Raised $13M from customers
Customers’ money proves traction and I founded a messaging company in 1995 which I grew to 13,200 paying customers (including Telstra), 23 staff and a turnover of $5M. I co-founded an internet security company which, with 2 customers, was sold to Cisco Systems Inc 25 months later yielding a return of $7M (a 50x return).
Raised $11M for founders
Selected 23 companies out of 235 for pitch coaching and presentation to Investors, Business Angels and Venture Capitalists. Successfully got a total investment of $11M for 11 of those companies of which $1M6 was from local Business Angels. As Entrepreneur in Residence helped hundreds of companies at SETSquared to validate their customer proposition.
About Our Clients
Nathan came looking for funding from Business Angels. We helped him pivot and get his first customer on board which meant no need for investment.
Emma came to us looking to improve the technology of her solution. After reviewing the potential and fit with her skills, she pivoted and is now turning over more than $100,000.
Petro started with a patent. We validated the customer need, worked on the prototype and are creating the first product in China.
Four Stages to Exit
In the first stage you will learn about your customers, what they are looking for and how they talk about it. After around three months of research into customers, finance, intellectual property and competition you’ll know you have a great idea (and may have made a small or even large changes). In addition you’ll have the evidence required to see capital.
Time to test the market! Create a company, build the product/service, work out the pricing, and tell everyone you’re ready to make the first sales. We’ll use social media, the connections from our research, our connections, and enter competitions to get the message out. The first sale proves you’re on the right track, then decision time: license, sell, franchise or keep building?
Now we’ve sold some we have evidence and confidence to ramp up the size of our company – increasing sales, scope, employees, publicity and decrease our costs. We’ll prepare the groundwork: establish our culture, improve processes and create a “heart-beat” as the company grows to satisfy customers’ needs.
When you have around 20 people there is a major shift in your company. You decide what your role will be going forward: CEO, Developer, Designer, Integrator or Visionary. We’ll add good corporate governance and systems (full EOS) to expedite expansion by export or into adjacent markets. And we’re still talking to customers to find out their new needs and desires.
By the end you will have a profitable commercial product.
Frequently Asked Questions
Can you help me sell my idea?
Yes, the Learn Stage will provide you with the evidence you need to place a value on your idea and discover who likely buyers are. With this information we will approach buyers and enter the negotiation and contract stage so you get rewarded for your innovation.
Can you help me manufacture my idea?
Yes, during the Learn Stage you will develop a product design and complete a prototype before working on the first product to manufacture. We have access to manufacturers in China as well as Australia.
Can you help me turn my idea into a product?
Yes, we start with your idea, examine and test it before creating the full product. Our aim is to sell out of product on the first day of release. That validates your ideas and starts paying back your investment.
Can you help me patent my idea?
Yes, we will help you assemble the information you need (in stealth mode) so that your patent can be as water-tight as possible. After a commercial review we’ll work with the patent attorney to make it so.
Can you help me make my idea become a reality?
Yes, we’ve helped many clients have their idea become a living things which make a real impact on the world.
Can you convert my ideas into money?
Yes, we can show you how to maximise your payout for your idea by collecting relevant evidence and demonstrating traction. The greater the quality of your evidence, the greater your eventual return.
Can you help me raise money?
Yes, the whole Lean Commercialisation process is designed to create a mounting pile of high-quality evidence that your innovation will be successful. That’s what all investors want to see… whether government grants, business angels or venture capitalists.
How long does it take?
Typically it takes three months for the first stage and another three for the Establish stage. Depending upon the industry, product, and team it can take a few years or even a decade to reach the final stage. Of course, there are options for you to leave and change your role throughout your innovation’s journey.