Angel at my Table 2014: Riscoveri
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The NZSA August Event: Angel at my Table featured some emerging and re-emerging companies pitching to three dragons, including Nick Hadley of Riscoveri International Ltd, a worker safety and risk mitigation SaaS with patents and agency sales models in place
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Angel at my Table 2014: Riscoveri
- 1. RiscoveriInternationalLimited Health & Safety, Governance, Risk & Compliance Software Nick Hadley | nick@riscoveri.com | 021 517320
- 2. Riscoveri’s reason for existence 1Keeping workers safe By embedding a culture of safety and regulatory compliance 2Mitigating risk for Directors By visibly demonstrating point 1 Riscoveri International Limited
- 3. Background & History Effectively a 21-year old start-up! Original business had its roots in Risk consultancy, with ‘fat client’ software developed in 1993 Top-heavy consultancy structure Nightmare maintaining and developing the software Riscoveri now rises from these ashes with energy, enthusiasm and a huge IP asset. Key missing ingredient is finance Riscoveri International Limited
- 4. Helpsorganisationsto achievelegislativeand environmentalcompliance Mitigationofriskfor Directors. Corporatemarket Longsalescycle Consulting/integration requirements likely Typically$3000plusper monthfor50workers “Governance, risk & compliance cloud-based software” riscoveri.com
- 5. “High-visibility heath and safety software” safetyware.com Keepingworkerssafe Mitigateriskfordirectors Accidentreporting Quickidentificationofhazards, non-compliancesandother risks SMEmarket TrueSaaSpurchase,alsosold throughresellers Typically$100-$200permonth However:Riscoveri functionalitycanbeaddedback toproduceextrarevenue
- 6. Governance, Risk & Compliance (“GRC”) Health & Safety Accident Register Hazard Register Compliance Manage- ment Staff & Staff Compet- encies Contractor Manage- ment Site- Specific Safety Plans Training Function/ Position Register, Document Library, Induction Register Property Owner, Site & Floor Registers, Maintenance Requests, Protective Features, Survey Details Environ- mental Legal Requirements Register, Environmental Objectives & Complaints register, Environmental Incident Manager Audit Systems Register, Register of Certified & Non- certified Equipment Risk Analysis Risk Identific- ation, Risk Assessment Calculations Can be sold separately as “Safetyware” - a stand-alone Health and Safety System Modules can be individually activated as needed Riscoveri International Limited
- 7. Where the products sit in the market Functionality Cost $ Point solutions for H & S Document-based Risk Management systems Enterprise risk management from global providers Riscoveri International Limited
- 8. What’s included? In effect, two opportunities; both SME and Corporate products NZ Patent on the software Substantial pipeline of short and long-term prospects Market-tested product; not dreamt up Speed to market Designed for global sales (we already have a UK reseller lined up) Riscoveri International Limited
- 9. Headline financial forecast Riscoveri International Limited x $1000 Yr 1 (Oct 14-Sep15) Yr 2 (Oct 15-Sep16) Yr 3 (Oct 16-Sep17) Gross Safetyware sales Less reseller commission Net Safetyware sales $572 -$257 $315 $4,524 -$2,036 $2,488 $10,454 -$3,659 $6,795 Riscoveri sales $231 $2,419 $5,706 Total net sales $546 $4,907 $12,501 Expenses $1,289 $1,737 $2,573 Profit ($743) $3,170 $9,928
- 10. What we’re looking for Proactive investor(s) who have a total of $700k- $1.2m to invest. Could be in 2 tranches ($700+$500) Even better, someone who wants be part of our story. Riscoveri International Limited
- 11. Exit strategy Options for exit in 3-4 years: Trade sale to high-end GRC provider (eg Oracle / SAS /Thompson Reuters) who wants a mass market product Sale to consulting company who want their own product IPO? Riscoveri International Limited
Editor's Notes
- About me: Late 50’s Working life in technology: both sales and technical 3rd startup: Software company: 1988 – 2004 Web technology company: 2008-2013 Riscoveri: Betting my farm! Been there for 4 months to breath life into the organisation.
- The word “riscoveri” derives from a Dutch phrase meaning “risk-free” 8 shareholders Founder of the company is a Health & Safety / Risk Management guru Original software was built on MS Access Had some major clients such as: Transalta, NRMA, Shell in 17 countries, numerous power companies, primary exporters.
- Tender for large organisation (800 employees) in multiple industries. Estimated value could be $5k-$10k per month Tender for property management company. Value $800-$2200 per month Several corporates and public-sector bodies.
- Commission paid on Safetyware sales is between 35% and 45%
- 1st tranche $500,000 Software dev $180,000, Marketing $210,000, Misc $110,000, Retire debt $200,000 TOTAL = $700,000 2nd tranche $500000 after 7 months allows us to open small office and take on client care staff + support staff = Takes us to $3m turnover within 18 months of launch
- Talking to a Multi-national consultant engineering company who have already purchased project risk software company. Interested in business & environmental risk.