Hi Joanna, Thanks for doing this. How are you doing today?

I am very well thank you. Really busy at the moment – but it’s a good problem to have.

Can you give us some background information about yourself?

I’m 25 years old and graduated from Dundee University in 2010 with a degree in Digital Interaction Design. It was a course run jointly by the design and computing schools; the idea was that we could make technology that worked, whilst also having an appreciation for aesthetics and user experience.

Let’s go back a bit, can you tell us when you got the entrepreneurial bug?

I’m not really sure where it started. My dad runs his own company so I grew up in an ‘entrepreneurial’ environment, which doubtlessly had an impact on me and my own aspirations. Looking back, the signs were there – I wasn’t quite selling sweets in the playground, but I did have the odd money-making scheme here and there, like bulk-buying perfume from the USA and selling it to my friends.

How did the idea for Little Riot come about?

Little Riot was the culmination of a few things. By the time I reached my final year at university, I knew I wanted to work for myself. I’d done a couple of work experience placements and once the ‘new challenge’ feeling wore off, being a cog in a wheel just didn’t excite me. I presumed I would start some sort of agency or consultancy, but when my degree project started receiving so much attention, I knew I had an idea I had to run with.

Tell me about the early days, what was the hardest part of starting the business?

I graduated into the midst of a recession and when I wanted to start a business, depressingly, the majority of people told me not to even bother trying. The attitude I faced from a lot of people was “we’re in a credit crunch, you’ll never find the means to develop a product”. Fortunately I managed to bash on through all the doubters, but sometimes it was hard not to get too jaded by it all, or wonder if they could be right.

What is Little Riot? And what are you trying to solve with it?

We create technology that enables people to communicate in physical and engaging ways. I realised whilst at university that we all spend too much time looking at screens so the company’s first product, Pillow Talk, aims to change that. It enables couples to communicate using their heartbeat and offers a feeling of presence, rather than back-and-forth conversation. It is the first of many products that will challenge the way we interact with each other using digital technology.

About the first few months, how excited were you, tell us about how those months felt, what happened?

The first few months were exciting, scary, liberating and overwhelming all at once. The learning curve was steeper than I could ever have imagined. I was trying to do two things at once; learn how to run a company and learn how to develop a product. Both are challenging enough on their own, so tackling both at once was a bit of a rollercoaster. I secured a fairly hefty grant a few weeks after I started the company and had to rocket from a person with an idea, to a CEO, manager and spreadsheet guru overnight.

You also launched your first product Pillow Talk – tell us more about that and how that’s going?

Pillow Talk is a product that connects couples in long distance relationships by playing the realtime sound of each person’s heartbeat – picked up via a wristband sensor – into their partner’s pillow. It’s been over two years in development but there is light at the end of the tunnel.

Launching the product, what difficulties did you face and how did you overcome it?

Pillow Talk started as my university project, so the first version was a mass of wires and circuit boards that I had patched together myself. I remember deciding I was going to develop it into a commercial product, and then looking down at my handiwork and thinking, “now what?”. Developing a product is a long, complicated and costly journey and navigating my way with no prior experience has definitely been challenging. I gave myself the best chance for success by seeking out people who had done it before and then surrounding myself with them. Experience is everything, so if you don’t have any, find someone who does.

How have you managed to get traction for it?

I’ve been really lucky and have had the opposite experience of most people who are launching a product. My university project went viral on the internet and was heavily publicised in technology blogs and the press and then people started contacting me asking where they could order one. My customers come to me and it’s incredible, but it can be quite stressful as it puts pressure on to deliver the perfect product from the get-go.

I know funding is always a hot topic when discussing start-ups, how have you been able to fund the business so far?

Again, I’ve been mind-numbingly lucky. I financed the first eighteen months with a combination of business grants and prize money from competitions. I’m proud to have been supported by some great companies and organisations such as Technology Strategy Board, NACUE and Lloyds TSB. This helped me develop both my product and my business model to a stage where I was able to secure a round of seed investment.

What are the most crucial things that you have done to grow the business?

I never listen to the doubters. I’ve come across a lot of cynics over the last few years and if I’d listened to any of them, my story would be very different. The reality is that people who don’t believe in you are either jealous or just perpetually negative – but either way, there is no room for them on this journey. I’ve also learned the hard way to trust my gut instinct. It’s good to take advice and consider all avenues, but I think you should always ultimately make your decisions. You can’t regret your own, but you’ll always regret the ones someone else encouraged you to make if they turn out to be bad ones.

What would you say has been the highlight of your entrepreneurial journey so far?

It’s hard to choose! I’ve been so lucky. I think I actually value the everyday stuff more than anything else. Every morning when I arrive in my own office to work on a product I invented, I have to pinch myself that this is my life. I also recently won Innovator of the Year in the FDM everywoman in Technology Awards which was an honour.

What should we be expecting from Little Riot in the coming months?

Pillow Talk is set to launch later this year. It will hopefully be the beginning of world domination… er, I mean the first of many products to come!

Lastly, what three pieces of advice would you offer entrepreneurs starting out today?

Be obsessive in your pursuit, trust your gut instinct and always employ people who are better than you.

The post Joanna Montgomery Is Causing A Little Riot With Pillow Talk appeared first on YHP.

Can you give us some background information about yourself?

I was born in Wales, a place I spent a lot of energy trying to get away from when I was growing up but now try to escape back to whenever I can! My background is actually in music; I went to the Durham Chorister School and, when I moved to Manchester, I made money by playing the piano in a variety of venues. I’m happily married to my wife, Gail, with whom I founded UKFast in 1999 and we have three daughters.

When did you get the entrepreneurial bug?

Growing up, I didn’t really believe in my ability to get a job – I wasn’t great at exams and academia so, in a funny way, it was a lack of confidence in my own employability that pushed me towards setting up my own business. I’ve always been resourceful and creative so the entrepreneurial potential was always there but it was when I first moved to Manchester at 16 that I decided to set up my first business, The Music Design Company. I supplied musicians and entertainment to venues in the area and started imported grand pianos and renting them to hotels, which generated a nice steady stream of income on a monthly recurring revenue basis. This is actually the business model that now underpins UKFast.

How did the idea for UKFast come about?

UKFast was created in response to poor customer service. I was trying to build an online gallery and it was just a hassle. I thought, “I can do this better” and then set about trying to prove it. I decided that my goal was to build the best hosting provider in the UK. That’s still our goal today, in fact. We always strive to be better, more dynamic and more effective tomorrow than we are today. We don’t like to stand still at UKFast!

Tell me about the early days, what was the hardest part of starting the business?

I think that, if you’re a natural entrepreneur, you don’t view obstacles as barriers; they’re just things to jump over. If I’d have started out thinking, “this is going to be so hard” then I might not have done it. I’ve always got one eye on the horizon so I think that helped in the early days. I suppose the hard thing was money because, for the first few years, we were the worst paid people in the company. We paid ourselves the minimum wage at times because we were focused on the bigger goal and new that it was what we had to do to stay afloat and keep growing.

How did you fund the business during those days?

I still had money trickling in every month from the grand piano venture so Gail and I funded it all ourselves without external help. Money was tight, Gail and I lived on cereal for a month, but we had belief in the success of our business model and kept persevering.

Take us back in time; tell us about those first few months of starting the business? Tell us about how those months felt, what happened?

They were terrifying months. Exhilarating but terrifying. We’d managed to get maybe five or so customers. I remember Gail’s granddad coming to see our new office and I was so pleased when he sounded so impressed. Then I realised that he had misunderstood, thinking that we had the whole building. Having to explain that we just had that one poky room was painful but it made me even more determined for us to own a huge office of our own one day.

On those early days, tell me about a time you felt enough was enough? When you thought about quitting, what gave you that little push to keep going?

I’ve never thought enough was enough. I was always very mindful of the fact that, for me, this was the business that had to succeed. I was thirty and well aware that this was my chance to make or break it. Starting up a business is a journey. You can’t just decide to do it and then give up on it. It’s a much more progressive thing than that and it takes some endurance. If you need that push to keep going then revisit the reasons why you started your business. For me, I want to spend my money on the people that mean a lot to me; my family, my friends, my colleagues, and the charities that I support. Whatever lit that fire in your belly in the first place should still be burning in there somewhere so reconnect with that when times get hard.

A lot of start-up consider raising capital probably one of the most difficult things in starting a business? What advice can you give to them?

There are loads of ways that you can borrow money to start up a business but a lot of very successful businesses have started without external funding and without much money on the table. The Cambridge Satchel Company, for example, started with around £600 and was built from Julie Deane’s kitchen table. If you have a bit of a side line venture going, whether that is buying something cheaply and selling it off, which you can do on a multitude of websites these days, you can keep money trickling in as you set up your business. When the money starts coming in from that then make a real effort to separate your personal and business finances. Pay yourself a wage and reinvest the rest into your venture. Having a small wage for yourself gives you a goal to work towards every month.

What is your definition of success – personally and in business?

I knew the business was a success when my close friend Rich asked me, in earnest, if he could work for me forever. Building up a team of great people, developing them and watching them thrive is a huge element of success for me. Everyone’s definition of personal success is different but I think that, in business, it comes with the setting and achieving of goals. After nearly suffocating in an avalanche in 2001, I really appreciate the meaning of the present. I try to cram as much into every day as possible and to appreciate the people around me because, although I do love business, it’s the people around me and closest to me that matter the most. If your business is thriving and you are still spending time with your friends and family then you’ve achieved a balance between personal and professional success.

What systems have you used to automate your business to give you more time for business planning and development?

We are lucky at UKFast that we have a fantastic Research & Development Team and they are constantly innovating, and creating ways to get the business working better. This includes Orpheus, our integrated telephone software. The automation that Orpheus delivers frees up our account managers to spend a minimum of four hours daily on the telephone to clients. This not only ensures we have strong personal relationships with our clients but also allows our account managers to gather valuable intelligence from customers about what they want and need, which helps us to develop innovative new products and services. This, in turn, has facilitated our growing turnover and our high client retention of 97%.

Who has influenced you most and been your greatest inspiration?

I look for inspiration from a lot of people and places so it’s hard to say. I don’t have one particular person but there are a couple who have inspired my behaviour. In terms of businesspeople and entrepreneurs, I’d have to say Sir Richard Branson, hands down. I remember first meeting him on Necker Island. I’d set myself a goal to meet him and actually ended up going on a morning run with him – for two and a half hours – just firing a load of questions at him. He’s given me some great advice and when people ask me to do things, I always remember him saying, “Always say ‘yes’ to things. It makes for a much more interesting life!” He has taught me that one man can really make a colossal difference. I’m also influenced by Tony Robbins. My wife, Gail, bought me some of his CDs years ago and I listened to them all. They gave me a new perspective on myself and how I see myself. Gail has influenced me a lot too; having her alongside me gave me the confidence to rent our first two-person office on Fountain Street. Where we are now as a business, I am constantly inspired by the people in the team. Their commitment and energy is hugely inspirational.

What book has inspired you the most?

A book by Jim Collins called ‘Good to Great’. It’s just a great insight into how businesses become great. Collins basically took nine companies that had the highest market growth for their industry and compared them with similar companies performing around the average. By looking at what the really great, successful companies did; things that the comparative companies did not do, he managed to put together a collection of ways that companies can achieve excellence. The great companies had things like core values and a statement of purpose where the less successful companies did not. It was after reading this book that we created a specific purpose for our company; really analysing and prioritising what it was that we wanted to do and be.

How do you achieve balance in your life?

I’m an avid squash player and, when things get hectic, I just hit the court. I have a coach and just spend the hour in that little box channelling all of my focus into trying to beat him! Any worries about the business are left at the door and, whilst I inevitably have to pick them up again on the way out, having that break really helps to restore the balance. A burst of endorphins can do you the world of good! Gail and I also enjoy spending time with our colleagues outside of work, whether that is having a couple of drinks at the pub on a Friday or renting out a cinema screen and taking a big group of people to see a film. I like to know my colleagues are achieving a good balance between work and play too. That’s really important here.

What are your thoughts on the current state of the UK entrepreneurial ecosystem? And what do you think can be done to improve it?

Well, I attended the recent budget presentation and, to be honest, I think there’s not much in there that actively encourages entrepreneurship. I think there’s a real fear factor for people considering starting their own business. We interview people quite often whose profile indicates they’d be better working for themselves but are afraid they aren’t going to get the support; that banks won’t loan them the money and so on. I think we’re creating an economy where entrepreneurs try to find a home within other peoples’ businesses when, arguably, a true entrepreneur isn’t destined to work for other people and those relationships often don’t work out.

A point that was brought up during the budget, supposedly to help small businesses was that the government could fund National Insurance costs of up to £2,000. If this was £2,000 per employee then that would be a valuable thing for businesses but as it stands, it’s not much help. On the positive side, I would say that Manchester is a great place for entrepreneurs. The community acts as an opportunity for growth acceleration and the council is proactive enough to encourage small enterprises. A good thing to come from the budget is the plan to increase research and development tax credits for small businesses in the technology industry, which is – obviously – a great benefit.

What would you say has been the highlight of your entrepreneurial journey so far?

Sitting on the Necker Belle with Gail and my daughters, waiting for the team to arrive and join us, back in 2011; members of the team who had worked with us when we were in a tiny office and endured the long hard slog alongside us. Without them, we wouldn’t have offices on the 28th floor of City Tower; we wouldn’t be as successful as we are today. Sitting on that boat, looking back on how far we had come, and waiting for our colleagues – our friends – to arrive and enjoy the benefits of years of hard work.

Where do you see yourself and your business in 5 years? 10 years?

We want UKFast to be the company that brings innovation back to Britain. I want to have taken every single employee out to Wales to climb Mount Snowdon, and I want us to turn UKFast into a £100 million turnover firm. We’re currently on £20+ million so it’s a big ambition but there’s nothing that’s going to stand in our way of achieving it.

Lastly, what three pieces of advice would you offer entrepreneurs starting out today?

Before you start up your business, really know your outcome; know where you want to go with it. You’ve got to be aware that things will be tough but stay focused on a specific target on the horizon and keep heading towards it. In my mind, there can be no giving up once you’ve committed to setting off on the journey. True entrepreneurs can always find an effective, fast way of achieving something. That’s why you don’t see entrepreneurs standing in queues. They’re somewhere else, getting what they need another way!

You don’t always have to try and invent a new product so it’s worth thinking about markets that are already established. Where could you fit into those markets? You can really minimise the risk for yourself by doing this instead of trying to come up with something brand spanking new!

Be wise with your money. If things start looking good then it can be tempting to spend a load of money but things might not actually be as stable as they seem; you might have a huge bill coming up, which can really sting you. Remember: a penny saved is a penny earned!

The post How Lawrence Jones Built UKFast Into A Multi Million Pound Empire appeared first on YHP.

Hi James, It’s been a while since we last spoke? Everything seems to be going well and very fast?

Hi Joseph, it sure has! Lot’s has happened in the last few months; we went through an accelerator programme, got a decent number of registrations, changed the model slightly and raised some cash.

Glad to hear that, why don’t we start by talking about your experience at Oxygen Accelerator? How did that come about?

We actually heard about Oxygen really late in their selection process, 1 hour before they closed their applications! We rushed through our application and fortunately they read enough to want to bring us in for interviews, that went fairly well and then we started the programme in October.

Ok great, tell me about your experience at Oxygen. Is this something you would advise other start-ups to do?

I don’t think they’re for everybody. As clichéd as it sounds, it’s called an accelerator for a reason, you’re doing months if not years’ worth of work in just a few weeks, under immense pressure. So the obvious things you get better at are time management, working to deadlines, working under pressure etc.

Going into Oxygen, we were sceptical of the ‘lean startup’ methodology; I wrote a blog post about why here. Oxygen teach by lean principles and now that we gave it a crack, I can confidently say it’s cost efficient, time efficient, and an awesome way to build a company. We listened to our users, and it changed a lot about what we were doing, funny how that happens!

What’s been the difference this time around, comparing your other businesses, what are you doing better now?

We’re thinking bigger, much bigger! The things I tried at university were designed to work on campus and potentially scale up across the UK into reasonably small turnover companies. The vision with Sorted is so much more; we’re looking to disrupt a global market as quickly and as efficiently as possible.

We have a great team, we’ve hired really well and it’s being demonstrated by the early growth we’re seeing.

You also changed the business model; tell us the reason behind that decision?

We spoke to our users and looked at what the data was telling us. The feedback was overwhelming, the reverse-marketplace model just wasn’t intuitive enough and it posed trust issues that people weren’t used to. We got loads of people in for focus groups and this is what we came up with:

The new look Sorted has a similar interface to popular room renting service AirBnb. You land on a beautifully designed page with a search box in the middle asking you to detail your task. Sorted then applies your task needs as filters to its Sorter database and returns the best people for your needs. Each Sorter has created a detailed profile, linking their social networks and choosing their rates and tasks, so you can browse through and see who you like the most. Sorted also holds your payment until you say the job has been done, so it’s about as safe as you can get.

You’ve grown from 600 to 15,000 signups since we last spoke which is huge. What are some of the most crucial things that you have done to grow it?

Changing the model is one of the biggest reasons, we’re now building something that people really want and are ready for, and that was validated by our alpha users. People are talking about Sorted, when we register someone they tell more, it’s not a viral loop as such, it’s just neighbours helping each other out! Now that the platform is live, we are concentrating on building tools that maximise people’s ability to ‘help others’ and grow the platform.

We have also partnered with a number of awesome organisations, and taken out some advertising deals with companies hitting our key demographics.

That’s really great James, let’s quickly talk about raising money. I know you’ve managed to raise some money along the way, what advise can you give to first-time entrepreneurs looking to raise money for their start-ups?

Take every negative you get and flip it into something good, instead of being too young and inexperienced. Be hardworking, passionate and bring a new way of looking at things. Instead of having had failures in the past, you’ve had things that didn’t work out but you’ve learnt from it and are a better person off the back of it. All that sort of stuff.

Never underestimate the power of an awesome pitch, a simple PowerPoint deck and a 10 minute slick speech can get your foot through the door with so many people. The key to closing them is to appear just as confident in your 1-2-1 but without the bravado of a pitch.

I know you guys recently apply for the YC program, why move to the US? What do you think the UK ecosystem is lacking to be able to keep its entrepreneurs?

I think the UK tech scene is actually pretty good, it’s certainly a lot better than it was when we started Sorted 12 months ago. The US is a big market for us, and the investment scene over there is more established. It’s not that there aren’t investors in the UK, but they value companies differently, and there’s so much confusion between valuations from angels, funds, VCs etc.

What’s next now for Sorted? Series A?

So we have some very aggressive targets in place for capturing the UK market and proving that the new model is the way forwards. There will be more funding in the future, we will need substantial investment to realise our aims and really become a dominating brand in this industry.

Lastly, what three pieces of advice would you offer entrepreneurs starting out today?

1) Don’t be scared of anything, every single negative somebody throws at you can be flipped in your favour.
2) Don’t listen to people telling you that you can’t do something, try it and see for yourself.
3) If something doesn’t go to plan, it doesn’t mean what you’re doing is flawed, keep tweaking and changing things and if you’re on a good path then you’ll get their eventually.

Our 15,000 users includes 12,000 Sorters who have collectively signed on for 9 categories… 40,000 times! Sorted now boasts dog walkers, cleaners, admin workers, DIY helpers and more, in every major city in the UK.

So if you want to outsource tasks to local Sorters, log onto www.sortedlocal.com

The post Growing Sorted from 600 to 15,000 signups in 4 months – with James Pursey appeared first on YHP.

Hi Sarah, Thanks for doing this. How are you doing today?

Great thanks, aside from the fact that I’ve been working much of the weekend. However, that’s part of the course of being an entrepreneur/small business owner.

Can you give us some background information about yourself?

I am obsessed with natural health and have always tried to avoid prescriptions and visits to the doctor whenever possible. This led me into wanting to set up a business producing high quality natural remedies. I spent years researching natural ingredients which have nice studies behind them and got together with some nutritionists and experts in the natural health industry to come up with some formulas and concepts.

Tell me how you initially got into business?

I had no idea how to start but had experience running other businesses and had worked for ages in sales and marketing. I went to some wonderful natural health experts and business owners for advice and was lucky to find some great mentors. I also got a shedload of help from the British Library’s Business & IP Centre. Our business was also selected for the UK funded Innovation for Growth program which has been invaluable.

How did the idea for Unbeelievable Health come about?

Well, my first business plan, many years ago at 22, was to start something very similar to what is now, Vitamin Water, but I could not raise the funds. That was probably a blessing as running a business takes a lot of time and energy, I’m not sure I would have been able to handle it at the time. After Vitamin Water (Glaceau) was sold to Coca Cola for a huge amount, I revisited the idea of a health business.

I’ve always been a lover of bees and a massive fan of bee propolis, which has natural anti-viral & anti-biotic properties. I figured with all the concern over the decline of the bees, that a great range of products based on health from the hive would be a unique concept. Creating demand for bee products actually helps bees as it encourages more people to become beekeepers, which is vital to sustain the bee populations. I started to save up and after a few years I had enough to get started.

Tell me about the early days, what was the hardest part of starting the business?

Well, I wasted a colossal chunk of time, as many do, on the business plan. A great executive summary, good market research and a basic plan are enough to get started. Just DO it! There was a lot I had to learn. EU regulations are strict in my industry and changing all the time. Also, business has changed a lot with social media, the old ways of doing things have changed, certainly from a marketing and advertising point of view.

What is Unbeelievable Health? And what are you trying to solve with it?

We are an ethical nutritional supplements company. We try to make it easier for busy people to be healthy, naturally. Our vitamins are all food sourced and combine bee ingredients with other beneficial nutrients, all of which have a proven history of benefits.

How have you been able to fund it?

Savings and small loans, when needed from HSBC who have been really helpful.

What sorts of advice do you having for entrepreneurs looking to raise money for their startups?

Try to get it as far as possible without investors. Once you can prove the business has legs, then go to investors. Also- have a water-tight executive summary, investors don’t spend too much time looking through business plans these days. I highly recommend the classes done by The Funding Game at the British Library- Paul is a genius and an angel investor himself, so can save one a lot of time & help cut through the waffle.

About the first few months, how excited were you, tell us about how those months felt, what happened?

I spent a year laying the groundwork and launched in spring of 2010. Within the first couple of months we got into 2 key health store chains and signed on with some important distributors so it was exciting. But there was a huge learning curve and many endless months of crazy working hours. The long hours continue!

How did you initially get traction?

We have had a very limited budget so it has been a slow burn. I think social media & PR has helped. What we are working on now is getting more case studies. As we are unable to make any claims it’s tricky to prove that natural health products can really make a difference which is why case studies are really important. We recently got into a national chain so we are hoping that will further help raise brand awareness.

What are the most crucial things that you have done to grow your business?

Spending on advertising and PR yet you always feel you should be spending more. We have also started to stay in better touch with stores although it’s not always easy- as we sell through wholesalers we often don’t know where the products end up. It’s important to nurture your current network.

What would you say has been the highlight of your entrepreneurial journey so far?

The camaraderie amongst entrepreneurs. I have been so fortunate, to have had so much good help and advice.

What should we be expecting from yourself and Unbeelievable Health for 2013?

New products hopefully. We have been working on some great formulas with some experts in the industry. We also hope to hit some new markets, like New Zealand and Australia, which would be great as they are huge fans of bee products. We also have a new website in the works. We hope to one day, be the Burt’s Bees of nutritional supplements based on health from the hive.

Lastly, what three pieces of advice would you offer entrepreneurs starting out today?

1.Don’t be afraid to ask people you admire in your industry for help- most will be flattered and delighted to help. The few that tell you to sod off aren’t worth it anyway!
2. Check out the resources at the British Library Business & IP Centre (even if just online). Women Unlimited’s site is also a treasure trove of brilliant advice- not just for women!
3. Just get started! It’s a great time to start a business and there is a lot of help for entrepreneurs in the UK and tax incentives- register for the EIS schemes!!

The post Just get started! It’s a great time to start a business – with Sarah Orecchia of Unbeelievable Health appeared first on YHP.

Hi Tom, Thanks for doing this. How are you doing today?

Great thanks. We just had a new baby who is 3 months old now, to make 4 children, so life is busy!

Tell me how you initially got into business?

I went to Kings College, University of London, in 1984 after finishing my A-Levels and read Electronic Engineering. This was a 4 year course which allowed me to spend one year working for GEC Research where I designed digital telephone exchanges. All this experience taught me that I did not want to work in Industry, so I became a Management Consultant for PA Consulting Group; specialising in Financial IT systems. I worked at various Financial Exchanges until I decided to do an MBA in Finance at Cass Business School in 1997. An MBA really makes you think about what you want to do so after working my way up the career ladder and heading a number of IT departments in the City I ended-up in a deep recession with no job. My “Plan B” was to do some consulting work until I could find a real job, so I used my extensive network of contacts and got some work with a US company. This allowed me to earn enough money to start employing professional IT staff and begin the journey of creating Gold-i from nothing, to the market-leading company that it is today. My simple message is, “Work very hard, Put Customers first, and never be complacent!”.

How did the idea for Gold-i come about?

When I was employed as CTO in a brokerage I was looking for a software vendor to do what Gold-i does now, but there was no one anywhere that I could find. This gave me the niche that was necessary to break into a market, and so Gold-i was born.

Tell me about the early days, what was the hardest part of starting the business?

Getting the first paying client and delivering what they need, at an acceptable price with the right quality is really hard, and you end up working 7 days a week until you can afford to employ staff.

What is Gold-i? And what are you trying to solve with it?

Gold-i is a World leader in low-latency trading systems integration that specialises in connecting Retail Brokers to Institutional Brokers, Banks, Exchanges and ECNs. Retail Brokers need to offer multi-asset trading on a global scale, but still be able to 100% manage their risk. Our suite of software, including the Gold-i Gate Bridge, The Gold-I Gate Link and the Gold-i BoldOns addresses this need.

How have you been able to fund it?

We are 100% self-funded and have always taken the approach of growing as we increase revenue. We have grown our revenue by nearly 100% year on year every year since we started and have no external investors. When you are spending your own money you spend it wisely.

What sorts of advice do you having for entrepreneurs looking to raise money for their startups?

Self-fund or go for Angel investors if you can, then you can concentrate on building the business with no pressure for an exit strategy. If you do have to take VC funding then ask lots of questions and get professional advice.

About the first few months, how excited were you, tell us about how those months felt, what happened?

I remember walking into my new serviced office; just a computer and me! The phone rang that morning and an old colleague of mine wanted some consulting work, and that was our first paid piece of work. This lead to more work and allowed me to start employing staff. I was never worried as this was my first start-up so I did not know that I needed to be scared!

How did you initially get traction?

The MOST important thing I did was to use my network of connections. I had a reputation as good listener and a great technologist and that sticks. Now many of our clients are old colleagues or friends of theirs.

What are the most crucial things that you have done to grow your business?

We always put the clients first and will help them any way we can. This is a fundamental part of our company Values. We believe in the power of PR to continually reinforce the Brand and what the company does. Most companies think PR is just advertising but it is so different. We use PR to put our name in the heads of all of clients, potential clients, and partners. We passionately believe in partnering with other companies as together we can deliver a winning solution. We do what we do superbly and partner with those who have the same approach.

Choosing the right revenue model has also helped greatly. All our revenue is on a transactional or recurring basis, so every month we know what will come in, and new clients add to that recurring revenue. This allows us to scale up the business effectively, have certainty of income, and also increases the value of the company.

What would you say has been the highlight of your entrepreneurial journey so far?

Feeling that I am driving a business that is now vitally important for our clients. We are regularly approached by investors, which is flattering, and have won many industry and general business awards, which validates our business.

What should we be expecting from yourself and the Gold-i team for 2013?

We are launching the new Gold-i Matrix multi-asset liquidity management tool that combines liquidity across the asset class range, centrally risk-manages, and then offers that liquidity to brokers. This is very exciting new product and has been designed with input from a number of our loyal clients to solve a real business need.

Lastly, what three pieces of advice would you offer entrepreneurs starting out today?

Choose a niche that you are really exceptional at so you can have an edge. Use your network of contacts like you have never done before. Be bold and make sure people remember you by your dress, website, and general image.

The post Work very hard, Put Customers first, and never be complacent – with Tom Higgins of Gold-i appeared first on YHP.