LivingLens grabs £1M Series A Investment

Collider Class of 2014 startup LivingLens, the leaders in making video searchable. They have just closed a £1M Series A funding round, comprised of local Angel Investors in the MadTech space. We had the chance to sit down with Carl Wong, Co-Founder of LivingLens, for an exclusive look at what it’s like to go through the process of raising a Series A round. From scaling sales and client offerings, to in-sourcing technology, to partnerships (LivingLens also just announced a partnership with Market Logic), Carl shares his thoughts on leadership vs. management, creating relationships with Investors, milestones and being resilient.

Co-Founder, Carl Wong

Tell us about the journey of starting in Liverpool, and having clients in London. What are a couple of the drawbacks and highlights?

CW: It’s an interesting question because it’s a non-question. As long as you are in London frequently and often, clients see that you are, you make little to no barriers, more so than anybody else because you set when you can and can’t meet. There are no drawbacks, you just need to make sure you’re consistently there, week-in and week-out. In terms of the positives, well I have probably a better work/life balance than most people. We have a really strong tech skill base in Liverpool that’s probably available at considerably cost-cheaper. And I'm able to leverage my local networks as well as my London networks. There’s no real downside to it.

How did you choose your investors for this round and how long did it take? Are they all from the UK? Was the funding journey what you anticipated?

CW: Our investors in this round are those that have been active and are well funded from our earlier small round last year, and indeed some from the original Collider round. They were engaged from the start with the idea that what we’re trying to do with the business. They have the resources to support us to this level of scale, and indeed beyond, hopefully if required. And, the journey took much longer than anticipated. I think everyone will probably say that, who has been through a similar exercise.

Because we were already engaged with them, because they already understood our business to an extent, my ambition was that the round would take maybe 3 months from the very initial conversation, to landing commitments to the paperwork. And it’s taken twice that. And it’s probably taken not just twice the elapsed time, but twice the amount of actual time and energy. The funding for this round has largely come from the UK, but we do have US investment from the previous small round last year, and indeed they are very active in the advisory capacity with us.

READ ALSO: THE 10 COLLIDER STARTUPS HEADING TO CANNES

How will you spend the money you've raised for this round? How will your strategy change, and where do you see LivingLens going?

CW: The money is going in to two significant areas. One is building a client servicing, sales and account development function. Which we've already started with two brilliant hires and will continue to build that team out specifically to enable, not just revenue, but more importantly to enable us to deliver value to clients. That comes back to the fact that LivingLens is cutting edge technology. We’re in a very embryonic industry of video mining which I believe will explode over the course of the next couple of years. And we’re going to be at the forefront of that.

LivingLens is about getting the most from video anywhere, so in terms of where we’re going to go as a business, at the moment, we make an organisation’s video searchable, and we take video from anywhere, from any of their partner agencies, and we capture it ourselves. The future is widening up those inputs even further to include social media video. And then the outputs – about delivering more and more valuable analytics around the aggregation of that video, and individual moments of it. And working with partners in the ecosystem, an API driven ecosystem to drive more and more value in the proposition.

The second area where the money will be invested is the technology. We’re taking great strides this year to basically in-source all of our technology build. We have an excellent engineering team of permanent staff, supplemented by contractors when necessary, to accelerate our roadmap, which is all about driving specific value for clients where we continue to build that out. As you know, great tech staff, great engineers are very much in demand. And are expensive. Can’t wait!

What’s your next milestone?

CW: Our next key milestones, since the announcement of the money happened quite recently, but we've been planning for it for some time. So it’s about key hires, putting the right team in place, the team is everything for us. It’s about converting some of our clients into longer-term, higher value, contracted basis. And we are in negotiations with two very very large contracts at the moment. And probably taking that first psychological big step forward to £1M in revenue.

What personal development have you done to adjust your leadership and management style to reflect your company growth, if any?

CW: That’s a good question. I would say, not just recently, but over the course of the last 18 months, you've got to remain focused. It’s really easy to take all of this excellent advice experts are sharing with you, and your head will be spinning. So you've got strike that real balance between listening and considering hard, while staying focused. And I think I've become a better listener.

In terms of leadership style, the interesting thing there is going from a 2-man team, to a 4-man team, to now a 10-man team since we’re bigger. There’s a balance that’s shifted I’d say over the course of the last few months and further as we go forward, from management to leadership. Management about helping individuals’ micro-manage their to-do lists, prioritising what’s happening on a day-to-day, and week-to-week basis. And delivering that on time and in instances budget.

And now, it’s more about engaging people in the vision, setting the tone, giving people enough responsibility to feel they can make their own decisions. And that’s because weave been able to build out the team with brilliant people. People who are much better at their job than I am at mine. So that’s really exciting and very rewarding. But day by day, it’s quite challenging, and I'm always learning. I've learned more in the past 18 months than I have in the past 18 years anyways.

What advice would you give to entrepreneurs in the MadTech space who are looking to raise a similar round to you?

CW: Work it, it’s all about using your time well, by getting out there and making connections. Hone that pitch, there’s no such thing as being too practised. That’s a massive learning point for me entering this space 18 months ago. I thought I was good at presenting. I was average. You've got to be really tight about what you’re pitching. The value of it, the problem you’re solving. My best advice is to keep working it.

Be very very resilient. You’re going to hear lots of no’s. And it’s not because your idea isn't awesome. Some people just don’t get it. Some people just don’t engage with it. It’s not their space. Just keep working very very hard to make connections. And then follow up and follow up and follow up. Be relentless in that, because it’s going to take much more time and effort and many more no’s than you expect. Just keep at it.

9 Tech Founders Tips for Cannes Lions

In only a few days’ time, you’ll be heading to Cannes Lions! We’re just excited as you are. And for a first-timer, Cannes will be overwhelming – swarms of people, parties at every corner, and so many things to participate in,  So here are 9 things to remember to keep yourself grounded and have a successful few days. Ask Questions, No Pitching

You’re going to meet a lot of people, some will be potential customers, others maybe even investors. Don’t put them on a pedestal, they’re just like you and I. Be respectful and have your one-liner ready explaining how you might be able to help them solve their problem/challenge. Be sure to have different ones for brands, agencies and investors.

Think about the questions you’ll ask them before explaining what you do to better tailor your explanation – are they a connector, a customer, or a potential investor? Remember to keep the pitching to a minimum – no one likes to be talked at.

Sell Solutions

These people want solutions to existing problems, not products. They don't care about your tech, they care about whether you can make the famous (we are in Cannes, dahling)! Tell them how you’ll be able to make them more money or save them a ton of money.

Hustle Your way In

Hustle - big time. This is where your preparation will come in to play. You’ll know exactly who you want to meet, and where to be prior to checking in for your flight. Have your business cards at the ready. Want to get into that exclusive party? Make sure you know who to ask about that.

Be clear on the Ask

Make sure you know the types of answers you’ll get to the questions you’re asking. Know exactly what customer feedback you need, and be clear on who they can intro you to. The more specific the more helpful they will be.

Set specific objectives

Your game plan needs to be set before hitting the tarmac. Set realistic goals that will make these two days’ worth it. Eg. Meet 3 agency people who look after mobile campaigns, or 2 brands from FMCG. Sunbathing on two beaches doesn’t count.

Take cards

As they’re always handy, but there’s a high chance you’ll lose them. Use LinkedIn there and then rather exchange cards if you can – the internet doesn’t get lost as easily. How about that Cannes Connect app? Have you downloaded it yet?

Reach out

Don't stay put in one place. People move around, and you might miss an opportunity by staying at that party for one more drink. Go with the crowd, but also know when it’s time to walk your own path through the festival. And talk to strangers.

Sleep

Make sure you are well rested before heading to Cannes. You need to be on your best form. And be sure to get some sleep in Cannes. No one likes an early morning meeting where you’re still boozy from the night before.

Smile & Have Fun

You are in Cannes after all. Allow yourself to get wrapped up in the hype to get your adrenaline pumping, but keep your feet firmly planted on the ground. Enjoy the buzz of the industry celebs, but always keep your objectives in sight.

Rose and Ali from Collider are going to be there, and would love to get to know you all over a drink. But, you should only be talking to us, and to each other, when you have over achieved your objectives – not before.

And for all the Collider companies - we will be watching you…

Innovation is not an event

**This post originally appeared on The Drum**

Everytime I go to an agency, the first word out of their mouths, 90 per cent of the time, is ‘innovation’. Either I am speaking with the head of innovation, or the head of mobile has dropped the I-word in the first few minutes. They have embraced it in their vision, but are trying to figure out how to bring it inside the organisation.

One way agencies do this is by holding ‘innovation days’. A handful of startups are brought into the agency and asked to pitch their ideas to a room full of account managers eager to hear exciting new tech ideas from the startups. The account managers at best go away with something new to talk about with colleagues and maybe clients, but it rarely goes beyond ‘that was interesting’.

For a company that has less than 10 employees, the cofounders will usually attend an event like this. They think it’s a quick way to get in front of people in agencies who they believe will lead them to the brands and a commercial deal. The founders give up their very scarce time to come and meet them and go away with nothing – not even feedback on the product/pricing – really valuable insight that agencies have.

Often the startups don’t get the opportunity to discuss the key challenges facing the account managers/brands and how best their tech can solve them either. They aren’t given the opportunity to work on their products and make the necessary changes to get the right product/market fit. Without a dialogue, the best startups will not bother coming back to the agency – and we are already seeing this happen.

Innovation should not be thought of as an event. These ‘innovation days’ are the beginning of the process, but they aren’t innovation, nor can you ‘do’ innovation in these days. What can you really learn from a startup from 10-minute pitch anyway? Just the very nature of the set-up ‘pitch’ means that it’s a one way monologue, not a dialogue.

There must be next steps in place for startups to keep coming back. You, as the agency, must initiate the follow-up. Set the expectations on your staff to take action on what they have seen in just a few hours. Open up a dialogue, introduce them to others in your agency, or recommend them. Your colleagues might have ideas you haven’t thought of. Because if there is no follow-up, believe that the best startups will not be coming back. They have a million other things to be getting on with, another showcase is not on the top of their list.

How can MadTech brands & agencies stay ahead?

** This article first appeared in The Drum **

Two weeks ago, we held the Collider Class of 2015 Demo Day. Almost 200 people came to see a showcase of the best global marketing and adtech startups in central London, and give the audience an overview of where the industry is heading. Nine startups, six minutes each, four panellists, three co-founders and one UK trending hashtag. We worked tirelessly to make sure the right people were in the room to have effective synergy.

We brought together people from all of London’s biggest and best brands and agencies. From Aegis, Camelot, dunnhumby, Haymarket, Havas Media, Ogilvy & Mather Group UK, and many more, these individuals were some of the first in their organisations to be fully immersed in innovation. They were not only passive observers, but active engagers. They also inadvertently participated in two powerful, culture shifts:

They were being exposed to some of the best relevant tech to their industries The theme of our Demo Day was to ‘inspire confidence’. We wanted people to feel comfortable in thinking outside the box, not be afraid to ask questions and imagine ways in which they could integrate new tech and working styles into their companies. People had to be ready to think critically about what they were seeing, but not make critical judgements. We encouraged thinking about how these startups could fit into long-term strategy – about the returns in years’ time as opposed to months. And because the audience was so responsive, brands and agencies approached our startups and set up meetings straight away.

They were in a space with their competition, learning with them and getting to know them One of the things Collider is trying to incorporate into the culture of the marketing and advertising industry is the idea of collaboration. One of the forms this comes in is working with a third party, like us, to provide outside expertise. And sometimes that means coming face to face with your competition. We currently have three different agencies signed up as partners. Everyone is constantly learning from their competition – either in formal talks or informal coffee chats. It is great to see agencies coming together in ways they wouldn’t have three years ago. This is a measurable change in the industry mindset.

I am a big advocate of serendipity – taking the chance that you will be able to find answers to your problems in unexpected places. Half the battle is knowing where to look, even if you don’t know what to look for.

We are building one solution to this – by bringing the right people together at the right time and giving each party the tools to have effective conversations. It’s called MadTech.

Brands and Agencies Must Embrace a 'New Startup Order'

** This article first appeared in The Drum Opinion **

During Advertising Week Europe, there was a lot of talk about how brands and agencies need to embrace innovation. And on the panel Collider hosted, moderated by Stephen Lepitak of The Drum, senior brand and agency executives from Havas, Ogilvy & Mather Group UK and Unilever talked about how one of those ways is by working with startups.

Common questions from the audience reflected how major changes would need to happen internally to effectively be able to work with startups. Here are a couple of the arguments and solutions I think people can take action on.

Argument: The agency model is fixed on business objectives, generating revenue from clients and it won’t change.

Solution: Embrace serendipity and open up the boardroom doors to collaboration

At its core, marketing and advertising is about creativity, thinking outside the box, and selling products. A huge part of that is embracing adventure to achieve unimaginable heights. Sometimes that means investing in long-term returns rather than immediate ones. And that is what working with startups can do. Start by bringing startups into your boardroom meetings. Let them sit at the table with you. Put to rest the pedantic monologues and open up a dialogue.

Don’t be afraid to try new things (meaning you might try a lot of things that don’t work before finding some things that do). Get out there and start working with startups to see what solution exist to your problems. Start small – a short trial will do to start.

Argument: The culture of agencies won’t change. And that’s what is needed to work with startups.

Solution: Empower your staff with the knowledge and tools to understand new tech and innovation.

As one of our panellists mentioned: “The cultural shift must be embraced within brands and agencies from the top." And that means educating your staff to work with new technologies. We call this becoming ‘tech natives’ as opposed to ‘tech tourists’. Give your staff members interested in new technology the tools and space to play with it. For tech natives, it’s as natural as breathing.

The company culture is echoed in business policies as well. Reflect on your business practices and make the necessary procurement changes internally to accommodate startups. After their first year of working with Collider, Unilever changed its procurement process from 90 days to 30 days, and has now made working with startups a part of its culture.

Both of these solutions lead back to creating innovative spaces within the organisations for teams to delve into new tech and ways of working. Through innovation labs, workshops led by experts in these fields, and making the necessary procurement changes, you can stay ahead of the game. Don’t shy away because it’s hard. The first step is always the hardest.