Earnings+More - The Startup Month #7
Good morning. In this edition of the startup month:
Show me a gray sky, a rainy cab ride. A startup guide to ICEThe chaotic nature of one of the biggest expos in the sector poses problems for startups hoping to meet the right people. Bright lights, big city: “Big expos like ICE can be super overwhelming,” says Kelly Kehn, partner at HappyHour.io and co-founder of the All-In Diversity project. “With 35,000-plus attendees, hundreds of stands, millions of flashing lights, conference sessions and, of course, the networking dinners and parties, the week can be both exhausting and incredibly productive.”
Call me if you get lost: “It‘s not just a case of rocking up to a conference and hoping to bump into someone,” says Darragh Toolan, co-founder, Fortuna Edge Media. A big expo takes preparation. “Have a clear understanding of the layout of the conference,” he adds.
Fitbit: “Wear comfortable shoes,” is Kehn’s advice. “Schedule in some time to walk the floor. You’ll always find something that surprises you.” Toolan agrees, pointing out that walking the floor will happen as a by-product of moving between meetings. Among the Gaming Boardroom’s Kate Chambers’ tips for ICE are blister plasters along with Vitamin C tablets.
Net work: Late nights are part of the game, no matter how you approach the week. “Transform yourself into a networking animal and have as many relevant conversations as possible,” says Ben Robinson, co-founder of RB Capital.
The wash up: Wilson says a good conference can give startups a “surge of confidence”. “You should come away with a healthy balance of new contacts, firming up existing relationships, competitive intelligence and market research,” he adds.
**Sponsor’s message** Venture capital firm Yolo Investments manages €550m in capital across 80 of the most exciting companies in fintech, gaming & blockchain. The Gaming Fund, regulated by the Guernsey Financial Services Commission, a dedicated 29-company, €183m AUM portfolio has invested in fast-growth assets including Dabble, Kalamba, SimWin & ThriveFantasy. Yolo Investments has just opened its fund to new investors as it looks to scale new cutting-edge concepts, including its exclusive high-roller land and live casino brand, Bombay Club, global banking network & OTC desk Aims Group. Pitch tipsToo late for the participants this week, but here are some tips for those looking at future Pitch competitions. First impressions: Fourteen companies are duking it out in the Pitch competition taking place over the next two days. It has to be hoped all will be well-prepared and have honed their presentations down to the second. That at least is the hope.
One piece of advice above all: Don’t go over time. “It looks unprofessional and shows that you haven't taken this seriously by being unprepared,” says Toolan. Kehn adds that there are three aspects of pitches that she looks out for:
Investor interview – Lloyd DanzigHaving spotted an opportunity post the fall of PASPA, Lloyd Danzig has quickly established a name for himself as one of the leading backers for gaming-related startups. Unready: The Supreme Court decision in 2018 took by surprise a gaming and betting industry that was ill-equipped to deliver the innovation needed to fully exploit the opportunity. Such is how Sharp Alpha’s managing partner Lloyd Danzig views the post-PASPA environment.
The innovator’s dilemma: The market concentration at the top of the market has worked against innovation, in particular at larger businesses, Danzig argues. “It makes more sense if you are a large incumbent or market leader to focus on hitting your next quarterly targets and beating expectations,” he adds.
Feeling the heat: A big question for this year is the extent to which innovation might come from new entrants. As with DraftKings and FanDuel, Fanatics, for instance, also has “startup-like features”.
It remains to be seen what the Fanatics product and UX will look like. But the idea of being a one-stop shop for sports fans – with betting being one part of the offering along with apparel, collectibles and (rumored) ticketing – could bring true disruption.
Rokker’s Business Design services deliver global gaming clients with research and insight alongside actionable strategy, clarity and alignment. We research, analyse and ideate to address the challenges and opportunities that affect our client’s product, proposition, people and process. Our work aligns client’s boards and teams in building businesses people love. To find out more visit: www.rokker.co.uk The processThe numbers game: Safe to say, Danzig passes on more opportunities than he gets involved in. “We have around 20 companies in our portfolio, but we have passed on over 1,000 decks.” What he is looking for, first, is exceptional founders and, second, the opportunity size.
The management team is the other central building block of any startup investors’ process. In any given sector or space, there will be many companies that will have similar ideas or be chasing the same opportunity. What differentiates them will be the who behind the company as much as the what.
A final word: Good founder/investor relationships are “based on trust,” Danzig concludes.
The month in transactionsGrilla: The Miami-based esports and skill-games platform has raised $3m and gone live with a beta offering. Jackpot.com: Secured a tranche of $7m in new cash from investors, including Aurum Partners, Detroit Venture Partners and Bettor Capital. ** SPONSOR’S MESSAGE: BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 20-year track record supporting the iGaming industry, and with a team of experts and world class knowledge, it’s no surprise BettingJobs is experiencing rapid growth with outstanding results. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. Growth company gazette
Startup focuses
What we’re readingA new app is letting soccer fans bet on the long-term future of players from around the globe. Calendar
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DraftKings soars on January optimism wave
Monday, February 6, 2023
January's sector bounce, ICE previews, World Cup differential, the week ahead, startup focus – Virtually Sports +More
Weekend Edition #83
Friday, February 3, 2023
Boyd sees Strip overflow benefits, analysts react to Penn, French World Cup betting examined, sector watch – tokens +More
Penn’s hits and misses
Thursday, February 2, 2023
Penn Entertainment's Q4 comes in below expectations, earnings in brief from EveryMatrix +More
DraftKings hits the layoffs button
Thursday, February 2, 2023
DraftKings announces restructuring, Evolution earnings, Better Collective's Catena Media stake, optimism in Macau +More
Entain seeks UK ‘clarity’
Wednesday, February 1, 2023
Entain update, Las Vegas December, GiG completes AskGamblers deal +More
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