Newly launched site, Findinvestgrow.com was a runner up in The Good Web Guide Website of the Year Awards 2009. Founded by Marco Geninazza (Director of CRM/Marketing and PR) and James King (MD), FIG helps young entrepreneurs with their business ideas and connects them to suitable investors. The Good Web Guide caught up with Marco to find out more.
Explain your website.
FIG works with young entrepreneurs, specifically undergraduates and graduates of the past five years, to see them crystallise their ideas, support them through the development of their business plans and introduce them to suitable investors, known as FIGureheads. FIGureheads have access to our unique website where they can browse and precisely filter investment opportunities that are of interest, with a view to investing themselves or offering their expertise as part of a management team. FIG has a presence both online, through the website, and off-line through a variety of events.
How does it make money?
We don’t charge the entrepreneur any money for our services; instead we retain five percent equity in the businesses that find investment through FIG. Revenue is realised from the FIGureheads in the form of an annual membership and a four percent finder’s fee. The registration fee is £1,000 with a recurring annual fee of £1,000. The finder’s fee will be applied to investments in FIG Seeds minus the annual membership and capped at £30,000. In addition to the above revenue streams, namely the FIGurehead membership fees, the finder’s fees and the realisation of value held in FIG Seed companies, FIG will capitalise on sponsorship, both online and offline, and government funding.
What is your background?
I graduated from UCL in 2002 and have worked in Marketing, PR and Event Management for the past 7 years. I spent the last 4 years as Senior Manager at London’s most established event management company, Nick House Entertainment Ltd, where I was responsible for the brand image, PR and marketing of the company and the entire events team/portfolio. James won a scholarship to Leeds University in the first ever entrepreneurial Scholarship Programme. Whilst still a full time student he raised over £150,000 for an idea he had for a new business, so he knows what it is like for students to find investors and develop new businesses.
When did the site launch?
The site launched on 12th September 2009
How many visits do you have per day?
Approx 110 per day. Our target is 450 per day
Describe your average visitor.
Our average visitors tend to be well educated students or recent graduates aged between 18-25 who have a serious interest in starting up their own business.
Who are your closest competitors?
We don’t really have direct competitors but there are services that offer scoring of business ideas such as Younoodle (we however never score business ideas we simply provide the tools to analyse their own ideas).
What is your biggest challenge?
Our biggest challenge is engaging people that don’t think they have the skills to start a new business and highlighting to them how their skill set can be utilised. We also encourage people to put in the time to analyse their idea thoroughly before they run with a business.
What makes findinvestgrow.com unique?
Specifically targeting and helping students and recent graduates to turn their business ideas into reality. It is the first website of it’s kind to offer the depth of support and resources to educated, young entrepreneurs in the UK – all for free.
Why don’t you take business plans from those outside of the undergraduate/graduate group?
Unfortunately there is a real lack of resources for students and recent graduates with a business idea. The demographic chosen can’t pay for the training and workshops and often aren’t able to get their proposal to the point where they can pitch their ideas for investment – there is a real demand for the service.
What is the best business plan/idea that has been sent your way so far?
It would have to be our first success story
Spine Strength. Spine Strength is a FIG seed company that raised £70,000 investment using the FIG process. It was founded by Doug Higgins, an Imperial graduate, who designed and built a £5,700 machine that mimics the rugby scrum. He is now working with the Matt Hampson Trust. The Beast by Spine Strength is the first machine of its kind to strengthen the neck, back and legs simultaneously. Its unique action means that it is set to be vital in reducing spinal injury in a variety of sports especially high impact activities and is already on the Christmas list of many UK rugby clubs (including the England Rugby team itself!) as well as sparking interest from Formula 1 and NFL.
Where do you see FIG going from here?
Being the predominant resource in the UK for students and recent graduates with business ideas and looking for funding.
Visit
www.findinvestgrow.com
16 November 09
