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Launch48 -London

FTired
Administrator
Hi

As with all events I attend, I like to give some feedback to those who may or may not consider going in the future, so here is my update on Launch48.

A 3 day event, with a conference at the start, based over in Richmond. Cost around £35. The event kicked off with several ppt's from various web luminaries. As with all presentations, some were better than others, Christian , and Emi's were awesome, and I am sure they will get them online soon. The latter's was "Howto F.U.C.K your Customer...properly" I will leave it to you to work out what the acronym stood for.

But the fun obviously started when you have 25 ideas being pitched for 60 secs each. I am sure if the audience had tomatoes to hand, a few would have been thrown, alas fruit was in short supply, but voices were not. There were some really cool ideas, and some really really bad ones, but the fact that they had all been able to pitch in 60 seconds was great. After the first round, the shortlist had another 120 seconds to explain their pitch further. Oh voting was done by the audience, no self selected panel here, just end-users, best way to judge an idea. There was of course some bias, and a few bribes being handed out... I cannot confirm this, but rumours persist :-)

Alas 6 ideas were chosen by the audience, these were

1. TaxiSquare - Mobile app to allow you to book a black cab - http://www.taxisquare.com/
2. 42voices - Disruptive marketplace for voiceover talent -
http://www.42voices.com/
3. Puntrr - twitter based betting/gaming -
http://beta.punttr.com/
4. Recip.ly - Aggregator of recipes -
http://www.recip.ly/ 
5. FaceBookTube - Viewing facebook videos of your friends made easy -
http://www.facebooktu.be/
6. Ebaythat2 - Take a pic, send to ebay - RIP, did not get past first day, due to lack of app devs

A better description of these can be found on the L48 website

2 days to build the business model, and also develop a prototype. Mad panic ensued, and red eyes were the order of the day on Sunday. And then the big pitch on Sunday evening, please watch these on the L48 website.

Our very own Glenn (bookingbug fame) had far too much time on his hands so he felt another startup called 42voices was needed, awesome idea, if pulled off correctly. Recip.ly to me is a skimlinks for recipes, another great idea, imagine going to a website, reading a recipe , and adding to your tesco (or whatever) shopping basket. FacebookTube is currently looking at an exit of $100 :-), either that or a fight with Facebook.

In short its about time their were events which did NOT focus on money, raising it, spending it, planning for it, or even pitching for it, this was an event where something was built, and customers were contacted and researched (the taxi guys went out and interviewed taxi drivers....one of whom needed more help than just an app :-), they even got someone from the industry in to help). Others like 42voices somehow managed to drag in voiceover artists to help them build the business model. Competitive analysis was carried out, and GTM plans put together, even logos, websites designed. The Reciply guys shot a marketing video, go figure....and their ppt was way cool, it would take a mkt company around 10K and 1 month to build.

The only event I have seen in London where a business is built with the customer as the goal, rather than the VC, I think we need a few more, where the pitch is to the end user, and the end goal is not the money but the business.


Iqbal




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Re: Launch48 -London

Steve Karmeinsky
On Tue, Jun 08, 2010 at 07:17:44PM -0400, iqbalgandham wrote:

>    As with all events I attend, I like to give some feedback to those who
>    may or may not consider going in the future, so here is my update on
>    Launch48.

unfortunately I had flu on Fri or I'm certain my pitch would have wowed
the crowds - especially as it was the first ... next year (though found
somebody doing similar at The Difference Engine too).

Steve

--
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Re: Launch48 -London

Roshin Saran
In reply to this post by FTired

Nice brief review  Iqbal. It was good to meet you there.

I had great fun as a recip.ly  team member and it was an incredibly hyped experience as a first timer at Launch 48.  

Also thanks for your visionary advise on business model and semantic engine, both being key focal points for us to take recip.ly forward.

Cheers

Roshin



On Wed, Jun 9, 2010 at 12:59 AM, Steve Kennedy <[hidden email]> wrote:
On Tue, Jun 08, 2010 at 07:17:44PM -0400, iqbalgandham wrote:

>    As with all events I attend, I like to give some feedback to those who
>    may or may not consider going in the future, so here is my update on
>    Launch48.

unfortunately I had flu on Fri or I'm certain my pitch would have wowed
the crowds - especially as it was the first ... next year (though found
somebody doing similar at The Difference Engine too).

Steve

--
NetTek Ltd  UK mob +44 7775 755503
UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]



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Re: Launch48 -London

FTired
Administrator
In reply to this post by FTired
Hey Steve

You can't keep your idea a secret for 1 year, go on spill the beans, what is it ?

Iqbal



From: Steve Kennedy <[hidden email]>
To: [hidden email]
Sent: Wed, 9 June, 2010 0:59:14
Subject: Re: [entrepreneur-1056] Launch48 -London

On Tue, Jun 08, 2010 at 07:17:44PM -0400, iqbalgandham wrote:

>    As with all events I attend, I like to give some feedback to those who
>    may or may not consider going in the future, so here is my update on
>    Launch48.

unfortunately I had flu on Fri or I'm certain my pitch would have wowed
the crowds - especially as it was the first ... next year (though found
somebody doing similar at The Difference Engine too).

Steve

--
NetTek Ltd  UK mob +44 7775 755503
UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
Euro Tech News Blog http://eurotechnews.blogspot.com  MSN [hidden email]



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Re: Launch48 -London

Steve Karmeinsky
In reply to this post by FTired
On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:

>    Hey Steve
>    You can't keep your idea a secret for 1 year, go on spill the beans,
>    what is it ?

Oh yes I can ;)

Steve

--
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Re: Launch48 -London

Alice
In reply to this post by FTired
So essentially The Difference Engine is trying to create a
UK-equivalent of YCombinator and is differentiated from TechHub by
virtue of the DE team taking a minority stake in the companies being
incubated / accelerated --- with in situ BizDev and Financing
workthroughs for a few scheduled months.

If we look at Steve's LinkedIn profile it can be gauged that his TCF
Partners work will be tied in with perhaps some angel investor
networks to create a likewise incubator for London-Brighton corridor
of techcos.


LAUNCH 48
=========

+1 for Christian and Emi's presentations. Christian was good enough to
meet for lunch to swap notes on common tech interests and I observed
that audiences mostly remember presentations that make us LOL or shake
up what we think we know about nothing and everything (it's the
injection of random apparent discord that leads to innovation, the
Black Swan randomness for those who are into Taleb).

Anyway, Launch48 is a very PRAGMATIC, HANDS-ON PROJECT
COMPLETION-based event which is different from theoretical VC case
study type networking events.

It should definitely be on every would-be entrepreneur's MUST-DO LIST.
More than going to Start-Up UK or watching 'Dragon's Den'.


BUILD IT AND THEY'LL COME / HAVE A BUSINESS MODEL BEFORE YOU CODE
==============================================================

On Iqbal's comment about the need for conferences like Launch48 where
"the end goal is not the money but the business" (cite: IG).........

It's that perpetual chicken+egg question. Speak to one set of
investors and entrepreneurs and they'll put emphasis on one or the
other. Also some investors prefer there to be no business model
because that's where they can contribute their 2 cents on the board
and add value.

Conversely, some investors won't touch great tech without a business
plan that's pure end user because that tech --- wireframing, UI,
process, API extraction, database building --- is typically based on a
use case and
market sampling of less than 25 people (as it was the case of most of
Launch48's ideas due to time constraints).

Now an accelerated weekend aside.......

There is a lot of neat, cool tech in Silicon Valley that attracts
millions of unique users and yet they have no business model or
generate any revenues (much less profits). At best they can attract 2
rounds of investment before they become liquidations or are subsumed
into a VC portfolio as an exit. Then there are the rare ones like
Twitter, foursquare, farmviile, stardolls etc. who gain traction
either for utility or popularity (preferably some workable balance of
the two).

90% tank, though. So that's the "build and they'll come" route.

On the other side of the coin is the "Know your customers, market and business
model BEFORE you code" approach. After all, what's the point of coding anything
and burning coding cash if the target market turns out to be niche,
conversion / user acquisition costs are not as straightforward as
"hey, let's set up a Facebook group" and the revenue streams are
insufficient to attract seed / VC to move the company forward to that
wider audience and higher hanging fruit of charges for personalization
features?

Ultimately, it's up to entrepreneurs and investors to find compatible fits for
whichever route they take:

* orientation towards end users ("build it and they'll come");

* orientation towards value and exits ("have some a priori sense of
the business model").


Chicken+egg.......It depends if, as entrepreneurs and investors, we
like to eat the yolk early or to get to the point where our companies
can actually.......FLY.


On 6/9/10, Steve Kennedy <[hidden email]> wrote:

> On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>
>>    Hey Steve
>>    You can't keep your idea a secret for 1 year, go on spill the beans,
>>    what is it ?
>
> Oh yes I can ;)
>
> Steve
>
> --
> NetTek Ltd  UK mob +44 7775 755503
> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
> Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on
> this mailing list ([hidden email])
> http://www.meetup.com/londonocc/
> This message was sent by Steve Kennedy ([hidden email]) from London
> OpenCoffee Meetup.
> To learn more about Steve Kennedy, visit his/her member profile:
> http://www.meetup.com/londonocc/members/8276455/
> To unsubscribe or to update your mailing list settings, click here:
> http://www.meetup.com/londonocc/settings/
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>
>



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Re: Launch48 -London

Nick Light
In reply to this post by FTired

Does it involve a high speed railway?

Kind regards,


Nick Light
Founder CEO
Booly Ltd

Web:  http://boo.ly
Twitter:  http://twitter.com/nicklight
Tel:  +44 (0)7899 866913
Email:   [hidden email]




-------- Original Message --------

On 09/06/2010 11:48, Steve Kennedy wrote:
On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:

  
   Hey Steve
   You can't keep your idea a secret for 1 year, go on spill the beans,
   what is it ?
    
Oh yes I can ;)

Steve

  




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Re: Launch48 -London

FTired
Administrator
In reply to this post by FTired
On this one the chicken had to come first, actuality before potentiality ...aristotle and all that :-)

I.


From: Twain <[hidden email]>
To: [hidden email]
Sent: Wed, 9 June, 2010 20:02:55
Subject: Re: [entrepreneur-1056] Launch48 -London

So essentially The Difference Engine is trying to create a
UK-equivalent of YCombinator and is differentiated from TechHub by
virtue of the DE team taking a minority stake in the companies being
incubated / accelerated --- with in situ BizDev and Financing
workthroughs for a few scheduled months.

If we look at Steve's LinkedIn profile it can be gauged that his TCF
Partners work will be tied in with perhaps some angel investor
networks to create a likewise incubator for London-Brighton corridor
of techcos.


LAUNCH 48
=========

+1 for Christian and Emi's presentations. Christian was good enough to
meet for lunch to swap notes on common tech interests and I observed
that audiences mostly remember presentations that make us LOL or shake
up what we think we know about nothing and everything (it's the
injection of random apparent discord that leads to innovation, the
Black Swan randomness for those who are into Taleb).

Anyway, Launch48 is a very PRAGMATIC, HANDS-ON PROJECT
COMPLETION-based event which is different from theoretical VC case
study type networking events.

It should definitely be on every would-be entrepreneur's MUST-DO LIST.
More than going to Start-Up UK or watching 'Dragon's Den'.


BUILD IT AND THEY'LL COME / HAVE A BUSINESS MODEL BEFORE YOU CODE
==============================================================

On Iqbal's comment about the need for conferences like Launch48 where
"the end goal is not the money but the business" (cite: IG).........

It's that perpetual chicken+egg question. Speak to one set of
investors and entrepreneurs and they'll put emphasis on one or the
other. Also some investors prefer there to be no business model
because that's where they can contribute their 2 cents on the board
and add value.

Conversely, some investors won't touch great tech without a business
plan that's pure end user because that tech --- wireframing, UI,
process, API extraction, database building --- is typically based on a
use case and
market sampling of less than 25 people (as it was the case of most of
Launch48's ideas due to time constraints).

Now an accelerated weekend aside.......

There is a lot of neat, cool tech in Silicon Valley that attracts
millions of unique users and yet they have no business model or
generate any revenues (much less profits). At best they can attract 2
rounds of investment before they become liquidations or are subsumed
into a VC portfolio as an exit. Then there are the rare ones like
Twitter, foursquare, farmviile, stardolls etc. who gain traction
either for utility or popularity (preferably some workable balance of
the two).

90% tank, though. So that's the "build and they'll come" route.

On the other side of the coin is the "Know your customers, market and business
model BEFORE you code" approach. After all, what's the point of coding anything
and burning coding cash if the target market turns out to be niche,
conversion / user acquisition costs are not as straightforward as
"hey, let's set up a Facebook group" and the revenue streams are
insufficient to attract seed / VC to move the company forward to that
wider audience and higher hanging fruit of charges for personalization
features?

Ultimately, it's up to entrepreneurs and investors to find compatible fits for
whichever route they take:

* orientation towards end users ("build it and they'll come");

* orientation towards value and exits ("have some a priori sense of
the business model").


Chicken+egg.......It depends if, as entrepreneurs and investors, we
like to eat the yolk early or to get to the point where our companies
can actually.......FLY.


On 6/9/10, Steve Kennedy <[hidden email]> wrote:

> On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>
>>    Hey Steve
>>    You can't keep your idea a secret for 1 year, go on spill the beans,
>>    what is it ?
>
> Oh yes I can ;)
>
> Steve
>
> --
> NetTek Ltd  UK mob +44 7775 755503
> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
> Euro Tech News Blog http://eurotechnews.blogspot.com  MSN [hidden email]
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on
> this mailing list ([hidden email])
> http://www.meetup.com/londonocc/
> This message was sent by Steve Kennedy ([hidden email]) from London
> OpenCoffee Meetup.
> To learn more about Steve Kennedy, visit his/her member profile:
> http://www.meetup.com/londonocc/members/8276455/
> To unsubscribe or to update your mailing list settings, click here:
> http://www.meetup.com/londonocc/settings/
> Meetup, PO Box 4668 #37895 New York, New York 10163-4668 |
> [hidden email]
>
>



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Re: Launch48 -London

Alice
In reply to this post by FTired
We could always use Punttr to place punts on it either involving:

1. Japanese Bullet train;

2. Space elevator; or

3. Beam me up Cloud particulator.

Haha. Actually, how about the hoverboards/cars from 'Blade Runner',
'Back to the Future' and 'The Fifth Element'?

On Wednesday, June 9, 2010, Nick Light <[hidden email]> wrote:

>
>
>
>
>
> Does it involve a high speed railway?
>
> Kind regards,
>
> Nick Light
> Founder CEO
> Booly Ltd
>
> Web:  http://boo.ly
> Twitter:  http://twitter.com/nicklight
> Tel:  +44 (0)7899 866913
> Email:   [hidden email]
>
>
>
> -------- Original Message --------
>
> On 09/06/2010 11:48, Steve Kennedy wrote:
>
>   On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>
>
>
>        Hey Steve
>    You can't keep your idea a secret for 1 year, go on spill the beans,
>    what is it ?
>
>
>
> Oh yes I can ;)
>
> Steve
>
>
>
>
>
>
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
> This message was sent by Nick Light ([hidden email]) from London OpenCoffee Meetup <http://www.meetup.com/londonocc/>.
> To learn more about Nick Light, visit his/her member profile <http://www.meetup.com/londonocc/members/6427828/>
> To unsubscribe or to update your mailing list settings, click here <http://www.meetup.com/londonocc/settings/>
>
>
> Meetup, PO Box 4668 #37895 New York, New York 10163-4668 | [hidden email]
>
>
>



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Re: Launch48 -London

Steve Karmeinsky
In reply to this post by FTired
On Wed, Jun 09, 2010 at 03:02:55PM -0400, Twain wrote:

> So essentially The Difference Engine is trying to create a
> UK-equivalent of YCombinator and is differentiated from TechHub by
> virtue of the DE team taking a minority stake in the companies being
> incubated / accelerated --- with in situ BizDev and Financing
> workthroughs for a few scheduled months.

I have NO involvement with the Difference Engine, but the idea is that
companies get 20K funding and 3 months mentoring/coaching/etc and work
in the DE building and launch a product in 3 months or so.

It seems to work and at the launch on Monday at MS's offices in Vauxhall
there were some very competent products.

> If we look at Steve's LinkedIn profile it can be gauged that his TCF
> Partners work will be tied in with perhaps some angel investor
> networks to create a likewise incubator for London-Brighton corridor
> of techcos.

If you look I'm no longer involved with TCF at all, which was more of a
group of people that could tie city funding/individuals into companies.

Re launch and they will come, I think that paradigm is well on its way
out. The whole "get lots of users and work out how to make money out of
them" is drying up. There's probably still some investment left out of
SV, but the rest of the US and definitely EU is more cautious and it's
"show us your revenue streams and how you're going to grow your users".
If you're not generating money, then don't bother.


Steve


--
NetTek Ltd  UK mob +44 7775 755503
UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]



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Re: Launch48 -London

Steve Karmeinsky
In reply to this post by FTired
On Wed, Jun 09, 2010 at 04:57:49PM -0400, Nick Light wrote:

>    Does it involve a high speed railway?

What you mean my putting a RAMJET in the back of a train that will
revolutionise transport's been thought of?

Oh well back to the perpertual motion device then...

Steve

--
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UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]



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Re: Launch48 -London

Alice
In reply to this post by FTired
I hope you never say that to any angels or VCs because they'll use it
as the reason to invest in some other co that already breaks even, has
millions of repeat users, killer tech instead of that idea/prototype
you have that may or may not have "potential".

Besides which, Aristotle's long been superseded by Thiel-Hoffman. If
you don't know your Thiel you don't know your Facebook and the agora
is, alas, a pipe dream of yore rather than a bottom line game changer.

Profit above philosophy and all that......

Alternatively, you may want to contact Paul Volcker and make sure
Aristotle is  what informs all those bankers before they bet your
pension funds on "potentiality".

Paradoxes are fun, huh.



On Wednesday, June 9, 2010, iqbalgandham <[hidden email]> wrote:

> On this one the chicken had to come first, actuality before potentiality ...aristotle and all that :-)
>
> I.
>
> From: Twain <[hidden email]>
> To: [hidden email]
> Sent: Wed, 9 June, 2010 20:02:55
> Subject: Re: [entrepreneur-1056] Launch48 -London
>
> So essentially The Difference Engine is trying to create a
> UK-equivalent of YCombinator and is differentiated from TechHub
>  by
> virtue of the DE team taking a minority stake in the companies being
> incubated / accelerated --- with in situ BizDev and Financing
> workthroughs for a few scheduled months.
>
> If we look at Steve's LinkedIn profile it can be gauged that his TCF
> Partners work will be tied in with perhaps some angel investor
> networks to create a likewise incubator for London-Brighton corridor
> of techcos.
>
>
> LAUNCH 48
> =========
>
> +1 for Christian and Emi's presentations. Christian was good enough to
> meet for lunch to swap notes on common tech interests and I observed
> that audiences mostly remember presentations that make us LOL or shake
> up what we think we know about nothing and everything (it's the
> injection of random apparent discord that leads to innovation, the
> Black Swan randomness for those who are into Taleb).
>
> Anyway, Launch48 is a very PRAGMATIC, HANDS-ON PROJECT
> COMPLETION-based event which is
>  different from theoretical VC case
> study type networking events.
>
> It should definitely be on every would-be entrepreneur's MUST-DO LIST.
> More than going to Start-Up UK or watching 'Dragon's Den'.
>
>
> BUILD IT AND THEY'LL COME / HAVE A BUSINESS MODEL BEFORE YOU CODE
> ==============================================================
>
> On Iqbal's comment about the need for conferences like Launch48 where
> "the end goal is not the money but the business" (cite: IG).........
>
> It's that perpetual chicken+egg question. Speak to one set of
> investors and entrepreneurs and they'll put emphasis on one or the
> other. Also some investors prefer there to be no business model
> because that's where they can contribute their 2 cents on the board
> and add value.
>
> Conversely, some investors won't touch great tech without a business
> plan that's pure end user because that tech --- wireframing, UI,
> process, API extraction,
>  database building --- is typically based on a
> use case and
> market sampling of less than 25 people (as it was the case of most of
> Launch48's ideas due to time constraints).
>
> Now an accelerated weekend aside.......
>
> There is a lot of neat, cool tech in Silicon Valley that attracts
> millions of unique users and yet they have no business model or
> generate any revenues (much less profits). At best they can attract 2
> rounds of investment before they become liquidations or are subsumed
> into a VC portfolio as an exit. Then there are the rare ones like
> Twitter, foursquare, farmviile, stardolls etc. who gain traction
> either for utility or popularity (preferably some workable balance of
> the two).
>
> 90% tank, though. So that's the "build and they'll come" route.
>
> On the other side of the coin is the "Know your customers, market and business
> model BEFORE you code" approach. After all, what's the point of coding
>  anything
> and burning coding cash if the target market turns out to be niche,
> conversion / user acquisition costs are not as straightforward as
> "hey, let's set up a Facebook group" and the revenue streams are
> insufficient to attract seed / VC to move the company forward to that
> wider audience and higher hanging fruit of charges for personalization
> features?
>
> Ultimately, it's up to entrepreneurs and investors to find compatible fits for
> whichever route they take:
>
> * orientation towards end users ("build it and they'll come");
>
> * orientation towards value and exits ("have some a priori sense of
> the business model").
>
>
> Chicken+egg.......It depends if, as entrepreneurs and investors, we
> like to eat the yolk early or to get to the point where our companies
> can actually.......FLY.
>
>
> On 6/9/10, Steve Kennedy <[hidden email]> wrote:
>> On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>>
>>>    Hey Steve
>>>    You can't keep your idea a secret for 1 year, go on spill the beans,
>>>    what is it ?
>>
>> Oh yes I can ;)
>>
>> Steve
>>
>> --
>> NetTek Ltd  UK mob +44 7775 755503
>> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
>> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
>> Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]
>>
>>
>>
>> --
>> Please Note: If you hit "REPLY", your message will be sent to everyone on
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Re: Launch48 -London

Alice
In reply to this post by FTired
Thanks, Steve, that confirms that Difference Engine is operating a
UK-equivalent of YCombinator and I wasn't making any inferences about
you being part of their team.

Re. TCF, I mean that that experience would inform whatever hub
incubation structure you're currently cooking: consulting & angel
network tie-in.

On the question of whether angels/VCs would take a punt on those with
the practicals or the potentiality, we need to remember that they are
also considering whether to repeat invest in second/third rounds of
companies they're already backing out of their raised funds.

So.......in this economic environment, would they throw money at a
newco with no model and hardly any team or invest to maintain their
equity holding and non-dilution in a second/third round for a team and
biz model they already have some bearings on.

Are we applying Aristotle here too? :*).


On Wednesday, June 9, 2010, Steve Kennedy <[hidden email]> wrote:

> On Wed, Jun 09, 2010 at 03:02:55PM -0400, Twain wrote:
>
>> So essentially The Difference Engine is trying to create a
>> UK-equivalent of YCombinator and is differentiated from TechHub by
>> virtue of the DE team taking a minority stake in the companies being
>> incubated / accelerated --- with in situ BizDev and Financing
>> workthroughs for a few scheduled months.
>
> I have NO involvement with the Difference Engine, but the idea is that
> companies get 20K funding and 3 months mentoring/coaching/etc and work
> in the DE building and launch a product in 3 months or so.
>
> It seems to work and at the launch on Monday at MS's offices in Vauxhall
> there were some very competent products.
>
>> If we look at Steve's LinkedIn profile it can be gauged that his TCF
>> Partners work will be tied in with perhaps some angel investor
>> networks to create a likewise incubator for London-Brighton corridor
>> of techcos.
>
> If you look I'm no longer involved with TCF at all, which was more of a
> group of people that could tie city funding/individuals into companies.
>
> Re launch and they will come, I think that paradigm is well on its way
> out. The whole "get lots of users and work out how to make money out of
> them" is drying up. There's probably still some investment left out of
> SV, but the rest of the US and definitely EU is more cautious and it's
> "show us your revenue streams and how you're going to grow your users".
> If you're not generating money, then don't bother.
>
>
> Steve
>
>
> --
> NetTek Ltd  UK mob +44 7775 755503
> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
> Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on this mailing list ([hidden email])
> http://www.meetup.com/londonocc/
> This message was sent by Steve Kennedy ([hidden email]) from London OpenCoffee Meetup.
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> To unsubscribe or to update your mailing list settings, click here: http://www.meetup.com/londonocc/settings/
> Meetup, PO Box 4668 #37895 New York, New York 10163-4668 | [hidden email]
>
>



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Re: Launch48 -London

FTired
Administrator
In reply to this post by FTired
Don't tell me you did not patent the idea, Steve, have you not learnt anything, anything with trains needs to be patented.

Note: For all those who have no clue as to what this thread is about, and are assuming a few of us have lost the plot, , please search through the archives.

Iqbal


From: Steve Kennedy <[hidden email]>
To: [hidden email]
Sent: Wed, 9 June, 2010 22:30:49
Subject: Re: [entrepreneur-1056] Launch48 -London

On Wed, Jun 09, 2010 at 04:57:49PM -0400, Nick Light wrote:

>    Does it involve a high speed railway?

What you mean my putting a RAMJET in the back of a train that will
revolutionise transport's been thought of?

Oh well back to the perpertual motion device then...

Steve

--
NetTek Ltd  UK mob +44 7775 755503
UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
Euro Tech News Blog http://eurotechnews.blogspot.com  MSN [hidden email]



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Re: Launch48 -London

FTired
Administrator
In reply to this post by FTired
Nah, Still think you have to have a 'actual' before  a 'potential' and the old guy was correct.

Everybody is the 'new Pele' or the 'next facebook' etc, hence all targeting a potential, once they get there, then they become an 'actual facebook'. Of course some investors can see the potential, as soon as they compare to an actual, but as they say "analogies are a great thing"

Iqbal



From: Dot Alice <[hidden email]>
To: [hidden email]
Sent: Wed, 9 June, 2010 22:31:43
Subject: Re: [entrepreneur-1056] Launch48 -London

I hope you never say that to any angels or VCs because they'll use it
as the reason to invest in some other co that already breaks even, has
millions of repeat users, killer tech instead of that idea/prototype
you have that may or may not have "potential".

Besides which, Aristotle's long been superseded by Thiel-Hoffman. If
you don't know your Thiel you don't know your Facebook and the agora
is, alas, a pipe dream of yore rather than a bottom line game changer.

Profit above philosophy and all that......

Alternatively, you may want to contact Paul Volcker and make sure
Aristotle is  what informs all those bankers before they bet your
pension funds on "potentiality".

Paradoxes are fun, huh.



On Wednesday, June 9, 2010, iqbalgandham <[hidden email]> wrote:

> On this one the chicken had to come first, actuality before potentiality ...aristotle and all that :-)
>
> I.
>
> From: Twain <[hidden email]>
> To: [hidden email]
> Sent: Wed, 9 June, 2010 20:02:55
> Subject: Re: [entrepreneur-1056] Launch48 -London
>
> So essentially The Difference Engine is trying to create a
> UK-equivalent of YCombinator and is differentiated from TechHub
>  by
> virtue of the DE team taking a minority stake in the companies being
> incubated / accelerated --- with in situ BizDev and Financing
> workthroughs for a few scheduled months.
>
> If we look at Steve's LinkedIn profile it can be gauged that his TCF
> Partners work will be tied in with perhaps some angel investor
> networks to create a likewise incubator for London-Brighton corridor
> of techcos.
>
>
> LAUNCH 48
> =========
>
> +1 for Christian and Emi's presentations. Christian was good enough to
> meet for lunch to swap notes on common tech interests and I observed
> that audiences mostly remember presentations that make us LOL or shake
> up what we think we know about nothing and everything (it's the
> injection of random apparent discord that leads to innovation, the
> Black Swan randomness for those who are into Taleb).
>
> Anyway, Launch48 is a very PRAGMATIC, HANDS-ON PROJECT
> COMPLETION-based event which is
>  different from theoretical VC case
> study type networking events.
>
> It should definitely be on every would-be entrepreneur's MUST-DO LIST.
> More than going to Start-Up UK or watching 'Dragon's Den'.
>
>
> BUILD IT AND THEY'LL COME / HAVE A BUSINESS MODEL BEFORE YOU CODE
> ==============================================================
>
> On Iqbal's comment about the need for conferences like Launch48 where
> "the end goal is not the money but the business" (cite: IG).........
>
> It's that perpetual chicken+egg question. Speak to one set of
> investors and entrepreneurs and they'll put emphasis on one or the
> other. Also some investors prefer there to be no business model
> because that's where they can contribute their 2 cents on the board
> and add value.
>
> Conversely, some investors won't touch great tech without a business
> plan that's pure end user because that tech --- wireframing, UI,
> process, API extraction,
>  database building --- is typically based on a
> use case and
> market sampling of less than 25 people (as it was the case of most of
> Launch48's ideas due to time constraints).
>
> Now an accelerated weekend aside.......
>
> There is a lot of neat, cool tech in Silicon Valley that attracts
> millions of unique users and yet they have no business model or
> generate any revenues (much less profits). At best they can attract 2
> rounds of investment before they become liquidations or are subsumed
> into a VC portfolio as an exit. Then there are the rare ones like
> Twitter, foursquare, farmviile, stardolls etc. who gain traction
> either for utility or popularity (preferably some workable balance of
> the two).
>
> 90% tank, though. So that's the "build and they'll come" route.
>
> On the other side of the coin is the "Know your customers, market and business
> model BEFORE you code" approach. After all, what's the point of coding
>  anything
> and burning coding cash if the target market turns out to be niche,
> conversion / user acquisition costs are not as straightforward as
> "hey, let's set up a Facebook group" and the revenue streams are
> insufficient to attract seed / VC to move the company forward to that
> wider audience and higher hanging fruit of charges for personalization
> features?
>
> Ultimately, it's up to entrepreneurs and investors to find compatible fits for
> whichever route they take:
>
> * orientation towards end users ("build it and they'll come");
>
> * orientation towards value and exits ("have some a priori sense of
> the business model").
>
>
> Chicken+egg.......It depends if, as entrepreneurs and investors, we
> like to eat the yolk early or to get to the point where our companies
> can actually.......FLY.
>
>
> On 6/9/10, Steve Kennedy <[hidden email]> wrote:
>> On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>>
>>>    Hey Steve
>>>    You can't keep your idea a secret for 1 year, go on spill the beans,
>>>    what is it ?
>>
>> Oh yes I can ;)
>>
>> Steve
>>
>> --
>> NetTek Ltd  UK mob +44 7775 755503
>> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
>> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
>> Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]
>>
>>
>>
>> --
>> Please Note: If you hit "REPLY", your message will be sent to everyone on
>> this mailing list
>  ([hidden email])
>> http://www.meetup.com/londonocc/
>> This message was sent by Steve Kennedy ([hidden email]) from London
>> OpenCoffee Meetup.
>> To learn more about Steve Kennedy, visit his/her member profile:
>> http://www.meetup.com/londonocc/members/8276455/
>> To unsubscribe or to update your mailing list settings, click here:
>> http://www.meetup.com/londonocc/settings/
>> Meetup, PO Box 4668 #37895 New York, New York 10163-4668 |
>> [hidden email]
>>
>>
>
>
>
> --
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>
>
>
>
>
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Re: Launch48 -London

Alice
In reply to this post by FTired
Well according to wiki answers, the other old guy GOD invented
potential so how that would play out in an investor pitch......."You
HAVE to give us the Cuba Goodings! We have it on good authority our
team has "potential" --- even if we've never achieved any objectives
to-date!" Lol.

Hey and from Wolfram Alpha the equation for electric potential is:

Mass [length squared] [time to the power of minus three] [Current to
the power of minus one]

SO...........................

Maybe if we get a critical mass of people into that train elevator
pitch of Steve's they'll also acknowledge our "potential".

Haha.

The reality is that investors extrapolate back over the team's actual
track records to derive their potential. There need to be some
TANGIBLES on the balance sheet of who they are, what tech they're
building, contracts secured etc because the " potential" are the
intangible line items and that's where the punt instinct takes
precedence over analytical valuation.

Now I need to go find the app that will let me do (to the power of)
superscripts on my gizmo --- doing potential equations and accenting
foreign vowels without having to go into Settings to change the
language obviously didn't pop up during Apple's brainstorming.

On Wednesday, June 9, 2010, iqbalgandham <[hidden email]> wrote:

> Nah, Still think you have to have a 'actual' before  a 'potential' and the old guy was correct.
>
> Everybody is the 'new Pele' or the 'next facebook' etc, hence all targeting a potential, once they get there, then they become an 'actual facebook'. Of course some investors can see the potential, as soon as they compare to an actual, but as they say "analogies are a great thing"
>
> Iqbal
>
>
> From: Dot Alice <[hidden email]>
> To: [hidden email]
> Sent: Wed, 9 June, 2010 22:31:43
> Subject: Re: [entrepreneur-1056] Launch48 -London
>
> I hope you never say that to any angels or VCs because they'll use it
> as the reason to invest in some other co that already breaks even, has
> millions of repeat users, killer tech instead of that idea/prototype
> you have that may or may not have "potential".
>
> Besides which, Aristotle's long been superseded by Thiel-Hoffman. If
> you don't know your Thiel you don't know your Facebook and the agora
> is, alas, a pipe dream of yore rather than a bottom line game changer.
>
> Profit above philosophy and all that......
>
> Alternatively, you may want to contact Paul Volcker and make sure
> Aristotle is  what informs all those bankers before they bet your
> pension funds on "potentiality".
>
> Paradoxes are fun, huh.
>
>
>
> On Wednesday,
>  June 9, 2010, iqbalgandham <[hidden email]> wrote:
>> On this one the chicken had to come first, actuality before potentiality ...aristotle and all that :-)
>>
>> I.
>>
>> From: Twain <[hidden email]>
>> To: [hidden email]
>> Sent: Wed, 9 June, 2010 20:02:55
>> Subject: Re: [entrepreneur-1056] Launch48 -London
>>
>> So essentially The Difference Engine is trying to create a
>> UK-equivalent of YCombinator and is differentiated from TechHub
>>  by
>> virtue of the DE team taking a minority stake in the companies being
>> incubated / accelerated --- with in situ BizDev and
>  Financing
>> workthroughs for a few scheduled months.
>>
>> If we look at Steve's LinkedIn profile it can be gauged that his TCF
>> Partners work will be tied in with perhaps some angel investor
>> networks to create a likewise incubator for London-Brighton corridor
>> of techcos.
>>
>>
>> LAUNCH 48
>> =========
>>
>> +1 for Christian and Emi's presentations. Christian was good enough to
>> meet for lunch to swap notes on common tech interests and I observed
>> that audiences mostly remember presentations that make us LOL or shake
>> up what we think we know about nothing and everything (it's the
>> injection of random apparent discord that leads to innovation, the
>> Black Swan randomness for those who are into Taleb).
>>
>> Anyway, Launch48 is a very PRAGMATIC, HANDS-ON PROJECT
>> COMPLETION-based event which is
>>  different from theoretical
>  VC case
>> study type networking events.
>>
>> It should definitely be on every would-be entrepreneur's MUST-DO LIST.
>> More than going to Start-Up UK or watching 'Dragon's Den'.
>>
>>
>> BUILD IT AND THEY'LL COME / HAVE A BUSINESS MODEL BEFORE YOU CODE
>> ==============================================================
>>
>> On Iqbal's comment about the need for conferences like Launch48 where
>> "the end goal is not the money but the business" (cite: IG).........
>>
>> It's that perpetual chicken+egg question. Speak to one set of
>> investors and entrepreneurs and they'll put emphasis on one or the
>> other. Also some investors prefer there to be no business model
>> because that's where they can contribute their 2 cents on the board
>> and add value.
>>
>> Conversely, some investors won't touch great tech without a business
>> plan that's pure end user
>  because that tech --- wireframing, UI,
>> process, API extraction,
>>  database building --- is typically based on a
>> use case and
>> market sampling of less than 25 people (as it was the case of most of
>> Launch48's ideas due to time constraints).
>>
>> Now an accelerated weekend aside.......
>>
>> There is a lot of neat, cool tech in Silicon Valley that attracts
>> millions of unique users and yet they have no business model or
>> generate any revenues (much less profits). At best they can attract 2
>> rounds of investment before they become liquidations or are subsumed
>> into a VC portfolio as an exit. Then there are the rare ones like
>> Twitter, foursquare, farmviile, stardolls etc. who gain traction
>> either for utility or popularity (preferably some workable balance of
>> the two).
>>
>> 90% tank, though. So that's the "build and they'll come"
>  route.
>>
>> On the other side of the coin is the "Know your customers, market and business
>> model BEFORE you code" approach. After all, what's the point of coding
>>  anything
>> and burning coding cash if the target market turns out to be niche,
>> conversion / user acquisition costs are not as straightforward as
>> "hey, let's set up a Facebook group" and the revenue streams are
>> insufficient to attract seed / VC to move the company forward to that
>> wider audience and higher hanging fruit of charges for personalization
>> features?
>>
>> Ultimately, it's up to entrepreneurs and investors to find compatible fits for
>> whichever route they take:
>>
>> * orientation towards end users ("build it and they'll come");
>>
>> * orientation towards value and exits ("have some a priori sense of
>> the business model").
>>
>>
>>
>  Chicken+egg.......It depends if, as entrepreneurs and investors, we
>> like to eat the yolk early or to get to the point where our companies
>> can actually.......FLY.
>>
>>
>> On 6/9/10, Steve Kennedy <[hidden email]> wrote:
>>> On Wed, Jun 09, 2010 at 06:40:57AM -0400, iqbalgandham wrote:
>>>
>>>>    Hey Steve
>>>>    You can't keep your idea a secret for 1 year, go on spill the beans,
>>>>    what is it ?
>>>
>>> Oh yes I can ;)
>>>
>>> Steve
>>>
>>> --
>>> NetTek Ltd  UK mob +44 7775 755503
>>> UK +44 20 7993 2612  /  US +1 310 857 7715  /  Fax +44 20 7483 2455
>>> Skype/GoogleTalk/AIM/Gizmo/.Mac/Twitter/FriendFeed stevekennedyuk
>>> Euro Tech News Blog http://eurotechnews.blogspot.com   MSN [hidden email]
>>>
>>>
>>>
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>>>
>>
>>
>>
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Re: Launch48 -London

Nick Pelling
In reply to this post by FTired
At 17:03 09/06/2010 -0400, iqbalgandham wrote:
>On this one the chicken had to come first, actuality before potentiality
>...aristotle and all that :-)

Actually, the idea of the chicken sandwich came first, everything else was
Intelligent Design. :-)





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Re: Launch48 -London

Alice
In reply to this post by FTired
Haha, that's hilarious!

Maybe the metric is whether Aristotle got any chicken dishes named
after him.....nopes, ZIP.

Confucius, on the other hand, does get a Confucius Chicken (something
like a KFC chicken only with Chinese batter) as well as the Eight
Immortals dish. Of the chicken+eggs dilemma, he did say:

"An overcrowded chicken farm produce fewer eggs."

Which is Chinese for "too many cooks spoil the broth", so regardless
of which came first........Make sure you have the right sized team and
they're not too busy pecking each other to death instead of mating to
make eggs.

Ok, so I think we've solved the chicken+egg+club sandwich paradox
better than Aristotle did.

Haha.


On 6/10/10, Nick Pelling <[hidden email]> wrote:

> At 17:03 09/06/2010 -0400, iqbalgandham wrote:
>>On this one the chicken had to come first, actuality before potentiality
>>...aristotle and all that :-)
>
> Actually, the idea of the chicken sandwich came first, everything else was
> Intelligent Design. :-)
>
>
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on
> this mailing list ([hidden email])
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>



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Re: Launch48 -London

Paul Dowling
In reply to this post by FTired
This is fun to follow.  Anyone at OC today or our event on 28 June?
Paul www.dreamstake.net
------Original Message------
From: Dot Alice
Sender: [hidden email]
To: [hidden email]
ReplyTo: [hidden email]
Subject: Re: [entrepreneur-1056] Launch48 -London
Sent: 10 Jun 2010 08:58

Haha, that's hilarious!

Maybe the metric is whether Aristotle got any chicken dishes named
after him.....nopes, ZIP.

Confucius, on the other hand, does get a Confucius Chicken (something
like a KFC chicken only with Chinese batter) as well as the Eight
Immortals dish. Of the chicken+eggs dilemma, he did say:

"An overcrowded chicken farm produce fewer eggs."

Which is Chinese for "too many cooks spoil the broth", so regardless
of which came first........Make sure you have the right sized team and
they're not too busy pecking each other to death instead of mating to
make eggs.

Ok, so I think we've solved the chicken+egg+club sandwich paradox
better than Aristotle did.

Haha.


On 6/10/10, Nick Pelling <[hidden email]> wrote:

> At 17:03 09/06/2010 -0400, iqbalgandham wrote:
>>On this one the chicken had to come first, actuality before potentiality
>>...aristotle and all that :-)
>
> Actually, the idea of the chicken sandwich came first, everything else was
> Intelligent Design. :-)
>
>
>
>
>
> --
> Please Note: If you hit "REPLY", your message will be sent to everyone on
> this mailing list ([hidden email])
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> This message was sent by Nick Pelling ([hidden email]) from London
> OpenCoffee Meetup.
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> http://www.meetup.com/londonocc/members/10412935/
> To unsubscribe or to update your mailing list settings, click here:
> http://www.meetup.com/londonocc/settings/
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> [hidden email]
>
>



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Sent from my BlackBerry® wireless device


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Re: Launch48 -London

Loic-3
In reply to this post by FTired
I will be there.

Loic
www.frogvalley.net

On 10 Jun 2010, at 09:19, Paul Dowling wrote:

>
> This is fun to follow.  Anyone at OC today or our event on 28 June?
> Paul www.dreamstake.net
> ------Original Message------
> From: Dot Alice
> Sender: [hidden email]
> To: [hidden email]
> ReplyTo: [hidden email]
> Subject: Re: [entrepreneur-1056] Launch48 -London
> Sent: 10 Jun 2010 08:58
>
> Haha, that's hilarious!
>
> Maybe the metric is whether Aristotle got any chicken dishes named
> after him.....nopes, ZIP.
>
> Confucius, on the other hand, does get a Confucius Chicken (something
> like a KFC chicken only with Chinese batter) as well as the Eight
> Immortals dish. Of the chicken+eggs dilemma, he did say:
>
> "An overcrowded chicken farm produce fewer eggs."
>
> Which is Chinese for "too many cooks spoil the broth", so regardless
> of which came first........Make sure you have the right sized team and
> they're not too busy pecking each other to death instead of mating to
> make eggs.
>
> Ok, so I think we've solved the chicken+egg+club sandwich paradox
> better than Aristotle did.
>
> Haha.
>
>
> On 6/10/10, Nick Pelling <[hidden email]> wrote:
>> At 17:03 09/06/2010 -0400, iqbalgandham wrote:
>>> On this one the chicken had to come first, actuality before potentiality
>>> ...aristotle and all that :-)
>>
>> Actually, the idea of the chicken sandwich came first, everything else was
>> Intelligent Design. :-)
>>
>>
>>
>>
>>
>> --
>> Please Note: If you hit "REPLY", your message will be sent to everyone on
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>> http://www.meetup.com/londonocc/settings/
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>>
>
>
>
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>
> Sent from my BlackBerry® wireless device
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>

Loic Dumas
[hidden email]

M: 075 1543 7261






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