Innovify

Idea

Introduction

Innovify is a venture partner working with start-ups and SMEs to develop innovative products. Start-ups and SMEs often have innovative ideas, but struggle to acquire the skills and talent needed to bring their ideas to market. Innovify offers strategy guidance, technology development and capital acceleration by bringing:

• Product/Project management experience, tools and frameworks
• Expertise in non-tech aspects like UX/UI, analytics, security, etc
• Reliable technology leadership with experience in a variety of technology stacks
• Familiarity with Lean and Agile principles as well as recruiting and scaling development teams

All of which aim to de-risked ventures that eventually accelerate because they iterate & pivot more quickly to produce traction that would be attractive to investors. Innovify seeks to be cost efficient thanks to scale, learning effects and overseas talent and can provide a stable trustworthy partnership to facilitate success and accelerate value growth.

Intended impact

Why acquire when you can access better services at lower cost and risk? Clients will benefit from Innovify’s flexible and lean product development capabilities. Instead of being locked-in with inflexible recruits, clients can benefit from a wide range of technology expertise to mix & match without incurring traditional recruitment risks or HR overheads. Innovify works with startups as a fully responsible partner to deliver their product and technology strategy. Innovify offers both pay as you go and fully managed solutions to support different stages of start-up growth. With well established offshore development center, the cost of product development is roughly 1/3rd of the cost of a comparable team in London. Thus, the ROI for clients working with Innovify would be much higher, making them eventually more attractive for investments.

We believe investors in Innovify would benefit from a stable pipeline of vetted startups, fully managed by Innovify. Innovify’s programme focuses on vetting the best teams, enabling their business skills and insight, teaching technology skills and focusing on product traction to create successful and attractive start-ups. These start-ups may become de-risked investments because of Innovify’s long-term technology partnership and vested interest in each team’s success.

Learning effects from working with innovative startups and established SMEs on iterative projects serves to bolster Innovify as a technical development house. Innovify can gear towards early development market needs such as rapid prototyping and front/back end infrastructure while creating an organic pipeline of business through follow-on work for start-ups and SMEs as they grow.

Overall, Innovify creates a realignment of interest for startups/SMEs, technology partners and investors creating win-win-win situations for all involved. Innovify has already proved its ability to add value in Tech-city and now we are looking to revolutionize the UK startup ecosystem.

Substantial accomplishments to date

Case 1: Kwanji: A start-up currency transfer comparison platform.
Innovify joined the company from day 1 as CTO and primary technology partner, creating 4 versions of the product (launched to date). Innovify helped enable Kwanji to secure £750k in funding and are currently raising their Series A round.

Case 2: Landbay: A P2P mortgage lending platform.
As a co-founder/CTO, Innovify provided a fully managed product team to take Landbay through multiple iterations. Innovify helped enable Landbay to secure in excess of £2M+.

Case 3: Globr: Instant messaging app with In-built translations.
Innovify joined as CTO with a fully managed products team and helped Globr secure further funding.

As well, Innovify is helping companies like SobuApp, Heavenote, Digitteria and Acceleratics develop their products and prepare fundraising campaigns. Innovify has also developed products with corporate clients like The Wellington College and the Lords Wandsworth College (both via ITQ LTD).

Monetisation strategy

Innovify intends to balance risk by taking a multifaceted strategy with our three revenue streams:Our three facets are corporate services, incubation, and product development.

The corporate services aspect of the company generates high margin revenues by selling technological expertise with minimal overhead. With an in house fully managed scrum teams in an onshore/offshore setup, we should be able to maintain revenue margins both in the mid and long term.

As an incubator, Innovify could invest a small amount to develop MVPs for start-ups helping them into the growth stage. By entering in the pre-seed round Innovify will continue to build an equity portfolio with the intention to be exited with 5-7 times within 3 year periods. The incubation component would help feed the corporate services component by securing start-ups' use of the Innovify development services as it grows, further facilitating future revenues.

Product development, our third revenue source, allows Innovify to secure its future with our own product innovations allowing Innovify to transform as a product company, if required. Innovify is in a excellent position as both an incubator and partner, which allows us to best identify key trends and unmet user needs, which allows us to develop our own solutions to user problems and potentially, commercialise solutions using subscription models.

By establishing three revenue streams, Innovify feels that it is primed for consistent growth.Our model would allow us to remain flexible and expandable making Innovify the ideal package of a company that simultaneously be iterative and profitable.

Furthermore, Innovify intends to replicate its model in India, the next emerging economy with anticipated huge potential for tech start-ups.

Use of proceeds

Innovify plans to utilize proceeds from this round for three primary purposes: essential working capital, enabler for growth and accelerations, and corporate business development.

First, proceeds will be used to fund the continued day-to-day functions of Innovify as we capitalized on previously held relationships and develop new technology partnerships.

Second, in formalising the Innovify Incubation programme, proceeds will be used to help launch the first six start-ups to be officially run through our model. Proceeds will subsidize product development for these startups and support services that the programme provides. Essentially boosting our equity portfolio of startups.

Finally, Innovify will be building up its business development in the corporate sector to partner with more SME’s and build a reputation as a trusted technology partner in the London community.