REVL wins TechPitch 4.5 Music, Media & Entertainment
REVL – an app that helps users find out about events they are interested in – was last night crowned the winner of TechPitch 4.5 Music, Media & Entertainment (28 February 2017).
“When you think about Tripadvisor and Instagram, they have two things in common – one, they’ve been successful and two, they aggregate data – but no one has done that for events,” said founder Brandon Stephens. “70% of millennials want desirable experiences, so we built something that tackles bringing together event information but with an app that works for the experience economy.”
Festyvent – a platform that enables promoters and touring artists to better engage and monetize their audiences before, during and after events – came in second. Founder David Jacobs explained: “We help artists and festivals turn audiences into superfans.”
Entertainment Intelligence – a solution that collates data from DSPs and converts it into reports for labels, artists and rightsholders – came in third. “Big data is not a trend – it helps drive your business,” said founder Greg Delaney. “Our data reports are accessible, usable and shareable, enabling informed decisions on how to further an artist’s career.”
REVL also came in first in the audience vote. Stagelink – a crowdsourcing platform for live events including research, promotion and ticketing – came in second. Three years ago, Stagelink, prior to its latest pivot, pitched and met its first investor at TechPitch 4.5.
Conceived, organized and executed by 2Pears, last night’s pitching competition at Interchange in London marks the first TechPitch 4.5 that focused specifically on media and entertainment start-ups, as well as on music.
Chaired by Ashley Elsdon, PalmSounds, the sector-specific TechPitch 4.5 Music, Media & Entertainment’s panel of judges encompassed a broad range of skills and expertise across finance, investment, legal, marketing and entrepreneurship. They were:
Guy Armitage, CEO, Zealous
Tom Frederikse, Partner, Clintons
Mike Hayes, Head of Digital and Digital Entertainment, Mercia Technologies Fund
Victoria Robinson, Head of Events, Interchange
Iain Tweedale, Tramshed Tech Cardiff
The importance of a prototype or MVP
Prior to the pitching, Mike Hayes, Investment Director Digital and Digital Entertainment at Mercia Technologies Fund, one of the leading investment businesses in UK technology, and previously CEO of SEGA Europe and North America, detailed in a keynote address what he looks for when considering investment in digital entertainment startups and what he considers to be the essential elements of a good pitch.
“I’ve seen hundreds of pitches,” he said. “Reprise the basics: have an originality of concept, be clear about what problem you’re solving, and have an addressable market where you’re going to get traction and revenue.”
He also stressed the importance of a prototype or MVP when approaching investors and potential partners. “We don’t want to see ideas on a paper; we want to see you’ve put some sweat into it and have dedication.”
People, people, people
Hayes said he’s seen great ideas from entrepreneurs who just aren’t compatible with the idea they’re promoting. He stressed that start-ups need to open minded to advice and to consider change. “Even the best know when they need outside expertise,” he said.
“And you don’t need a 60-page business plan,” he concluded. “Two pages will do.”
The other pitching start-ups were:
Banders – a marketplace for bands and fans that fosters creative and monetary value through co-creating projects
FrontRow – fintech-based administrative solutions for musicians, allowing them to showcase their music, send invoice/contracts, and manage payments easily
Trackhunter Ltd – a multi-platform tool to help DJs discover digital music
Zonga Music S.A. – a state-of-the art music streaming platform
Is everything going mobile first?
Event chair Ashley Elsdon observed that the bulk of the start-ups were pitching mobile apps. “It’s a consumer product,” responded judge Tom Frederikse. “If you’re doing B2B you have to do desktop, but if not you have to do mobile.”
Marking the shift in music to media and entertainment
Frederikse also commented that of all the start-ups who pitched there was only one presenting music. “The others are plucking music from elsewhere,” he said. “It’s not a bad thing, but it’s interesting.”
“Perhaps it’s marking the shift from music to media and entertainment,” said Elsdon.
The next TechPitch 4.5 will take place on 25 April 2017 at The Auditorium, Pinsent Masons, 30 Crown Place, London, EC2A 4ES. Get your tickets and apply to pitch here. The deadline to apply is 24 March 2017.
TechPitch 4.5 Fashion, Luxe & Retail will take place on 11 May 2017 at Irwin Mitchell offices, 40 Holborn Viaduct, London, EC1N 2PZ. The pitch application deadline is 7 April 2017. Apply to pitch and get tickets on our website.