Wednesday, November 12, 2003
Billion Dollar Brains
Another Enterprise Tuesday last night, this time hearing from budding ex-student/academic entrepreneurs. The line-up was:
They gave a brief presentation of their companies/business plans and then answered questions from the audience. What did they say?
How did they get their first customers?
Julian: Publicity gave them their first customers, but there is no substitute for getting out there and selling - something a little anathema to British academics.
Nick: Introductions to first customers via VCs, even though these particular VCs were never interested in investing in BlueGnome (i.e. these VCs were being nice!). Other VCs still very much interested in BlueGnome. More came from the scientific advisory board Nick is on.
What financial safety net did they have when starting?
Julian: No safety net!
Nick: University Challenge Fund. Then he just quit his job!
Asim: Looking for different sources of funding and also looking at £10K Pathfinder stage funding
Approach to patenting?
J: Spoke at length to patent agents and 'translated' the idea for them
How did they get their teams together?
J: Team came from the lab, although multidisciplinary. Some of the best ideas the team came up with were over a few Guinesses at the famous Eagle! Be careful when selecting team as you will be working with them for a long time and under great pressure. Perhaps think twice about starting with friends/family?
N: Multidisciplinary; he found Bioogists to be extremely approachable (he is a mathematician I think). Also, don't get people like you for the team, get people with different skill sets.
A: Team from the engineering labs, all working on the same project. The business brains came from an open email to the MBA class.
How much did they need to raise from external sources?
J: They needed less than 250,000, from the University Challenge Fund
N: Raised about 170,000 from the UC Fund
What's the attitude towards VCs?
J: Would rather finance the business through customers than VC, though may need VC funding at some point. Mentioned Mary Spillane, presentaiton coach in respectful tones. (Presentation coach who worked for the Oval Office as well as a number of start-ups in Cambridge)
N: You don't have to go out and raise a lot of money quickly from VCs!
A: Will (try to?) raise about 250,000 from VCs
Why are they doing this?
Julian: Wants to see his idea to fruition
Nick: Wants to do something useful/practical with his research
Asim: He and the team have great belief in the product
____________
 | Nick Haan, Founder of BlueGnome
|
 | Julian White, Founder of Genapta |
 | Asim Mumtaz, Founder of Enecsys (middle, beard) |
They gave a brief presentation of their companies/business plans and then answered questions from the audience. What did they say?
How did they get their first customers?
Julian: Publicity gave them their first customers, but there is no substitute for getting out there and selling - something a little anathema to British academics.
Nick: Introductions to first customers via VCs, even though these particular VCs were never interested in investing in BlueGnome (i.e. these VCs were being nice!). Other VCs still very much interested in BlueGnome. More came from the scientific advisory board Nick is on.
What financial safety net did they have when starting?
Julian: No safety net!
Nick: University Challenge Fund. Then he just quit his job!
Asim: Looking for different sources of funding and also looking at £10K Pathfinder stage funding
Approach to patenting?
J: Spoke at length to patent agents and 'translated' the idea for them
How did they get their teams together?
J: Team came from the lab, although multidisciplinary. Some of the best ideas the team came up with were over a few Guinesses at the famous Eagle! Be careful when selecting team as you will be working with them for a long time and under great pressure. Perhaps think twice about starting with friends/family?
N: Multidisciplinary; he found Bioogists to be extremely approachable (he is a mathematician I think). Also, don't get people like you for the team, get people with different skill sets.
A: Team from the engineering labs, all working on the same project. The business brains came from an open email to the MBA class.
How much did they need to raise from external sources?
J: They needed less than 250,000, from the University Challenge Fund
N: Raised about 170,000 from the UC Fund
What's the attitude towards VCs?
J: Would rather finance the business through customers than VC, though may need VC funding at some point. Mentioned Mary Spillane, presentaiton coach in respectful tones. (Presentation coach who worked for the Oval Office as well as a number of start-ups in Cambridge)
N: You don't have to go out and raise a lot of money quickly from VCs!
A: Will (try to?) raise about 250,000 from VCs
Why are they doing this?
Julian: Wants to see his idea to fruition
Nick: Wants to do something useful/practical with his research
Asim: He and the team have great belief in the product
____________
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