So Andy and I were accepted into a mini-Seedcamp in Singapore last week. We were apprehensive that it might turn out to be an echo chamber of familiar faces and generic advice, but Seedcamp turned out to be an excellent exercise in questioning our assumptions and challenging the direction of our product as well as our business model.
The Pitch
The day began with all companies pitching their ideas to a roomful of fellow Seedcampers as well as mentors. Andy gave a very good pitch and many of the mentors later commented that the Gameplan pitch was quite memorable and that they were intrigued by the idea and wanted to speak to us about the product as well as our business model.
You can watch the entire presentation here.
The Mentorship Sessions
The pitching session was then followed by mentorship sessions which can be best described as 'speed-dating-meets-advisors'. We were paired with BitDin and shared 15-20 minutes of time with multiple sets of mentors over the course of the day. Reshma and Philipp explained that this is to maximize the number of ideas that you can absorb, the number of introductions or connections that you can get, and most of all - exercise your brain and think outside the box. Here are a few highlights:
Daniel Heaf (BBC Worldwide) and Yeo Yaw Shin (Infocomm Investments Pte Ltd)
Our first session set the tone for the rest of the day. Both Dan and Yaw asked pointed questions about Gameplan - what it does, what our target market is, how do we plan to market it, etc. and it gave us the chance to clarify our pitch and our message and ensure that we made sense while speaking to veterans of the Internet industry.
There was discussion about engaging schools as users of Gameplan but Dan pointed out that schools are tough to involve as early adopters (he was speaking from experience). Dan also sowed the first seeds of the Gameplan pivot, when he said that for a consumer Internet company, it is easier to go with a bottom-up approach rather than our top-down approach.
In other words, if we are targeting leagues, then the initial set of users that we need to get on board are not the league managers but the players. Given our struggles with marketing and early adoption we also asked Dan about how we figure out when to 'pivot'. Moral of the story: give it a bash, get critical mass, but if you don't have measurable traction - think of changing course.
We also got to demo Today's News and if we weren't mistaken, there was some definite excitement over what we're about to launch.
Adrian Blunt and Chieh Suang (Nusantara Ventures)
Our next session was with Adrian Blunt and Chieh Suang from Nusantara Ventures - an early stage venture capital firm focusing on investments in Indonesia. Adrian also used to be the program manager for FIFA Online, and as enthusiastic FIFA players, it was a mini-thrill for both of us to meet him.
They both recommended various avenues to persue for exposure - from advertising on sports/news sites or blogs, to running our own leagues to spread awareness (we came pretty close to the second suggestion with our sponsorship of The Startup Cup).
Philippe Cazaubon (Data Robotics, Inc. - makers of the incredible Drobo)
My favourite takeaway from this session was how Philippe, as soon as he sat down, asked us this question: "How do you make money and who do you make money for?" I personally think it's a brilliant question and one every startup should attempt to answer before it sets out to do business. This led to another engaging session about getting traction, speaking to various kinds of people who would generate leads for us as well as more introductions in the bag.
Remember: "How do you make money and who do you make money for?"
Christian Geissendoerfer (Yoose.com) and Edvarcl Heng (Mediacom and SocialHero.me)
This was by far the most eye-opening session for us. We've never really spoken to a 'pure' marketing person regarding Gameplan prior to this, so Edvarcl really had us thinking when his first words were: "Make it free". He went on to provide us with a fairly convincing alternative course, focussing on the players and then our business model primarily becomes lead-generation for major sports brands such as Adidas, Nike, Puma et al. He cited examples of DailyMile, Endomondo and Runkeeper of how they kept their primary app free but became a vast resource for huge sports brands to tap into.
In the six months we've started, we'd become somewhat wedded to the idea of a pay business focused on revenues and profits - so to listen to this perspective was fascinating (as well as a little scary).
Christian also offered to introduce us to a German sports league he knows of - the number of introductions and leads we got from Seedcamp is outstanding.
Aarti Gumaledar (Yahoo) and Philipp Moehring (Seedcamp)
Aarti and Philipp took up where we left off and further strengthened the case for a product that is free at the point of use. Aarti also brought up the angle (very Yahoo-esque I might add) of how Gameplan could become an excellent source of hyper-local sports data if we made it free and focused on a bottoms-up approach. Philipp further shook us up when he asked us "Who our target market is?" and dismissed our generic answer and poked us to come up with a much sleeker, cleaner message.
At the end of the day, though very tired, Andy and I felt very good about our decision to apply for Seedcamp. Even though some of the mentors had very little knowledge of how sport works (or sometimes even of how consumer Internet companies work!). Not to forget, our hearty congratulations to the winners and we hope you guys have a great time at Seedcamp London.
It was incredibly valuable to remain sponges for the entire day, ask questions, be questioned and most of all have a lot of fun. But as a friend of ours Dinesh mentioned later in the week, it's important not to get carried away by new ideas and thinking different. What's important for success is for us to distill our own reality from the advice and not accept or implement ideas wholesale.
We've spent a fair amount of time discussing the future path of Gameplan between us (and with anyone who'll listen!) whilst also polishing Today's News and starting a few little freelance jobs. In the next couple of weeks we'll get back into Gameplan proper with what will probably be a new direction, but we're letting the Seedcamp-sparked ideas seep through our subconscious until then.
For those on the fence about applying to Seedcamp, we wholeheartedly recommend it!