For two weeks in October, Floxx founder Rich Martell will head to the US to try and secure investment from some of the top names in the US tech industry. You can follow his story here on Real Business.
In less than a week, I’m setting off to make my mark on the American tech scene a daunting prospect.
Why go to the US” Although there are plenty of sources of funding here, many of them are still on the other side of London from us, who are based around Silicon Roundabout. Though the physical distance between Shoreditch and the West End is a small one, the ideological one is huge.
VC firms here are very concerned with revenue, and are sceptical about taking gambles. This isn’t a criticism, and many would argue it’s simply good business sense, but it’s just how things are done in London.
Compare this with Silicon Valley. Google’s first investment came after aten-minute demo on someone’s front porch US investors seem more willing to fund startups based on their belief in an idea, a product or a team.
By no means does this mean I consider the US an easy option; I?m fully aware that without a business model, projections, ways to get traction, etc. we won’t get a look in. But we’ve been hard at work on our latest product and all our pitches, and we hope we’re ready for everything people can throw at us.
We’ll be travelling around America for fourteen days and, if all goes to plan, we’ll be meeting with over twenty angel investors, VCs and various other early adopters and tech enthusiasts.
Obviously there ll be some people we ll be able to talk about and others we won’t. We’re hoping to go much deeper than just meeting people; we want to find out where the tech hubs are across the US, who the key influencers are, and try to get our heads around what has made, and continues to make, the US and UK tech scenes so different.
Rich Martell is the CEO and founder of Floxx Media Group, a startup based in Silicon Roundabout. Floxx recently featured in our Real Business Future 50, and Rich Martell is a nominee for the Young Entrepreneur of the Year award at the Growing Business Awards.