Ooops

Earlier in the week I established distinct test accounts.

Today I received a quick call from the Crazy Chicken asking if I meant to send messages to live accounts.

I kinda was working too fast.

Launch day

Yesterday was a big day.

Breakfast with the Crazy Chicken where we went over a few things including preparing for a five minute presentation we were going to give at the business club later that day.

During the croissants I received an email from the president of the club's chapter that we should get there early so we could hand over our deck.

Went home and worked on the QR codes for the flyers and last minute checking.

Meanwhile CC contacted a couple of businesses who are very interested.

During the afternoon one of the businesses (an OMB) was having problems with the iPhone version of the app.

I double checked yet again and then found that I was having problems as well.

I remade the QR codes then went to meet the CC who visiting the other business.

Her son was also having problems downloading the app but I couldn't replicate it. Maybe he had an older iOS version.

After meeting the business owner and the CC, the CC and I rushed around the corner to find a print shop (incidentally Siri found for me not only print shops but escort agencies as well. Not what I had asked for). We needed flyers printed.

One shop point blank refused to do anything this week but did mention another shop nearby. We went there, in a queue and I left the CC, eventually grabbed a taxi and made it to the business club just in time.

The CC, with whom I was going to do the presentation, came along in another second and made it with seconds to spare.

We gave the presentation which seemed to go ok.

We also handed out the flyers.

As we all went to do the networking/eating thing some people with iPhones reported problems with the QR code on the flyer.

After eating I talked to one of them, checked his iOS (same as mine), checked his QR scanner (same as mine), doubled checked the flyer - it loaded on mine. Very strange as my iPhone is a new one and I haven't reconfigured it in any meaningful way (e.g. putting it in a developer mode - not sure there is just a thing).

It hit me early this morning. The certificates I have been using have been for developers only and in fact only my iPhone was assigned to the list of authorised developers. So that is why no other phone would work.

Spent most of today reading up on Apple certificates - totally not straightforward. I managed to understand the subject and then incorporate a proper production certificate for the app.

Then found that I had to first have it tested on iTunes Connect and then found that to do that I have to load Application Loader.

On running the app through this loader it gave error messages which, apparently, only XCode can deal with.

So now I am running XCode's simulator which is rather slow on my Mac.

Quite an odyssey.

Take-aways from the investment 101 part 2

Another great event even though only three people turned up (12 said they would).

But that was two more than I expected, looking at the event on meetup.com

Turns out others had booked directly on Eventbrite.

Now I have used Eventbrite before but mainly go to meetup.com

So, on my return home I made sure the app was loaded on my iPhone (my main phone now, ladies) and had a butcher's (= look).

There is a lot of stuff on there.

The VC speaking was from a clean tech VC firm but his points were still pertinent. Here are the takeaways  (omitting any ones that have been mentioned by others before):

Things VCs like:

• fast market entry
• early adopters
• short sales cycles
• fast feedback
• steady growth (they love them some steady growth)
• coffee kitchen culture
• kiss

also:

• don't follow every opportunity
• when communicating with key or potential stakeholders, CC the others who should (but maybe aren't) aware that you are in contact with their colleagues

• revenue x up to 10 as valuation

• Munich Venture Partners invest 1 -5m€, then 3- 5m€ often with other investors.

• Expected 3 to 5 times investment as return, ideally 10x

• Accept a lower valuation rather than impossible milestones, crappier liquidation preferences and persuade your exiting investors likewise. Also a valuation which is too high leads to a down round at the next funding series.

• Talk with VCs before you need investment, keep it informal

• Growth expectation is officially 10x but lower growth acceptable

• Aim for 50 - 100m€ to arouse the VCs interest

VC equity:

• 10 - 50%
• 15 -25% is healthy
• call the ball park 20%

An angel's view

Going through my emails this morning I noticed this question on Quora (I'm not sure why I get their newsletter - it tempts me into Facebook levels of time wasting - but this time I'm glad I did):

"How has SV Angel been so successful over the years, given how challenging seed investing is?"

Ron Conway, of SV Angel replied and gave is view of the characteristics of founders which stand out:

"

• Founder(s) is rifle-focused on product and building the best possible user experience
• Decisiveness, ability to make decisions quickly but thoughtfully – do not procrastinate, trust your gut
• Flexibility on idea and ability to morph and respond to market dynamics
• Able to clearly articulate their vision – incredibly important for both fundraising and company building, ensuring entire team understands direction and mission"

Why nobody will steal your shitty startup idea

This is so true and made me laugh.

Also, by talking to people about our idea I have received so much feedback, advice and recommendations - some of which have made a significant difference to our progress.

(Hat tip to Martia Roebkes in the Startups Tractions and Funding Facebook group).

Take-aways from 12min.me

Yesterday evening I attended the Munich chapter of 12min.me

This is where people talk for - wait for it - exactly 12 minutes on a subject close to them.

Yesterday's talk was in English and although focussed on intrapeneurship did have some useful takeaways:

• Planning more than one year is senseless
• Business plans are fake
• Start from the user
• Focus on customer lifetime value

• Team
• Fast decisions
• Know who does what when
• Timing - to market, technology waves
• Get the word out
• Signals and supporters
• 24/7
• Stopwatch v calendar
• Market check
• Send not only your show master but also your nerd when pitching

Steam-less

This morning I went to a business who may be one of our first two customers (and beta-testers).

Before that I had an MRI scan as a couple of weeks ago I had a migraine - only ever had one before years ago.

I also noticed that in the last few days I have been slowing down on the dev stuff.

I'm not saying I am burning out but tomorrow I am going to Bologna until Monday evening and am not taking my lappy. I will, though, be taking my tummy.

Serendipity

Yesterday morning I was going through my emails deleting most of them as I went along speed skimming just the first two lines.

One was from CrunchBase and mentioned the name of an investor at the last company I worked for.

I deleted it before my mind registered the name.

So then I had find it in my trash and recover it. It was news about this VC company combining funds with another VC.

I went on with the rest of my day which included meeting with an experienced executing and former professor who gave an excellent talk at the last AGBC Exchange. He was kind enough to agree to meet up for 15 minutes so we should show him the app and our lean startup canvass.

It was a very long 15 minutes (over an hour) and he gave good feedback and advice.

During our talk he mentioned that he was actually based in a room provided by a VC company - the same one. Oh, I chimed in, all super-up-to-date-on-things: I hear they have a new joint fund.

(I actually met them once at the company at a rather bloodied meeting).