Ben Prouty (MSc Management 2006) is the proud co-founder of Shepper, a start-up which carries out on-demand inspections on assets. The business has just raised $5.4m in funding, with support from angel investors as well as Aviva Ventures and Norway’s Idekapital Fund 1. Ben is a serial entrepreneur, with experience at some exciting and disruptive start-ups including Streetcar (which was sold to Zipcar in 2010) and LOVESPACE. He is no stranger to hard work, determination and success. Here he talks to us about his international expansion plans for Shepper and his funding success.

How did you come up with the idea for the business?

​The idea came to my co-founder, Carl August Ameln, when he was struggling to find someone to check on his property abroad following some severe weather. He felt helpless thousands of miles away, unsure if the roof had blown off of his house. As it was a holiday destination, none of his neighbours were there off-season and traditional security companies were not prepared to conduct a one-off visit. All he wanted was a few pictures to give him that peace of mind.

Shepper performs on-demand tailored data collection and operational activities for businesses all over the world via a network of trusted local people. The types of businesses that use the service include those who operate in the shared economy space, residential and commercial real estate, insurance companies and commercial services where we can provide in-store retail checks and competitor analysis.

What have been the main challenges you faced in setting it up the business?

Nothing that we haven’t been able to overcome!  Having been a part of two start-ups in the past, most of the challenges we’ve faced so far have been expected.

Shepper operates across the globe, how difficult has it been setting up the business in other countries? 

There are the usual hoops you need to jump through in terms of the legalities of setting up abroad, but we’re fortunate that we don’t need to have a physical presence in every country in which we operate. Furthermore, there are no big capital expenditure requirements to launch in a new territory. All we need is someone who’s downloaded our app and been through our on-boarding process.

How did you go about seeking funding and what is your advice to other entrepreneurs?

I think it certainly helped that we had a track record of success with other start-ups and we have incredibly supportive and patient angel investors. It’s never an easy process though and my advice would be to start much earlier than you think as it always takes longer to complete than anticipated. Have as many conversations as possible with angels, VCs and corporates, therefore giving yourself options. Even though that VC may not be ready to invest in your business until you reach a certain milestone, getting to know them and building a relationship early on could pay dividends later.

What is next for the business in terms of international expansion?

Next up for us is the US.  We’ve dipped our toe in the water, testing interest and have confirmed that similar demand conditions exist there.  The US is somewhere that we will be formally setting up an office very soon. We believe that to crack the US market you need to take it seriously and you need to actually be there.  Beyond the US, we’ll continue running Europe from London and will grow our operation in South Africa.

How did you time at the Business School help you in setting up Shepper?

 My MSc Management programme at Imperial College Business School has certainly helped to get me where I am today.  I joined Streetcar (later sold to Zipcar) immediately following my degree. My time at Imperial gave me a very well-rounded introduction to all facets of a business, something that is vital when joining an early stage business where you’re interacting with all functions on a daily basis. 

And finally, where does the name Shepper come from?

The name ‘Shepper’ is derived from the word ‘Shepherd’.  We believe that Shepper is a modern take on the work shepherds have been doing for centuries, walking around their communities and looking after their most valued possessions.

With PhD in Quantitative Finance and a background in international banking and trade, Dr Ramin Takin isn’t your ‘typical’ entrepreneur. However by combining his learning from his time at the Business School and his corporate experience, he spotted a gap in the market to launch his own start-up. Parkway Logic Ltd was established in 2015 and launched exabler.com an online tool to streamline international sales, finance and operations. “With the aim of eliminating frictions of cross-border commerce and make it accessible to companies of all sizes to simplify international trade, this online tool offers a one-stop-shop to plan, cost, finance and deliver international orders,” Ramin explains.

Ramin started his career with Citigroup London in international banking before moving to the Dubai IFC, then an oil services firm. There he had a key role in cross-border deals, leading export financing, logistics and interfacing with small and large supply chain teams. This gave him first hand-experienced of the challenges that businesses face such as contract delivery deadlines, managing supply chain relationships and navigating the burdens of bureaucracy. With this experience and a PhD under his belt, he felt ready to take on his own start-up.

“After working in the UK and abroad for a few years, dealing with large and small organisations in many different commercial settings, I saw that international trade can be simplified – especially to make it accessible for smaller organisations,” says Ramin.

Discussing the key learning points during the process Ramin explains that: “Launching was the usual roller-coaster that people talk about, but mostly it was a satisfying experience to engage with people with a new product that I could speak passionately about. I’ve learned that the customer is king! People in the industries we deal with all have serving their customer as their top priority, so it has to be ours too.”

“Plus you also need to get a good team together who complement your skills – be they your co-founders or external mentors and advisors.”

Reflecting on his time at the Business School Ramin said it taught him not to be afraid to take on big scale projects. “I did a PhD in Quantitative Finance, which taught me not to be afraid to take on multi-year projects or tackle new technologies being used in the ‘tech’ industry. My time at the Business School also opened doors to a career path that has allowed me to gain a broad range of experiences.”

A new investment fund led by two dynamic and ambitious alumni is set to shake up the cryptocurrency scene. Andrea Bonaceto teamed up with Nassim Olive (both MSc Finance 2014) to launch Eterna Capital, which they describe as ‘poised to play a key role in shaping the future of blockchain technology’.

Eterna Capital’s objective is to provide early stage funding to blockchain projects with a social impact perspective. It will facilitate financial investors to support socially responsible blockchain projects. Here the young entrepreneurs discuss why they think blockchain is the future of business and why they want to be at the forefront of this emerging sector.

Why is blockchain the future of business?

By definition, blockchain is a list of blocks, or records, which are linked together and secured using cryptographic techniques. Information held on a blockchain exists as a shared, and continually reconciled, database. However this database isn’t stored in any single location, meaning the records are truly public and easily verifiable. There are numerous applications in the industry for this technology, from supply chain to data management, from sharing economies to financial services and environmental friendly projects. Blockchain has the ability to remove the ‘middleman’ when not necessary, creating greater transparency and sustainability in business. We believe that social impact-related projects will receive wider and faster adoption, meaning greater returns for investors aligned with these positive values.

Why will blockchain be so disruptive to industry and business?

Blockchain technology has the ability to disrupt most industries around the globe in a similar way to how the Internet changed our lives a few decades ago. We are seeing world-wide companies across all industries introducing blockchain related work-streams and forums. Every sector is impacted, and institutions are learning how to integrate the technology in their day-to-day systems in the near future.

How did Eterna come about?

Nassim Olive was working at a leading London-based investment firm with colleagues Asim Ahmad and Mattia Mrvosevic when they realised they shared the same passion for blockchain technology and investing. We met to discuss possible ideas and discuss the market landscape. It was clear from our skillset and passion for investing that asset management was where we could add value.  So we decided to provide a solution for institutional money to enter the space and gain access to the best blockchain projects.

What challenges have you faced? And how have you over-come these? 

The major challenge has been to find a strong legal structure that will be robust in an evolving regulatory landscape. After months of research, we finally found a regulated legal structure that would work for us and our investors.

Another challenge for us moving forward is to ensure we deliver on our promise to investors by giving them access to the best projects in the market.  We have built a strong network in the industry and Eterna Capital already has a strong market presence which will help achieve this.

What type of companies will you be investing in? 

Our philosophy is inspired by the United Nation’s Sustainability Development Goals as we are aiming to support projects that could, but are not limited to, build resilient infrastructure, promote sustainable industrialisation, foster innovation, improve healthcare services efficiency, leverage renewable energies to promote sustainable cities.

While we believe that most of the disruption that comes with the blockchain technology should have a positive impact on society, we have framed our investment universe around four pillars:

1. Disintermediation
2. Blockchain scalability
3. Artificial intelligence
4. Sustainability

We have developed a due diligence framework to help assess and select the best projects as we think it is critical to be very selective. For example our first investment, Origin Protocol aims to empower developers and businesses to build decentralised marketplaces on the blockchain, removing the ‘middleman’ and giving back to individuals the power to leverage their peer-to-peer relationships.

Andrea and Nassim met while studying for their MSc Finance at the Business School. How did your time at Imperial help launch Eterna?

As part of the MSc Finance programme, we attended a Venture Capital elective, a key element which drew us back to technology a couple of years later. The Imperial community has been very supportive during the set-up phase of Eterna Capital, offering advice as well a working space at the Imperial College Incubator. We look forward to continue working alongside Imperial, helping to merge investment and educational ideas to be at the forefront of innovation.

Alumnus Rory Ryan, Chief Operating Officer and Founder of ZIO Health Ltd, describes himself as ‘striving to make positive impacts on society with medical technology’. In 2015 Ryan and his team launched ZIO Health, an innovative home diagnostic tool. Here he talks about developing and launching his business while completing his MSc in Innovation Entrepreneurship and Management (2016).

What gave you the idea for your business?
While at Imperial College Business School I formed a partnership with a medical doctor/MBA student from Oxford and a biochemist PhD from Imperial. We investigated a few different healthcare problems and found an opportunity in blood testing based upon his experience working in hospitals. We pivoted multiple times and settled on a home diagnostics device.

We are developing a pocket-sized body fluid analyser that connects to your smart phone so you can test your blood, saliva and urine for nutritional parameters. Our app gives you personalised diet advice (and exercise advice when needed) to help you optimise your health so that you can potentially reduce risk of developing diseases. However, our first product to be launched in China next year is a baby nutrition analyser that parents can use to analyse breast milk quality, powder milk contaminants, water and baby food quality. Many Chinese parents have concerns about fake or contaminated baby powder and food products and worry how pollution and unhealthy diets affect breastmilk quality. Our device empowers parents by helping them to be sure they are doing the best for their baby.

What was the greatest challenge you faced in starting out?
Team formation. It takes time to trust each other and learn to work together. It is crucial to pick your team carefully based upon skills that complement each other. Also take into account there can be challenges if you are not all based in the same country. My business partner and I sometimes worked remotely at the beginning. We came up with the business name ZIO Health over email and only realised a few weeks later that we were pronouncing it differently. I pronounced it Z-EEE-O while he pronounced it Z-EYE-O. We settled on ZIO (Z-EYE-O) so it sounds like bio! 

The most satisfaction comes from seeing your business grow as you hit new milestones. 

Any advice to budding entrepreneurs?

"Always think big market first. It takes the same amount of exhaustive work on a big or small company so always choose the business idea that has the biggest market potential."

How did your time at the Business School prepare you for setting up your own business?
Before I completed my Masters, I attended the Entrepreneurial Smart Camp Summer School at the Business School. My immediate impression was that my cohort was full of creative, culturally diverse, and ambitious people. Everyone seemed to be passionate about innovation and ideas and I had never been in an environment like it. I felt inspired.

My role in the business is COO and my time spent in the Business School helped me prepare for things such as business strategy, pitching, management.

You can find out more about ZIO Health Ltd here, which has offices in the UK, America and China. 

With a mission to create a community-led scholarship programme to help high-achieving students in the UK from disadvantaged backgrounds attend university, Alexander De Kegel (MSc Economics and Strategy for Business 2015) launched Crowd Scholar in December 2017. Here he talks to us about the challenges he has met along the way and the story behind his worthy venture. 

What gave you the idea for your business?
I co-founded Crowd Scholar with a childhood friend of mine, David, who worked at one of the most challenging academies in the country as a Teach First participant. There, he taught and interacted with students who, despite challenging conditions, showed great potential. One day David sent me a text that led to a dialogue centred on why high-achieving students from disadvantaged backgrounds did not receive more support, recognition and encouragement. From there on it was just a question of what, not if, we would do something. I have long been a believer in crowdfunding and after a bit of research was pleasantly surprised by the amount of money that was being donated to individuals’ educations through crowdfunding platforms. However, a lot of campaigns were organised for years abroad or master’s degrees, and campaigns were either over- or under-funded. In short, the allocation of funds was not efficient and not directed towards those who arguably need it most. Therefore, we decided to mix the ‘power of the crowd’ with a centralised fund, taking the best of both worlds, as well as add on some donor engagement for good measure.

How does the process work?
Currently, we are raising funds for three students, selected from over 100 applicants following an extensive and rigorous application process. All three are exceptional Sixth Formers in genuine need that are hoping to attend university next year, including Charles who hopes to attend Imperial College London to study Computer Science. Anyone can chose to donate to the students and help them reach their educational goals. In line with one of our core values of transparency, donors can view the applicants’ full scholarship applications (essays, teacher recommendations, grades, etc.) and will see their donations (anonymous or otherwise) tracked on the site publicly so that donors can be confident in our pledge to donate 100% of funds received from donors.

How did it feel when your business launched?
Surprised, then excited. Following months of discussions with developers, potential partners, the charity commission (the list goes on)… when you see it all come together my initial thought was, “Wow, that’s actually worked!”

What was the greatest challenge you faced in starting out?
I think the single greatest challenge has been managing all the small challenges! The idea you are working on is the fun part: you get to be creative and dream and hypothesize. However, in actually making the idea a reality there is a whole series of hoops (usually bureaucratic) you have to jump through, and managing them all simultaneously is hard work.

What have been the key lessons learned from the whole process?
Perhaps a rather boring one, but be obsessively organised. Having a clear division of responsibilities and a central location with everything you are working on has been key. A second lesson, which I have heard many times in the past but had to experience to really understand: there will come a stage where you need to commit and fully decide this is what you are going to do. If you believe in the idea, deal with the negative ‘what ifs’ as quickly as possible.

Any advice to budding entrepreneurs?
If you have an idea you are passionate about, find someone who is willing to work with you to make it a reality. Having someone to challenge you, bounce ideas off of and share the ‘pain’ with is invaluable.

How has your connection to the Business School helped you with your business?

"We were pleased to be able to team up with the Business School to offer a consultancy project. Last year we worked with an enthusiastic group of MSc Strategic Marketing students who attacked an ambitious scope focussed on helping Crowd Scholar develop a successful and cost-effective 2017-18 marketing campaign. "

How did your time at the Business School prepare you for setting up your own business?
My work at Crowd Scholar requires me to think about the big picture and the nitty gritty of execution at the same time. While I am still learning, the variety of subjects I covered and projects I undertook whilst at the Business School prepared me well for this combination. Furthermore, the hands on experience I gained through the programme consulting project at a start-up gave me interesting insights into the potential challenges and the need to be pragmatic in the execution of the idea. Most importantly, the combination of my education and experiences at the Business School gave me the confidence to take Crowd Scholar from an idea to a reality.

Back in August 2017 we profiled Adrian Walker and Natalya Zubova (both Full-time MBA 2014) who set up Boataffair – a sharing economy for boats. The Business School recently caught up with them again to see how they have taken their start-up to the next level and their international expansion plans.

Boataffair aims to capitalise on the potential of renting boats, a typically under-utilised asset given they are often sitting in port. Initially the idea was to allow non-boat owners to rent boats, but this quickly evolved to enable boat owners to create ‘experiences’ for boat renters. So far these include island cruises, sunset cruises, wining and dining, learning to sail and yoga.

“We were convinced that our boat renters wanted more than simply to rent a boat”, said Natalya. “Our clients also wanted to invest in experiences. They want to feel new emotions, they want to explore! To this end, the new experience page allows boat owners to showcase what more they have to offer.”

The business has already enabled boat renting in four countries and as it continues to grow from strength to strength, Adrian and Natalya turned their focus to international expansion. They are currently extending their reach to 15 countries and recently completed a seed round with three private investors to facilitate this. The funds will be used to further expand Boataffair’s presence internationally and fund marketing activities.

Seed funding, how does it work?

“We contacted our immediate network in the fields of venture capital, business development and finance early on. We were aware of the fact that it takes a significant amount of time to get the right investors on board. Also, we wanted to start an open conversation with them, without any pressure,” said Natalya.

“The process of finding the right investors was intensive and required a lot conversations and patience. We felt it was important to find investors who share our values of enabling boat and water aficionados to share quality experiences on or around the water”, said Adrian. So, while the investors ran a thorough due diligence on the company, Adrian and Natalya also looked closely into the vision, background and values the new investors would bring on board.

How to get the right people to invest

“From our experience you need to start searching early. Be aware that it will most likely take longer than you expect. Ask yourself early on, what investors you want. Do you only want the money? Then crowdfunding is for you. But if you want to add a significant network and substantial knowledge in various areas (like business development, a market or a specific industry), then put in the extra work and start reaching out in your network. You will be surprised who might be interested.

“Our top do’s and don’ts would be: Don’t think that one meeting will do and a person will agree to jump on board. If you think that, then you will most likely end up putting too much pressure on them in the very first conversation and the lead will probably go cold. 

“Do tell the prospect about your passion. Convince them with your dream by telling them why you are the best to solve a certain problem. Also, prepare for the fact that you will have around a dozen conversation with a person until the deal is sorted.”

With driven founders and new committed investors on board the future of Boataffair looks buoyant. “We go the extra mile to identify boat owners who want to list with us for the right reasons like quality and the personal, authentic approach. This is a major differentiator. Experiences created by boat owners are being added almost on a daily basis in various countries. Our supply of adventures on the water, which are not in any guidebook, is constantly growing”, said Adrian.

A common question we get asked is – what is the quantitative experience statement? All MSc applicants are required to complete this section of the application form and it helps us to assess your academic background.

We understand that this may seem daunting if your first degree was in a non-quantitative subject and if you have studied a quantitative subject at degree level, then you might also be confused about which topics to include. The quantitative experience statement is essentially a list of the five most quantitative modules you have studied. If you have not studied five quantitative modules at degree level you can include older achievements e.g. A-level Maths, IB Maths. 

Familiarity with basic mathematics will help you whilst on the programme and with your future career

All of our MSc programmes contain quantitative elements so all candidates are expected to be familiar with a basic level of mathematical knowledge. For the less quantitative MSc Programmes such as MSc Strategic Marketing, MSc International Health Management, and MSc Climate Change, Management & Finance, it is totally fine if you haven’t studied maths beyond compulsory classes in high school.

Sometimes really strong candidates can be intimidated by the quantitative experience statement, don’t be put off by this – we ask about your quantitative abilities to encourage you to consider the programme content and your future career path. Regardless of the role, there is no harm in being confident with numbers so that you can better understand data in your job.

Most of our Management MSc programmes are open to graduates from all academic backgrounds and a considerable proportion of our current classes have studied an arts or humanities degree.

If you haven’t studied maths for a long time, doing a GMAT or GRE test will give you a chance to brush up on your quantitative skills and can add weight to your application. The confidence from a good score in the quantitative section of the test will place you in a good position for the online self-studying modules over the summer and may even encourage you to consider programme pathways and careers that you had not previously.

Check the quantitative experience requirements before applying

For our more quantitative programmes (MSc Finance, MSc Finance & Accounting, MSc Financial Technology, MSc Investment & Wealth Management, MSc Business Analytics, MSc Risk Management & Financial Engineering and MSc Economics & Strategy for Business) this a key section of the application form that does influence the selection process so please check the entry requirements for your programme before you apply.

Jerry Voong, Admissions Officer for MSc Economics and Strategy for Business has some advice for prospective applicants.

“If it isn’t clear on your transcript that you have studied macro AND microeconomics then the quantitative experience statement is a great place to show us. Expand on the “introduction to economics” module on your transcript and outline what you studied.”

The finance suite of programmes are much more rigorous and students are expected to join the programme with an advanced level of mathematical skills. Ensuring that you have chosen the programme that best suits your previous studies can be key to a successful application. Sarah Eggleton, the Admissions Officer for the Finance Masters' programmes comments on this saying “it’s always really disappointing when you see a really great candidate without the quantitative grounding to allow them to succeed on a Finance Masters''”. This means that we won’t be able to make an offer even if the student would otherwise be a really good fit for the Business School.

Applicants for MSc Business Analytics must have a quantitative background to ensure that they have the best chance of success to be proficient in R, Python and SQL by the end of the programme. Most of the modules in the programme use at least one of these languages. Whilst prior experience in coding is not required, all students must be willing to learn programming from the start of the programme. Many admitted students will have already taken free online classes out of general interest if they did not study coding as part of their degree or through their job.

Applying for the finance suite of programmes? Take our online maths test!

We advise all prospective students for MSc Finance, MSc Finance & Accounting, MSc Financial Technology, MSc Investment & Wealth Management and MSc Risk Management & Financial Engineering programmes to take our online maths test. This gives candidates a chance to test their quantitative ability and determine if they are suitable to apply for one of these programmes. This maths test is the minimum level that is required to succeed. Almost 50% of the current Risk Management & Financial Engineering students have a background in mathematics, with the remainder having studied subjects such as engineering, economics and finance.

Completing an application for an MSc programme can be a daunting prospect. Even candidates who have fully researched the application process and entry requirements, often still ask us ‘What does the ideal candidate look like?’

Our programmes are very competitive, which means that we look closely at all aspects of an application, not just your academic record. While of course academic achievement is very important, and you must meet the academic entry requirements for the programme you are applying for, there are many other important aspects to the application.

At Imperial College Business School, we are looking for well-rounded, motivated candidates who can bring more to the table than just a strong academic record. We want to see what differentiates you from the hundreds of other applicants who apply to our MSc programmes!

While work experience and internships that are directly relevant to the programme you are applying for can strengthen your application, do not underestimate the value of transferable skills. As many of our MSc programmes are designed for new and recent graduates, if you have minimal work experience, you will not be alone!

Think about where you may have picked up transferable skills that will benefit your MSc studies and future career. This is useful to start thinking about now as employers will also be looking for candidates who can bring more than just academics to their company. This will be the distinguishing factor between you and thousands of other similar people.

The vast majority of the successful students who join our MSc programmes have done one or some of the following:

Have hobbies or interests outside of their academic lives. This could involve being an active member of a society at university (sports, dancing, cooking, drama… the list is endless!) or spending time volunteering or raising money for a cause that means a lot to them.

Have international experience. This could be through studying or living abroad for your entire university studies or as part of it. If you haven’t studied abroad, then it could be through volunteering, travel or other activities during your holidays.

Speak additional languages. For many of you, English is already an additional language and it isn’t uncommon for our students to be fluent in four or five languages which can increase their employability. If English is your native and only language, do not worry – there’s lots of opportunities to learn or improve on your language skills whilst at Imperial both through formal classes and also peer to peer support from your class mates. 

Have demonstrated positive impact or achievement. This could be through representing a region or country at sports, or something more altruistic such as mentoring young people to making changes to your university experiences through student leadership. We now offer a £20,000 Dean’s Impact scholarship for candidates who demonstrate impact and achievement in any of the following five key areas: Entrepreneurship, technology and innovation, sustainability, social impact and leadership, so this is certainly something that we are keen to hear about in your application and in the scholarship video assessment.  

Have thought about their immediate career goals after graduating from their MSc. You will be entering a highly competitive recruitment market upon graduating and we want to see that you have already thought about the skills and experience you are going to need to succeed in your target organisation and role. If you are planning on setting up your own business, we want to see that you have thought about what expertise or product your business will deliver and that you have researched the market you wish to enter.

Most importantly, our students are eager to share their experiences, support their colleagues, and teach as well as learn from their peers. This comes across in their applications, interviews, when they are here as students and afterwards as part of our alumni network.