Scotsoft Dinner – are we jumping the hurdles in the right direction

When you hit a hurdle it falls over but it will normally allow you to continue on your chosen path. Kris Akabusi knows that given his achievements in the sport. Try and negotiate them from the wrong direction and you’ll come a cropper – as David Hemery demonstrated back in the 70’s or was it Roger Black (do the Google thing for me). So what on earth has that got to do with the Scotsoft annual dinner from Scotland IS?

Well medal winning hurdler Kris Akabusi was the invited speaker who raised the energy in the room significantly when handing out the cheques for a grand to the best R&D students coming out of the Scottish Universities. None of the normal hand shakes from Kris – high fives and pumped fists the order of the day instead. I liked that – we can be a dour bunch us Scotchies (myself especially). I wish all Award Dinners did the high five thing.

I went to an Awards dinner for lawyers once where the winners were booed, honest… their competitors actually booed (at £350 per hour of course).

KA’s motivational address to the 8 student winners will have left a positive impression on their ambitions – I have no doubt about that. It did on me and I’m sure it helped the audience as well.

Although the Scotsoft dinner has been awarding student achievement for many years I sense a shift in attitudes in the academic world to what the award is all about. Take for instance the winner from Edinburgh University – he wants to get some experience and then set up a business. And consider the activities in Informatics Ventures at Edinburgh, thanks to the energy laden Andrew Mitchell, a rather compelling looking eco-system of young kids, old heads and funders is emerging. And consider Edinburgh Napier University (my kind hosts for the evening, cheers Bill) who have embraced a two way engagement model with business as they grasp the nettle of academic relevance. A shift, a very welcome and important shift in academic circles.

But… you knew there was a but coming didn’t you.

As Kris did his motivational – “you are the world” speech to the student winners I couldn’t help but consider where their best interests were served. I’d been at the e-club at Edinburgh University a few weeks earlier where Ann Winblad spoke about her VC activities related to smart software ideas in the States – and yes the grass is greener (she brought some with her to prove that). So should our best students buy a seat on the first flight to San Fran with their new found wealth rather than use it to pay off the student loan we have forced upon them (shame on us by the way – a public disgrace).

So what happens next to our winners – well consider the comment from the chap from Tomorrow Ventures over from the States, he’s looking for better value deals than he can find in the Valley. Interesting. Could this be a trend?

Typically VCs will only invest within an hour or so from their office – so is this the start of a trend? Or could it be a warning signal to the Scottish investment community that we are sitting on some pretty clever potential that needs to be funded. With no huge home grown software success to point at the Scottish investment community are naturally reluctant to put significant weight behind software. That may prove to be a mistake – but I don’t see a simple solution.

Ultimately to get the sector in Scotland really moving we need a big software success – a really big one – to help the investment community here realise the latent software opportunities all around. Otherwise we might find ourselves to be more of a David Hemery than a Kris Akabusi when it comes to negotiating our business hurdles.

ps if someone can find out whether it was Hemery or Black that jumped the hurdlee the wrong way and fell on his backside I will be eternally grateful. Well…. maybe not eternally.

Young Company Finance Conference – will it blend?

I always feel that the Young Company Finance Conference is the start of a new business year. So first things first. Lets get Phil and Ally (BBC Scotchsterland Hogmymoney Show) to play out the old bad recession focussed business year with a lament and then play in the new business year with a…. hmmm… another lament. Oh well.

I tend to see the YCF Conference as a day to get myself sorted out as the new business year starts – to get re-focussed. This year probably more than ever that refocus activity was a requirement.

Alert folks will remember that we were promised by a man called a Darling in 2009 that the recession would end in Q1 2010 – and technically it did. But recently we have been promised by a man called Dave that we have to pay down the debt and expect tough times.

Hmmm… I didn’t borrow any of that debt… so why am I part of the repayment scheme? However, regardless of my lack of culpability, the recession by any practical measure isn’t ending anytime soon. Flip (substitute your own phrase here ****).

So YCF… what’s the tone this year? Well there was talk of changing business models from The Company Creators, though those models didn’t get an overwhelming reception from Archangels (in my opinion).

There was chatter at lunch about the banks… sorry can’t repeat it… it was all good… honest. Not a lot of banks in attendance actually – so special brownie points go to Llyods TSB (or Group or something) and the Clydesdale for coming to one of Scotland’s leading finance conferences. Hope you got lots of business.

The VC chap from Londonshire at Octopus Ventures (were they the guys that picked the world cup winners?) was pretty good at explaining the type of businesses they liked…. software, low capex, low burn rate, customer focus, alpha iterations, recurring revenue etc. I hate when people talk about you – without realising you’re in the room (we accept cheques payable to cash). 

Blether Media were the token marketers in the room and a good job they did of explaining the social media thing. Much talk of Purple Cows and the guys from Brew Dog dressed as Penguins, and I always like a Will It Blend clip. I wasn’t convinced there were many people pulling on their purple pullovers by the end of the presentation – but it did force me to wonder if we have taken our purple foot of our purple accelerator when it came to exposing ourselves (and my flowing locks) in the social media world. Cheers Kyle – nice one.

Other notable things? Well a number of POC (proof of concepts) did some quick, if perhaps difficult to understand, presentations. Inquisitive Systems I’ve followed for a while and they continue to look really strong, though I did notice that the lining of Jamie’s suit seems to double as a Superman Cape – so that could be an unfair advantage when conquering the security world.

So by day end – where’s my head? A bit clearer – maybe.

Jamie at Inquisitive asked me what I was “taking away from the day”, so after some thought…

• There is genuine concern about the lack of banking support at overdraft level among a wide population of the Scottish business community (in my opinion).
• There is a lack of exits to fund new investments (in everyone’s opinion). 
• There is acceptance that social media marketing works – though it still seems to be an activity dominated by the media companies (in my opinion).

Given the first two bullets it’s a good job the social marketing thing can be done with limited funds! So onwards and upwards with the promotion of our pension advice site.

Just one thing I’d like to know… The UK Debt. Will it Blend?

How to win The Pitch 2010 – Duncan of Duncan and Angus explains how

Duncan offers 4 fantiastic tips on how you can win £50000 at The Pitch 2010. And also suggests you should buy a Boxster and a nice new suit with the winnings. The best elevator pitch advice ever…

Duncan and Angus, Entrepreneur Guide #7, Entrepreneur in Residence

Duncan has been pulled in by Nick and Dave to get entrepreneurism in the UK sorted out - the first ever entrepreneur in residence for Number 10. Find out how he explains hos role to Angus.

Duncan and Angus, Entrepreneur Guide #6: How to exhibit at a conference

Duncan wants to build the value of the brand by exhibiting at a conference. He has enrolled Janice The Tea Lady and her hot pants to help out.

Duncan and Angus, Entrepreneur Guide #5: How to win your first customer

Getting your first customer as a new start company can be hard work. See how Duncan, our entrepid entrepreneur, handles his frst customer and how he manages to confuse his angel investor, Angus.

Duncan and Angus, Entrepreneur guide #4: Raising money on Dragons Den

Handling your first TV appearance can be daunting, but Duncan our entrepreneur takes it in his stride when he appears on Dragons Den. All this despite the rumours that Mr Bannatyne and Mr Caan aren’t talking (non dom argument). See how Angus copes with the news that Duncan has been on Dragons Den.

Duncan and Angus, Entrepreneur guide #3: Engaging a PR company

As a new start company you may be wondering why or when you should engage a PR company. Are Public Relations companies good value, can they deliver results, can I do it myself, what are they for? In this third lesson from the Entrepreneur Guide Duncan finds out why PR gurus are essential – though sadly for Duncan the lesson relates to burying bad news rather than promoting the good. And even sadder for his angel backer it’s Angus that has to pick up the tab.

Duncan and Angus, Entrepreneur guide #2: Handling investor relations

As a young new high growth company you will no doubt be wondering how best to handle investor communications. Well why not have a look at how our intrepidly stupid (sorry that should just have read intrepid) entrepreneur handles his first shareholder meeting.

In this second episode of our Entrepreneur Guide (which builds over 60 months into a valuable pile of dusty magazines under your bed that your mother will eventually throw out) Duncan breaks the news that he has spent all the money raised on a URL and a Launch Party. (ps I continue to love xtranormal… brilliant technology)

Duncan and Angus, Entrepreneur guide #1: How to raise money from a VC or angel for your business

If you are looking for advice on raising money then it can be a rather distracting experience, chasing VCs, pitches in elevators to angels, business plan variations by the bucket load.  

It always puzzles me why it seems to be the daftest of ideas that get funded (or am I simply jealous… probably). Anyway as some light relief for those in search of an equity investment – here is how this young man did it: (ps love xtranormal… brilliant technology)