Today we’ll be talking with Patrick Hannedouche who runs Business Angel France, a website dealing with startup financing and growth. Patrick has a very direct writing style which helped him attract a strong online audience.
We interviewed Patrick about his blog and ask him his viewpoint about the current market situation regarding startups’ financing.
IntoTheMinds : Patrick , can you tell us about Business Angel France in a few words ?
Patrick Hannedouche : Business Angel France was born with my blog as discussed below. Today, it is an informal community that I gather around the topic of startups. Tomorrow , the goal is to gather a few people sharing the same DNA, notably based on the straight-talking and passion of the entrepreneurial venture.
IntoTheMinds : Your blog is a reference as far as entrepreneurship is regarded. What were your motivations to start this blog and how have they changed since you started? The blog is there to end a SEO strategy as an alternative or do you see any other advantages?
Patrick Hannedouche : My first motivation was to write and share my entrepreneurial experience. And when I saw that my straight-talking and my experience did interest a few people, I professionalized my blog (my thanks here to €Commerce Blog). To be honest I didn’t know what SEO was when I started my blog! Seeing my audience grow is a source of inspiration. There is clearly an opportunity to follow a more structured approach (see also my 2014-2015 projects at the end of this interview).
IntoTheMinds : Given your investor profile and advisor to startups , what are the recurring success criteria that you come across when dealing with startups ?
Patrick Hannedouche : Without hesitation, the presence of a complementary team (skills, personalities) around a visionary driver with good performance, listening and questioning abilities.
Once this team is in place it is then possible to address the needs of the market and empower the team to find the right ways to do it.
With a touch of tenacity and humility you are then gone for a success story.
IntoTheMinds : the situation of the credit to firms seems to be deteriorating. Do you feel the same in France and what do you think are the aspects that can reassure a banker ?
Patrick Hannedouche : Of course the situation awkward. This being said it is not through “banker bashing ” that the situation will improve.
At a time when everyone complain about the reluctance of banks, I want to tell the truth. If you want to become your banker’s friend read read this series of advices. You may also want to read another post entitled “are you bankable”. An example of the advices I give in this post: make sure you have increased your equity ratio before going to the banks. Like business angels they expect to see entrepreneurs risking their own money”
Finally I would add that crowdfunding will also bring changes in the monopoly of business loans!
IntoTheMinds : when banks don’y want to lend, what other possibilities of financing would you suggest to explore ? is crowdfunding an option for a business that is just starting, with no history ?
Patrick Hannedouche : The best financing opportunity for a company is actually its own clients. Go out and get new contracts.
Now, at the age of the Internet and with the freemium model it is advisable to operate in a “lean” way as long as the traction on the market is not met. And I can tell you that the day your metrics will improve, financing opportunities will come to you by themselves … An example ? The fund raising achieved by the excellent team of Creads.
As far as crowdfunding is concerned, even if it’s a great innovation, it is difficult to obtain financing through that channel when starting a venture when you have no metrics yet. In pre-financing a venture it may work.
IntoTheMinds : What are your offline and online projects for 2014 and 2015?
Patrick Hannedouche : Why make the difference between offline and online ? Everything is connected, isn’t it?
As far as my professional life is concerned, I am fully focused on researching a business partner. After a great entrepreneurial adventure performed in solo, it is time to have someone next to me for my next entrepreneurial project.
As far as Business Angel France is concerned and as mentioned above, I would like to gather a few people sharing the same entrepreneurial DNA to build a win-win approach around entrepreneurial success stories .
Notices to those who are interested !
About Patrick Hannedouche
After graduating from ESSCA Angers I have gained experience in distribution, export and management of SMEs.
In 1990 , I created a company, Juste à Temps, an online marketplace for office’s supplied. I ended the venture successfully in late 2012.
Today, I’m looking for a new entrepreneurial venture as an operational partner and investor.
I’m also an investor and am in the board of several startups where I can share my expertise, my network and my capital. I am also a member of Paris Business Angels.
Posted in Entrepreneurship.
