9. The Forward Flow
0 1-3 4-6 7 8
Idea
Customer
discovery
Customer
validation
Customer
creation
Company
building
STEP:
Tranche 1 Tranche 2 Tranche 3 Series-A
10. Other stuff we do
• Co-working space
• Mentors
• Fundraising support
• Events
– Forward Partners Live speaker events - Monthly
– Forward Partners Open Day – Quarterly
– Solo Founders Office Hours – Quarterly
• Free stuff – Amazon credits, Stripe credits, etc.
* ecommerce investment studio
* Focus on the ecommerce ecosystem
* In this to make money for our investors
* Support our companies operationally as well as financially - startup catalyst
* Explain ecommerce focus
* primarily that’s consumer facing businesses that sell product (as opposed to advertising models) and suppliers to the eocmmerce industry
* Explain support through a story
* SnapTrip story - a market place for last minute discounted holidays in self catered cottages - the brainchild of an entrepreneur called Matt Fox
* we backed him last December when it was just him and his idea
* he paired with one of our developers and within thirty days had launched his first site
* we also helped him with a structured customer dev process to refine and re-orient his business idea
* then in month three he went and found his co-founder from a position of strength - because his business was now real, site live, large numbers of customer interviews done, £250k support from us - he was suddenly interesting to a larger and often more experienced and talented pool of tech co-founders than when he just had a Powerpoint
* Moreover - he’d done things the right way round - spending the first sixty days working out whether he had a business and then pitching to co-founders, doing it the other way is backwards
* Now been joined by Dan Harrison - eight years at HomeAway, a large company in an adjacent space and potential acquirer. He has been great for the company already and looks good on paper to investors.
* Now supporting them with design and marketing as they grow sales
* Appear Here story - a market place for short-term lets on high street - may have seen the Old St concession
* similar story - solo founder, helped him get started, helped him find a co-founder, helped him grow his revenues and build his team
* Old Street has been huge for them
* raised a Series A/late seed round and now growing fast with big name investors interested in the next round
* People - think of ourselves as guides - something like a wise shepherd that helps entrepreneurs both from their experience and practically on the journey - Yoda, Sherpa Tensing
* Highly experienced team that helps deliver
* product from Mind Candy
* hiring from Facebook
* design from Farfetch
* ops from Housetrip
* dev from Mobile Interactive Group
* Investing from inception to late seed
* Last eight investments - running at two per quarter
* early stage - three of these were solo-founder deals, tranching
* late stage - usually 5-10 people, product in the market on the cusp of taking off
* working with great investors - co-invested with Accel, Index and Balderton multiple times in last year
Methodologies - having good people is great, but to really be the best need to structure and continually iterate on what we do
Building a thorough understanding of the customer is perhaps the most powerful thing an entrepreneur can do in the early weeks
Very easy to do it wrong – The Mom Test, false positives, vanity conversations
Lexoo example
* structured process for helping focus our efforts where it matters and getting companies to progress as quickly as possible to Series A
* Based on the work of Steve Blank
* ther stuff we do - can see the list here, key take away is that everything we do is tailored to help entrepreneurs succeed
* we aim to be the most helpful early stage investor