Michael Smith achieved notoriety in 1998 when he and Firebox
partner Tom Boardman invented the shot glass chess set - a game of
skill with a built-in handicap. As a result, gadget site Firebox
quickly became one of the most popular shopping sites in the
UK.
In 2003, Smith started his side project, Mind Candy, which
quickly became his main focus with projects such as Perplex City, a
multimedia mystery game in which users solved real-life clues for a
£100,000 prize and Moshi Monsters, a web-based fantasy world for
children.
The web-based entrepreneur speaks about how the internet is the
best way of selling a product when you have limited capital and how
developing a story with a human angle will help gain media interest
and thus publicity. Having knowledge of cash flow is also vitally
important and minimising costs wherever possible.
Hear about Michael Smith's experience of raising finance and the
challenges of an angel round. He also gives his view on whether the
recession is a good time to start a business and the difference in
entrepreneurship in Silicon Valley and in the UK. Michael also
refers to his exit plans for his business ventures and advises
entrepreneurs on whether or not to include an exit strategy in a
business plan.
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