allmyapps - story of an almost successful startup
TRANSCRIPT
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App Store for Windows PC
Story of an almost successful French startup
by @thibauld – ex-CEO of Allmyapps
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2009A great start!
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Software installation on PC is broken, let’s fix it!2009 2010 2011 2012 2013 2014
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70K€ euros raised from friends and family2009 2010 2011 2012 2013 2014
Patrice
Jeff
Lionel
Gab
Damien
Maria
BrigitteSeb
Hughes
Patrick
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1st Launch: 30K users and 1st deal with Intel US2009 2010 2011 2012 2013 2014
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2010The euphory
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LeWeb09, Startup Academy, Techcrunch France2009 2010 2011 2012 2013 2014
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2009 2010 2011 2012 2013 2014
Marie
Sam
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Hiring and building our team2009 2010 2011 2012 2013 2014
Sylvain
Maxime JeromePatrice
MaximeXavier
Alex
Elodie
Fred
Gawen
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1st App Store for Windows released!2009 2010 2011 2012 2013 2014
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2011The mistakes
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2011The mistakesssss!
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Big marketing push. Burn rate soars to 120K2009 2010 2011 2012 2013 2014
The race to our 1st million users
Objective: Convincing Tier 1 software publishers to sell on Allmyapps
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2009 2010 2011 2012 2013 2014
Pb #1
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We could not get them to sell on Allmyapps2009 2010 2011 2012 2013 2014
Pb #1
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2009 2010 2011 2012 2013 2014
Pb #2
It took us time to realize we had
BIG on-boarding issues
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Product/market fit wasn’t there yet :/2009 2010 2011 2012 2013 2014
Pb #2
It took us time to realize we had
BIG on-boarding issues
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Our cash level was reaching the “danger” zone2009 2010 2011 2012 2013 2014
Pb #3
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2009 2010 2011 2012 2013 2014
+1M€ bridge financing
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Objective: product iteration and Series A2009 2010 2011 2012 2013 2014
+1M€ bridge financing
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Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
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Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
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Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014
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2009 2010 2011 2012 2013 2014
New strategy!
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all my apps on all my devices
Dropbox for Apps2009 2010 2011 2012 2013 2014
New strategy!
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2009 2010 2011 2012 2013 2014
New fundraising attempt in Europe…
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FAILED2009 2010 2011 2012 2013 2014
New fundraising attempt in Europe…
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2012The struggle
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Only 4 more months left to live….2009 2010 2011 2012 2013 2014
Pb #3 (again)
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From 15…. to 8 employees :(2009 2010 2011 2012 2013 2014
Only solution left: downsizing
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Capitalizing on our current product2009 2010 2011 2012 2013 2014
Back to Windows App Store
<Microsoft logo>
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Marketing budget: 0€2009 2010 2011 2012 2013 2014
Full SEO acquisition strategy
<Google logo>
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App Promotion2009 2010 2011 2012 2013 2014
New business model
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2009 2010 2011 2012 2013 2014
New product - Allmyapps v2
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Released on September 27th 20122009 2010 2011 2012 2013 2014
New product - Allmyapps v2
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Race against time….2009 2010 2011 2012 2013 2014
Sept
1K€
Revenues Cash left175K€
Sept
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Race against time….2009 2010 2011 2012 2013 2014
OctSept
12K€
1K€
Revenues Cash left
100K€
175K€
OctSept
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Race against time….2009 2010 2011 2012 2013 2014
OctSept Nov
17K€
12K€
1K€
Revenues Cash left
63K€
100K€
175K€
OctSept Nov
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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
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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
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2009 2010 2011 2012 2013 2014
+300.000€ final investment
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Objective: reaching profitability2009 2010 2011 2012 2013 2014
+300.000€ final investment
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2013The recovery
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
Jan
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
Jan Fev
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
Break-even
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2009 2010 2011 2012 2013 2014
OctSept Nov Dec
24K€17K€
12K€
1K€
28K€
50K€
66K€
Jan Fev Mar
WE ARE
PROFITABLE!
Break-even
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2009 2010 2011 2012 2013 2014
+200.000€ B2B deal
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+25% monthly average growth2009 2010 2011 2012 2013 2014
Daily allmyapps downloads
-
5 000
10 000
15 000
20 000
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2009 2010 2011 2012 2013 2014
We’re out of the death zone…
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2009 2010 2011 2012 2013 2014
We’re out of the death zone…
Back to our growth plans!
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2009 2010 2011 2012 2013 2014
We’re out of the death zone…
Back to our growth plans!
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2009 2010 2011 2012 2013 2014
But then this happened…
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2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
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Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
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Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014
But then this happened…
0
100000
200000
300000
400000
500000
600000Weekly allmyapps.com traffic
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2009 2010 2011 2012 2013 2014
We’re BACK to the death zone…
Out our growth plans :(
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2009 2010 2011 2012 2013 2014
We’re BACK to the death zone…
Out our growth plans :(
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2009 2010 2011 2012 2013 2014
At this point…
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2009 2010 2011 2012 2013 2014
At this point…
ALL IN !
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We make it… or we crash it!2009 2010 2011 2012 2013 2014
At this point…
ALL IN !
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2009 2010 2011 2012 2013 2014
The main issue:
DISTRIBUTION
Let’s find another distribution channel!
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Worldwide distribution deal with Systweak2009 2010 2011 2012 2013 2014
January 2014
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New distribution channel: OK2009 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
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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
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In the “Danger” zone again!2009 2010 2011 2012 2013 2014
Problem
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3 months to sell the company2009 2010 2011 2012 2013 2014
Decision
Let’s sell the company…
NOW!
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2014Selling Allmyapps
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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
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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
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Offers to buy the company shares for 350K€
Keep all employees
2009 2010 2011 2012 2013 2014
The offer
May
Company A
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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
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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
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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
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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
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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
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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: NOJuly
Company B
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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: NOJuly
Company B
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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
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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
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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
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2009 2010 2011 2012 2013 2014
Sept
September 9th 2014
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Liquidation procedure opening2009 2010 2011 2012 2013 2014
Sept
September 11th 2014
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company A
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company ACompany A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
250K€
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 1
80K€
296K€(370K$)
250K€
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
320K€
Company A Company B
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2009 2010 2011 2012 2013 2014
Oct
Final judgement – Round 2
80K€
320K€
361K€(450K$)
Company A Company B
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October 21st 2014
bought
for 361.000 euros
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“If you’re going through hell, keep going.”
Winston Churchill
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“If you’re going through hell, keep going.”
Winston Churchill
If you’d like to know more about my next upcoming venture:@thibauld
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Credits
Thanks again to all who contributed to this almost success story
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Our early business, code and design angels
Patrice
Jeff Lionel Gab
Damien et Claude
Maria Brigitte
Seb
HughesPatrick
Leo
Andrea
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Our funny and hardworking (sometimes) interns ;)
Adrien, Matthieu, David, Slim
Laurence, Reda, Cyprien, Pierre, Vivien, Loukmane
Feiyu, Xiaodong
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Our hardworking team
Mikky, Xavier, Patrice, Gawen, Jean-Tristan, Frederic, Arnaud, Maxime, Elodie, Jerome, Thibauld, Alex, Sylvain, David
Axel Maxime Seb Patrick Jeremy
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Our supportive investors and board members
Marie PaulineSamantha
Rodrigo Nenad
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My friend and co-founder
Arnaud
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My friend and co-founder
Arnaud
Hélène
And his supportive wife!
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My beloved wife and partner for life!
Paola
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My beloved wife and partner for life!
And finally my entire family for their never ending support
Paola