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EMBRACE THE BRAVE NEW DIGITAL WORLD – But don’t shred the paperwork just yet

1st Aug 2013
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I found out recently that the UKs ‘fastest growing’ crowdfunder, Seedrs has accepted my application to raise £100,000 of capital for my premium tongue cleansing brand on its site.

That’s great news.

It would have been a shame to have to end this diary prematurely with a;

‘Part 5 – (ahem) funding roadblock ends my mission to clean the worlds tongues’.

Please don’t snigger – this isn’t just about making money from a great product and e-commerce marketing strategy… it’s about what it says on the pack – “refocusing attention back onto our neglected tongues”.

To get to this crowdfunding green light has meant going through a pretty exhaustive legal due diligence process. All very understandable given the sums of money involved and the relative ‘new frontier’ nature of this industry – which could be open to abuse, without appropriate controls and safeguards.

What is ‘due diligence’?

First off I should say that this process was very professionally handled by my two ‘minders’ at Seedrs, Simon and Frank – ably assisted by their well constructed and uber-slick website.

Step 1

Was all about cramming my beautifully crafted 60-page business plan into the specified sections of their ‘Pitch profile’ – which had rigidly enforced set character limits. (It might help by visualising those record breaking 28 people squeezed into a mini).

Step 3

Meant reading and agreeing to reams upon reams of ‘paperwork’ – also known as the Membership Agreement, Non Disclosure Agreement and Listing Agreement – thankfully all supplied digitally - so no forests under threat.

(A thought did cross my mind during this part of the process, Techies might well be in charge of the new world order – but rest assured Lawyers will be right there behind them, ensuring legal compliance).

But lets not skip step 2

It did also mean having to prove each and every ‘claim’ I had made was ‘legit’.

That meant both the numerate ones and even those referring to my identity.

So when I casually say; “I have an Economics degree and Chartered Accountancy qualification” – what level of proof is demanded by Seedrs?

Answer:

The original certificates in all their tattered paper glory.

Thank god I’m sentimental about keeping these things – and anal about precisely where I keep them.

It was a bit more difficult for my co-Director, Gill B to locate her qualification records – she has 3 homes and ‘claims’ to shred everything. Personally I just think she has 3 times the amount of space to lose said paperwork.

There is a scrumptious irony here – hence the title of this Post – don’t give up on the paperwork – just yet.

We may live in an increasingly digital world – but the digital world’s security protocols sometimes only accepts the written word as it appears on paper.

So what about all those eye catching commercial stats I have mentioned before? (I hear regular readers of this diary exclaiming)

The meat of my ‘claims’ were all about the size and profile of the oral care market, globally and in the UK – and how we could carve out a lucrative niche market – via e-commerce.

Stats from my business plan like; 70%, >96%, <1% and $30billion were now jumping out at me, demanding verification. These stats were assembled over a few years – the precise provenance would have to be checked and justified. My instant thought was this could take an age…

Way back in the 1990s it would have

Oral Care data gathering for me back then meant spending a few days in The Eastman Dental Hospital’s research library, wading through microfiches with their strangely enticing smell and texture. And if memory serves all the text and imagery was in black and white – a throwback to an even far more distant age.

BUT now in the fabulously fast Digital Age

I have of course the worldwide web to cut through the metadata like Occam’s razor. In a matter of 20 clicks I had established authoritative evidence to support all my stats. Thank you again Tim Berners-Lee.

That said with more and more ‘respected’ journals and publications retreating behind paywalls – rapid research like this does not have as broad a database to access as once was the case.

SO - with all the digital I’s dotted and T’s crossed we are nearly ready to press that ‘SELL’ button and start the exciting 90 day funding process - in the hope I’ll be joining previous Seedrs funding success stories, such as Mike’s Fancy Cheeses™ and PixelPin™ in the funding hall of honour.

I also decided to re-edit my Investor video – or “sex it up” as Alastair Campbell might say. 

Not, I hasten to add, because my business proposition isn’t compelling enough...

More so because, on reflection, even the most dedicated crowdfunding Investor will find that 5 minutes of staring at me passionately reciting it - might not be the best way to ‘close the deal’.

SO with all the elements now in place, September 2nd is the date set - for launch of my £100,000 crowdfunding venture on Seedrs

Please do make a note in your diary...

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Replies (2)

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By Ned Ludd
02nd Aug 2013 22:59

Good luck
Fantastic written article again Mano.

Really enjoy reading these and wish you all the best

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Replying to bernard michael:
By Mano Manoharan
03rd Aug 2013 18:52

appreciation

thanks Ned for your positive comments.

With the SEIS backed Amano Tongue Cleanser investment opportunity next month - its time to reconsider the ski holiday and/or kids private school fees - and re-channel those funds into the best thing since ... well the Roman tongue cleanser of 100AD...

;-)

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