Andy Phillips – Priceline

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Andy Phillips – Priceline, toptable, Active Hotels,Reevoo, Green Traveller, Albion Ventures, i2o water

8 December 2011 at Grange Hotel, Holborn, London

Entrepreneurs World Event – – A reminder for those that were there – A flavour of the meeting for those that could not make it

Entrepreneurs World lunch - the audience and speaker
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Andy Phillipps
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1. David Soskin
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1.1 The Interviewer

1.2 Question from audience

1.3 Ex CEO Cheap Flights
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2. The most distinguished British Internet entrepreneur

2.1 Past

2.1.1 CEO International
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2.1.2 Chairman
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2.1.3 CEO and co-founder Active Hotels
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2.2 Current

2.2.1 Chairman Reevoo
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2.2.2 Chairman Green Traveller
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2.2.3 Director Albion Ventures
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2.2.4 Chairman i2o water
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3. What before?

3.1 Engineer at BOC

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3.3 Nearly started an Olive business

4. How did you enter the Internet market?

4.1 Via Travel

4.2 Chose a bust business model

5. Raising money?

5.1 Internally generated

5.2 Minimised use of cash

5.3 But then

5.3.1 Business Angel

5.3.2 And many others

6. Business Model?

6.1 Ran bookings for 760 hotels

6.1.1 Most without Internet access to start with

6.2 Alcatel deal

6.2.1 (Slow) Modem in every hotel

6.3 Sole Internet booking system

6.4 But no one buying via Internet

6.5 But we were top of the search results

6.6 Discovered need to dominate sectors

6.6.1 Blackpool

7. Big space for digital entrepreneurs but UK don’t do as well as US

7.1 The US guys were terrifying

7.2 But stretched the truth

7.3 Better at entrepreneurial attitude

7.4 They use the same language

8. Business Vision?

8.1 Fun

8.2 Ever changing mission

9. MBA result?

9.1 Saw how a whole business worked

9.2 Provided common language with venture capitalists

9.3 Realisation of global opportunity

10. Getting customers?

10.1 Find via Internet

10.2 Book appointments

10.3 Show how we were ranked

10.4 Show credibility

10.5 Recruited ex chairman ex largest hotel booking company

11. Breaking the chains?

11.1 4 years for Hilton

11.2 Conservative

11.3 Worked up the ladder

11.4 Small

11.4.1 Medium Large

12. VCs Involvement?

12.1 At key points

12.2 Hands off day to day

13. Guts v Analysis?

13.1 Guts

13.1.1 Try it

13.1.2 Get results

13.2 Analyse

13.2.1 Then optimise

13.2.2 Detailed adjustments

13.2.3 Measure

13.2.4 Kill quickly

13.3 What do you do now?

13.3.1 Learn from customers

14. Dilution?

14.1 Not my expertise

15. Testing 1st customer?

15.1 Take a risk

15.1.1 Promote to Suppliers Customers

15.1.2 With incomplete demos

15.2 Kept coding in house

15.2.1 Much better communication

15.2.2 Easy to manage change

16. Value of Business Plan?

16.1 It attracted money

16.2 But the model changed quickly

17. How did you get those valuations on exit?

17.1 Market leader premium

17.2 It’s what buyer is prepared to pay

17.3 Investment bankers

17.3.1 Process knowledge

17.3.2 Well connected

17.4 Accountants

18. International growth?

18.1 First target – France

18.2 All French employees

18.3 3rd year ahead of track

18.4 We should of sent our manager in at beginning

19. Difference between Top Table and Active?

19.1 Active

19.1.1 Not strong on brand

19.1.2 More functional

19.2 Top Table

19.2.1 Brand message

19.2.2 Customer related

20. Biggest challenge?

20.1 Running out of cash

20.2 Funding rounds most stressful

20.3 Untitled

20.4 Yellow Pages

20.4.1 Terminated contract

20.4.2 Contracts do not have guaranteed duration

21. Priceline was a step back in to large business. How was that?

21.1 Sarbanes Oxley shakes

21.2 Did not know everyone

22. What next?

22.1 Getting back to Exec role

22.2 See saw of entrepreneurship

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