Fab London Paris. The data-driven founders in conversation with the VC.
Hosted by Fabienne Sebaoun and Nidhima Kolhi.
A few quotes, and the takeaway of an insightful conversation with B2B founders, data-driven.
1. What mistakes did you do at the beginning that could help some founders? asks our favorite VC in the panel (Julien-David Nitlech Iris Capital).
Christophe le Houedec Founder of Ayolab:
“Too much data, tracking too many things, lost at the end. You need to choose what is important.”
Karan Gupta Founder of Odore:
“Same! instead of being focusing on a few metrics, you need to make sure we understand the customer, and have in mind his lifetime value.”
Jean-Michel Chalayer Founder of LeSalon (app):
“Tracking too much data and get lost in it: I learned that is was more important to track the right data”.
Julien-David Nitlech:
You are all B2C companies serving final users, whether with appointments, samplings, etc…
2. Which tools do you use?
Karan:
“Target customer profile and adopt a long-term solution to scale. Tools I recommend: Hotspot, Real-time tracking …
I use the tool Mixpanel. Other tools really important: Getting a great CRM is very important to have real-time dashboard and track the analytics
Monday.com to organize + prioritize
JM:
Ahoy to track events. Metabase to display data with SQL from the Database
3. Who and how do you hire to train your team to use the data for growth? Do you work with any external parties?
Karan: The whole team is looking at data. The way data is collected depends on the stage of the company, where you are: at the beginning is everything on Google sheets, you have to have clear & measurable KPIs to identify the right data.
Same for Jean Michel: all the team needs to understand data, they have to create a small thing on their own on the dashboards
4. How do you manage the privacy and security, the risk of being hacked? Advice to all founders listening.
Julien-David:
“ We are definitely in a Cybersecurity year. At Iris Capital, we back some Fintech companies. You need to audit your API, set up. A sanity check, checking up your technology. And also check the team’s behaviors! Log in, making sure the company is not exposed. Last but not least, you need to secure your data set, you need to have a backup.”
Nidhima Kolhi the Founder of BeautyMatchingEngine (and co-host):
Adding to Julien-David’s comment: We are in a Gdpr era, we need to take care of the regulation and think of the future, anticipate what’s next as founders.
It’s also the end of the Cookies as we knew them to target and retarget final users. It means there will be a lot of disruption in the years to come.
Karan:
“You need to bring experts in and train the team”.
Jean-Michel:
You need to run the services separately and check them. The real risk are the employees that have access to all the data.
5. Fundings in early stage. Any recommendation for founders in France and London especially?
Julien-David, The European VC’s perspective:
“The sector you are in matters. Business Angels will be more proactive, and specific, B2B to guys love to back a space they understand. It may be easier also in series A and B. You have more opportunities of finding investors than a D2C company, let’s be transparent.”
Christophe:
“ So grateful for our first BA! Then the BPI helps in France, and let’s make it clear: having revenues can help too. You can ask your client to pay upfront. If they trust you and value what you do, they will do it.”
Karan:
“Agree, the revenues help! In early days, find the right partners, a BA that has experience in the space you are in.”
Jean-Michel:
“In London, super it’s super attractive for BAs!
EIS / SEIS investment scheme for angel investors. From 30% to 50% income tax credit of investment amounts on investments in startups.
“People understanding what you do are the best! Adding skills to the table.”
Thank you to our guest speakers and hosts!
Please join us in the next events, participate to the webinars in Zoom, 30 mn conversations and LIVE Q&A.
SF April 5 The VCs panel. Fab female investors sharing their best practices with seed-stage founders.
SF April 12
LA March 15 (see the flyer!)
https://www.eventbrite.com/e/fab-stockholm-microbiome-the-new-frontier-in-beauty-tickets-246780235327 Stockholm March 28
And London Paris BeautyTech founders
👉 https://lnkd.in/em_dJKDs March 1
NY February 17
Here is a recap of last week’s conversation on Social Sustainability & Our New Inclusive Now: https://lnkd.in/dxaKPD8f the take-away
https://lnkd.in/dGT5iqbS vidéo
AND IF WE WELCOME PARTNERS AND SPONSORS AS A COMMUNITY, YOU CAN HELP! 🙏
You can also receive all replays if you subscribe to the free newsletter, please share with your favorite people, we are now 10,000 founders and VCs in 15 chapters in America, Europe, and Asia. 🙌 🌎📈
