After having enjoyed a great Easter lunch with family this afternoon, it is time to think about what’s coming up next week.
As you can see in the picture on the left my dad and I still manage to speak to other people at these events and don’t only talk to each other about Bambi Medical.
The two priorities for this week are office space and funding.
In order to be able to proceed with the development of the smart jacket it is essential to hire the right people. I listed this as one of the top priorities in my previous blog. Obviously these people will need a place to work in order to ensure good collaboration between the team and having a kind of mini lab in which we can “play” with all different kinds of materials (fabrics, metals, electrical components, etc).
For the moment we have three spots on the list as our first office space.
- MMC Incubator: Directly connected to the hospital where my dad works, MMC location Veldhoven, Brainport Development has founded an incubator for MedTech start-ups. We have talked to the person in charge of this facility and have put it onto our short list of potential office location. Pro’s: Proximity to MMC, price. Con’s: Number of current companies, Small size of site.
- High Tech Campus: This is a place where approximately 1,000 companies (a lot of start-ups) are trying to realize their dream projects. This week I have a meeting at the HTC to see what kind of opportunities they have available for us. Clear pro of this location is the number of other start-ups who are all running into the same issues! 🙂
- Strijp-S: Another place where a lot of small and new companies are building their business. Close to the PSV stadium in Eindhoven (not that this is a pro, because I’m not that interested in soccer), but close to the train station of Eindhoven (which is a pro). I will go there on Tuesday to visit an office space.
Our requirements are the following:
- Four places to work: this should be sufficient for the next year as far as we can foresee now!
- A mini lab where we can do the technical work; sewing, brazing and other required crafting to develop the smart jacket.
- Parking places
- Proximity to public transport
- Good coffee! 😉
In order to pay the people that will help us develop the smart jacket and make sure that we will hopefully have a product ready for mass production in the next 6-9 months, we will need some funding. The current thinking is that we want to sell as little equity as we can. We understand that it will be hard to convince investors that this idea is already worth EUR 25 mln today!
Therefore we will try and fulfill our funding need by raising debt as much as we can. We currently foresee convertible bonds to be an attractive option for both investors and ourselves. In short this would mean that we will borrow money from lenders who have the possibility to convert this loan into shares at the moment that we sell some of our shares over the next couple of years. I can imagine if this is not clear to all of you yet, so don’t worry if you are one of them!
Another possibility is selling some equity through a crowdfunding campaign. I am in contact with a couple of crowdfunding platforms to see what they can do for us against which conditions.
Finally there are some government and government-related parties which we are having meetings with to explore opportunities for getting grants and/or loans from them.
If you have any advice on either housing or funding, leave a message on this blog or contact me directly.