We, the construction genies from GenieBelt, just raised an angel round of $½ Million, yehaa! That's not a lot of money compared to some bigger funding rounds I have done in the past, but it's exactly what we need and the feeling is as good as when I did £40 Million rounds. And what will the money be spend on? (more…)
Everyone knows the demograpic facts: the human population is not only growing, but in the developed part of the world (and increasingly so in other major regions, e.g. China), the proportion of elderly people is growing even faster. And the old are also getting older! That poses a big challenge, since it is a core responsibility of any society to take care of the elderly, those that worked hard so those following would inherit a better world (preferably!), and with a bigger and bigger portion of the population being older it gets costly for the working population to sustain a good level of elderly care. As in so many other situations, part of the answer to that challenge lies in technology. Biotechnology and innovation in health care in general is of course part of this. An important part of the many elements that needs to get in place, is how to make existing assisted living/elderly care more effective. In Scandinavia there are thousands of homes for elderly people, that no longer can live by them selves, and need daily support - and you can add tens of thousands more in countries like Germany, UK, Japan, USA, etc. If you visit these homes, you will see how the nurses and assistants are running very fast to cope with all their daily routines and the constantly appearing emergency situations. They are also acutely aware, that they will not get a lot of extra resources to cope, maybe on the contrary - so how can the work be organised more effectively so they can maintain a good service level with sufficient "warm hands" to take care of the elderly? Half a year ago, I was contacted by some of the founders of Sekoia (not the VC of more-or-less the same name) who had worked on a solution for exactly that: work-flow management for the elderly care homes. At first, it might sound like a simple issue, but I am working/has worked with several teams doing work-flow management for specific industries, and the devil is always in the detail. You can use some generic solution, but the big productivity gains always come from customizing to the specifics of the industry. And the Sekoia guys had spend nearly three years fine tuning the concept before they recently went into sales mode, i.e. they knew very well what the needs are of this sector. And with their open platform concept, I believe this is a winner. The team ticked the boxes for me (chemistry, potential, progress, I can help, etc.), so we quickly decided to team up, and I became investor and active chairman some months ago. I have spend some time working with parts of the team, and last week we had a couple of days off-site (in a cabin used by kindergartens that needs a bit of nature - proper!) where I got to know the whole team. That only gave me more confidence in that we have something really good brewing. Lately, the team has turned up the volume and sharpened the philosophy behind the solution and seen even better customer feedback. The team has also started to get more into sales mode, and talked to the relevant institutions (p.t. only Denmark, but we have big plans ...) about the philosophy behind the solution, and there is great reception, it really is a way for the sector to both drive effectiveness as well as quality. Even without significant sales activities, Sekoia now has dozens of solutions sold. That might not sound like a lot, but in Scandinavia, where we have a relatively sophisticated set-up for assisted living, no other player has more than one pilot in action. And in the rest of Europe, we haven't seen anything like our approach - this might end up as a good example of Scandinavian welfare technology being exported for the greater good. The number of 85+ year olds will grow by more than 150% between 2005 and 2030, and the population which is 100+ years old will quadruple, so wish Sekoia good luck in succeeding with the mission of making assisted living better and more cost efficient. As a minimum, the solution needs to everywhere when I need a warm, helping hand some time around 2070!
Those that know me would not say the "hair & beauty" segment is a natural fit for me. My wife would even say I'm the anti-thesis to hair & beauty (she married me because of wit, charm and money ...) so how did I end up as chairman of Wahanda?
Earlier this spring I got a ping from Lopo Champalimaud. Lopo is co-founder and CEO of Wahanda, Europe's biggest destination for salon - and spa bookings. Initially I was a bit baffled, because why would people in the beauty space talk to me, they obviously had never met me or seen pictures of me, but when I then started chatting to Lopo, I quickly realised the logic for why I should talk to Wahanda. A while ago, Lopo had decided to go all in on the booking part of his business concept, i.e. if you need to get you hair done or want a beauty treatment, then go to Wahanda, check out the local salons in your area, and book directly into the system. Obviously, that is quite similar to the underlying model of JUST EAT - however, there are also some critical differences which team Wahanda has spotted and are getting the most out of. Lopo's Wahanda journey has so far been 5 years long, and lots have been achieved, but I am particularly excited about the focus on building up the best and biggest network of local merchants that can offer great supply of hair and beauty services through out the UK, and internationally as well. Lopo and his team (incl. the latest add-on of Simon and Chris) has more experience than anyone else in this space, and the size of the business is also well ahead of the many smaller players in the industry. Building internationally leading companies in emerging industries is one of the greatest professional experiences I know of, and I think Wahanda has a great opportunity to do exactly that. A chairman role is very different from the many years where I was running companies, but I hope that background is a strength. I need to help & support those that leads the organisation & strategy, not be the big leader or strategizer my self. This transition is massively helped by the fact that Lopo and I get along very well, and through a very open discussion atmosphere we get everything on the table and leverage our different backgrounds and perspectives. I'm looking very much forward to the Wahanda journey, this will be both very fun and very big. And I might even learn a few beauty tips along the way.
Three months ago, I heard about a small company in Copenhagen called Kirkeweb, which is Danish for Churchweb. Religion is always an exciting topic (too exciting for some!), but the key reasons why I got interested in the Kirkeweb story was, that the company was a start-up focusing on a clear niche (Churches) in a highly fragmented "industry" (most parishes and deaneries are fairly independently run organizations) where the need for a work flow management system is very clear, but no-one else in Europe seems to understand how to build and market to this highly specialized sector. I met the founder and CEO, Christian Steffensen, and then I quickly became hooked on getting involved. Christian could explain clearly how churches has significant benefits from using the system to streamline administration processes, internal communication & coordination, web site management, etc. and thereby have more time/resources to focus on the core tasks of the church (Love!). So, all the classic benefits of good work flow systems were also clearly seen in this "industry", and on top of that Christian through his long history with the church (programming church websites and admin systems since he was 11 years old) knew how to interact with the church community. Also (and Christian will hate me for writing this), Christian is a smart cookie who is a proper entreprofessional mixing the best of entrepreneurship with the desire to do things in a smart way. This means that since the Danish part of the business is doing really well with critical scale of churches signing up, then it is now becoming important to move out of tiny Denmark. Kirkeweb is engaging with the Church community in Germany, the first churches has signed up and much more is coming. This ticks the last box for me, since my background and skill set is a great fit to help Kirkeweb and Christian in the coming years as Churches all over Europe will see the benefits of easy-to-use Church Management Software. I joined Kirkeweb as chairman/bestyrelsesformand in April, and I think this is the beginning of a long and fruitful journey, amen!
Latin: Professio ingredieris Person who is mixing the best of entrepreneurship and professionalism. Can be viewed as a person that balances the below dimensions: The word was defined in 2011 when a Klaus Nyengaard tried to explain his ideal organization. Mr. Nyengaard later went on to write a book about this concept, but the book never became part of mainstream management litterature, but was instead a bestseller among teenagers in Scandinavia and Germany.
DING-DONG - It's been a while since I've posted last time, so here's an update. My plan in February was to do research on a couple of project ideas I had, and then to talk to all kinds of people to see where exciting things happened, especially in Denmark and London. The plan was also to move not too fast, since it is easy to become enthusiastic and commit to all kinds of interesting ventures, and then suddenly be fully booked up. And now, I have partly fallen into that trap - but for good reasons! What is it I want? The stuff that motivates me the very most, is to do great things with great teams. Everything flows from the people on the team, and if it is great people working together in the right, high-performance, entrepreneurial fun-loving way, then amazing things can happen. From these kind of teams flows great products, happy customers and oodles of respect from investors & partners. And that again attracts even more good people, and if the leadership continues to step up, then Nirvana can be maintained for a very long time. That is awesome to be part of, can't get enough of it. Many people with my background do one of two things:
- Become a classic investor, building a large portfolio of angel- or VC investments. That is very exciting, and you get to help all kinds of entrepreneurs, but my issue is that I don't think I'm ready for such a passive role. Any investor would say that they "add value hands-on", etc., but the truth is that with a portfolio of 15-20 investments and spending most of the time chasing new deals, then they are not really close to the action (and typically doesn't have any real, hands-on experience related to your challenges, but that's another story). And I don't like being distanced to what I'm doing, and the people involved.
- Become a CEO for a big company. Well, first of all, there are not really that many companies based in Copenhagen where it makes sense for me to get involved full time as CEO, and I'm not interested in moving my family to another country for a long period of time. Secondly, the reason why I enjoyed running JUST EAT even though it was a 1,000-man company was that I had been there from when it was a small 35-man Danish company, so I had directly or indirectly hired almost every single manager in the company, and I had skewed the company culture exactly in the direction that I felt was right for the company - and me! Chances are, that if I got on board another company that was already big, then I wouldn't be a great fit for the culture and all kinds of "culture wars" would have to take place (had enough of that in the initial phase, when I joined JUST EAT five years ago). Thirdly, working for one company only would not leverage all the knowledge I have today about leading, developing, internationalizing and scaling companies. That is a skill set that is still a scarce resource in Europe, so I might as well leverage it across several companies.
A couple of days ago I had my goodbye dinner in London with many of my old JUST EAT colleagues. It was a great evening (and very bad the day after) that hammered home the fact that it will take a very long time before I again can work with so many good people in one, great company (working on it, but it will take time, more about that another day). My dear ex-colleagues had also been so considered to give me some gifts. Already some weeks ago the Danes gave me a toy robot, and funny enough on Wednesday evening the "one-day-technology-will-take-care-of-food-delivery" theme had also been the starting point, so me (and my kids) just got this shiny new toy, yehaaa, time to fly! However, most unique of all, was a poster that some of the marketing guys had made, since I have always dreamt of being a super hero, especially one with a hot dog in his hand. I'm not sure exactly what the message is, but there is a lot of details and stories on this poster - the revolution is coming to a takeaway near you!
Again-again: thanks for all to those who helped make it possible. And now on to new adventures that needs a hot-dog equipped viking super hero - the Universe and Beyond!
Yep, I am stepping down as JUST EAT CEO! History When I joined JUST EAT in March nearly 5 years ago, the original plan was to take one year at a time. I had never been involved in anything for 5 years, and thinking 5 years ahead seemed impossible, so one year at a time seemed to be the sensible thing. By August 2008 I had moved to London with my family, and very soon after that I 1) fell in love with the company and 2) realised that JUST EAT could become much bigger than anyone could imagine. I knew it would still be one year at a time, but I also knew that it could be a long and very interesting journey. In the beginning of 2008 JUST EAT was still a fairly small company, but it had build a very solid business in Denmark that earned money, 90% of our revenues were in Denmark. We decided to make UK the core market for us, and then launch in other markets as much as we could given the UK priority. Then the rocket really started. For me, the inflexion point was summer-autumn 2009. In spring/summer 2009 we negotiated and finally closed our series A round with Index as a lead, and in the autumn we did the first TV campaign in UK which together with solid restaurant growth and a lot of other activities saw the orders go through the roof. In those 5 years, the company went from being a 35-man Danish company that was one of several companies in the online takeaway ordering space to becoming the world leader with 1,000 employees. Very few world leaders have roots in Europe, so everybody who contributed should be happy. And it is not at all the end for JUST EAT - more about that later. Why and why now Once every quarter my wife has asked me to stop working for JUST EAT. We moved back home to Denmark nearly 2 years ago, and since then I have travelled more than 3 days a week, a lot to London obviously, but also to many other countries. And that is tough when you have a family with small kids. You can do that for only so long - and I planned to do it for a bit longer despite a bit of home front scepticism. But, that is not really good enough from the company's perspective, I have to accept that. A company such as JUST EAT, with it's ambitious plans and momentum needs a CEO who is committed for many more years, and it "might" also be a good idea to have a person who is more often in London where we have most of the central functions, the Group exec team, etc. So before the "next phase" of the company it makes sense to get a new CEO on board, it is not healthy to change the leader when crossing a river, it has to happen well before that. Ideally I would have staid a bit longer, but there is a logic that I can't argue against. Tough for me, right for the company. The future of JUST EAT Regarding the future of JUST EAT, there is only one thing to say: it will be awesome. There are so many things happening in the company, so much momentum and so many good people that it can only be better. Some of the areas where I am particularly excited is what we will do the next 6-12 months on the technology side. Also, the continuous improvements of all the small details of sales, marketing and operations are happening all the time. Customers and restaurants can look forward to a lot of good stuff. Thanks So, it is time to say thanks to everybody who helped move the company forward. I don't want to mention any specific JUST EAT'ers, each of you know how much you have contributed, and there are so many of you. Also thanks to restaurants and consumers, investors, advisers, partners and friends. You all deserve a slice of the success. The JUST EAT journey will continue - and I will quietly follow it from the distance, but start on another journey my self. What that will be I don't know for sure (a few ideas though, and let me know if you have any as well ...) - it will be something with good people and growth for sure. Yehaa! UPDATE Here is the internal, amateur goodbye video I made to all my great colleagues. If you don't understand the quirkiness, then join the company and you will get it -;) http://www.youtube.com/watch?v=ZHTyvUkfAXo
Klaus Nyengaard steps down as CEO for JUST EAT Group London based JUST EAT, the world’s largest online takeaway ordering service, today announced that after nearly five years as CEO, Klaus Nyengaard is leaving the Company. Commenting on his departure, Klaus Nyengaard said “I have loved my time working at JUST EAT and believe it is a great company with an exciting future. However, I made a commitment to return to Denmark with my family nearly two years ago. Since then I have been commuting between Denmark and London, which was ultimately not the perfect solution for the Company or me. Of all the achievements at JUST EAT, I am most proud of helping to build a world class team and will greatly miss the daily contact with colleagues and friends at JUST EAT.” In the last five years JUST EAT has grown from 35 employees based mostly in Denmark to over 1,000 employees with operations in 13 countries. In 2012 the Company was profitable and is now generating over €750m in food orders for its restaurant partners.Commenting on Klaus’s departure Ben Holmes, partner at Index Ventures and long–time JUST EAT investor & board member said “I would like to thank and congratulate Klaus for all he achieved during his tenure at JUST EAT. His vision and energy were key motivations for our initial and subsequent investments in the Company and he has delivered on that vision to make JUST EAT a European ecommerce champion. We wish him the best for the future and look forward to his next venture. ” The existing executive team led by Chairman John Hughes will run the company while a search is conducted for a new CEO.
I have never been a big believer in grand quotes that summed up everything. Every situation has it's own context, and even the best quote will only cover some parts of a complicated situation. But one quote have been with me ever since I saw it for the first time in 1986 (thanks Lester, best history teacher ever - RIP), and it is this one “It is dangerous to make man aware of his likeness with the animals, without also showing him superiority. Even so, it can be dangerous to show him superiority without showing him inferiority, yet even more dangerous to be ignorant of both.”(Pascal)
I think there is a lot of truth in that message, exactly because it does not pretend to have a clear message; sometimes be aware humans are horrible and not to be trusted, sometime be aware that after all we are noble beings with abstraction levels way beyond snails, gobbles and orangutans that can make the most fantastic creations that spreads happiness etc., etc. And the best part is, that it is not always clear when we are having what role. Uh, how complicated it all is - better get back to some real work! For more Pascal quotes check here, and if enjoy that kind of stuff, you should of course also check out one of the other great masters of quotes, dear Churchill.