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Allmyapps - Story of an almost successful startup

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Allmyapps - Story of an almost successful startup

  1. 1. App Store for Windows PC Story of an almost successful French startup by @thibauld – ex-CEO of Allmyapps
  2. 2. 2009 A great start!
  3. 3. Software installation on PC is broken, let’s fix it! 2009 2010 2011 2012 2013 2014
  4. 4. 2 co-founders: Arnaud (@coulondre) and I 2009 2010 2011 2012 2013 2014
  5. 5. 70K€ euros raised from friends and family 2009 2010 2011 2012 2013 2014 Patrice Jeff Lionel Gab Damien Maria Brigitte Seb Hughes Patrick
  6. 6. 1st Launch: 30K users and 1st deal with Intel US 2009 2010 2011 2012 2013 2014
  7. 7. 2010 The euphory
  8. 8. LeWeb09, Startup Academy, Techcrunch France 2009 2010 2011 2012 2013 2014
  9. 9. 2009 2010 2011 2012 2013 2014 Marie Sam
  10. 10. Hiring and building our team 2009 2010 2011 2012 2013 2014 Sylvain Maxime Jerome Patrice Maxime Xavier Alex Elodie Fred Gawen
  11. 11. 1st App Store for Windows released! 2009 2010 2011 2012 2013 2014
  12. 12. 2011 The mistakes
  13. 13. 2011 The mistakesssss!
  14. 14. Big marketing push. Burn rate soars to 120K 2009 2010 2011 2012 2013 2014 The race to our 1st million users Objective: Convincing Tier 1 software publishers to sell on Allmyapps
  15. 15. 2009 2010 2011 2012 2013 2014 Pb #1
  16. 16. We could not get them to sell on Allmyapps 2009 2010 2011 2012 2013 2014 Pb #1
  17. 17. 2009 2010 2011 2012 2013 2014 Pb #2 It took us time to realize we had BIGon-boarding issues
  18. 18. Product/market fit wasn’t there yet :/ 2009 2010 2011 2012 2013 2014 Pb #2 It took us time to realize we had BIGon-boarding issues
  19. 19. Our cash level was reaching the “danger” zone 2009 2010 2011 2012 2013 2014 Pb #3
  20. 20. 2009 2010 2011 2012 2013 2014 +1M€ bridge financing
  21. 21. Objective: product iteration and Series A 2009 2010 2011 2012 2013 2014 +1M€ bridge financing
  22. 22. Fund raising attempt in the US… FAILED 2009 2010 2011 2012 2013 2014
  23. 23. Fund raising attempt in the US… FAILED 2009 2010 2011 2012 2013 2014
  24. 24. Fund raising attempt in the US… FAILED 2009 2010 2011 2012 2013 2014
  25. 25. 2009 2010 2011 2012 2013 2014 New strategy!
  26. 26. all my apps on all my devices Dropbox for Apps 2009 2010 2011 2012 2013 2014 New strategy!
  27. 27. 2009 2010 2011 2012 2013 2014 New fundraising attempt in Europe…
  28. 28. FAILED 2009 2010 2011 2012 2013 2014 New fundraising attempt in Europe…
  29. 29. 2012 The struggle
  30. 30. Only 4 more months left to live…. 2009 2010 2011 2012 2013 2014 Pb #3 (again)
  31. 31. From 15…. to 8 employees :( 2009 2010 2011 2012 2013 2014 Only solution left: downsizing
  32. 32. Capitalizing on our current product 2009 2010 2011 2012 2013 2014 Back to Windows App Store <Microsoft logo>
  33. 33. Marketing budget: 0€ 2009 2010 2011 2012 2013 2014 Full SEO acquisition strategy <Google logo>
  34. 34. App Promotion 2009 2010 2011 2012 2013 2014 New business model
  35. 35. 2009 2010 2011 2012 2013 2014 New product - Allmyapps v2
  36. 36. Released on September 27th 2012 2009 2010 2011 2012 2013 2014 New product - Allmyapps v2
  37. 37. Race against time…. 2009 2010 2011 2012 2013 2014 Sept 1K€ Revenues Cash left 175K€ Sept
  38. 38. Race against time…. 2009 2010 2011 2012 2013 2014 OctSept 12K€ 1K€ Revenues Cash left 100K€ 175K€ OctSept
  39. 39. Race against time…. 2009 2010 2011 2012 2013 2014 OctSept Nov 17K€ 12K€ 1K€ Revenues Cash left 63K€ 100K€ 175K€ OctSept Nov
  40. 40. Race against time…. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ Revenues Cash left 33K€ 63K€ 100K€ 175K€ OctSept Nov Dec
  41. 41. 3 months of cash missing :/ 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ Break-even is around the corner! Break-even
  42. 42. 2009 2010 2011 2012 2013 2014 +300.000€ final investment
  43. 43. Objective: reaching profitability 2009 2010 2011 2012 2013 2014 +300.000€ final investment
  44. 44. 2013 The recovery
  45. 45. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€
  46. 46. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ 28K€ Jan
  47. 47. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ 28K€ 50K€ Jan Fev
  48. 48. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ 28K€ 50K€ 66K€ Jan Fev Mar
  49. 49. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ 28K€ 50K€ 66K€ Jan Fev Mar Break-even
  50. 50. 2009 2010 2011 2012 2013 2014 OctSept Nov Dec 24K€ 17K€ 12K€ 1K€ 28K€ 50K€ 66K€ Jan Fev Mar WE ARE PROFITABLE! Break-even
  51. 51. 2009 2010 2011 2012 2013 2014 +200.000€ B2B deal
  52. 52. +25% monthly average growth 2009 2010 2011 2012 2013 2014 Daily allmyapps downloads - 5 000 10 000 15 000 20 000
  53. 53. 2009 2010 2011 2012 2013 2014 We’re out of the death zone…
  54. 54. 2009 2010 2011 2012 2013 2014 We’re out of the death zone… Back to our growth plans!
  55. 55. 2009 2010 2011 2012 2013 2014 We’re out of the death zone… Back to our growth plans!
  56. 56. 2009 2010 2011 2012 2013 2014 But then this happened…
  57. 57. 2009 2010 2011 2012 2013 2014 But then this happened… 0 100000 200000 300000 400000 500000 600000 Weekly allmyapps.com traffic
  58. 58. Google killed 70% of our traffic… overnight! 2009 2010 2011 2012 2013 2014 But then this happened… 0 100000 200000 300000 400000 500000 600000 Weekly allmyapps.com traffic
  59. 59. Google killed 70% of our traffic… overnight! 2009 2010 2011 2012 2013 2014 But then this happened… 0 100000 200000 300000 400000 500000 600000 Weekly allmyapps.com traffic
  60. 60. 2009 2010 2011 2012 2013 2014 We’re BACK to the death zone… Out our growth plans :(
  61. 61. 2009 2010 2011 2012 2013 2014 We’re BACK to the death zone… Out our growth plans :(
  62. 62. 2009 2010 2011 2012 2013 2014 At this point…
  63. 63. 2009 2010 2011 2012 2013 2014 At this point… ALL IN !
  64. 64. We make it… or we crash it! 2009 2010 2011 2012 2013 2014 At this point… ALL IN !
  65. 65. 2009 2010 2011 2012 2013 2014 The main issue: DISTRIBUTION Let’s find another distribution channel!
  66. 66. Worldwide distribution deal with Systweak 2009 2010 2011 2012 2013 2014 January 2014
  67. 67. New distribution channel: OK 2009 2010 2011 2012 2013 2014 Results - 20 000 40 000 60 000 oct.-13 nov.-13 déc.-13 janv.-14 févr.-14 Daily allmyapps downloads
  68. 68. 2009 2010 2011 2012 2013 2014 End of March 2014 30K€ revenues / month (back from 15K€ in January 2014) We need 60K€ / month to break-even BUT
  69. 69. In the “Danger” zone again! 2009 2010 2011 2012 2013 2014 Problem
  70. 70. 3 months to sell the company 2009 2010 2011 2012 2013 2014 Decision Let’s sell the company… NOW!
  71. 71. 2014 Selling Allmyapps
  72. 72.  9 employees  500K€ Debts  3M€ Loss carryforward (“déficit reportable”)  100K€ in the Bank + 150K€ CIR “yet to come”  30K€ operating loss / month 2009 2010 2011 2012 2013 2014 Company facts April
  73. 73. 2009 2010 2011 2012 2013 2014 The context  Box software and games distributor  Wants to go into online distribution  Interested in: – Our know-how / team – Our technology – Our users May Company A
  74. 74.  Offers to buy the company shares for 350K€  Keep all employees 2009 2010 2011 2012 2013 2014 The offer May Company A
  75. 75.  Letter of Intention received but: – Company A refused to properly incentivize employees to join the company – As a result, all developers voiced their opposition to join Company A during HR interviews 2009 2010 2011 2012 2013 2014 The result May Company A
  76. 76.  Letter of Intention received but: – Company A refused to properly incentivize employees to join the company – As a result, all developers voiced their opposition to join Company A during HR interviews 2009 2010 2011 2012 2013 2014 The result May Company A
  77. 77. 2009 2010 2011 2012 2013 2014 The context  French Coopetitor / We know each other  Profitable company  Interested in: – The product and its user base – Our catalog of desktop applications – The Tax (IS) economy – Buying a competitor June Company B
  78. 78. 2009 2010 2011 2012 2013 2014 The operation as proposed by Allmyapps  A win/win deal: – Sell of 100% shares for 500K€ – Risk free acquisition for Company B: • Accretive even if synergies finally do not work as hoped thanks to the important Tax economy June Company B
  79. 79. 2009 2010 2011 2012 2013 2014 The (Non) Offer  Strong first initial interest  Abnormally slow moving  Finally informally proposed to buy Allmyapps with options (BSA) of the company July Company B
  80. 80. 2009 2010 2011 2012 2013 2014 The result  (non) offer contradictive to our 1st talks  Not interesting for allmyapps shareholders  Company B was obviously trying to run out the clock  Our answer: NO July Company B
  81. 81. 2009 2010 2011 2012 2013 2014 The result  (non) offer contradictive to our 1st talks  Not interesting for allmyapps shareholders  Company B was obviously trying to run out the clock  Our answer: NO July Company B
  82. 82. 2009 2010 2011 2012 2013 2014 The context  Allmyapps business partner for 1.5 years  Leading company in the download space  Interested in: – The product – Our catalog of desktop applications August
  83. 83. 2009 2010 2011 2012 2013 2014 The offer  370K$ for allmyapps assets  200K$ for pre-identified key employees to help transition adapt our technology to their technical platform  30K$ for our mutual “contact agent” August
  84. 84. 2009 2010 2011 2012 2013 2014 The result  370K$ < Allmyapps total debts: – I cannot take the decision to sell alone – Needs approval of “administration judiciaire”  Our answer: – OK but pending administration approval August
  85. 85. 2009 2010 2011 2012 2013 2014 Sept September 9th 2014
  86. 86. Liquidation procedure opening 2009 2010 2011 2012 2013 2014 Sept September 11th 2014
  87. 87. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1
  88. 88. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 Company A
  89. 89. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 Company ACompany A Company B
  90. 90. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 Company A Company B
  91. 91. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 80K€ Company A Company B
  92. 92. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 80K€ 250K€ Company A Company B
  93. 93. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 1 80K€ 296K€ (370K$) 250K€ Company A Company B
  94. 94. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 2 Company A Company B
  95. 95. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 2 80K€ Company A Company B
  96. 96. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 2 80K€ 320K€ Company A Company B
  97. 97. 2009 2010 2011 2012 2013 2014 Oct Final judgement – Round 2 80K€ 320K€ 361K€ (450K$) Company A Company B
  98. 98. October 21st 2014 bought for 361.000 euros
  99. 99. “If you’re going through hell, keep going.” Winston Churchill
  100. 100. “If you’re going through hell, keep going.” Winston Churchill If you’d like to know more about my next upcoming venture: @thibauld
  101. 101. Credits Thanks again to all who contributed to this almost success story
  102. 102. Our early business, code and design angels Patrice Jeff Lionel Gab Damien et Claude Maria Brigitte Seb HughesPatrick Leo Andrea
  103. 103. Our funny and hardworking (sometimes) interns ;) Adrien, Matthieu, David, Slim Laurence, Reda, Cyprien, Pierre, Vivien, Loukmane Feiyu, Xiaodong
  104. 104. Our hardworking team Mikky, Xavier, Patrice, Gawen, Jean-Tristan, Frederic, Arnaud, Maxime, Elodie, Jerome, Thibauld, Alex, Sylvain, David Axel Maxime Seb Patrick Jeremy
  105. 105. Our supportive investors and board members Marie PaulineSamantha Rodrigo Nenad
  106. 106. My friend and co-founder Arnaud
  107. 107. My friend and co-founder Arnaud Hélène And his supportive wife!
  108. 108. My beloved wife and partner for life! Paola
  109. 109. My beloved wife and partner for life! And finally my entire family for their never ending support Paola

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