Startups

Invoxx

Sam Jennings
team of 8, 4 of them of developers, Sam is first hire outside of that, and he’s the first hire outside if that, and he’s the product and partnerships
Worked with the CTO for last 7 years
Outsourced tech team in Romania
Office in Victoria, London
Pre-seed

Network play - idea is that
Simpler lower cost way of doing accounts receivable, ultimately trying to build the network so that 60% of people are on that service, so that payments could happen seamlessly between them e.g. like PayPal.

Cofounders of previous business - both 10 years plus
Accountants as a key channel
target is businesses that have been resistant to using existing software like Xero maybe because of the complexity of cost, so they want to work with book keepers who work with these people, that way they can make their clients (the businesses) lives easier
goals: working towards working MVP, then getting first set of clients on that, 20 clients.


Yohan’s covering EAH


what we have in our network - earliest adopters, rather than mass market. We have one man bands, mid sized firms, and just a couple of the larger firms.
Who we’ve helped and what level - 37 startups, taking equity in some scenarios, accountants don’t have the time to vet the startups they get approached by, so they funnel them to us, that’s the value for them.
What we do with startups - quick overview on how we work with them but then pausing here, to see if any questions.

His questions, who have we worked with, RQ for a couple of years, Brieff, Cresco,

Then going through the offering -
Question for Yohan, what is that line of text on the paid offering section of the miro board?
zooming in on which type is most relevant - studio, accelerator, paid program
Then covering free evaluation and product delivery
Clearly articulates - if you’re just trying to sell to accountants, then this isn’t a good fit and there are better channels that aren’t us which can do this
explaining that we have clear paid for outcomes, so that you’re clear you’re not just paying for our time, you’re paying for specific outcomes, all articulated before we then present you to the accountants to get them to screen you in or out
Once we get to the end of the evaluation process, we can then sharper our outline of the objectives and then payment 50% up front, then pause for questions
Sam asked how many firms do you need - 5 is the minimum, but worth bearing in mind that this could be an indication that your positioning is.
Then we cover the paid program outline
value of our scheduling, then prepping for the sessions, talking about the best practice that we’ve learned and why that’s valuable e.g. not asking biased questions etc. then talking about the structure of the conversations how it can be a mix of 1-2-1s and group workshops, talking about the good and bad of their current solutions getting an idea of what they think about hwo theyre currently solving the problem. Then, half way through, we review how things are going against the goals to see if we;re still on track, or if we need to adjust anything. Then at the end, the summary of what we achieved,
Sam asked about timings, how long does it take? 1 week for evaluation, 2-3 weeks for some 1-2-1s and then if more in depth, could be 6-7 weeks
then talking about pricing
questions from Sam


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