Urquhart says: “After putting together the business plan, I needed seed funding to get started. I listed the business on an Australian angel investor network, and received 10 responses over the first week.”
“I knew that I wanted someone to bring expertise as well as investment to the business, so I ranked the potential investors in terms of desirability.”
“Nick Reade was the most desirable investment partner, so I arranged to see Nick.”
“He’s an extremely busy man, so he was only free one Friday evening after work for a couple of hours before a black tie function. I pitched to him in a cafe on Powerpoint just before he was going to make his way to the function.”
“Nick did due diligence and reviewed our documentation and he came on board – it all happened within a couple of days.”
Reade says he was immediately impressed by the capability, experience and passion he saw when he first met the team at Jedo.
“I deal with many businesses, particularly start-ups, and I have rarely seen a start-up more prepared than Jedo, which gave me a great deal of confidence,” he explains.
Eventually, Nolan became involved in the business via Reade.
“Both Nick and Chris were purposely brought on to address an area of need in the business and are both actively involved in the business,” Urquhart says.
Reade’s senior at ANZ has given Jedo an unusual degree of experience in financial management, small business and marketing for a start-up in its position.
“(Reade) has been key in assisting with the capital raising and financial strategy,” Urquhart says.
“And Chris Nolan brings a wealth of experience, relationships and expertise in media. He has assisted in building the commercial model, the media proposition and actively helps bring in key partnerships and clients for the business.”
Jedo is now successfully selling shares through the Australian Small Scale Offerings Board, via its public company vehicle Localite Limited, and is well into the second round of the current investment offering.
Urquhart says she wishes she had started the business sooner: “I knew in my gut it was a great opportunity, but I spent a lot of time considering the risks and conducting exhaustive analysis before seeking seed funding.”
“With the benefit of experience, there are a few research steps that I would skip, or do more quickly.”
As for advice to entrepreneurs, she has this to say: “If you find yourself contemplating a great idea and constantly thinking about it, then get started! It is an incredibly rewarding experience. I’d do it again in a heartbeat.”
Andrew Sadauskas is a former journalist at SmartCompany and a former editor of TechCompany.
