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Nigel Eccles from FanDuel at #turingfest  

(Really looking forward to this - big fan of Nigel's co-founder in particular)

Nigel is going to talk about The 3 building blocks of billion dollar businesses.

He feels a lot of companies get stuck at 4 or 5 people, vaguely profitable, so he's going to talk about going from 5 peeps to 50

1. Market

Sequoia Capital encourage you to focus on $1 billion potential markets. It's just as difficult to create a company in a small market as it is a big.

This year Fanduel will take $150 million (commission of $14) yet feel they have barely scratched the surface.

2. Money

Traction but no revenues is not a good sales pitch in UK (will work in US) so FanDuel changed their business to meet requirements of local investors.  They had 100% success rate on raising their $100k seed funding (2007). Series A funding was a 5% success rate. Took 6 months to get at term sheet.  Took $4 mill series B in 2011, took 9 months, pitched 85 investoes (1%+3 success rate).  Feels this would be a very hard number to raise in Scotland.  In Jan 13 secured series C ($12 million) pitched to 15 and got 33% success rate (business de-risked to a large extent).

3. Talent

This is not something FanDuel have cracked yet.  The ability to get the right people on board is a key constraint to growth.  A great (as opposed to a good) hire makes a makes a massive difference. Fanduel have gone from 15 to 56 in 18 months.

Finding it very difficult to attract senior positions. Usually means relocating.  Problem is not dislike of the place but a fear of what' next, what it will do for careers, will it be a final move.  Fanduel seek to sell the tech community here as it will make it easier to attract senior talent.
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