allmyapps - story of an almost successful startup

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App Store for Windows PC Story of an almost successful French startup by @thibauld – ex-CEO of Allmyapps

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Page 1: Allmyapps - Story of an almost successful startup

App Store for Windows PC

Story of an almost successful French startup

by @thibauld – ex-CEO of Allmyapps

Page 2: Allmyapps - Story of an almost successful startup

2009A great start!

Page 3: Allmyapps - Story of an almost successful startup

Software installation on PC is broken, let’s fix it!2009 2010 2011 2012 2013 2014

Page 4: Allmyapps - Story of an almost successful startup

2 co-founders: Arnaud (@coulondre) and I2009 2010 2011 2012 2013 2014

Page 5: Allmyapps - Story of an almost successful startup

70K€ euros raised from friends and family2009 2010 2011 2012 2013 2014

Patrice

Jeff

Lionel

Gab

Damien

Maria

BrigitteSeb

Hughes

Patrick

Page 6: Allmyapps - Story of an almost successful startup

1st Launch: 30K users and 1st deal with Intel US2009 2010 2011 2012 2013 2014

Page 7: Allmyapps - Story of an almost successful startup

2010The euphory

Page 8: Allmyapps - Story of an almost successful startup

LeWeb09, Startup Academy, Techcrunch France2009 2010 2011 2012 2013 2014

Page 9: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Marie

Sam

Page 10: Allmyapps - Story of an almost successful startup

Hiring and building our team2009 2010 2011 2012 2013 2014

Sylvain

Maxime JeromePatrice

MaximeXavier

Alex

Elodie

Fred

Gawen

Page 11: Allmyapps - Story of an almost successful startup

1st App Store for Windows released!2009 2010 2011 2012 2013 2014

Page 12: Allmyapps - Story of an almost successful startup

2011The mistakes

Page 13: Allmyapps - Story of an almost successful startup

2011The mistakesssss!

Page 14: Allmyapps - Story of an almost successful startup

Big marketing push. Burn rate soars to 120K2009 2010 2011 2012 2013 2014

The race to our 1st million users

Objective: Convincing Tier 1 software publishers to sell on Allmyapps

Page 15: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Pb #1

Page 16: Allmyapps - Story of an almost successful startup

We could not get them to sell on Allmyapps2009 2010 2011 2012 2013 2014

Pb #1

Page 17: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Pb #2

It took us time to realize we had

BIG on-boarding issues

Page 18: Allmyapps - Story of an almost successful startup

Product/market fit wasn’t there yet :/2009 2010 2011 2012 2013 2014

Pb #2

It took us time to realize we had

BIG on-boarding issues

Page 19: Allmyapps - Story of an almost successful startup

Our cash level was reaching the “danger” zone2009 2010 2011 2012 2013 2014

Pb #3

Page 20: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

+1M€ bridge financing

Page 21: Allmyapps - Story of an almost successful startup

Objective: product iteration and Series A2009 2010 2011 2012 2013 2014

+1M€ bridge financing

Page 22: Allmyapps - Story of an almost successful startup

Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014

Page 23: Allmyapps - Story of an almost successful startup

Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014

Page 24: Allmyapps - Story of an almost successful startup

Fund raising attempt in the US… FAILED2009 2010 2011 2012 2013 2014

Page 25: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

New strategy!

Page 26: Allmyapps - Story of an almost successful startup

all my apps on all my devices

Dropbox for Apps2009 2010 2011 2012 2013 2014

New strategy!

Page 27: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

New fundraising attempt in Europe…

Page 28: Allmyapps - Story of an almost successful startup

FAILED2009 2010 2011 2012 2013 2014

New fundraising attempt in Europe…

Page 29: Allmyapps - Story of an almost successful startup

2012The struggle

Page 30: Allmyapps - Story of an almost successful startup

Only 4 more months left to live….2009 2010 2011 2012 2013 2014

Pb #3 (again)

Page 31: Allmyapps - Story of an almost successful startup

From 15…. to 8 employees :(2009 2010 2011 2012 2013 2014

Only solution left: downsizing

Page 32: Allmyapps - Story of an almost successful startup

Capitalizing on our current product2009 2010 2011 2012 2013 2014

Back to Windows App Store

<Microsoft logo>

Page 33: Allmyapps - Story of an almost successful startup

Marketing budget: 0€2009 2010 2011 2012 2013 2014

Full SEO acquisition strategy

<Google logo>

Page 34: Allmyapps - Story of an almost successful startup

App Promotion2009 2010 2011 2012 2013 2014

New business model

Page 35: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

New product - Allmyapps v2

Page 36: Allmyapps - Story of an almost successful startup

Released on September 27th 20122009 2010 2011 2012 2013 2014

New product - Allmyapps v2

Page 37: Allmyapps - Story of an almost successful startup

Race against time….2009 2010 2011 2012 2013 2014

Sept

1K€

Revenues Cash left175K€

Sept

Page 38: Allmyapps - Story of an almost successful startup

Race against time….2009 2010 2011 2012 2013 2014

OctSept

12K€

1K€

Revenues Cash left

100K€

175K€

OctSept

Page 39: Allmyapps - Story of an almost successful startup

Race against time….2009 2010 2011 2012 2013 2014

OctSept Nov

17K€

12K€

1K€

Revenues Cash left

63K€

100K€

175K€

OctSept Nov

Page 40: Allmyapps - Story of an almost successful startup

Race against time….2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€

17K€

12K€

1K€

Revenues Cash left

33K€

63K€

100K€

175K€

OctSept Nov Dec

Page 41: Allmyapps - Story of an almost successful startup

3 months of cash missing :/2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€

17K€

12K€

1K€

Break-even is around the corner!

Break-even

Page 42: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

+300.000€ final investment

Page 43: Allmyapps - Story of an almost successful startup

Objective: reaching profitability2009 2010 2011 2012 2013 2014

+300.000€ final investment

Page 44: Allmyapps - Story of an almost successful startup

2013The recovery

Page 45: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

Page 46: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

28K€

Jan

Page 47: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

28K€

50K€

Jan Fev

Page 48: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

28K€

50K€

66K€

Jan Fev Mar

Page 49: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

28K€

50K€

66K€

Jan Fev Mar

Break-even

Page 50: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

OctSept Nov Dec

24K€17K€

12K€

1K€

28K€

50K€

66K€

Jan Fev Mar

WE ARE

PROFITABLE!

Break-even

Page 51: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

+200.000€ B2B deal

Page 52: Allmyapps - Story of an almost successful startup

+25% monthly average growth2009 2010 2011 2012 2013 2014

Daily allmyapps downloads

-

5 000

10 000

15 000

20 000

Page 53: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

We’re out of the death zone…

Page 54: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

We’re out of the death zone…

Back to our growth plans!

Page 55: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

We’re out of the death zone…

Back to our growth plans!

Page 56: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

But then this happened…

Page 57: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

But then this happened…

0

100000

200000

300000

400000

500000

600000Weekly allmyapps.com traffic

Page 58: Allmyapps - Story of an almost successful startup

Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014

But then this happened…

0

100000

200000

300000

400000

500000

600000Weekly allmyapps.com traffic

Page 59: Allmyapps - Story of an almost successful startup

Google killed 70% of our traffic… overnight!2009 2010 2011 2012 2013 2014

But then this happened…

0

100000

200000

300000

400000

500000

600000Weekly allmyapps.com traffic

Page 60: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

We’re BACK to the death zone…

Out our growth plans :(

Page 61: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

We’re BACK to the death zone…

Out our growth plans :(

Page 62: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

At this point…

Page 63: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

At this point…

ALL IN !

Page 64: Allmyapps - Story of an almost successful startup

We make it… or we crash it!2009 2010 2011 2012 2013 2014

At this point…

ALL IN !

Page 65: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The main issue:

DISTRIBUTION

Let’s find another distribution channel!

Page 66: Allmyapps - Story of an almost successful startup

Worldwide distribution deal with Systweak2009 2010 2011 2012 2013 2014

January 2014

Page 67: Allmyapps - Story of an almost successful startup

New distribution channel: OK2009 2010 2011 2012 2013 2014

Results

-

20 000

40 000

60 000

oct.-13 nov.-13 déc.-13 janv.-14 févr.-14

Daily allmyapps downloads

Page 68: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

End of March 2014

30K€ revenues / month(back from 15K€ in January 2014)

We need 60K€ / month to break-even

BUT

Page 69: Allmyapps - Story of an almost successful startup

In the “Danger” zone again!2009 2010 2011 2012 2013 2014

Problem

Page 70: Allmyapps - Story of an almost successful startup

3 months to sell the company2009 2010 2011 2012 2013 2014

Decision

Let’s sell the company…

NOW!

Page 71: Allmyapps - Story of an almost successful startup

2014Selling Allmyapps

Page 72: Allmyapps - Story of an almost successful startup

9 employees

500K€ Debts

3M€ Loss carryforward (“déficit reportable”)

100K€ in the Bank + 150K€ CIR “yet to come”

30K€ operating loss / month

2009 2010 2011 2012 2013 2014

Company facts

April

Page 73: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The context

Box software and games distributor

Wants to go into online distribution

Interested in:

– Our know-how / team

– Our technology

– Our users May

Company A

Page 74: Allmyapps - Story of an almost successful startup

Offers to buy the company shares for 350K€

Keep all employees

2009 2010 2011 2012 2013 2014

The offer

May

Company A

Page 75: Allmyapps - Story of an almost successful startup

Letter of Intention received but:

– Company A refused to properly incentivize employees to join the company

– As a result, all developers voiced their opposition to join Company A during HR interviews

2009 2010 2011 2012 2013 2014

The result

May

Company A

Page 76: Allmyapps - Story of an almost successful startup

Letter of Intention received but:

– Company A refused to properly incentivize employees to join the company

– As a result, all developers voiced their opposition to join Company A during HR interviews

2009 2010 2011 2012 2013 2014

The result

May

Company A

Page 77: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The context French Coopetitor / We know each other

Profitable company

Interested in:– The product and its user base

– Our catalog of desktop applications

– The Tax (IS) economy

– Buying a competitor June

Company B

Page 78: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The operation as proposed by Allmyapps

A win/win deal:

– Sell of 100% shares for 500K€

– Risk free acquisition for Company B:

• Accretive even if synergies finally do not work as hoped thanks to the important Tax economy

June

Company B

Page 79: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The (Non) Offer

Strong first initial interest

Abnormally slow moving

Finally informally proposed to buy Allmyapps with options (BSA) of the company

July

Company B

Page 80: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The result

(non) offer contradictive to our 1st talks

Not interesting for allmyapps shareholders

Company B was obviously trying to run out the clock

Our answer: NOJuly

Company B

Page 81: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The result

(non) offer contradictive to our 1st talks

Not interesting for allmyapps shareholders

Company B was obviously trying to run out the clock

Our answer: NOJuly

Company B

Page 82: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The context

Allmyapps business partner for 1.5 years

Leading company in the download space

Interested in:

– The product

– Our catalog of desktop applications

August

Page 83: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The offer

370K$ for allmyapps assets

200K$ for pre-identified key employees to help transition adapt our technology to their technical platform

30K$ for our mutual “contact agent”

August

Page 84: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

The result

370K$ < Allmyapps total debts:

– I cannot take the decision to sell alone

– Needs approval of “administration judiciaire”

Our answer:

– OK but pending administration approval

August

Page 85: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Sept

September 9th 2014

Page 86: Allmyapps - Story of an almost successful startup

Liquidation procedure opening2009 2010 2011 2012 2013 2014

Sept

September 11th 2014

Page 87: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

Page 88: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

Company A

Page 89: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

Company ACompany A Company B

Page 90: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

Company A Company B

Page 91: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

80K€

Company A Company B

Page 92: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

80K€

250K€

Company A Company B

Page 93: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 1

80K€

296K€(370K$)

250K€

Company A Company B

Page 94: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 2

Company A Company B

Page 95: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 2

80K€

Company A Company B

Page 96: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 2

80K€

320K€

Company A Company B

Page 97: Allmyapps - Story of an almost successful startup

2009 2010 2011 2012 2013 2014

Oct

Final judgement – Round 2

80K€

320K€

361K€(450K$)

Company A Company B

Page 98: Allmyapps - Story of an almost successful startup

October 21st 2014

bought

for 361.000 euros

Page 99: Allmyapps - Story of an almost successful startup

“If you’re going through hell, keep going.”

Winston Churchill

Page 100: Allmyapps - Story of an almost successful startup

“If you’re going through hell, keep going.”

Winston Churchill

If you’d like to know more about my next upcoming venture:@thibauld

Page 101: Allmyapps - Story of an almost successful startup

Credits

Thanks again to all who contributed to this almost success story

Page 102: Allmyapps - Story of an almost successful startup

Our early business, code and design angels

Patrice

Jeff Lionel Gab

Damien et Claude

Maria Brigitte

Seb

HughesPatrick

Leo

Andrea

Page 103: Allmyapps - Story of an almost successful startup

Our funny and hardworking (sometimes) interns ;)

Adrien, Matthieu, David, Slim

Laurence, Reda, Cyprien, Pierre, Vivien, Loukmane

Feiyu, Xiaodong

Page 104: Allmyapps - Story of an almost successful startup

Our hardworking team

Mikky, Xavier, Patrice, Gawen, Jean-Tristan, Frederic, Arnaud, Maxime, Elodie, Jerome, Thibauld, Alex, Sylvain, David

Axel Maxime Seb Patrick Jeremy

Page 105: Allmyapps - Story of an almost successful startup

Our supportive investors and board members

Marie PaulineSamantha

Rodrigo Nenad

Page 106: Allmyapps - Story of an almost successful startup

My friend and co-founder

Arnaud

Page 107: Allmyapps - Story of an almost successful startup

My friend and co-founder

Arnaud

Hélène

And his supportive wife!

Page 108: Allmyapps - Story of an almost successful startup

My beloved wife and partner for life!

Paola

Page 109: Allmyapps - Story of an almost successful startup

My beloved wife and partner for life!

And finally my entire family for their never ending support

Paola