Elemental Software

“Business is about people; network every day of your life & learn how to hustle, not hassle”

That was my key message on Saturday at the 2nd annual Ada’s List conference in London.  It was also Ada’s List’s 4th birthday.  If you haven’t come across it yet Ada’s List is a global & supportive community of women in tech.  Currently membership is highest in London (2,800 members) and New York City (500) but there are pockets all over the world & all of them are growing.  If you’re a woman in tech I urge you to sign up & get involved.  The community is run by a group of volunteers and is seeking additional people to volunteer around content creation and community management and like all not for profit groups any financial donations would always be most appreciated.

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My own girl gang representing the 4 proud provinces of Ireland – Sinead Crowley, Mary McKenna, Mary Carty, Denise McQuaid (L-R)

I’ve been a member of Ada’s List since the start but this was my first experience of real life engagement with the community & it was such a positive and joyful day.  It was also an honour and a privilege to be selected to present a short talk to the conference.  My talk was “How to Catch an Angel” – but more about that later in this blog.

The day was an upbeat mix of talks, workshops, sharing of personal stories and networking.  I was there with my own “girl gang” – Sinead Crowley, Denise McQuaid & Mary Carty – and we had a great day – listening & chatting (& laughing) in equal measures.

Highlights for me were the two keynotes that bookended the day – Shefali Roy’s about her own career & personal choices and Debbie Wosskow’s about the things in life that she considers important and what drives her.  A couple of nuggets to pass on from Shefali are how despite being a true high flier she’s never worked a weekend in her life.

Shefali Roy

Shefali Roy addressing the Ada’s List Conference

Speaking as someone who pretty much works every day I found that astounding and it’s really made me think about how I spend my own time.  She also (hilariously I have to say) conducts an annual cull of her network – online & offline.  Again – something I would never do.  Mine just continues to grow with new additions falling into the many concentric circles of closeness to me.  I’m too scared that one day one of those “weak ties” out in the outer limits of my Saturn’s rings might be THE ONE.  Debbie talked about the 3 Gs she relies upon to keep the wheels on as she powers through life at a terrifying pace and indeed what she looks for in the teams she invests in – graft, grace & grit, and an extra one for good measure – her girl gang.  Every woman in tech or woman in business needs one of those!  Her principles are pretty self explanatory but they can also be interpreted as hard work (I’ve written & talked about this a lot – there’s really no escape from this as an entrepreneur & anyone who tells you anything different is quite simply a liar), being nice (again, karma is something I refer to a lot & it’s unbelievable how far just being nice to other people will take you) and grit or resilience – the quality that makes you keep going no matter what.  If you don’t have grit you’ll never make it as an entrepreneur so be brutally honest with yourself.

The other speakers were great too & covered topics like how to keep your high performance culture when you’re scaling up (trust me this one is easier said than done!), using VR to improve behaviour towards women in the workplace and an interesting talk on how technology is & isn’t fuelling growing intolerance in society – very relevant with hate crime in London up by 29% in the last year & no that isn’t a typo.  Sadly I missed the workshops because I was conducting a couple of confidential entrepreneur 1-2-1 sessions but reports about them were glowing.  So – definitely one for your diaries next year & please do engage with the Ada’s List community in the meantime.

Mary as accountant

Yeah I used to be an accountant; anyone can change career if they want to badly enough

Anyway – on to my own talk.  Instead of a personal story I elected to give a brief 15 minute primer on how to practically go about finding suitable angel investors to bring into your fledgling business.  I chose this topic because as a female angel investor I’m often at the receiving end of startups and entrepreneurs who are getting this wrong and that can lead to a lot of frustration and bad feeling on both sides.  Before I start a quick proviso – this is a blog around my own personal experience…other angel investors may well behave differently.  Really the title of this blog tells you all you need to know about this dark art in a nutshell and it’s important when you’re seeking investment to keep in mind that angel investment is usually a team sport.  I’ve angel invested in 6 early stage tech businesses and only once have I gone in solo, with the other 5 I’ve either brought in other investor friends of mine or they’ve brought me along.

What I look for

So, in a startup I look for a female on the founding team, a product or service I can imagine using myself, usually something I can add considerable value to by either introductions to my network or by merit of my own experience, an element of tech for good (or else there’s no point IMHO), authentic & honest founders, deep domain knowledge & understanding of the challenges they are solving and awareness of competitors & where they are in their development, the tech in house or if very early stage an ability to bring the tech in house, honesty about traction, founding team resilient & able to pivot and a founder who can front the business without being arrogant & smartass.  Finally I need to like them.  I assume we’ll be working together for 3-5 years, maybe longer, and life’s too short to do that with people you don’t like.

Stuff that makes me run for the hills

A know-all founder who is uncoachable, unrealistic valuation, founder not authentic or a feeling that they are dishonest, discovery that the founder has more than one focus (in a band, would rather be deep sea diving, is unrealistic about the amount of work that’s going to be required), a founder who a few months into our relationship shows they are unable to respond to change or pressure, a founder who is anxious, needy, deluded, arrogant, ego-driven, greedy, selfish, brattish, indecisive…there’s probably more.  Top of the list is that the idea is simply a bad idea.  There are loads of those about!

What startups/entrepreneurs should do and shouldn’t do when “shopping” for angels

Do your homework and have a strategy.  I’m always amazed when strangers pitch to me without knowing anything about me.  Why bother?  Are they just hoping I will let them practice their pitch?  Check out who is actively investing & who’s interested in your space.  Most important is to get warm intros to the people you want to talk to and that requires that you spend a lot of time building out your network.

Elemental story

I never get tired of sharing the Elemental story

Don’t settle for people who behave like assholes.  Respect yourself & your business idea & keep looking for more suitable investors.  I promise you that anyone who behaves badly pre investment will be much more badly behaved when they’re one of your shareholders.  Don’t send pitch decks by Twitter DM to people you’ve never even met.  Don’t send pitch decks cold by email or via LinkedIn.  Learn how to hustle nicely.  You must have a warm intro.

Of my 6 investments, two I’d already known the founder for years, one I had a year long mentoring relationship with one of the founders before investing, one I saw at a pitching event but I spent a year getting to know her before I invested, two came through my network.

What I’d like to see more & less of

I’d like to see less badly researched ideas or solutions for non existent problems and less “me too” companies.  I’d like to see more startups with customers & revenue, more real innovation around new tech, more stuff for women that isn’t health/beauty/fashion/lifestyle, more startups tackling big social challenges.

I mentioned in my talk that one of my investee companies, the female founded social prescribing leaders Elemental Software, raised £300k this summer in only 43 days from first pitch to money in the bank – you can read the story of how they did that here.

I hope this blog is useful for anyone considering accessing angel investment.  It’s very much about people & chemistry & personal preference – we aren’t VCs and many of us are motivated by more than money – so keep that in mind when you’re doing that homework I mentioned earlier.  Final word – you can find out more about Ada’s List and join here.  I look forward to your feedback/comments.

3 days in Dubai – jumping in at my new startup’s deep end!

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Day 1 on the stand, Leeann Monk-Ozgul, Mary McKenna, Jennifer Neff, Dr Ola Aldafrawy of Dubai Health Authority, Alastair Hamilton CEO Invest NI, Swathi Sri Invest NI

I announced a week ago today that I’ve begun the New Year with a bang by formally joining Northern Irish tech for good startup, Elemental Software.  I say “formally” because I’ve been the company’s mentor for the last 10 months via Northern Ireland’s excellent Propel programme.  For anyone else who’s old enough to remember the 1970s it’s been a bit like that old Remington ad with the smooth as silk American entrepreneur Victor Kiam… Joking aside I can thoroughly recommend working in a company as the best possible way to conduct due diligence prior to investment and would be interested to hear from any other angels who’ve done the same.

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The three of us at one of the parties – oops – I mean networking events

Elemental’s co-founders are Leeann Monk-Ozgul & Jennifer Neff & believe it or not they met through their mutual love of diagrams…which in my book is as good a way as any to identify a business partner. Both women have a strong track record in designing and managing community programmes and both have worked for many years in the tricky interface that exists between the private, public and third sectors. Even better, Jennifer and Leeann are both from Derry and it makes me very happy to continue supporting economic growth in the North West of Ireland by backing another local company that is without doubt destined for huge global success.  Indeed, the golden thread that links the three of us is no other than Sir Ken Robinson – yes – he of “schools kill creativity” TED fame.  Jennifer, Leeann and I were all at Sir Ken’s March 2011 talk in Derry but we didn’t know each other at the time.

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Sir Ken Robinson in Derry with his mug on a mug

They saw me taking photos and wondered who I was and they loved his talk so much that they eventually based their company name on Sir Ken’s book “The Element: How Finding Your Passion Changes Everything” – far more sensible than what I did as a result of meeting him which was put his face on a mug (or should I say a cult collectible!).

Elemental provides an early to market digital solution that eases and addresses an escalating set of health related social challenges. Social prescribing is described as a way of linking patients in primary care with sources of support within the community. It’s as simple as that and it gives, for example, GPs a non-medical referral option that will run alongside existing treatments to improve a patient’s health and well-being.

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Jennifer, Leeann & I with Ambassador Pat Hennessy, Irish Ambassador to UAE

This past week Jennifer, Leeann & I have been exhibiting at Arab Health in the World Trade Centre in Dubai.  Thank you to all those people who opened their black books for me and made introductions before our trip out there.  It was my first time visiting the Middle East on business and there was an awful lot to take in in a very short space of time.  Dubai itself is easily accessible from Ireland with 30 direct flights a week from Dublin and only a 4 hour time difference.  The city has the feel of a pioneer town and I can see why so many Irish and British people (young and old) are out there seeking their fortunes.

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Jennifer and Leeann presenting to Nicola Blackwood MP at our stand

Arab Health in itself was an experience and a half.  Vast doesn’t come close with 40 country pavilions and 20,000 visitors a day.  We were lucky in so many ways.  We’d been selected to participate in the Invest Northern Ireland stand and as one of our co-founders, Jennifer Neff, has already been working with potential UAE clients for a couple of years she was able to line up days and days worth of useful meetings in advance.  We weren’t so lucky on the accommodation front.  Booking.com let us down badly by cancelling our booking on the day of our arrival in Dubai and it was incredibly difficult to find somewhere to stay at such short notice.  However, in the spirit of making lemonade from lemons we embraced the opportunity to stay for a few days in a more authentic part of the old town and see some sights we’d have otherwise missed.

Elemental is about to roll out the first social prescribing programme in the United Arab Emirates region, connecting key stakeholders in diabetes prevention and supporting patients most at risk to make better lifestyle choices, enhancing their quality of life and reducing demand on health services.

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Three of us with Dr Mohammad

Being at Arab Health was an amazing chance for me as an investor and part time resource to meet some of our contacts face to face and to hear from them first hand how they love the simplicity of our platform and how they intend to use it.

We were also lucky to be selected as one of the UK companies that MP and Minister for Public Health and Innovation, Nicola Blackwood, requested to meet with when she was at Arab Health earlier this week. It was wonderful to have the opportunity to explain how our social prescribing platform will help improve people’s lives to someone who feels as passionately about social justice as Nicola does.

Around the edges of the conference we networked with our Irish business community friends and colleagues, attending a number of events including that hosted by His Excellency Ambassador Pat Hennessy, Irish Ambassador to UAE (and at which Irish Minister for Employment and Small Business Pat Breen TD and Dr Mohammad Abdulqader Al Redha of Dubai Health Authority spoke so well).

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With Minister Pat Breen TD at the Enterprise Ireland networking event

Dr Mohammad is an alumni of the Royal College of Surgeons Ireland and having spent 8 years in Dublin is truly an honorary Irishman.  It was great to also squeeze in an early morning healthcare focused business breakfast with the Dubai Irish Business Network, to manage to see our good friend Eithne Treanor a number of times over the course of a few days and to meet our friend Barry Lee Cummings who works with his Northern Irish counterpart Wayne Denner on a worthy mission to help young people better manage their online reputations and combat cyberbullying.

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With Irish powerhouse Eithne Treanor at the Dubai IBN breakfast – if you only knew one person in Dubai but it was Eithne you’d be ok!

They say a week is a long time in politics but I can confirm it’s also a long time in a busy startup.  For anyone out there who’s seeking their own angel and wondering why I picked Elemental from all the hundreds of approaches I get these are the reasons I’d have given you if you’d asked me last Friday – awesome female founding team, growing social prescribing market, powerful product that’s also simple to use and understand and the fact that it’s tech for good.  A week later I would add – co-founders that are both great on their feet, deep customer and sector knowledge and a level of commitment and hard work I’ve never seen in another startup.  Keep your fingers crossed for us and watch our progress.  Life in a startup is never easy – even when everyone’s on message, working their butts off and the planets all seem to be aligned. Comments welcome as always.

Interested in learning more about the benefits of social prescribing? Read Dr Marcello Bertotti’s expert opinion piece here

Elemental participated during 2016 in the Propel programme funded by Invest Northern Ireland and driven by the magnificent Diane Roberts. Any startups wishing to join a current and excellent accelerator in Belfast should consider Diane’s new venture, Start Planet NI

Interested in having a conversation with Elemental Software, contact us via Jennifer at jennifer@elementalsoftware.co