1 00:00:00,059 --> 00:00:02,940 ... need to do any pro-advice after this episode. Should I do it now? 2 00:00:02,919 --> 00:00:04,199 Yeah, go on then. Yeah. 3 00:00:04,179 --> 00:00:07,019 Okay. So, 2012 or 2013- 4 00:00:07,000 --> 00:00:07,019 (laughing) 5 00:00:07,000 --> 00:00:09,139 ... before. This is all true. 6 00:00:09,679 --> 00:00:11,939 Um, so I, um, 7 00:00:12,739 --> 00:00:21,020 have e- invested in three and exited three quite successful startups over the last 20 years. Um, my first- 8 00:00:21,000 --> 00:00:26,340 Oh, no. Sorry. Sorry, Kavita. 9 00:00:26,319 --> 00:00:27,219 The internet is terrible. 10 00:00:27,199 --> 00:00:28,200 Yeah, the internet is quite bad. 11 00:00:28,180 --> 00:00:29,260 Do you want me to move? 12 00:00:29,239 --> 00:00:32,779 Do you want a hotspot yourself? Yeah. 13 00:00:32,759 --> 00:00:33,959 Is the hotspot good enough? 14 00:00:34,520 --> 00:00:35,319 I'll try and I- 15 00:00:35,299 --> 00:00:35,799 I think that the- 16 00:00:35,779 --> 00:00:36,000 ... connect. 17 00:00:35,979 --> 00:00:37,439 We have 5G here. I have 5G. 18 00:00:37,419 --> 00:00:41,520 I'll just connect to my phone. 19 00:00:45,799 --> 00:00:48,419 Okay, there we go. Hopefully that should be good enough. 20 00:00:48,399 --> 00:00:49,659 All right. Perfect. 21 00:00:49,639 --> 00:00:49,799 Okay. 22 00:00:49,779 --> 00:00:50,499 Sounds good. 23 00:00:50,479 --> 00:00:51,739 Great. 24 00:00:51,719 --> 00:00:51,899 So, 25 00:00:52,419 --> 00:00:57,279 so yeah. So I normally invest in, um... And I don't know if... I can't... I do know what yours is 26 00:00:57,399 --> 00:01:00,399 based on what Liam has told me a few times. But, um, 27 00:01:01,179 --> 00:01:05,799 my first, uh, major startup was a pre-YouTube, pre-Facebook 28 00:01:05,879 --> 00:01:10,019 platform, uh, that did both of those things for BAFTA members. So 29 00:01:11,219 --> 00:01:12,959 we had, um, content from 30 00:01:13,619 --> 00:01:15,979 sort of the latest movies that had won, um, 31 00:01:16,059 --> 00:01:20,039 and we were streaming that. So that was just post my time at Channel 4 Television. 32 00:01:20,619 --> 00:01:25,119 Um, I then had another platform which, uh, was funded by 33 00:01:25,799 --> 00:01:28,119 UKRI which was called What's My Size?. 34 00:01:28,239 --> 00:01:30,899 You put in your measurements, we told you what size you were with every high s- 35 00:01:31,379 --> 00:01:35,819 uh, high street store. It was very straightforward. Um, that 36 00:01:36,419 --> 00:01:40,699 was quite successful in that it, it became quite a strong consultancy 37 00:01:40,859 --> 00:01:44,479 and then we exited both the brand and the consultancy as well. 38 00:01:44,959 --> 00:01:50,339 So that was pretty cool. Um, and I've invested or supported startups, um, 39 00:01:50,639 --> 00:01:56,979 along my entire career. So I've got a little bit of experience of being both sides of the, um, fence here. 40 00:01:57,459 --> 00:02:02,639 Uh, the last thing I did was I helped a robotics company teach languages. So 41 00:02:03,039 --> 00:02:05,779 more relevant to you. So it was a, it was a, um, 42 00:02:06,959 --> 00:02:09,739 it was a Yahart. I can't remember which one it is. A Sony 43 00:02:11,399 --> 00:02:12,539 desktop, um, 44 00:02:13,159 --> 00:02:17,959 robot. And we, the application we had, uh, was teaching, um, 45 00:02:18,579 --> 00:02:23,779 a... It was basically a language learning tool and came out of the sort of Finnish ecosystem. 46 00:02:24,759 --> 00:02:29,159 And that was really cool. We pitched and ended up in an incubator 47 00:02:29,859 --> 00:02:32,119 which I highly recommend. 48 00:02:32,099 --> 00:02:32,499 Okay. 49 00:02:32,479 --> 00:02:33,979 That's me. 50 00:02:33,959 --> 00:02:34,399 Great. 51 00:02:34,379 --> 00:02:35,079 You ready? 52 00:02:35,059 --> 00:02:37,299 Yeah. So, uh, we can either talk through it 53 00:02:37,459 --> 00:02:41,819 or, uh, I've got some slides ready, uh, if we wanna go through those. Yeah. 54 00:02:41,799 --> 00:02:43,499 I've always wanted these slides. 55 00:02:43,479 --> 00:02:43,619 Okay. (laughs) 56 00:02:44,999 --> 00:02:49,239 So just bear with me a second while I, uh, just prepare the slides. 57 00:02:51,639 --> 00:02:55,079 Okay. Am I on the right one? 58 00:02:55,059 --> 00:02:55,839 I think 59 00:02:56,559 --> 00:02:58,979 you should be, yeah. That's perfect. 60 00:02:58,959 --> 00:03:01,839 Okay. You're not, you're not showing it for some reason. 61 00:03:01,819 --> 00:03:03,739 Yeah, perfect. 62 00:03:03,719 --> 00:03:04,939 Okay. So, uh, 63 00:03:07,239 --> 00:03:12,959 so we're Amphy, uh, and we're building a personalized learning ex- per- personalized la- (laughs) 64 00:03:14,199 --> 00:03:18,019 We're building a personalized university learning experience, uh, where we 65 00:03:18,399 --> 00:03:24,039 give, uh, uh, students a personalized learning platform and lecturers the analytics to help them. Um, 66 00:03:24,399 --> 00:03:27,999 and... Oh god, this is not going well already. (laughs) 67 00:03:27,979 --> 00:03:29,019 That's okay. 68 00:03:28,999 --> 00:03:33,499 Uh, so we've spoken to over 250 experts, uh, 69 00:03:33,739 --> 00:03:37,819 institutions, and students. And, uh, what, what we've found out is that 70 00:03:39,359 --> 00:03:43,059 students feel there's a lack of personalized learning in their educational experience. 71 00:03:43,899 --> 00:03:46,059 Lecturers feel there's a requirement for validation 72 00:03:46,139 --> 00:03:49,519 teaching. And then finally, universities, they want to support the lo- 73 00:03:49,659 --> 00:03:54,619 the support the, the learning, the social learning environment. 74 00:03:54,599 --> 00:03:54,719 Mm-hmm. 75 00:03:54,699 --> 00:03:59,899 Uh, but everyone agrees that there's one thing that's missing and it's personalization. 76 00:03:59,879 --> 00:04:00,559 Mm-hmm. 77 00:04:00,539 --> 00:04:02,759 So if you take yourself... If you consider 78 00:04:03,319 --> 00:04:08,279 what does the current, uh, university experience look like or, um, 79 00:04:08,979 --> 00:04:11,259 what do you think it's gonna look like in the next 50 years? 80 00:04:12,479 --> 00:04:12,859 Could we- 81 00:04:12,839 --> 00:04:13,519 Mm-hmm. 82 00:04:13,499 --> 00:04:14,779 Uh, c- c- could you- 83 00:04:14,759 --> 00:04:14,779 Like- 84 00:04:14,759 --> 00:04:17,839 ... could you ex- yeah, could you explain, what do you think it's gonna look like in the next 50 years? 85 00:04:17,819 --> 00:04:22,459 Uh, the... You're asking the wrong person because if you look at the Jetsons, they 86 00:04:22,839 --> 00:04:24,879 make it look like Victorian England- 87 00:04:24,859 --> 00:04:26,119 (laughs) 88 00:04:26,099 --> 00:04:31,899 ... uh, you know, schools in rows. Uh, to me, I think it's going to be, um, 89 00:04:32,639 --> 00:04:35,859 probably a personalized learning bot 90 00:04:36,439 --> 00:04:43,679 or of the... It's catered and individualized based on neuroscience to the individual. That's what I think. 91 00:04:43,659 --> 00:04:50,479 Yeah. I mean, 100%. I mean, you could argue that really education hasn't changed in the last 200 years or so. 92 00:04:50,459 --> 00:04:50,519 Right. 93 00:04:50,499 --> 00:04:53,399 But, you know, with the kind of advancement with AI 94 00:04:53,499 --> 00:04:58,039 and a lot of this technology, in the next 50 years, you could again argue that it's gonna 95 00:04:58,379 --> 00:05:02,919 change dramatically. And we feel that advancement is gonna be in personalized learning 96 00:05:03,019 --> 00:05:04,879 and through education. And that's where we 97 00:05:05,279 --> 00:05:09,499 picture ourselves. We are... We feel we are the future of education, uh, 98 00:05:09,679 --> 00:05:11,759 in this personalized, um, experience. 99 00:05:12,399 --> 00:05:15,139 So what we're gonna do now is just show you a video of the demo, uh, 100 00:05:15,359 --> 00:05:17,999 and we can show you what, what the current experience looks like. It's, 101 00:05:18,359 --> 00:05:22,059 you know, your iPad, you've got loads of notes on the screen, you're struggling to understand. 102 00:05:22,619 --> 00:05:27,399 What we are, we're, we're Amphy. Uh, you can load up the app on an iPad or on a laptop. 103 00:05:27,819 --> 00:05:32,479 You upload your tutorial sheets, it breaks down the questions step by step, uh, in- uh, into 104 00:05:32,739 --> 00:05:38,379 se- question by question. You can then write out your notes. And then at any point in the, in this, um, in this 105 00:05:38,999 --> 00:05:41,799 derivation, you can like tap on the Amphy button, click on 106 00:05:41,899 --> 00:05:46,939 guided, and then it can guide you and assist you through, uh, your learning process. So 107 00:05:47,099 --> 00:05:50,499 whether you get stuck on a specific area, Amphy can guide you and then tell you 108 00:05:50,859 --> 00:05:55,179 like how to move on to the next step without giving the answer straight away. Uh, and then 109 00:05:55,499 --> 00:05:57,359 an additional feature to Amphy is we wanna 110 00:05:57,539 --> 00:06:02,459 promote collaboration. So anyone, kind of your student, other students can join, um, 111 00:06:02,699 --> 00:06:07,619 in a single session. Uh, and we also know that this is a, uh, uh, this is 112 00:06:08,839 --> 00:06:12,199 a trend in the education space to improve, um, collaboration. 113 00:06:12,939 --> 00:06:17,539 And the other part to Amphy is analytics. So with our- 114 00:06:17,519 --> 00:06:17,539 Mm-hmm. 115 00:06:17,519 --> 00:06:21,659 ... with our reco- with our personalization algorithm, uh, we can understand the atomic level 116 00:06:21,819 --> 00:06:25,739 understanding of each of our students. So whether that be, um, 117 00:06:27,079 --> 00:06:30,439 (laughs) whe- whether that be not understanding a specific, uh, derivation, 118 00:06:30,659 --> 00:06:32,979 a specific step, they have a repeated, um, 119 00:06:33,199 --> 00:06:38,099 misunderstanding of a specific area, this can all get fed back to the lecturers through an analytics portal 120 00:06:38,239 --> 00:06:40,519 in universities where they can, um, 121 00:06:40,899 --> 00:06:44,519 where they can look at like the next best in- insight, actionable insights, 122 00:06:44,619 --> 00:06:46,639 key module metrics, uh, and et cetera. 123 00:06:47,519 --> 00:06:48,839 So we've spoken to- 124 00:06:48,819 --> 00:06:48,839 Mm-hmm. 125 00:06:48,819 --> 00:06:52,559 ... obviously, like I said, uh, over 250 stakeholders. Uh, um, 126 00:06:52,879 --> 00:06:57,139 so for example, Jacqui Smith, uh, the di- minister of Education, and she really 127 00:06:57,319 --> 00:07:01,699 feels... She's quite passionate about this, about the, this should be a change in education. 128 00:07:01,679 --> 00:07:01,959 Mm-hmm. 129 00:07:01,939 --> 00:07:07,219 Uh, we spoke to, you know, students, uh, lecturers, and they all obviously say the same thing. Um, 130 00:07:08,099 --> 00:07:11,839 you know, we're, we're obviously saying that this is, uh, this is the case, but actually 131 00:07:12,239 --> 00:07:15,099 it's backed by research. You know, there's a two standard- 132 00:07:15,079 --> 00:07:15,139 Mm-hmm. 133 00:07:15,119 --> 00:07:21,179 ... deviation improvement when you go from traditional studies to one-to-one, uh, tutorials. And 134 00:07:21,919 --> 00:07:25,379 on average in the UK, there's 3.3 million in losses 135 00:07:25,659 --> 00:07:28,619 due to, uh, per university due to academic failure. 136 00:07:28,859 --> 00:07:30,819 And this is something that we can definitely address with this, 137 00:07:31,019 --> 00:07:33,159 especially with the, the improved insights. 138 00:07:33,739 --> 00:07:39,419 And we're really looking to focus down into the university, uh, UK's undergraduate engineers- 139 00:07:39,399 --> 00:07:39,419 Mm-hmm. 140 00:07:39,399 --> 00:07:42,919 ... but we really feel there's a massive market for this and, and a huge potential. 141 00:07:43,879 --> 00:07:44,739 Uh, yeah. 142 00:07:45,659 --> 00:07:48,559 Uh, and we've re- if you kind of look at this ed tech space, 143 00:07:49,119 --> 00:07:49,559 there's two- 144 00:07:49,559 --> 00:07:49,639 Yeah. 145 00:07:49,619 --> 00:07:52,539 ... there's two extremes. You have high analytics 146 00:07:52,739 --> 00:07:58,279 but low personalization, or you have high personalization and absolutely no analytics. And we really feel 147 00:07:58,639 --> 00:08:03,939 we're way ahead of the market. We both offer analytics and personalization to the students 148 00:08:04,059 --> 00:08:11,431 and the lecturers, and we really, um, we, we cater for all the stakeholders.Our business model is twofold. 149 00:08:11,951 --> 00:08:14,111 First, we capture the students by offering our 150 00:08:14,451 --> 00:08:18,871 Am- um, Amphi canvas for free, and then we expand to the universities 151 00:08:19,151 --> 00:08:22,552 where we can, first of all, have their analytics prepared, and then we can give 152 00:08:22,631 --> 00:08:26,911 them, uh, their analytics, uh, once, once the students have, uh, have gathered that data. 153 00:08:27,171 --> 00:08:31,612 And then you basically build this Amphi ecosystem in every university, where you have this, um, 154 00:08:31,751 --> 00:08:36,291 feedback cycle of, um, understanding and actual insights. 155 00:08:38,131 --> 00:08:41,911 We've already built Amphi. Uh, it's... We built it within a week 156 00:08:42,092 --> 00:08:46,792 and with $12. Uh, and, you know, we've deployed to over 450 users 157 00:08:47,051 --> 00:08:50,272 and we've iterated, like, in the last (laughs) co- couple of days quite a lot 158 00:08:50,751 --> 00:08:56,772 just to get to this, uh, to this stage. Uh, and our business model is that we can expand, uh, to, 159 00:08:57,031 --> 00:09:00,772 to other universities, and we're gonna charge £35, uh, 160 00:09:00,932 --> 00:09:04,371 per month, uh, per student on a seat basis. Whereas 161 00:09:04,491 --> 00:09:08,491 if you compare to, like, Oxford and Cambridge model, what other universities are trying to copy, uh, 162 00:09:08,591 --> 00:09:13,772 where they have, uh, supervisions, this costs them over £250 per student per year 163 00:09:14,191 --> 00:09:20,691 just to have, uh, a one-to-one weekly tutorial session. Whereas Amphi is unlimited tutorials, uh, 164 00:09:21,292 --> 00:09:26,951 on demand at any point, at any point, 24/7, and it obviously offers, um, module analytics. 165 00:09:27,371 --> 00:09:30,171 We've already signed a, a letter of interest with Imperial, uh, 166 00:09:30,292 --> 00:09:34,132 and then we're gonna validate outside of Imperial through our contacts, uh, that we're speaking with 167 00:09:34,231 --> 00:09:35,811 in other universities within the UK. 168 00:09:37,031 --> 00:09:41,132 Uh, and finally, this is us. Uh, I'm Liam. I'm the CEO of Amphi, and 169 00:09:42,211 --> 00:09:42,951 go for it. 170 00:09:42,931 --> 00:09:48,251 Hi, I'm Ian, CTO. Henry, I'm the COO. I'm, uh, Arnault, CMO. 171 00:09:48,231 --> 00:09:48,652 Okay. 172 00:09:48,632 --> 00:09:49,611 Sweet. 173 00:09:49,591 --> 00:09:55,211 Uh, and we're looking to raise 100,000 at a £2 million in value, uh, $2 million evaluation. 174 00:09:56,292 --> 00:09:57,911 Uh, we're Amphi. Thank you. 175 00:09:58,551 --> 00:10:00,051 Would you like to invest? (laughs) 176 00:10:00,031 --> 00:10:00,031 (laughs) 177 00:10:01,011 --> 00:10:05,071 Always. Um, okay, let's go back to the beginning. 178 00:10:05,051 --> 00:10:05,172 Oh. 179 00:10:05,151 --> 00:10:07,691 First of all, how do you think that went? Let's go round the room. 180 00:10:07,671 --> 00:10:09,811 Oh, er, it started off really bad. (laughs) 181 00:10:09,791 --> 00:10:10,431 (laughs) 182 00:10:10,411 --> 00:10:12,951 You eased into it. (laughs) . 183 00:10:12,931 --> 00:10:18,731 Yeah. Yeah. True, it does away. Yeah. Yeah, I think the moment you abandoned the script, it went much better. 184 00:10:18,711 --> 00:10:19,111 Yeah. 185 00:10:19,091 --> 00:10:19,251 Yeah. 186 00:10:19,231 --> 00:10:21,311 Yeah, yeah. I, I looked at the script and I was like, "Oh 187 00:10:21,411 --> 00:10:25,391 God," like, "This is not how I speak." And then, yeah, like, practice. 188 00:10:25,371 --> 00:10:29,391 I think it was kind of last minute so the flow of it needs a little work. Like, I think we went- 189 00:10:29,371 --> 00:10:29,391 Yeah. 190 00:10:29,371 --> 00:10:31,331 ... to business model after we did traction, which 191 00:10:31,751 --> 00:10:34,451 that's just, like, a little thing, but the flow needs to work a little bit better. 192 00:10:34,431 --> 00:10:36,551 I think moving the, like, our deployment, how 193 00:10:36,591 --> 00:10:38,431 quickly............................ to the very end of the- 194 00:10:38,411 --> 00:10:42,391 Yeah, that's the selling point. That's like, boom. 195 00:10:42,371 --> 00:10:43,091 Kavita? 196 00:10:43,071 --> 00:10:45,651 Er, I think, I think based on everything I've heard, so 197 00:10:45,811 --> 00:10:49,111 obviously this is about the third or fourth conversation we've had about this. 198 00:10:49,091 --> 00:10:49,311 Yeah. 199 00:10:49,291 --> 00:10:49,631 Um, 200 00:10:50,331 --> 00:10:54,411 uh, this is probably the most structured that we've had a conversation- 201 00:10:54,391 --> 00:10:54,551 (laughs) Yeah. 202 00:10:54,531 --> 00:10:55,871 (laughs) That's, that's definitely true. 203 00:10:55,851 --> 00:10:55,911 (laughs) Yeah. 204 00:10:55,891 --> 00:11:00,351 ... where I couldn't really get a reply. It's very clear. Um, I think it's 205 00:11:00,791 --> 00:11:03,531 compelling in places, but if you pull it back up- 206 00:11:03,511 --> 00:11:03,851 Yeah, sure. 207 00:11:03,911 --> 00:11:05,151 ... I think there is a few things I would like 208 00:11:05,231 --> 00:11:11,711 to... I think you're going to get really difficult questions from, um, 209 00:11:12,551 --> 00:11:16,391 more serious investors than me, so go all the way back to the beginning. 210 00:11:16,371 --> 00:11:17,491 Yeah, sure. Uh, 211 00:11:18,151 --> 00:11:20,331 where, whereabouts would you... 212 00:11:20,311 --> 00:11:25,851 Um, so here you said you spoke to 250 experts in institutions- 213 00:11:25,831 --> 00:11:25,851 Yeah. 214 00:11:25,831 --> 00:11:31,431 ... and then later you said you'd sort of name-dropped the fact that you spoke to the UK, 215 00:11:32,231 --> 00:11:33,691 uh, Education, uh- 216 00:11:33,671 --> 00:11:33,951 Yeah. 217 00:11:33,931 --> 00:11:35,271 Was it the Minister, Minister for Education? 218 00:11:35,251 --> 00:11:37,791 Yeah, the Minister of Education. Yeah. 219 00:11:37,771 --> 00:11:38,771 Yeah, I feel like 220 00:11:39,551 --> 00:11:41,691 that's very cool, um, and- 221 00:11:41,671 --> 00:11:42,151 (laughs) 222 00:11:42,131 --> 00:11:45,831 ... I was kind of like... Frankly, I'm gonna, I'm gonna be really direct. 223 00:11:45,811 --> 00:11:45,971 Okay. 224 00:11:45,951 --> 00:11:46,491 Is that okay? 225 00:11:46,471 --> 00:11:47,031 Yeah, yeah. Of course. 226 00:11:47,011 --> 00:11:49,111 Um, I'm gonna kind of go, yeah, you're Imperial 227 00:11:49,191 --> 00:11:52,511 students, but how on earth did you get access to that person? Like- 228 00:11:52,491 --> 00:11:52,771 Yeah. 229 00:11:52,751 --> 00:11:58,291 ... you know, is, is this for real? Um, so you do need to tell a story- 230 00:11:58,291 --> 00:11:58,431 Mm-hmm. 231 00:11:58,411 --> 00:12:00,251 ... around that. Either you have to say, "This is 232 00:12:01,191 --> 00:12:04,491 heart of what we do," or it's, you know, "We've had the opportunities 233 00:12:04,591 --> 00:12:09,771 through the, uh, the alumni network here at Imperial." Whatever you say, you need a very tiny 234 00:12:11,191 --> 00:12:13,431 story to, like, make- 235 00:12:13,411 --> 00:12:14,591 Yeah. 236 00:12:14,571 --> 00:12:18,991 Um, go back to the top. 237 00:12:18,971 --> 00:12:19,791 Uh- 238 00:12:19,771 --> 00:12:24,471 I just want to go through it 'cause I, I had all these thoughts as I went through, so let's keep going. 239 00:12:25,231 --> 00:12:29,771 Um, this... I thought this narrative was really strong. Um, 240 00:12:30,371 --> 00:12:34,031 you know, it's just me, I'm not very into the sort of imagery. 241 00:12:34,451 --> 00:12:36,311 I also think right through your deck 242 00:12:36,391 --> 00:12:40,751 you need to think about your diversity and inclusion, especially if you're gonna put your own pictures 243 00:12:40,811 --> 00:12:45,291 up. So have a think about, a- about wha- what images you're using. 244 00:12:45,271 --> 00:12:46,011 Mm-hmm. 245 00:12:45,991 --> 00:12:50,131 Um, but this is really strong as a narrative. So it's a lack of personalization. 246 00:12:50,691 --> 00:12:56,371 Can you put some numbers on that? So, er, how... Was it 30% or 50% or 100% of the 247 00:12:57,051 --> 00:13:01,111 people you sampled, um, talked about it? So that would, that would 248 00:13:01,211 --> 00:13:04,731 give you that percentage and you can then keep building on it. 249 00:13:04,711 --> 00:13:04,911 Yeah. 250 00:13:04,891 --> 00:13:06,511 Keep going. 251 00:13:08,051 --> 00:13:10,691 Then that was fine. 252 00:13:10,671 --> 00:13:12,671 Er, the demo? 253 00:13:12,651 --> 00:13:15,191 I thought the demo was great- 254 00:13:15,171 --> 00:13:15,191 Okay. 255 00:13:15,171 --> 00:13:20,051 ... and, um, I'd love to actually try it. So I'll... I... If it's okay with you, I'll drop in- 256 00:13:20,031 --> 00:13:21,171 Yeah, yeah. Of course. 257 00:13:21,151 --> 00:13:24,831 So I'm learning Japanese at the moment. That's my next thing tonight- 258 00:13:24,811 --> 00:13:24,851 Yeah. 259 00:13:24,831 --> 00:13:26,731 ... so I could drop in some Japanese stuff. 260 00:13:27,271 --> 00:13:28,731 Um, what was interesting to me is 261 00:13:29,631 --> 00:13:35,011 I've been trying to... Just on the demo, I've been trying to get, um, 262 00:13:35,351 --> 00:13:38,951 an L&M to teach me. So they've been... I've just been dropping in 263 00:13:39,611 --> 00:13:46,071 the, the sort of, uh... The, the... It's, uh, the... So each w- each week I have to learn a certain amount, 264 00:13:46,531 --> 00:13:49,791 just memorize a certain amount, and then get it to, like, run 265 00:13:51,211 --> 00:13:53,311 quizzes with me. And actually, there was 266 00:13:53,411 --> 00:13:56,071 a company I met last year that wanted investment 267 00:13:56,151 --> 00:14:01,191 and that was actually what they were providing. So this looked really much more interesting than that. 268 00:14:01,171 --> 00:14:01,871 (laughs) 269 00:14:01,851 --> 00:14:02,251 Um- 270 00:14:02,231 --> 00:14:02,931 That's good. (laughs) 271 00:14:02,911 --> 00:14:03,151 I 272 00:14:04,351 --> 00:14:09,551 do think you should think about your context. So you tell me later that you're going to do engineering- 273 00:14:09,531 --> 00:14:11,111 Mm-hmm. 274 00:14:11,091 --> 00:14:14,831 ... uh, but here you look like you're doing a mathematical modeling, uh, 275 00:14:15,051 --> 00:14:18,911 question. Which is great, but it's pretty highbrow compared to 276 00:14:19,471 --> 00:14:22,351 some of the cuss- you know, what some of the people you're pitching to. 277 00:14:22,331 --> 00:14:22,751 Mm-hmm. 278 00:14:22,731 --> 00:14:27,331 So make sure you understand who you're pitching to, and if they did something like the classics- 279 00:14:27,311 --> 00:14:27,511 Mm-hmm. 280 00:14:27,491 --> 00:14:33,551 ... at Oxford, make sure (laughs) that you've got another example that's a little bit less techy- 281 00:14:33,531 --> 00:14:33,691 Yeah. 282 00:14:33,671 --> 00:14:35,391 ... to put them... You don't put them off. 283 00:14:35,371 --> 00:14:36,931 Yeah, that's fine. 284 00:14:36,911 --> 00:14:38,211 Um, I was gonna ask- 285 00:14:38,191 --> 00:14:38,211 Okay. 286 00:14:38,191 --> 00:14:39,451 ... just, like, before this- 287 00:14:39,431 --> 00:14:39,771 Yeah. 288 00:14:39,751 --> 00:14:42,011 ... I think, I think Liam asked you, like, kind of, like, a 289 00:14:42,151 --> 00:14:46,351 question. Is that... Were you okay with that, or were you a bit taken aback by that? How did you react? 290 00:14:46,331 --> 00:14:50,751 I'm fine with that. Most, most investors want to engage. 291 00:14:50,731 --> 00:14:50,971 Okay. 292 00:14:50,951 --> 00:14:56,431 Um, it depends what forum you're in, right? So if you're pitching to a, a room full of people, 293 00:14:56,891 --> 00:15:02,791 you're gonna have to adapt that question. So you'll have to go... And I would do it more closed 294 00:15:04,031 --> 00:15:07,851 than me- than, than open 'cause you might get a, you might get 295 00:15:08,651 --> 00:15:09,651 a five-minute- 296 00:15:09,631 --> 00:15:11,331 (laughs) 297 00:15:11,311 --> 00:15:11,571 Yeah. 298 00:15:11,551 --> 00:15:12,671 ... answer. 299 00:15:12,651 --> 00:15:13,431 Yeah. Did, um- 300 00:15:13,411 --> 00:15:16,291 Future of technology, like, like, on the future of education. 301 00:15:16,271 --> 00:15:19,751 Should we open up for more questions? Um, 302 00:15:20,111 --> 00:15:24,231 or, like, like, did it feel rushed in the sense that I was just getting through it and you didn't have time 303 00:15:24,311 --> 00:15:27,371 to interject? Or did it not feel like you needed to interject? Or... 304 00:15:27,351 --> 00:15:34,211 Done so many of these. The normal format of this is that you either come into a room full of people and you do a 305 00:15:34,511 --> 00:15:37,011 five, ten minutes pitch and then walk off, or 306 00:15:37,531 --> 00:15:39,891 there are three additional questions and then you walk, 307 00:15:39,951 --> 00:15:43,791 walk off, and then there are speed dating, um, sessions. 308 00:15:43,771 --> 00:15:44,051 Mm-hmm. 309 00:15:44,031 --> 00:15:45,191 That's one way to do it. 310 00:15:46,151 --> 00:15:50,131 Or, or you're doing this to friends and family style, 311 00:15:50,491 --> 00:15:53,491 which is a little bit like this where you'll come into a room and then ask 312 00:15:54,191 --> 00:15:55,111 questions. 313 00:15:55,091 --> 00:15:55,251 Yeah. 314 00:15:55,231 --> 00:15:57,691 But you still want to go through a deck. 315 00:15:58,111 --> 00:16:03,791 And what I've found with really serious investors is that they allow you to go through the deck first. 316 00:16:03,771 --> 00:16:04,291 Okay. 317 00:16:04,271 --> 00:16:06,611 Um, so before pulling you apart. 318 00:16:06,591 --> 00:16:07,471 (laughs) 319 00:16:07,451 --> 00:16:10,151 Or the worst they do, the worst they do is they don't- 320 00:16:11,191 --> 00:16:12,291 ... they pull you apart and they go, 321 00:16:12,991 --> 00:16:14,152 "That's not for me. Sorry." 322 00:16:14,132 --> 00:16:14,911 (laughs) 323 00:16:14,892 --> 00:16:16,411 You've spoken for 10 minutes. 324 00:16:16,391 --> 00:16:16,671 Yeah. 325 00:16:16,652 --> 00:16:20,012 That, that is the most frustrating of the ones I've done- 326 00:16:19,992 --> 00:16:23,832 I really hope it isn't like that. Yeah. (laughs) 327 00:16:23,811 --> 00:16:24,551 ... um... Let's keep going. 328 00:16:24,532 --> 00:16:24,672 Yeah? 329 00:16:24,652 --> 00:16:28,971 Uh, so there was a few things li- uh, around numbers that I wanted to talk about. 330 00:16:28,951 --> 00:16:29,092 Yeah, sure. 331 00:16:29,072 --> 00:16:33,831 I think analytics, analytics with staff is fascinating to me- 332 00:16:33,811 --> 00:16:33,971 Yeah. 333 00:16:33,951 --> 00:16:35,412 ... because IT, 334 00:16:36,031 --> 00:16:39,072 w- working here at Imperial and working over at Code, 335 00:16:39,751 --> 00:16:43,091 that's not what I'm asked for. I am asked for 336 00:16:43,731 --> 00:16:48,631 student data. There's a, there's something around the terminology that needs to be thought through here. 337 00:16:48,992 --> 00:16:52,931 It's like, go back to that research you did. Were they actually asking for analytics 338 00:16:53,451 --> 00:16:56,251 or have you interpreted it as analytics? 339 00:16:56,771 --> 00:17:00,071 Are they actually asking you about deep insights on 340 00:17:01,091 --> 00:17:05,371 student wellbeing, or student achievement levels? 341 00:17:06,012 --> 00:17:10,591 Um, and again, if you're pitching, back to Imperial, if you're talk- to like, 342 00:17:11,131 --> 00:17:15,131 I don't know, the registry director who's David Ashton- 343 00:17:15,112 --> 00:17:15,291 Mm. 344 00:17:15,271 --> 00:17:18,311 ... he's not going, he won't talk about it in analytics terms. 345 00:17:18,771 --> 00:17:21,271 He will talk about it in, in... But if you're talking about 346 00:17:21,412 --> 00:17:26,331 like to the, I don't know, the Head of Education in the, in the department you're in, 347 00:17:27,092 --> 00:17:30,992 again, they'll, they're interested either in your attainment levels, 348 00:17:31,891 --> 00:17:37,092 uh, or personalized tuition, so improved, improv- personalized tuition. 349 00:17:37,072 --> 00:17:37,571 Mm. 350 00:17:37,551 --> 00:17:42,791 So again, depending on who you're pitching to. If you're pitching to an external, uh, investor who 351 00:17:43,231 --> 00:17:48,231 invests in all sorts of businesses, then analytics makes sense to me. 352 00:17:48,211 --> 00:17:48,552 Okay. 353 00:17:48,531 --> 00:17:51,852 But if what you're trying to do is pitch for a sale or 354 00:17:52,951 --> 00:17:57,951 funding from a university, I would round that narrative out a bit more. 355 00:17:57,931 --> 00:18:01,451 That's good. 'Cause we were gonna name the product Analytics. So, uh, yeah, 356 00:18:01,652 --> 00:18:05,672 I guess change, changing the name would be quite useful. Um, yeah. 357 00:18:05,672 --> 00:18:10,252 Yeah, uh, uh, g- in your case, go and chat to Gemma Seabrook about it be- 358 00:18:11,191 --> 00:18:13,191 'cause this is not analytics, this is- 359 00:18:13,171 --> 00:18:13,632 Yeah. 360 00:18:13,611 --> 00:18:16,392 ... and James Tonin, both them would be really interesting 361 00:18:17,131 --> 00:18:19,491 networks for you to, to tap into. 362 00:18:19,471 --> 00:18:20,452 Did you say that was Gemma? 363 00:18:20,431 --> 00:18:22,232 'Cause obviously, sorry? 364 00:18:22,211 --> 00:18:24,051 Did you say it was Gemma? 365 00:18:24,031 --> 00:18:28,992 Gemma Seabrook looks up, is the interim head of, um, data and integrations. 366 00:18:28,971 --> 00:18:29,331 Okay. 367 00:18:29,312 --> 00:18:29,551 Um, 368 00:18:30,131 --> 00:18:34,772 it's not her official job title 'cause that would have, en- require HR paperwork, but- 369 00:18:34,751 --> 00:18:35,091 (laughs) 370 00:18:36,011 --> 00:18:36,072 Okay. 371 00:18:36,051 --> 00:18:36,831 ... I haven't done that. 372 00:18:37,631 --> 00:18:42,511 Uh, but sh- she's, she's acting up in that area so she's a good person to speak to. 373 00:18:42,811 --> 00:18:47,051 James, obviously this is his area. If you were selling to Imperial, James would be- 374 00:18:47,031 --> 00:18:47,072 Yeah. 375 00:18:47,051 --> 00:18:48,731 ... one of your validators. 376 00:18:48,711 --> 00:18:48,971 Yeah. 377 00:18:48,951 --> 00:18:50,151 But I would definitely go there. 378 00:18:50,771 --> 00:18:52,811 Your numbers, if you keep going down. 379 00:18:52,791 --> 00:18:53,491 Yep. Uh, 380 00:18:54,011 --> 00:18:54,912 the two sigma 381 00:18:55,592 --> 00:18:56,551 and the 3.3 million. 382 00:18:56,531 --> 00:19:01,772 Yeah, I don't know ab- at, again, uh, I'm not as clever as you are so I don't know what two sigma means. 383 00:19:01,752 --> 00:19:03,671 That, that's fine. 384 00:19:03,691 --> 00:19:03,711 Right. 385 00:19:03,691 --> 00:19:05,471 Yeah. Um, can maybe- 386 00:19:05,451 --> 00:19:08,691 (coughs) What did you... Was it two, doubling of, or was it like that? 387 00:19:08,671 --> 00:19:11,731 Two standard, two standard deviations improvement. 388 00:19:11,711 --> 00:19:12,791 Oh, it's like, um- 389 00:19:12,771 --> 00:19:12,971 In, uh- 390 00:19:12,951 --> 00:19:14,751 ... like 95%? 391 00:19:14,731 --> 00:19:16,651 Yeah, it's, it's 95%, 392 00:19:17,511 --> 00:19:18,771 percentile based. Okay. 393 00:19:18,751 --> 00:19:19,031 Yeah. (laughs) 394 00:19:19,551 --> 00:19:22,331 I think I knew that's what you were driving at but you probably- 395 00:19:22,311 --> 00:19:22,331 Okay. 396 00:19:22,311 --> 00:19:24,051 ... need to say 95%. 397 00:19:25,551 --> 00:19:25,631 The- 398 00:19:25,611 --> 00:19:26,131 There we go. 399 00:19:26,891 --> 00:19:27,391 Okay. 400 00:19:27,371 --> 00:19:30,491 I mean, it's and much cooler than two. (laughs) 401 00:19:30,471 --> 00:19:33,431 (laughs) Sure, sure. Yeah. 402 00:19:33,411 --> 00:19:37,831 Um, UK undergraduate engineering. L- actually go back, 3.3 million- 403 00:19:37,811 --> 00:19:37,971 Oh. Yeah. 404 00:19:37,951 --> 00:19:41,091 ... savings a year is too small a saving. 405 00:19:41,071 --> 00:19:42,891 Okay. Yeah. 406 00:19:42,871 --> 00:19:46,531 It's too small. The, uh, Imperial's a 1.2 billion operation. 407 00:19:47,071 --> 00:19:50,811 Um, Just Eat Takeaway was a 1.2 billion operation. 408 00:19:51,591 --> 00:19:53,411 Y- you know, my budget is 20 million 409 00:19:53,991 --> 00:19:58,911 so ICT's budget is 50 million, to give you some sense of scale. 410 00:19:58,891 --> 00:19:59,291 Yeah. 411 00:19:59,271 --> 00:20:01,311 Three million's just a drop in the ocean. 412 00:20:01,291 --> 00:20:04,051 What, what other figure would you 413 00:20:04,691 --> 00:20:07,151 suggest that we look at? 414 00:20:07,131 --> 00:20:11,151 Um, look at... (audio cuts out) what- 415 00:20:11,131 --> 00:20:11,371 Sorry. 416 00:20:11,351 --> 00:20:13,571 ... do these acronyms mean? 417 00:20:13,551 --> 00:20:14,731 Sorry, you, you broke up then. 418 00:20:14,711 --> 00:20:16,931 If you could... If you go to the next slide. 419 00:20:16,911 --> 00:20:18,551 Yeah. 420 00:20:18,531 --> 00:20:21,811 What do these acronyms mean, 'cause these are big numbers. 421 00:20:21,791 --> 00:20:28,371 Uh, it was a total addressable market. Yeah. Um, SAM is... Serviceable. Pardon? Serviceable- 422 00:20:28,351 --> 00:20:28,911 Yeah. 423 00:20:28,891 --> 00:20:31,451 ... addressable market. Serviceable, ad- addressable market and then 424 00:20:32,491 --> 00:20:32,871 SOM? 425 00:20:32,851 --> 00:20:34,731 Yeah, so this is just standard- 426 00:20:34,711 --> 00:20:35,051 Yeah. 427 00:20:35,031 --> 00:20:35,271 Yeah. 428 00:20:35,251 --> 00:20:35,971 Market sizing. 429 00:20:35,951 --> 00:20:37,031 I, I haven't seen the acronym- 430 00:20:37,011 --> 00:20:37,451 Yeah. 431 00:20:37,431 --> 00:20:38,051 ... before. 432 00:20:39,311 --> 00:20:41,831 So you think you're going to take a 320 million, 433 00:20:42,391 --> 00:20:46,431 uh, of a four billion addressable market. That's 434 00:20:47,071 --> 00:20:49,391 not UK. Is that UK? 435 00:20:49,371 --> 00:20:54,391 So SOM is UK and then the others are UK and US. Did you get- 436 00:20:54,371 --> 00:20:55,231 UK and US. 437 00:20:55,211 --> 00:21:00,411 Yeah. Did you get that? Yeah. Oh, so SOM, SOM is UK. Yeah. 438 00:21:00,391 --> 00:21:03,911 SOM is UK. SAM is UK, US. 439 00:21:03,891 --> 00:21:05,031 Uh, SA- SAM is, uh- 440 00:21:05,011 --> 00:21:05,031 And N- 441 00:21:05,011 --> 00:21:08,951 ... UK and Europe, and then DAM is UK, uh, Europe and US. 442 00:21:08,931 --> 00:21:09,351 Yeah. 443 00:21:09,331 --> 00:21:10,291 Yeah. 444 00:21:10,271 --> 00:21:12,731 You'll need d- you'll need to call these out 445 00:21:13,351 --> 00:21:14,951 on the, and probably, 446 00:21:16,011 --> 00:21:16,351 uh, 447 00:21:17,131 --> 00:21:22,591 you'll need to call it out. And, and how are you going... You need a, you need a route to market. 448 00:21:23,391 --> 00:21:26,951 See, what you don't have on your team is a salesperson, for example. 449 00:21:27,471 --> 00:21:32,951 Um, so they'll need, you'll need a... Have you got a route to market? Did I miss it? 450 00:21:32,931 --> 00:21:33,971 Uh, we- A 451 00:21:35,231 --> 00:21:39,551 business model, yeah. I mean, the business model is the capture and expand model. Yeah. Um, but 452 00:21:39,871 --> 00:21:43,671 I guess if, if it isn't (laughs) clear enough we should, uh, probably- 453 00:21:43,651 --> 00:21:44,171 Yeah, so- 454 00:21:44,151 --> 00:21:44,171 Yeah. 455 00:21:44,151 --> 00:21:51,451 ... are you going to do a... So Facebook did this thing where they only allowed you to log in if you had, um, 456 00:21:52,431 --> 00:21:56,411 university, and that too, Ivy League university- 457 00:21:56,391 --> 00:21:56,691 Yeah. 458 00:21:56,791 --> 00:21:57,591 ... email addresses- 459 00:21:57,571 --> 00:21:57,591 That, that's- 460 00:21:57,571 --> 00:21:58,951 ... when they first started. 461 00:21:58,931 --> 00:22:00,491 ... that is kind of what we're doing at the minute. 462 00:22:00,471 --> 00:22:01,171 Do you have that like that? 463 00:22:01,151 --> 00:22:02,431 Yeah. 464 00:22:02,411 --> 00:22:09,171 So we are offering all st- like, anybody with an educational email can sign up to use AMPI for free right now. 465 00:22:09,151 --> 00:22:09,191 Mm-hmm. 466 00:22:09,171 --> 00:22:13,791 And our plan is basically to see which universities are leading, uh, 467 00:22:14,031 --> 00:22:17,631 basically through a combination of marketing techniques and, you know, tracking analytics on 468 00:22:18,511 --> 00:22:20,731 wha- wha- what universities, uh, the users are coming from. 469 00:22:20,911 --> 00:22:25,071 And then target those universities to sell the full platform with analytics alongside it. 470 00:22:26,291 --> 00:22:27,451 I guess we need to explain it better. 471 00:22:27,431 --> 00:22:31,651 That is brilliant. So stick, so stick that into your slide somewhere 472 00:22:32,011 --> 00:22:36,231 'cause that marketing is going to, to also be useful. Also, 473 00:22:36,711 --> 00:22:40,071 if you've gone from nothing to, how many did you say? 400, 400 users in a week? 474 00:22:40,051 --> 00:22:42,571 It was, it was 450. 450, yeah. Yeah. 475 00:22:42,551 --> 00:22:43,071 450? 476 00:22:43,611 --> 00:22:46,751 Yeah, so somewhere around where you're talking about that, talk about 477 00:22:46,851 --> 00:22:51,451 how you're going to drive that and then have the hockey stick that goes, "We can do that in a week. 478 00:22:52,111 --> 00:22:55,291 We can do this in, uh, as a fully funded team-" 479 00:22:55,271 --> 00:22:55,611 Yeah. 480 00:22:55,591 --> 00:22:58,891 "... we can do this in eight weeks. Um, we can do this in," 481 00:22:59,271 --> 00:23:03,611 what have you. Presumably you're using something like Bubbleio, IO or something 482 00:23:03,791 --> 00:23:06,551 to have got to this far, or are you using a platform? 483 00:23:07,071 --> 00:23:10,051 Is there some tech that makes you go faster? 484 00:23:10,031 --> 00:23:10,711 No. (laughs) 485 00:23:10,691 --> 00:23:13,511 No, we just went around the campus, put out a few 486 00:23:13,631 --> 00:23:18,331 posters, had like an email sent out, and then a lot of it was just word of mouth. 487 00:23:18,311 --> 00:23:20,651 Yeah. I mean, the, it's surprising the way that we 488 00:23:20,971 --> 00:23:24,951 got to other universities without even going to the universities is through word of mouth. 489 00:23:25,631 --> 00:23:28,731 Um, and then just actually people actually enjoying the products 490 00:23:28,831 --> 00:23:31,031 is from what we've discussed with the students. So, 491 00:23:31,751 --> 00:23:34,051 um, it's quite a good position to be in, I guess. 492 00:23:34,031 --> 00:23:39,591 Right. So then, so that's all good. Once you put that into the slide, then my next question 493 00:23:39,731 --> 00:23:42,231 will be, so what's the churn rate, rate? 494 00:23:42,211 --> 00:23:42,531 Yeah. 495 00:23:42,511 --> 00:23:45,911 So how long do they, how many days do they use it before they get bored and 496 00:23:46,371 --> 00:23:49,771 s- and how i- how are you gonna maintain that engagement? 497 00:23:49,751 --> 00:23:51,771 Yeah. I think we have a, is it a 40% 498 00:23:52,371 --> 00:23:52,891 churn rate? 499 00:23:52,871 --> 00:23:53,791 Something like that, yeah. 500 00:23:53,771 --> 00:23:58,031 Yeah. W- I mean, we have, we have the stats on it, um, with the analytics platform that we have. 501 00:23:58,411 --> 00:24:01,331 Oh, not platform. With the, uh, post doc- 502 00:24:01,311 --> 00:24:01,911 Yeah. 503 00:24:01,891 --> 00:24:02,751 Yeah. It's the- 504 00:24:02,751 --> 00:24:03,751 Analytics, yeah. 505 00:24:03,731 --> 00:24:05,631 ... analytics, yeah. 506 00:24:05,611 --> 00:24:06,731 Um, so, 507 00:24:07,291 --> 00:24:12,711 so yeah. Go back... I think you need to do some more work, work on your addressable market, and then I 508 00:24:12,791 --> 00:24:16,331 think you need to find a bigger, bigger cost savings. So 509 00:24:17,171 --> 00:24:19,251 I think going back to... 510 00:24:20,899 --> 00:24:26,879 You say somewhere it costs 240 pounds per student at Oxbridge to have a week, a week-on-week 511 00:24:27,780 --> 00:24:28,199 tutorial? 512 00:24:28,179 --> 00:24:29,560 Yes. Yeah, that's it. Yeah. 513 00:24:29,539 --> 00:24:30,119 Oh, is it much more? 514 00:24:30,100 --> 00:24:30,959 Yeah, so that... 515 00:24:31,539 --> 00:24:32,480 So when I was working at- 516 00:24:32,459 --> 00:24:32,520 That's more- 517 00:24:32,499 --> 00:24:35,639 ... Code University as a lecturer, that's what we... That was the model we 518 00:24:35,760 --> 00:24:40,699 had as well. So... Um. Oh, it was per month, was it? 519 00:24:40,680 --> 00:24:41,879 It's... Yeah, it's per month, yeah. 520 00:24:41,860 --> 00:24:46,319 Scale that up. Use these numbers. Scale it up to, 521 00:24:46,799 --> 00:24:53,520 like, 250, uh... You know. On average, a university has 8,000 students, yada, yada, yada. 522 00:24:53,799 --> 00:24:55,639 That would make it a really big number. 523 00:24:55,619 --> 00:24:56,939 Yeah. Oh. 524 00:24:56,919 --> 00:24:57,360 Um. 525 00:24:57,340 --> 00:24:58,099 I don't know what happened. 526 00:24:58,079 --> 00:24:58,439 Um, 527 00:24:59,159 --> 00:25:01,380 looks okay. Um, 528 00:25:03,099 --> 00:25:07,920 you need to tell me how to invest at the end. Oh, how did you, how did you, um- 529 00:25:07,899 --> 00:25:09,259 Is it... Sorry, is it sharing? 530 00:25:11,119 --> 00:25:11,339 Yeah. 531 00:25:11,319 --> 00:25:12,819 It isn't, but don't worry. Don't worry. 532 00:25:12,799 --> 00:25:12,939 Okay. 533 00:25:12,919 --> 00:25:16,879 How did you come up with two million valuation? 534 00:25:16,860 --> 00:25:19,159 Um, we feel that the... Oh, go on. 535 00:25:19,139 --> 00:25:22,679 Yeah, happy to take it. Um, yeah. So basically, just comparing the 536 00:25:22,959 --> 00:25:27,159 u- uh, uh, other companies in the space of similar traction, and, uh, 537 00:25:27,519 --> 00:25:33,239 the recent market trends. Uh, and, uh, like, specifically what we really want to do is obviously just raise 538 00:25:33,799 --> 00:25:37,419 enough to actually put the money to use. We're not raising just to 539 00:25:37,719 --> 00:25:42,199 have money sitting in a b- bank. So we need to raise to, firstly, be able to go full-time. 540 00:25:42,499 --> 00:25:44,579 We want to incorporate, and we want to apply 541 00:25:44,679 --> 00:25:47,239 to accelerators. As you said yourself, we think that's the best, uh, 542 00:25:47,639 --> 00:25:52,419 uh, way forwards. And obviously, the biggest market is- is in the US, uh, and that's, you know, the low 543 00:25:52,599 --> 00:25:56,999 hanging fruit, so expanding there is probably the next step too. 544 00:25:56,979 --> 00:26:04,799 Uh, that all sounds fine, but you can't do that until you're at series A. 545 00:26:05,359 --> 00:26:09,419 So where you are is pre-seed, I think? You have no money, right? 546 00:26:09,399 --> 00:26:09,739 No. 547 00:26:09,719 --> 00:26:10,219 No. 548 00:26:10,199 --> 00:26:10,519 No. 549 00:26:11,819 --> 00:26:14,279 So where you are at... Uh, where you are at the moment is 550 00:26:14,879 --> 00:26:16,759 well pre-s- you know, pre-seed. 551 00:26:16,739 --> 00:26:17,019 Mm-hmm. 552 00:26:16,999 --> 00:26:23,119 And then what you want to g- do is a friends and family seed round, I think, and then you wanna go series A 553 00:26:23,499 --> 00:26:25,979 and B. And so what you're describing there is a 554 00:26:26,479 --> 00:26:31,079 series A valuation, where you kind of go across the market and say, "This is what 555 00:26:31,759 --> 00:26:32,579 the equivalent, 556 00:26:33,439 --> 00:26:36,979 uh, organizations have." Uh, but... Or, or 557 00:26:37,079 --> 00:26:38,799 what you can do is you can look at your income 558 00:26:38,879 --> 00:26:42,099 stream. You can look at the fact that you've got 450 users in a week. 559 00:26:42,919 --> 00:26:47,579 Uh, if you do that every week and double it, or go through the hockey stick 560 00:26:47,919 --> 00:26:49,659 mentality, then you can put a pricing on 561 00:26:50,099 --> 00:26:53,839 each user and then come up with a valuation. But you can't do that until 562 00:26:54,359 --> 00:27:01,299 you get out of the round that you're in at the moment. So my suggestion is just to be really candid and say, 563 00:27:02,139 --> 00:27:05,779 you know, "These are all the models that we could go through when we get there, 564 00:27:06,339 --> 00:27:10,339 but right now we have no money and we're doing this on sweat." 565 00:27:10,319 --> 00:27:12,119 What do you think would be an appropriate- 566 00:27:12,099 --> 00:27:13,479 Basically, "Um, what we need, 567 00:27:14,279 --> 00:27:16,579 what we need is 100,000 to do 568 00:27:17,279 --> 00:27:21,699 this, this, this, and this." And, you know, you will probably 569 00:27:21,819 --> 00:27:25,359 get... Are you a limited company? You're not a limited company? 570 00:27:25,339 --> 00:27:25,679 Not yet. 571 00:27:25,659 --> 00:27:26,599 Not yet. 572 00:27:26,579 --> 00:27:31,619 No. So, so I would talk to Imperial. I s- I s- I was listening to their investor 573 00:27:32,439 --> 00:27:37,219 call last night. I don't know if you saw that, but it was part of the alumni group. But they've got 574 00:27:37,919 --> 00:27:42,279 a number of way... Basically, there's a, a mechanism in the UK 575 00:27:42,439 --> 00:27:45,499 for investors to give you money and then have it tax free. 576 00:27:46,139 --> 00:27:50,859 So you could... You can absolutely fail, but it means that you can, it... You can 577 00:27:51,819 --> 00:27:53,299 write off your taxes- 578 00:27:53,279 --> 00:27:53,659 Mm-hmm. 579 00:27:53,639 --> 00:27:55,699 ... uh, against the investment, which is 580 00:27:55,779 --> 00:28:00,539 actually quite a useful process. But you'll need to be a limited company and get paperwork for it. 581 00:28:00,519 --> 00:28:01,179 Yeah. 582 00:28:01,159 --> 00:28:01,699 Um. 583 00:28:01,679 --> 00:28:02,059 So- 584 00:28:02,039 --> 00:28:02,359 But you coul- 585 00:28:02,339 --> 00:28:03,699 So do you, do you think- 586 00:28:03,679 --> 00:28:04,139 Yeah, sorry. 587 00:28:04,119 --> 00:28:08,599 Uh, you, you, you mention about the valuation and th- that would be a seed round instead. Do we just not- 588 00:28:08,679 --> 00:28:08,739 Yeah. 589 00:28:08,719 --> 00:28:11,779 ... mention a valuation and we just say, "Oh, we need this amount of money to do this," then? 590 00:28:12,179 --> 00:28:16,399 Do you think, like, it... putting it there is a red herring, or... 591 00:28:16,379 --> 00:28:22,319 I think it just... Hmm. I think the fact that you've thought about it is great, and you need to 592 00:28:22,579 --> 00:28:24,319 ch- show that you've thought about it somehow. 593 00:28:24,899 --> 00:28:29,019 But I wouldn't, I wouldn't commit to a number, um, 594 00:28:29,559 --> 00:28:33,739 'cause it'll just open up questions of like, "Why two million? Why not four million?" 595 00:28:33,719 --> 00:28:33,879 Sorry. 596 00:28:33,859 --> 00:28:34,919 "Why not half a million?" 597 00:28:34,899 --> 00:28:39,819 W- what do you think the appropriate valuation would be? 598 00:28:39,799 --> 00:28:44,499 I don't, I don't know, 'cause you've not... Have you got income? 599 00:28:44,479 --> 00:28:48,739 Well, we... I, I suppose we are raising at this stage, mostly on 600 00:28:49,159 --> 00:28:54,699 basically three facts of the team. Uh, secondly, obviously we have the traction. Uh, 601 00:28:55,079 --> 00:29:01,019 we think that we have, you know, built the product very quickly. We have a lot of adoption, and we think that 602 00:29:01,339 --> 00:29:05,219 we have a lot of traction with, uh, actual universities wanting to adopt with it, in terms of, 603 00:29:05,339 --> 00:29:09,219 obviously, letters and, and whatnot. It, it is very early on, so, 604 00:29:09,799 --> 00:29:10,679 but, uh, you know- 605 00:29:10,659 --> 00:29:15,219 Uh-huh. Y- so, uh, a- are you talking... So more as an investor, I would say, are you talking to these 606 00:29:15,299 --> 00:29:18,659 universities? Do you know how much those universities are willing to pay you 607 00:29:19,399 --> 00:29:19,439 to- 608 00:29:19,419 --> 00:29:20,019 Yeah, so what- 609 00:29:19,999 --> 00:29:21,759 ... do license fees? 610 00:29:21,739 --> 00:29:24,879 All of these pricings are not just like out of thin air. We 611 00:29:25,159 --> 00:29:29,799 actually validated them with actual administrators at universities that are willing to put this money in. 612 00:29:29,779 --> 00:29:35,099 Yeah. So if you think you can s-... Do you think you can sell 613 00:29:35,659 --> 00:29:40,539 10 licenses this year at that, uh... Like, do you see what I mean? 614 00:29:40,519 --> 00:29:40,559 Yeah. 615 00:29:40,539 --> 00:29:41,619 You could do it that way- 616 00:29:41,599 --> 00:29:41,659 Mm-hmm. 617 00:29:41,639 --> 00:29:47,059 ... as a valuation that says, "Our income stream will be X over the next year." 618 00:29:47,039 --> 00:29:47,219 Okay. 619 00:29:47,199 --> 00:29:52,419 And so potentially, over five years it will be this. Therefore, that's, that's what you're investing in. 620 00:29:53,179 --> 00:29:53,679 Um. 621 00:29:53,659 --> 00:29:57,499 Yeah. I think if we did that projection, realistically, we would still be way 622 00:29:57,559 --> 00:30:00,039 higher than what our valuation should be at this stage. 623 00:30:00,019 --> 00:30:00,459 Yeah. 624 00:30:00,439 --> 00:30:02,139 Um, so I guess- 625 00:30:02,119 --> 00:30:05,499 Then so, so then you just say, "We, we're... This is, this is what it looks 626 00:30:05,579 --> 00:30:07,699 like as a five-year proj- projection." 627 00:30:07,679 --> 00:30:07,899 Yeah. 628 00:30:07,879 --> 00:30:10,759 "Um, we think that's o-... Even if... 629 00:30:11,679 --> 00:30:15,939 Although we think this is realistic, we understand we've got no income right today." 630 00:30:15,919 --> 00:30:16,159 (laughs) 631 00:30:16,139 --> 00:30:19,859 You know. "So we'll take you, we'll take you at the end of year one-" 632 00:30:19,839 --> 00:30:19,999 Yeah. 633 00:30:19,979 --> 00:30:21,759 "... for being our first investor." 634 00:30:21,739 --> 00:30:21,959 Okay. 635 00:30:21,939 --> 00:30:22,399 And... 636 00:30:23,119 --> 00:30:24,699 Does that make sense? You make a narrative. 637 00:30:24,679 --> 00:30:24,779 Yeah. 638 00:30:24,759 --> 00:30:25,959 You make a story about, 639 00:30:26,899 --> 00:30:31,639 "We generally think it's gonna be 10 million in five years time, based on these projections." 640 00:30:31,619 --> 00:30:33,619 Yeah. Okay. 641 00:30:33,599 --> 00:30:33,859 Cool. 642 00:30:33,839 --> 00:30:35,179 Okay, great. 643 00:30:35,159 --> 00:30:36,459 We're at time. 644 00:30:36,439 --> 00:30:36,819 We are. 645 00:30:36,799 --> 00:30:39,499 Um, this was super exciting. How do I invest? 646 00:30:39,479 --> 00:30:40,479 (laughs) 647 00:30:40,459 --> 00:30:41,679 Oh, uh, you can- 648 00:30:41,659 --> 00:30:41,719 (laughs) 649 00:30:41,699 --> 00:30:42,739 You can definitely invest. 650 00:30:42,719 --> 00:30:44,619 (laughs) 651 00:30:44,599 --> 00:30:47,319 Well, don't leave me out. Um, as part of, 652 00:30:47,759 --> 00:30:52,439 uh, I'd like to, I'd like to introduce you to a p- a bunch of people. So, uh, 653 00:30:52,539 --> 00:30:56,139 when's your actual... When's the pitch that you were- 654 00:30:56,119 --> 00:30:56,579 At the- 655 00:30:56,559 --> 00:30:57,739 ... um, been prepping for? 656 00:30:57,719 --> 00:31:01,139 ... the, the actual pitch to Mark is, uh, at seven. 657 00:31:01,119 --> 00:31:02,979 Oh, wow. (laughs) 658 00:31:02,959 --> 00:31:03,339 Yeah. 659 00:31:04,639 --> 00:31:05,279 (laughs) Um- 660 00:31:05,259 --> 00:31:05,299 (laughs) 661 00:31:05,279 --> 00:31:07,359 You're gonna be fine. Drink some water. 662 00:31:07,339 --> 00:31:07,479 (laughs) 663 00:31:07,459 --> 00:31:09,239 Take a deep breath. You're gonna be great. 664 00:31:09,219 --> 00:31:10,879 Thank you, thank you. 665 00:31:10,859 --> 00:31:10,999 Uh. 666 00:31:10,979 --> 00:31:12,019 Um, and then- 667 00:31:11,999 --> 00:31:13,039 Do those edits. 668 00:31:13,019 --> 00:31:13,919 ... our module- 669 00:31:13,899 --> 00:31:13,919 Uh- 670 00:31:13,899 --> 00:31:17,459 ... submission is on Thursday. Um. 671 00:31:17,439 --> 00:31:18,019 Okay, fine. 672 00:31:17,999 --> 00:31:19,719 So, yeah. That's our timeline. 673 00:31:19,699 --> 00:31:25,039 Yeah. Cool. I think, I think for Mark today what you want is... What's, what's, um, 674 00:31:25,679 --> 00:31:28,239 what's your best outcome, what's your worst outcome? 675 00:31:28,219 --> 00:31:32,619 To be honest, our worst outcome is just having that meeting. 676 00:31:32,599 --> 00:31:32,779 (laughs) 677 00:31:32,759 --> 00:31:35,899 I think it's a, it's a great place for us to be. Uh, the best- 678 00:31:35,879 --> 00:31:35,899 Great. 679 00:31:35,879 --> 00:31:41,619 ... outcome is that we get what we, what we're, what we're asking for. Um, so I think even as she- 680 00:31:41,599 --> 00:31:42,019 Obvious. 681 00:31:42,019 --> 00:31:43,579 I mean, I don't want to make it ob- that obvious, but 682 00:31:43,839 --> 00:31:48,299 I think if we come out the meeting with nothing, I still think we're in a good position anyway. Um. 683 00:31:48,279 --> 00:31:48,799 Yeah. 684 00:31:48,779 --> 00:31:51,039 I... Do you, do you propose a way of us 685 00:31:51,159 --> 00:31:52,979 obviously having this valuation, but maybe 686 00:31:53,059 --> 00:31:54,479 they think it's too high, especially for 687 00:31:54,539 --> 00:31:59,079 someone who hasn't incorporated a company before? Well, uh, you know, as a, as a team of us. 688 00:31:59,059 --> 00:31:59,939 Yeah. 689 00:31:59,919 --> 00:32:00,079 Yeah. 690 00:32:00,059 --> 00:32:04,079 Um, is, is there any opportunity that we can pitch to say, "Look, we are willing to do 691 00:32:04,159 --> 00:32:09,559 lower without saying that we are willing to do lower"? (laughs) I know it's quite a complex, uh... 692 00:32:09,539 --> 00:32:12,219 You'd need s- six figures, right? 693 00:32:12,199 --> 00:32:12,259 Yeah. 694 00:32:12,239 --> 00:32:14,259 You need the six figures to get you over the line. 695 00:32:14,239 --> 00:32:14,259 Yeah. 696 00:32:14,239 --> 00:32:18,939 You actually need... Like, based on what your, um, ambition is, that, that sounds reasonable. 697 00:32:18,919 --> 00:32:19,239 Okay. 698 00:32:19,219 --> 00:32:20,899 You've got a couple of choices, right? You could sell 699 00:32:20,979 --> 00:32:25,879 to Imperial at 50, so, and you could sell to another university and, and get the num-... Get your 700 00:32:26,479 --> 00:32:29,319 money that way. The problem with that is that you'll end up 701 00:32:30,379 --> 00:32:35,699 being aged... Uh, you'd be servicing the client rather than building out the product. 702 00:32:35,679 --> 00:32:36,799 Yeah, yeah. 703 00:32:36,779 --> 00:32:43,079 And so that's your best narrative, which is like, uh, th- you know, you've spoken to me. 704 00:32:43,759 --> 00:32:49,179 I, I know that I would... It would... Our products would be around the 50 mark for something like this. 705 00:32:49,159 --> 00:32:49,819 Mm-hmm. 706 00:32:49,799 --> 00:32:50,299 Um, 707 00:32:51,099 --> 00:32:51,779 you've got your 708 00:32:52,299 --> 00:32:54,059 roster of universities with 709 00:32:54,699 --> 00:32:55,219 their, 710 00:32:55,839 --> 00:32:57,859 their students already using it. 711 00:32:58,459 --> 00:33:02,899 You probably do... You probably could quite easily land those two deals. 712 00:33:03,559 --> 00:33:08,039 Um, but if you did it that way, without, without the investment- 713 00:33:08,019 --> 00:33:08,559 Yeah. 714 00:33:08,539 --> 00:33:10,739 ... then, then you'll become... 715 00:33:11,359 --> 00:33:13,799 You, you, you won't be able to grow. 716 00:33:13,779 --> 00:33:14,139 I think there's a- 717 00:33:14,119 --> 00:33:17,259 So what you're asking for is a s- is an external investment 718 00:33:17,699 --> 00:33:21,899 so that you're freed up to service more... You know, to grow bigger. 719 00:33:21,879 --> 00:33:25,099 Yeah, that's quite a good narrative to, to say. 720 00:33:25,079 --> 00:33:25,739 Yeah. 721 00:33:25,719 --> 00:33:25,939 Yeah. 722 00:33:25,919 --> 00:33:27,139 Amazing. Thank you very much. 723 00:33:27,119 --> 00:33:27,159 Yeah. 724 00:33:27,139 --> 00:33:29,959 You can name drop me, but just don't let Jenny know. (laughs) 725 00:33:29,939 --> 00:33:29,959 (laughs) 726 00:33:29,939 --> 00:33:31,099 (laughs) Aw. Thank you. 727 00:33:31,079 --> 00:33:32,759 (laughs) That's okay. 728 00:33:32,739 --> 00:33:33,219 Okay. 729 00:33:33,199 --> 00:33:34,739 And let me know how it goes. 730 00:33:34,719 --> 00:33:34,939 Will do. 731 00:33:34,919 --> 00:33:38,099 Um, best of luck. I think it looks great. And can I try the product- 732 00:33:38,079 --> 00:33:38,419 Yes. 733 00:33:38,399 --> 00:33:38,959 ... when you send it? 734 00:33:38,939 --> 00:33:43,039 Of course. I can just send you the link. Um, and if you use your Imperial email, it should work. 735 00:33:43,019 --> 00:33:43,799 Perfect. 736 00:33:43,779 --> 00:33:45,059 Um, to sign up. Okay. 737 00:33:45,039 --> 00:33:45,599 Cool. 738 00:33:45,579 --> 00:33:45,779 Great. 739 00:33:45,759 --> 00:33:47,359 And it was lovely to meet all of you. 740 00:33:47,339 --> 00:33:47,799 Thank you. 741 00:33:47,779 --> 00:33:47,799 Thank you. 742 00:33:47,779 --> 00:33:48,539 Take care. 743 00:33:48,519 --> 00:33:48,739 Bye. 744 00:33:48,719 --> 00:33:49,859 Cheers. Bye. 745 00:33:49,839 --> 00:33:49,859 Bye. 746 00:33:49,839 --> 00:33:51,859 Bye. 747 00:33:51,839 --> 00:33:52,139 Oh, 748 00:33:52,899 --> 00:33:53,199 good. 749 00:33:53,179 --> 00:33:53,699 Cool. 750 00:33:53,679 --> 00:33:54,859 That was better than I thought. 751 00:33:54,839 --> 00:33:54,979 Yeah. 752 00:33:54,959 --> 00:33:56,679 I thought it was at six. 753 00:33:56,659 --> 00:33:56,899 Uh, it's-