cmypitch has built a site with a whole buffet of tools for businesses, from a video pitching section to recruitment services and advice for entrepreneurs. Founder Emmett Kilduff describes the site as a social network for businesses, and claims the site attracted 20,000 users in the first two months since the launch, in June this year.
The site is privately funded and employs 15 staff at its London base. Kilduff introduces the site.
cmypitch founder and chief executive Emmett Kilduff
• Explain your business to my Mum
"cmypitch.com is a social network for small businesses. It helps entrepreneurs engage and do business with investors and service providers, such as accountants or lawyers, as well as other entrepreneurs. It's video-based and has five distinct communities for anyone starting, running, growing or selling a business. The product that often grabs people's attention is the ability to video pitch for funding, which we describe as a serious version of 'Dragons' Den meets YouTube'."
• How exactly does that work?
"For example: an entrepreneur looking for funding uploads a video 'pitch' of his or her business idea onto the site supported by a summary business plan, where it will be viewed by potential investors. This is a free service."
• How do you make money?
"Mainly from service providers that pay a small fee for a premium listing in our business directory. We are the first business in the UK to have been granted a micro-license from Thomson Directories, so have 70,000 service providers to small businesses already listed on the site. The premium listing enables them to add video, more information and to respond to 'lead' requests and tender for business. Every small and growing business needs an accountant, lawyer and other suppliers."
• What's your background?
"I come from the other side of the table. I founded cmypitch this year, having been with Credit Suisse as an investment banker since 2000, where I was advising UK and Irish corporates, including GlaxoSmithKline, Carphone Warehouse, moneysupermarket.com and Diageo.
"I come from an entrepreneurial family and working with the likes of Carphone's Charles Dunstone and moneysupermarket's Simon Nixon couldn't help but inspire me. I also took a masters in e-commerce back in 1999 - the first of its kind in Ireland - so have been interested in the power of the web for a while."
• How many users do you have now, and what's your target within 12 months?
"We launched in beta the last week of June 2008 and by the end of our second month had reached 20,000 unique users. We're aiming for 50,000 unique users per month by December and 100,000 monthly users by September 2009."
• Name your closest competitors
"There are a number of sites doing elements of what we're doing and doing it well, but there's not one place that brings all of our offering together. One example is Dynamis, which is established in the area of businesses for sale and has sites for start-ups, franchisees and business opportunity owners, so is as close as you'll find right now.
"There are also various social networks but they don't focus entirely on our niche. Our differentiator is that right from the point of deciding what type of business venture to start or run, through finding funding and suppliers to help you grow, and finally putting your company up for sale, and possibly using the proceeds to become an investor, we offer a resource for the full lifecycle of entrepreneurship.
"It's ambitious which is why we have a team of almost 20 people and some top advisors, including the former heads of global online marketing for Skype."
• How are personalisation and recommendation part of your business?
"Pitching yourself on video is about the most personalised form of communication you can have, other than meeting face-to-face, and this is a key part of our business. Entrepreneurs can rate and review service providers. Investors can rate and review funding pitches by entrepreneurs. The 'share' functionality across the site enables users to recommend areas of interest to others."
• What's your biggest challenge?
"Brits can be shy of the camera! Video is a great way to bring a business idea to life, and one of the fastest growing areas of the Internet - 60% of internet users are now watching video online according to some recent research. We need to convince business people to take the plunge and get in front of the camera as people ultimately buy from people in business and video will help entrepreneurs make those crucial hiring decisions."
• Any weird business experiences so far?
"Not exactly what I'd call weird, but taking questions from Sir James Dyson about our business model when we interviewed him for our TV channel Entrepreneur TV was different. It's great when people like to engage with the idea and what we're doing. Successful entrepreneurs are often passionate about giving something back to those at a different stage of business."
• Are we in the middle of a new dot com bubble?
"I think investors are being cautious at the moment, so I can't see the kind of bubble we had at the turn of the century happening again. Usual rules of business apply - a sound business idea with a revenue model. I think there are a few businesses who'll suffer from jumping on the consumer-facing social media bandwagon and realising that consumers want stuff for free. But smart companies are using the internet as a platform to deliver a sound business model."
• Which tech businesses or web thinkers are the ones to watch?
"The property search engine globrix.com. It´s technology is very clever and disruptive. It's got the potential to be massive."
• Where do you want the company to be in five years?
"The aim is to grow traffic rapidly and to become the leading social network for small business in the UK and overseas. Ultimately, the intention is to provide a solution for UK business support."
What do you think?
• Would cmypitch be a stronger proposition if it was focused around one particular function, like the mentoring advice?
• How do you think this kind of site will fair in a recession?
• What do you think of the deal with Thomson, and can you think of any additional revenue streams?
