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

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