Michael Smith, Firebox & Mind Candy

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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