feature Jan 2000 Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Agenda • ihavemoved summary • From an idea to a startup • Securing investors • International expansion • Selling the company • Key takeaways Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
February 2000 • IHM secures €4million in return for 25% of the company • Investors include N.M.Rothschild’s, Hyundai Corporation • MIT Media Lab & Internet Guru Dr. Nicholas Negroponte becomes an investor and advisor Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
March 2000 • IHM Rents first“real” office in central London • Recruitment begins Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
CNN feature April 2000 Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
May 2000 • ‘Say it once’ advertising campaign begins in the metro, on billboards, bus stops and on the radio • Re-launch of website • Team is now 10 executives • Contracts with 35 companies Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Advertising Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Ad Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Ad Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
June 2000 • Launch seminar at Royal Opera House. Dr. Negroponte, UK Government’s Alex Alan guest speakers • Team is 16 strong Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
CNN feature June 2000 Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference
Thames signing Thames Water sign contract Onic V. Palandjian - onic@capitalconnect.gr - University of Athens Entrepreneurship Conference