⚡ How this Start-Up has Changed the Start-Up Investment Landscape Forever

Morning Innovators ⚡ In less than 5 minutes, we’ll cover…

💰 How this Start-Up has changed the Start-Up investment landscape forever

🧑‍🤝‍🧑 How you can partner up with other businesses to go viral
🌍 A great tool making your website readable across the globe
🥳 The best funding opportunities, events and jobs in the Start-Up world
📰 The biggest news stories in the Start-Up world

✨Last weeks most clicked link was this link to take you through to PwC’s scale up accelerator programme.

Happy hustling,
Rich & Gary

🎤 Events/Opportunities

📍The NatWest Accelerator programme closes for applications very soon! If you want access to free office space in prime city centre locations, 6 months of accelerator content and a community of founders to grow alongside, apply here fast!

💡 UK IPO has launched a new SME financial support scheme, IP Advance. IP Audit provides part-funding of £2,250 (including VAT) towards the cost of an IP audit, IP Access provides a contribution of up to £2,250 (including VAT) for IP professional advice to progress an IP management strategy or implement recommendations from their IP audit. Read more here.

💸 Hotbed are running a series of free events for fundraising founders, take a look here.

💼 Job opportunities

🏃‍♀️ Product Manager, FitXR
🧠 Operations Manager, Medic Mind
📈 Head of Growth Marketing, Tiney

👗 Flexible energy Start-Up, Axle, raises £7m in Accel-lead round. UKTN

🏝 Welsh twins secure £3.2m in funding to scale travel Start-Up. UKTN

💶 Global Start-Up funding is picking up, with AI still in the spotlight. TechCrunch

🤑 Franshares has a new approach to passive income, letting people invest in franchises for as little as $500. TechCrunch

ShipShape: Revolutionising Investment Research for Founders

In the ever-evolving landscape of Start-Up funding, ShipShape is making waves as a unique investment search engine designed to empower founders. Offering a comprehensive, free-to-use platform, ShipShape enables startups to efficiently identify and connect with relevant investors. The platform has grown significantly since its humble beginnings as an Excel sheet, now encompassing data on 19,000 funds and over 100,000 individuals worldwide. With companies using ShipShave having raised over $1bn collectively worldwide, including the ShipShape team themselves! This article delves into ShipShape's journey, highlighting key strategies, challenges, and lessons learned, providing invaluable insights for aspiring entrepreneurs.

A Simple Beginning to a Powerful Tool

ShipShape’s inception was as simple as it gets - an Excel sheet serving as a no-code solution to track potential investors. Initially catering to founders within their network, ShipShape helped these startups navigate the complex world of investment, eventually growing into a sophisticated search engine. Today, the platform is used by renowned institutions like Techstars, Cambridge, and Oxford, facilitating over $1 billion in funding for companies.

Early Customer Acquisition: Trial and Error

ShipShape's journey to its first customers was marked by experimentation. The founders, leveraging their own network of entrepreneurs, initially tested the waters with a rudimentary product, charging £100 for a list of investors interested in the cancer detection space. Early marketing efforts, including Google Ads and email outreach, yielded mixed results. The founders learned quickly that understanding the right distribution methods and materials is crucial in the initial stages.

Scaling Through Targeted Outreach

Scaling beyond the initial customer base required ShipShape to pivot several times. The company eventually found its niche in providing highly targeted marketing services to organisations supporting scaling tech companies. This approach was in harmony with ShipShape's ethos of precise, targeted investor outreach, opting for quality over quantity in their marketing efforts.

The Importance of Early Revenue Focus

One of the critical lessons for ShipShape was the importance of prioritising revenue generation. The founders initially spent significant time seeking investors rather than developing a clear marketing and sales process. They realised, in hindsight, that building a product while simultaneously driving sales could have been more efficient.

Another early mistake they made was to listen to every user type - one of the big 4 said they’d definitely buy their product if they made one (complex) change to their search engine. 5 months of hard build later, they’d finished it… Did they buy it? No! The team believe that they should have focused on servicing the customers that already liked what they had built.

Navigating Funding and Financial Management

ShipShape's funding journey was a mix of bootstrap, angel investment, and institutional support. Their first significant funding came from a combination of a £100k Innovate UK grant and angel investments. The founders leveraged their previous experience and network to secure these funds, underscoring the importance of strong relationships and a robust network. Other parts of early stage funding came in the shape of a grant from a local University, along with R&D Tax credits (Which the ShipShape team said really saved them).

Overcoming Challenges and Learning from Mistakes

One of the most significant challenges ShipShape faced was balancing the development of their complex search engine with revenue generation. The founders admitted to leaning too heavily on fundraising to cover costs rather than focusing on immediate revenue opportunities. Additionally, they learned the hard way that not every potential customer’s request is worth pursuing, particularly when it leads to significant product changes without guaranteed sales.

Strategic Location and Capital Efficiency

Operating out of Wales presented unique challenges and advantages for ShipShape. While the region offered cost-effective operations, it lacked competitive funding opportunities. The founders suggest raising capital in more competitive markets like London or the US while leveraging the cost benefits of operating in Wales.

Who says you have to do marketing alone? Monzo and Greggs certainly didn’t!

Monzo noticed that one of the most regular transactions of their customers was for Britain’s finest sausage roll in Greggs, so how did they take advantage of this? Monzo paired up with Greggs to create a sausage roll ATM in Newcastle, and it EXPLODED on social media. With millions of views and tonnes of engagement, Monzo and Greggs were able to share audiences and reach new ones altogether with this marketing stunt.

Whilst it’ll be difficult for a Start-Up to produce this type of stunt, are there organisations you can partner up with to produce a similar type of stunt? If you know that lots of your customers are very fond of another business, it’s worth teaming up to get access to each other’s audiences in their entirety!

Each week we highlight our favourite tools - either something we’ve been using in our businesses, or tools that our innovator community have recommended.

Clarity is purpose-built for founder-led sales. It combines call recording, feedback tracking, and roadmapping to make sharing context seamless. By orienting around a customer, Clarity keeps your entire team focused on delivering value and closing deals.

Next week we’ll be highlighting another awesome Start-Up (if you want us to feature you, drop us a message), as well as sharing all the usuals including funding opportunities, Start-Up news, plus plenty of awesome tips, tricks and tools.

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