Ashish bahl.june 3 presentation


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Ashish bahl.june 3 presentation

  1. 1. Powering Your Venture<br />Lessons Learned in Succeeding with the Right Startup<br />Rock Star Presentation for the TAG/ATDC Entrepreneurs<br />June 3, 2010<br />Ashish Bahl<br />CEO, Acculynk<br /><br />
  2. 2. Executive Summary<br />A glass is never half empty<br />Bluebirds are the exception to the rule<br />Establish a game-plan from day one to provide a roadmap for execution<br />Expect the unexpected and learn to roll with the punches<br />Take time to enjoy the excitement of creating your own path<br />2<br />
  3. 3. Agenda<br />Personal Overview<br />Current Ventures<br />Lessons Learned<br />Questions<br />3<br />
  4. 4. Personal Background<br />Serial Atlanta entrepreneur with 22 years of experience in the payments space<br />B.S. in Mathematics and Electrical Engineering from Vanderbilt University and an MBA from Carnegie Mellon University<br />Civic responsibilities include Board positions in Leadership Atlanta, TIE, TechBridge and the Technology Association of Georgia (TAG)<br />Married to Debora Bahl with 4 children<br />Interests include adventure travel, tennis, and wine collecting<br />4<br />
  5. 5. Professional History<br />Founded and served as the CEO of Exchange Place Solutions (EXPS)<br />EXPS' primary competence was within the area of electronic payments, including ACH, Wire, I-ACH, and SWIFT<br />EXPS was acquired by iXL in 1997<br />Became the Senior Vice President of iXL Ventures and the founder of iXL's Financial Services Practice Group (FSPG)<br />Grew the practice to the largest industry component within iXL, accounting for approximately 33% of the company’s revenue during 1998, the year of its IPO<br />Founded Harbor Payments in 2000<br />Harbor Payments was the recognized global leader in the emerging electronic invoicing industry<br />Rated as one of the fastest growing technology firms by Deloitte in 2005<br />Purchased by American Express in 2006<br />Launched/Relaunched Acculynk in 2008 and Twitpay in 2010<br />Currently serve as Chairman and CEO of Acculynk, the only provider of a payment method for Internet PIN debit payments<br />5<br />
  6. 6. Agenda<br />Personal Overview<br />Current Ventures<br />Lessons Learned<br />Questions<br />6<br />
  7. 7. Acculynk: Bringing PIN Debit to the Internet<br />Acculynk is the only provider of a software-only service for PIN debit payments on the Internet, PaySecure®<br />Standard adopted by 7 EFT networks<br />10 patent families, including 4 issued patents<br />PaySecure is a compelling online payments innovation, as it meets the needs of all stakeholders<br />Merchants: instant adoption, no incentives, reduced fees, lower fraud/charge-backs<br />Consumers: familiar, convenient and secure payment experience leveraging their current debit card<br />Issuers: lower fraud, attractive margins, competes against alternative, extends issuer brand<br />PaySecure is already the second largest alternative payment type in the market, projected to have over 90M active users by Q4 2010<br />7<br />
  8. 8. The PaySecure Payment Process is Simple and Familiar<br />1<br />Card number entry<br />Make selection<br />2<br />Only appears if transaction is PIN-able<br />No abandoned transactions<br />No redirection<br />Merchant steering<br />Consumer checks out on merchant website<br />Consumer enters debit card number <br />No proactive choice required<br />4<br />Confirmation page<br />Enter PIN<br />3<br />Consumer receives payment confirmation directly from merchant<br />Bank branded<br />Highest level of security<br />Scrambling PIN-pad<br />Mouse click only<br />8<br />
  9. 9. Acculynk Investment Hypothesis, 2008<br />Existing State<br />Payment method required a “download” <br />No commercial transactions<br />Non-payment management team<br />Direct customer acquisition<br />Slippery and fuzzy numbers with partners<br />Vision<br />Recruit payment experts to build credibility<br />Convert to a hosted application using an Ajax frame<br />Publish “open” pricing to all parties<br />Make the industry standard<br />Underwrite merchants through acquirers<br />Valuation<br />At the time of investment: Under $1M<br />Current valuation: Over $50M<br />9<br />
  10. 10. Twitpay: Powering Socially Visible Payments<br />Twitpay is the first and largest payment service built on top of Twitter<br /><ul><li>Only provider of a service that allows Twitter users to simply and securely make charitable donations from their Twitter account
  11. 11. Sophisticated payments platform backed by a provisional patent around the initiation of a financial transaction by posting a message on a social network</li></ul>Twitpay has been processing peer to peer payments through Twitter since 2008<br /><ul><li>Enjoys a strategic relationship with Twitter’s development, business develop and Non-profit organization (NPO) relations teams</li></ul>Twitpay is migrating its success in P2P payments to serve charities with RT2Give™<br /><ul><li>Users donate to their favorite charities through their Twitter account, and “re-tweet” the donation to their followers
  12. 12. Users “re-tweet” the donation to the their followers, utilizing a lucrative viral component that encourages additional donations to that charity</li></ul>10<br />
  13. 13. RT2Give™ leverages the power of Twitter<br />Step 1: Consumer’s favorite non-profit tweets a call for donations<br />Step 1: Consumer re-tweets the NPO’s tweet<br />Consumer re-tweets<br />Step 3: Twitpay sends confirmation via direct message (DM)*<br />Step 4: Consumer replies “yes” to the DM and the donation is complete<br />*Consumer follows @RT2Give_Confirm automatically, when they sign up<br />11<br />
  14. 14. Twitpay Investment Hypothesis, 2010<br />Existing State<br />Communication channel between PayPal and Twitter<br />Limited margin<br />Did not own payment system<br />Did not own payment data<br />Vision<br />Create a proprietary payment system<br />Own data through enrollment<br />Own funds flow<br />Leverage Twitter’s low-cost rails<br />Target low-fraud industries<br />Charitable donations, virtual games<br />Build significant user base for other applications<br />Create preferred payment system for Twitter and others<br />Valuation<br />At the time of investment: Under $1M<br />Current valuation: Over $10M<br />12<br />
  15. 15. Agenda<br />Personal Overview<br />Current Ventures<br />Lessons Learned<br />Questions<br />13<br />
  16. 16. Lessons Learned: Picking the Right Opportunity<br />Stick to something that you know – in our case, payments<br />Have an analytic screen<br />Lead with intellectual property<br />Balance the desire to have the perfect technology<br />Find a “Big Brother”<br />Define a “real” economic model<br />Finance creatively<br />14<br />
  17. 17. Lessons Learned: Creating the Right Corporate Culture<br />Be decisive: cost of failure is low but cost of missed opportunity is high<br />Ride the emotional cycle of change<br />Surround yourself with positive “can do” people<br />Focus on efficiency, don’t only be an educator<br />Balance business extensions with results<br />15<br />
  18. 18. Agenda<br />Personal Overview<br />Current Ventures<br />Lessons Learned<br />Questions<br />16<br />