Product innovation partner for startups and SMEs, accelerating them to success.
- London, United Kingdom
Categories: Content & Information Non-Digital B2B
Innovify is a venture partner working with start-ups and SMEs to develop innovative products. Start-ups and SMEs often have innovative ideas, but struggle to acquire the skills and talent needed to bring their ideas to market. Innovify offers strategy guidance, technology development and capital acceleration by bringing:
• Product/Project management experience, tools and frameworks
• Expertise in non-tech aspects like UX/UI, analytics, security, etc
• Reliable technology leadership with experience in a variety of technology stacks
• Familiarity with Lean and Agile principles as well as recruiting and scaling development teams
All of which aim to de-risked ventures that eventually accelerate because they iterate & pivot more quickly to produce traction that would be attractive to investors. Innovify seeks to be cost efficient thanks to scale, learning effects and overseas talent and can provide a stable trustworthy partnership to facilitate success and accelerate value growth.
Why acquire when you can access better services at lower cost and risk? Clients will benefit from Innovify’s flexible and lean product development capabilities. Instead of being locked-in with inflexible recruits, clients can benefit from a wide range of technology expertise to mix & match without incurring traditional recruitment risks or HR overheads. Innovify works with startups as a fully responsible partner to deliver their product and technology strategy. Innovify offers both pay as you go and fully managed solutions to support different stages of start-up growth. With well established offshore development center, the cost of product development is roughly 1/3rd of the cost of a comparable team in London. Thus, the ROI for clients working with Innovify would be much higher, making them eventually more attractive for investments.
We believe investors in Innovify would benefit from a stable pipeline of vetted startups, fully managed by Innovify. Innovify’s programme focuses on vetting the best teams, enabling their business skills and insight, teaching technology skills and focusing on product traction to create successful and attractive start-ups. These start-ups may become de-risked investments because of Innovify’s long-term technology partnership and vested interest in each team’s success.
Learning effects from working with innovative startups and established SMEs on iterative projects serves to bolster Innovify as a technical development house. Innovify can gear towards early development market needs such as rapid prototyping and front/back end infrastructure while creating an organic pipeline of business through follow-on work for start-ups and SMEs as they grow.
Overall, Innovify creates a realignment of interest for startups/SMEs, technology partners and investors creating win-win-win situations for all involved. Innovify has already proved its ability to add value in Tech-city and now we are looking to revolutionize the UK startup ecosystem.
Substantial accomplishments to date
Case 1: Kwanji: A start-up currency transfer comparison platform.
Innovify joined the company from day 1 as CTO and primary technology partner, creating 4 versions of the product (launched to date). Innovify helped enable Kwanji to secure £750k in funding and are currently raising their Series A round.
Case 2: Landbay: A P2P mortgage lending platform.
As a co-founder/CTO, Innovify provided a fully managed product team to take Landbay through multiple iterations. Innovify helped enable Landbay to secure in excess of £2M+.
Case 3: Globr: Instant messaging app with In-built translations.
Innovify joined as CTO with a fully managed products team and helped Globr secure further funding.
As well, Innovify is helping companies like SobuApp, Heavenote, Digitteria and Acceleratics develop their products and prepare fundraising campaigns. Innovify has also developed products with corporate clients like The Wellington College and the Lords Wandsworth College (both via ITQ LTD).
Innovify intends to balance risk by taking a multifaceted strategy with our three revenue streams:Our three facets are corporate services, incubation, and product development.
The corporate services aspect of the company generates high margin revenues by selling technological expertise with minimal overhead. With an in house fully managed scrum teams in an onshore/offshore setup, we should be able to maintain revenue margins both in the mid and long term.
As an incubator, Innovify could invest a small amount to develop MVPs for start-ups helping them into the growth stage. By entering in the pre-seed round Innovify will continue to build an equity portfolio with the intention to be exited with 5-7 times within 3 year periods. The incubation component would help feed the corporate services component by securing start-ups' use of the Innovify development services as it grows, further facilitating future revenues.
Product development, our third revenue source, allows Innovify to secure its future with our own product innovations allowing Innovify to transform as a product company, if required. Innovify is in a excellent position as both an incubator and partner, which allows us to best identify key trends and unmet user needs, which allows us to develop our own solutions to user problems and potentially, commercialise solutions using subscription models.
By establishing three revenue streams, Innovify feels that it is primed for consistent growth.Our model would allow us to remain flexible and expandable making Innovify the ideal package of a company that simultaneously be iterative and profitable.
Furthermore, Innovify intends to replicate its model in India, the next emerging economy with anticipated huge potential for tech start-ups.
Use of proceeds
Innovify plans to utilize proceeds from this round for three primary purposes: essential working capital, enabler for growth and accelerations, and corporate business development.
First, proceeds will be used to fund the continued day-to-day functions of Innovify as we capitalized on previously held relationships and develop new technology partnerships.
Second, in formalising the Innovify Incubation programme, proceeds will be used to help launch the first six start-ups to be officially run through our model. Proceeds will subsidize product development for these startups and support services that the programme provides. Essentially boosting our equity portfolio of startups.
Finally, Innovify will be building up its business development in the corporate sector to partner with more SME’s and build a reputation as a trusted technology partner in the London community.
Innovify has a target startup market and a target corporate market. Given the need for fast, cost effective and stable technology development, Innovify believes to have the talent and resources to fill these needs in both startup and corporate communities.
Innovify brings technology expertise to the table so we are looking for teams and individuals with industry expertise and business acumen to be part of our Startup Programme.
What we are looking for:
Founder Market Expertise
- We are looking for founders who know their market inside and out, who can see the gaps in their industry, and who can tailor solutions that will revolutionize the way business is done in that sector.
Technology Enabled Business
- Innovify specializes in finding the right technology to successfully propel your business. We are looking for great off-line ideas that will obtain explosive growth once enabled online.
The Right People
- We want passionate London-based entrepreneurs who have solid business acumen and a lover for the entrepreneurial lifestyle. We want to help people tackle tough problems and enable them to implement their solutions.
Innovation forward SMEs that are looking for value for money prototyping and product development without the risks associated with outsourcing.
Below is the Profile of our typical Corporate client:
–Approximately 15-150 in-house developers
–Products in market with paying customers with narrow margins
–Slow pace of technology innovation and quickly changing competitive environment
–Identified new opportunities and management buy-in to pursue Greenfield solutions
Characteristics of target market
Current Emerging Technology Market UK:
• £33B (2013) Total Value.
• £58B (2018) Projected Total Value.
• UK SMEs plan to invest £7.8B in software technology next year (from £5.3 in 2013).
• 13% of SME plan to make an investment of £40k or more in software.
The market for technology is growing even faster in Innovify’s home city of London.
• 526,446 new start-ups in Britain (2013).
• 25% of were created in London.
• 15,720 new startups created in Tech City (EC1) alone.
Initial Market Gap: Despite an 80% rise in jobs for startups in Tech City over last year, 40% of these companies say their growth is severely limited by a lack of technical talent in the UK. That segment of the market amounts to approximately £136M not including other development costs.
We also know that investment is on the rise for technology startups.
• Investment in Internet/Digital businesses by Angels and VC’s in the UK is up from 22% to 33% of all investment over the last 10 years (2013).
Innovify is highly visible at entrepreneur groups in London, and we intend to continue to grow our mentorship network and entrepreneurial network through events like Hackathons, Meetups, Pitch Competitions, among others. As our network grows we have found word-of-mouth to be effective for use at this stage in development as we focus on solidifying a brand reputation. Innovify has appointed a reputed Tech City PR firm to boost our brand as a reliable incubation partner in London and further afar.
Innovify plans to partner with other incubation centres offering complementary services to create a bigger ecosystem. Further afield, Innovify would franchise its model to be replicated in Tech North and Tech West.
Our alternative market would be reached through partnerships with UK Universities and their entrepreneurship programmes on campus. Our team has strong relationship with Imperial College London, which has already provided Innovify with start-up opportunities. Innovify intends to provide mentorship and a series of entrepreneur focused events later this year for their Venture Catalyst Competition and the Business School at Imperial.
Corporate sales referrals through our network of clients and mentors have been an effective pipeline for new business within the profiles and sectors we have identified. We would be appointing a dedicated sales team to develop corporate partnerships entering in risk-free trials, joint ventures and long-term strategic partnerships.
Innovify offers a well balanced mix of technology, process, funding and founding principles to dwarf the competition as follows:
• One stop location for technology skills, non-tech services, frameworks and processes, offering all elements of multichannel product development in one location.
• Innovify's hybrid delivery model offers not only the management and control like in-house team but also seeks the cost advantage of offshore team
• Perhaps, the biggest advantage is the Innovify way of working as a co-founder and be overall responsible for the product and technology strategy
• A well experienced founding team covering the entire start-up life-cycle to include product management, technology creation, start-up growth, equity investment and IPO
• A cross proliferation of start-up ecosystems in both developed economy like UK and emerging economy like India
• All these are done in the most flexible way so as to not strangle the start-up but to accelerate them to success