TeleTrust Pitch - Ned Hayes

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VC Pitch that WORKED to raise initial angel funds in 2010 for my company TeleTrust. Problem is up front, and the product description follows.

VC Pitch that WORKED to raise initial angel funds in 2010 for my company TeleTrust. Problem is up front, and the product description follows.

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  • 1. TeleTrustTrusted Identity Ned Hayes September 2010 Confidential & Proprietary | TeleTrust.us
  • 2. goalfix identity (real world) Confidential & Proprietary | TeleTrust.us 2
  • 3. problemConfidential & Proprietary | TeleTrust.us 3
  • 4. identity is brokenConfidential & Proprietary | TeleTrust.us 4
  • 5. (online identity) ?Logins? Passwords? Confidential & Proprietary | TeleTrust.us 5
  • 6. No. (real)identity is brokenConfidential & Proprietary | TeleTrust.us 6
  • 7. how do I prove who I am? Confidential & Proprietary | TeleTrust.us 7
  • 8. Phone Number (Caller ID)Name/AddressPast AddressesEmploymentPII Data(DOB, Mother’s Name, etc.)SSN - Social SecurityNumber Confidential & Proprietary | TeleTrust.us 8
  • 9. Phone Number (Caller ID) = easily spoofed / fakedName/Address = stolen ID / found onlinePast Addresses = buy from data brokersEmploymentPII Data = found online/Facebook(DOB, Mother’s Name, etc.)SSN - Social Security = reverse engineeredNumber (Carnegie Mellon, 2009) Confidential & Proprietary | TeleTrust.us 9
  • 10. Phone Number (Caller ID) = easily spoofed / fakedName/Address = stolen ID / found onlinePast Addresses = buy from data brokersEmploymentPII Data = found online/Facebook(DOB, Mother’s Name, etc.)SSN - Social Security = reverse engineeredNumber (Carnegie Mellon, 2009) Confidential & Proprietary | TeleTrust.us 10
  • 11. cost (just 1 year)11 Million US Adults - Victim of Identity Theft Confidential & Proprietary | TeleTrust.us 11
  • 12. not to mention money Confidential & Proprietary | TeleTrust.us 12
  • 13. $ 54 BillionUS adult victims of identity fraud **Fraud victims as % of US population banksTotal one year fraud amount *Mean Fraud amount per fraud victim ***Median fraud amount per fraud victimMean consumer costMedian consumer cost ($$$)Mean resolution time (hours)Median resolution time (hours) © 2010 Javelin Research & Strategy Confidential & Proprietary | TeleTrust.us 13
  • 14. TeleTrust solutionConfidential & Proprietary | TeleTrust.us 14
  • 15. identity isConfidential & Proprietary | TeleTrust.us 15
  • 16. phone = identity Confidential & Proprietary | TeleTrust.us 16
  • 17. phone = (secure) identity (your phone is your GUID) Confidential & Proprietary | TeleTrust.us 17
  • 18. the holy trinity (of phone based identity)1. Telco Billing System2. Network3. Handset 18
  • 19. barriers to entry = significant1. Telco Billing System2. Network3. Handset 19
  • 20. barriers to entry = significant1. Telco Billing :Regulated Data, only Telcos have access, onlyTeleTrust has an approved agreement here,because of decades-long relationships withkey players in telecommunications industry. 20
  • 21. DATA PARTNERS1. Telco Billing System: Name / Address / Phone Service Start / Port Date / Address History -- VERIFIED against secure telco internal billing records in real time – this is a proprietary source that cannot be accessed by the general public or by data aggregators -- CERTIFIED – data is certified as telco grade – not aggregated in any other database, not available to ID thieves. STATUS • Approved Verbal Agreement with AT&T • Signed NDA with AT&T Wireless • Review of T&Cs on Agreement with AT&T • Agreed access to all other wireless data 21
  • 22. barriers to entry = significant2. Network :Complex big-iron SS7 network. Difficult for Web-basedidentity services to access. Gaining access to SS7 is non-trivial. Key players on our team literally “wrote thebook” on SS7 system. Our partners, and key playershave already cracked this puzzle, waiting to implement. 22
  • 23. barriers to entry = significant3. Handset :Many small companies are focusing on individualelements on the handset – even creating a new tokenthat would sit at the handset. With data in the BillingSystem, and Network data, our knowledge of elementsthat sit on the handset (SIM, EMEI, location) allow us toleverage a complete telco identity “dashboard.” 23
  • 24. 3. Handset: TeleTrust “Dashboard”Companies are working on individual components – no one has aggregatedelements into one telco-based identity “Fingerprint” ELEMENT PARTNERS •Phone Location and Location Pattern •Locked, Secure CallerID •Phone Service Start Date •Velocity Score tied to Phone (not card) •Past Addresses tied to phone •Biometrics tied to phone (key entry pattern, etc.) •IP and secure session activity on the phone More as Needed… STATUS •Approved Verbal Agreement with TrustID. •Signed NDA & Working Agreement with TeleSign •Ongoing discussions with other vendors 24
  • 25. what we’ve done: planned1. Self-Funded -- boot strapped first 6 months2. Vetted strategy, product direction with industry experts - Raine Bergstrom, CTIA (former AOL Wireless) - Ty Nam, InCode Wireless (former VeriSign GM) - Don Thibeau, Exec Director Open ID Foundation / OIX - Hank Skorny, Real Networks SVP - Pat Cox, TrustID CEO (former MetroOne, Qsent)3. Landed initial Advisors - Raine Bergstrom, CTIA (former AOL Wireless) - Ty Nam, InCode Wireless (former VeriSign GM) - Don Thibeau, Exec Director Open ID Foundation / OIX4. Recruited critical talent to launch company - Gerry Christensen, CTO, Technical Lead - Brian Golden, Acting CFO / Controller - Reese Solberg, Counsel of Record / Legal Confidential & Proprietary | TeleTrust.us 25
  • 26. what we’ve done: execution1. Self-Funded -- boot strapped first 6 months -- $100k investment2. Negotiated initial agreement for access to AT&T Wireless (SS7 Data Gateway to Verizon Wireless, T-Mobile, Sprint)3. Refined financial model, revenue projections, pro forma4. Created initial technical specs5. Reviewed requirements with Technical Lead, outsource firms1. Identified initial customers, target use cases, query volumes, fees2. Engaged first opportunities – Experian, Equifax, Western Union Confidential & Proprietary | TeleTrust.us 26
  • 27. next 180 days1. Beta Deployment of Data Gateway – Internal testing/QA2. Secure Beta Test Customers – Finalize 5 for early release Sign data test agreements, execute agreements with at least 23. Test with AT&T & Customers – Test Phase 1/10 – 3/154. Final sign off for deployment 3/15/115. Sales, Sales, Sales Confidential & Proprietary | TeleTrust.us 27
  • 28. are you in? 28
  • 29. extra 29
  • 30. TeleTrust Description• Founded April 2010: Bootstrapped by founders for first 6 months.• Team with deep telecommunications experience and identity verification experience: trusted leaders in the Call Identity, Caller Name, Identity Verification and On-Device Payments.• Founders created over $1.4 Billion in value for VeriSign, Illuminet, Vulcan Enterprises, Adobe Systems, and TNSI. TeleTrust LLC is dedicated to creating new value in identity and verification systems for emerging new classes of telecommunications providers and call connection networks. Confidential and Proprietary | TeleTrust.US | 2010 30
  • 31. TeleTrust Builds on Trusted History• 2010-2011: TeleTrust builds on CNAM expertise for verification - Architecting and planning a robust, scalable system to use telco data in regulatory-compliant methods to ensure fraud prevention for merchants.• 2011-2012: Verification Apps-stand alone and on-device apps 1990 1995 2000 2005 2010 2015 CNAM: LIDB VeriSign Planning for TeleTrust plans toIlluminet LIDB Supports became Telco Assured TeleTrust launch lead market Caller ID with dominant data Verification services Launches• 1st to offer in telco data Name LIDB/CNAM by Company& nationwide for verification & telco provider LIDB / CNAM Services connectivity fraud assurance• LIDB established to Forum (national) help prevent fraud Confidential and Proprietary | TeleTrust.US | 2010 31
  • 32. Market Opportunity• Today: identity verification today is only predicated on credit card and machine identity, both of which can be falsified. No system today can target and prevent mobile identity fraud by verifying the actual mobile device through the telco carrier.• Tomorrow: TeleTrust is the trusted broker who cross-references every telco data element together to map and lock identity to a single phone. This identity is based on authentic phone record and call-in-progress information derived directly from the telecommunications system. Phone = Identity Confidential and Proprietary | TeleTrust.US | 2010 32
  • 33. Three Phases: Roadmap to Value PHASE 3: NEXT GEN TRUSTED IDENTITY & MOBILE WALLET Verified Multi-Factor Identity, Verified PII Verified Mobile Wallet + Payments, etc. PHASE 2: TRUSTED IDENTITY ON DEVICE MarketPerceived Value Verified Location, Verified IP, Velocity Score value vector Verified Name+Address, Verified Portable Identity PHASE 1: ADVANCED MOBILE IDENTITY Verified Caller ID, IP Address, Name+Address Matching TODAY: BASIC MOBILE IDENITY . Non-Telco Data, Inaccurate, Weak Caller ID : Easily Faked . Past Present Future Confidential and Proprietary | TeleTrust.US | 2010
  • 34. Revenue Roadmap: 5 years• 2015 Revenue $90.0 $82M Forecast = $80.0• Verification steady $70.0 incremental revenue $60.0• Dashboard as Mobile Apps $50.0 3 Mobile Wallet Growth Driver 2 Dashboard $40.0 1 Verification• Long-Term Growth $30.0 CNAM Storage Consulting in Mobile Wallet $20.0• Baseline Consulting, CNAM Storage & CNAM Access $10.0 $0.0 2011 2012 2013 2014 2015 Confidential and Proprietary | TeleTrust.US | 2010 34
  • 35. Product Architecture TeleSign MaxMind Callback IP Address & Services Location AT&T Verizon Sprint T-Mobile Telco Data Telco Data Telco Data Telco Data TrustID FinSphere Verified Mobile Location CallerID TeleTrust Proprietary Value Add Telco Data Layer & Matching (LIDB / CNAM / ENUM) Telco-Derived Data (SS7 / IP) TeleTrust Proprietary Data Correlation & Data Scoring TeleTrust Query Response (VPN / SOAP)TeleTrust Confidential and Proprietary |Customers Major On-Phone Credit Major TeleTrust.US | Banks Purchases Bureaus Retailers 2010 35
  • 36. Phase 2+3: Network & Handset Identity Dashboard – All Elements Telco Derived Verified Location NameProvisional Patents applied for of Phone Address (Lat/Long)Telco-Based Identity Dashboard IP andAggregates together multiple Phonetelco-derived data elements: ID (SIM)Telco Data Fields (Name, Address, Phone Type)Actual Phone Location, Biometrics, Velocity,ENUM IP Address, Caller ID TeleTrustPatents Pending 2010 Verified ID Confidential and Proprietary | TeleTrust.US | 2010 36