Talking about Brainient on CNBC
With the occasion of the London Tech Week, CNBC have chosen 5 of the UK’s hottest startups to pitch as part of their #PowerPitchUK. Brainient was kindly chosen as one of these 5 startups, and I was invited for a brief and fun interview on CNBC, embedded below. Mom’s pretty proud.
Mobile is eating the TV
There are three slides in Mary Meeker’s Internet Trends 2014 that tell a good story of where video is going.
The first slide shows mobile (smartphone & tablet) shipments compared to TV units. TV shipments are flatlining just under 300M whereas mobile & tablets are skyrocketing to nearly 1,5BN per year.
The second relevant slide shows the daily distribution of screen minutes. In nearly all countries, smartphone & tablets are eating up half or more than the daily screen minutes consumed.
The third, and probably most relevant, shows the distribution of total TV time for millennials vs. non-millennials. Almost half of the TV viewing for millennials is done on-demand or on-line.
Five times more devices shipped per year than TVs, taking half of the daily screen consumption minutes and half of the TV viewing minutes for millennials. Mobile is eating the TV, hindered only by the lack of mainstream LTE availability. But it’s getting there, faster than any of us expected it.
Raising money for blood cancer research
“For the world is in a bad state, but everything will become still worse unless each of us does his best.” — Viktor E. Frankl, Man’s Search for Meaning
Cancer is not one of those things healthy people think about, unless you have a close friend or relative who’s been diagnosed. I’m lucky to have healthy friends & family, but that’s not the case for the nearly 18 million people who were diagnosed with cancer last year.
Over the past few months, I’ve been training for my first ever triathlon, to raise money for Leukaemia & Lymphoma Research, a charity that offers patient support and research to blood cancer patients. Blood cancer accounts for nearly 10% of all diagnostics, and it’s the most prevalent type of cancer in kids. That’s very sad, and I’m trying to raise a little bit of money for LLR.
Please go here to donate - any support will be much appreciated. I’m doing the Blenheim triathlon and I’ll do my best to get past the finish line.
As some of you may have read, we’ve recently relaunched our platform, our studio and our identity. It’s been a labour of love, sweat and tears, but we felt it was needed after almost five years of being in business. Our platform is now used by some of the largest media companies and brands in the world and they expect us to have the best product in the industry. We think we do, but to avoid banging our own drum we asked ITV, the largest commercial broadcaster in the UK what they think about us. Here’s what they have to say:
As proud as I am of our new product, I’m even more excited about our KPIs. Here are some interesting stats, to go with our relaunch:
- 400% YoY growth since we started the company
- 600+ campaigns / year for customers
- 95% customer retention rate
- 3 out of the 4 top broadcasters in the UK are Brainient customers (ITV, Channel4, Channel5)
- the average engagement rate across all our interactive formats is 8%
Ad tech: what’s an engagement?
It used to be that a click was a click. Advertisers bought banners and got clicks to their websites, end of story. Today, advertisers buy banners, video ads, native ads, second-screen ads, mobile ads, and many more. For these ads, they get clicks, roll-overs and swipes. To makes matters worse, these clicks, roll-overs and swipes are not to their websites anymore (at least not all of them). They’re interactions within the advert itself - image galleries, share buttons, likes, retweets, with only few of them going to the advertiser’s website. Because of this, it has become almost impossible to compare the impact of the different ad formats used within the same campaign.
In an attempt to standardise these results, there’s a new metric adopted by a number of companies in the advertising ecosystem, called engagement. In theory, an engagement is any click, swipe or roll-over happening within an advert, regardless of its type. This can be swiping through an image gallery, retweeting, liking, etc. But what we’re seeing as of late is that different companies in the industry are starting to have their own interpretations of what an engagement is. Some look at every interaction within an ad, some at all interactions besides the first one (for example to launch an image gallery within a rich media advert) while some include both the interactions inside the unit as well as the clicks to the advertiser’s site.
There’s a major benefit of having a widely adopted standard for engagement: by making it easy and straightforward for agencies and advertisers to understand the performance of their campaigns, they’ll spend more money on all these campaigns (provided that the results are good, but that’s a story for another post).
So at Brainient, we would like to suggest a standard definition for what an engagement is: any interaction on any element within an advert, except the click through on the ad itself (because this type of click is already known in the industry as a clickthru). Therefore, an engagement rate would be the total number of impressions divided by the total number of engagements within the ad. We’re trying to get this definition of engagement adopted by as many companies in the ecosystem as possible, so if you’re one of them and would like to contribute to creating the standard, please get in touch.
Brainient hiring spree
When talking about GE’s strategy some time ago, Lawrence Bossidy, former COO of GE said that “nothing we do is more important than hiring and developing people. At the end of the day you bet on people, not on strategies.”
I’ve always believed that a company is only as good as its people, and I’ve had the privilege to work with some amazing people over the years. Whenever I find someone amazing I try to keep them close - so much so that my first ever employee, whom I hired almost 8 years ago in my first business, still works for me.
The most successful entrepreneurs I know spend over 50% of their time on recruiting or developing people, and that’s something I’m trying to get better at this year. So without further ado, I’d like to let you know that we’re hiring quite a few people at Brainient. If you’re interested, use the links below to apply. Or, if we recommend someone that we end up hiring, we’ll give you a €1,000 referral fee.
London: European Sales Executive (FR)
London: Marketing Manager
London: Office Manager / PA to CEO
Bucharest: QA Automation Engineer
Bucharest: Junior DevOps
Bucharest: HTML5 Developer
One of my most vivid memories as a kid is sitting on a little wooden chair in the garage next to my dad as he was dismantling the entire engine of his Dacia 1310 at weekends. He’d explain what the various parts do, then clean and put them back in. Sometimes he would discover stuff that was broken, sometimes the parts wouldn’t go back in as they should but no matter how long it took, he’d finally put everything back to its place and the car’s engine would be like new.
I don’t have a garage and wouldn’t be able to dismantle a car engine, but I spent this past weekend hacking together a hardware product
made of Arduino
parts. It reminded me how much I loved electronics as a kid (although I broke more stuff than I created), how much I enjoyed coding as a teenager and how fulfilling it is to build something with your hands and see it working.
Now whether it’s dismantling car engines, creating hardware prototypes or making art - I like to call it hacking. And hacking is important because it encourages problem-solving (“shit, we don’t have a soldering iron, what do we do?” “oh, let’s just sew the parts together using conductive thread”) and it spurs creativity. These are skills you can use in your everyday life, so if you’re currently not hacking around at weekends or on holidays, maybe you should. If not for learning something new, at least for having a bit of fun.
Ah yes, and as with most other things - hacking is better with friends. Happy Hacking this Christmas break.
What art and venture capitalists have in common
I was strolling around MoMa with a friend the other day and we were wondering why some artists get to exhibit in museums while most don’t. Art, after all, is subjective, so it’s difficult to say that some piece of art deserves to be up on the wall while another doesn’t. My instinctive thought as we were debating on the subject was that the artists who end up in museums are not necessarily the most talented ones, but the ones better than their peers at meeting and attracting people. So I did a bit of googling when I got home, and apparently wasn’t far off.
The way museums select their art is through art curators. These curators go out to galleries, exhibitions, art fairs, and meet people. Over time, they spot the galleries and dealers that always discover interesting talent and build relationships with the owners or dealers of those galleries. They then buy their art for the museum. So as an artist, you need to meet gallery owners (or their dealers) and get your art bought (or exhibited) by them. That gets you seen by the curators, who purchase your art from the galleries and put it up on the wall in the museum. To me, that sounds familiar.
Let’s take venture capitalists. They have curators, generally the partners. These partners go out to their angel investor friends, demo days, incubators, accelerators and meet people. Over time, they spot the people or accelerators that always discover interesting startups and build relationships with them. Then they fund stuff. So as a startup, you need to meet angel investors or accelerators, get on their radar (or become part of their programmes), in order to get connected to the venture partners and raise the hard, cold cash.
This applies to everything - art, technology, funding, education and beyond. The world’s currency is the relationship, and relationships need to be started, nurtured and strengthened. It takes time, but it’s why some artists get their art up on the wall at MoMa, it’s why some founders get their startup acquired by Google and it’s why some parents get their kid into Harvard while most don’t. Certainly, all of this will most often happen only if the art is good, the startup is relevant and the kid is fucking smart - but more on this in another post.
The importance of building relationships is common sense. But where most fail over and over again is at investing the required time and energy in building real, meaningful, genuine relationships, repeatedly and consistently. You can’t meet the curator for MoMa and expect your art to be up on the wall the next day or have a coffee an investor and expect a cheque that very moment. At the very least, it takes a few months. Most likely, it takes a few years. In the same way, you can’t call up the investor you haven’t seen in two years and tell them you’re raising a funding round. It doesn’t work like that.
So there you go - art, venture capitalists and pretty much everything else in life have one thing in common: they happen because someone knows someone who knows someone who can make it happen. Make sure that someone is you. If you don’t, somebody else will.
Brainient signs ITV, UK’s largest commercial television network
The news hit the stands this morning that Brainient has signed a partnership with ITV, the largest commercial television network in the UK and one of the largest in Europe. This is big news for us, for a few reasons:
Firstly, it’s a sign that what we’ve been preaching as a company for the past four years - interactive video formats becoming the default in video advertising because they deliver substantial increase in performance - is finally mainstream and broadcasters like ITV are doubling down on interactive formats.
Secondly, it’s a testament to the quality of our product and our team’s ability to deliver interactive video formats at scale. In the first three quarters of 2013 we’ve delivered over 1,000 campaigns for customers in seven different territories. That’s a huge accomplishment for the small team we have here at Brainient.
Thirdly and most importantly, signing a customer like ITV is a key milestone for the company and one that’s already created a domino effect across many other blue chip customers in the UK and beyond.
I believe a company is only as good as the people it employs, and I couldn’t be more proud of the team we have at Brainient. I am fortunate to be able to learn new things from my team everyday and feel very lucky to be able to surround myself with amazing people.
You can read more about the deal here, and expect more good stuff from Brainient in the upcoming months. We’re only 2% into what we think is possible in digital advertising and we’re very excited about the new stuff we’re working on.
A most important CEO skill
As companies grow, they inevitably start seeing some employee turnover. If the company’s culture is entrepreneurial, some employees will go and start their own companies. If it’s rigid, some will leave for a more flexible startup. If it’s chaotic, some will leave for corporates with a clearly defined structure. It’s inevitable and rather than trying to fight it, CEOs should focus on always having alternatives. This is easier said than done.
A good friend of mine is one of Romania’s most prolific entrepreneurs. He started the first advertising agency in the country, one of the first TV channels, a number of radio channels and his net worth is in the hundreds of millions of euros. We were speaking about his current ventures a few weeks ago and he mentioned he’s currently involved in over 30 different projects. I found that bewildering and was curious to understand what his involvement is with all these projects. As it turns out “all I do these days is connect people. My network is the single most important asset I have” were his words.
Great CEOs, investors and executives have an amazing, almost native ability to build and nurture relationships. Real relationships, not acquaintances that you bump into at conferences and say hello. I believe 100 quality, genuine relationships are more valuable than 1000 connections on LinkedIn. That’s difficult to create and maintain, because as a CEO you always have other priorities and never have enough time.
Personally, I only realised how important nurturing relationships is when I had a month to hire a replacement for a key employee and no idea where to start. As a rule of thumb, I think CEOs should nurture two-three close relationships with potential employees for each key position they have in their company (read: direct reports). It’s really difficult but I believe it pays enormous dividends once you’ve done it.
I’ve built a very simple system that helps me keep the relationships that I care about active: a spreadsheet. It contains the name, industry, location and the last time I’ve seen a particular person. When I notice that I haven’t seen someone for more than two months, I reach out and invite them for a catch-up. I currently have 60 people on this highly curated list and could probably actively nurture up to 150 people without it affecting any of my other activities. I periodically review this list and either add or remove people. It works like a charm and if you’re serious about being as successful as my friend mentioned above, you should start doing this now.