Chapter 14 starts with a quote I found on Twitter:
I used this quote for the first time in a slide deck for a short motivational talk about "(not) getting external capital."
To enter the iBoot program in 2010 and to attract the right team members, I created a homemade video about iText.
We presented our case before a "Grand Jury" and this was how they evaluated our business plan (June 2010):
The iText Website in 2010
This was what the iText website looked like in 2010:
In 2010, we received a first term sheet.
We were offered $500K (distributed over 4 years)
and a salary of $250K / year for four years.
In 2011, we hired an accounting firm to calculate the value of our companies.
As owners, we believed the company was worth more than €3M, but the accounting firm
valuated the company at €1.5M.
- In June, we had to present our work in front of a panel of judges. The most important feedback we received was that iText needed funding if it wanted to grow faster. This wasn’t surprising given that the panel consisted almost entirely of investors.
- It’s a common problem when different parties decide to develop a business together. Each party thinks that their own contribution is more important and therefore justifies more shares.
- In 2011, we hired PKF, a global network of accountancy firms, to prepare a valuation report. According to PKF, 1T3XT BVBA was worth €1.5 million. That was much lower than we expected.
I listen to music, but my taste in music is questionable. I've selected a handful of songs for every chapters. Sometimes, there's a link to the chapter, sometimes I just like the song.