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Michael Acton Smith in Leicester
19/09/2008
More than 80 entrepreneurs gathered in the East Midlands to listen to Michael Acton Smith - one of the UK’s most enigmatic and successful young businessmen - unfold his story of boom to bust and back again!
Michael launched Firebox.com (with co-founder Tom Boardman) from a Cardiff attic in 1998 with just a £1,000 loan to keep them afloat. What happened next is a sobering story for any entrepreneur, as those attending the Growth Investment Network East Midlands event at the National Space Centre in Leicester discovered.
Having attracted £500k in Venture Capital funding, Michael and Tom quickly recruited 20 highly paid staff, including a Marketing Director, to propel the company’s fortunes upwards.
Toby Reid, Operations Manager with Growth Investment takes up the story: “Raising money during the dot.com boom was pretty easy and Michael readily admits they tried to grow the business far too fast and paid the price. However, a reality-check ‘kicked-in’ after recording a £400k trading loss, leaving Firebox.com on the brink of bankruptcy.
“Drastic action needed was taken downsizing the company to just five staff. The following year the business bounced back with a £400k profit and Michael never looked back.”
Today, Michael is a successful young man - Firebox.com is a highly successful multi channel retailer for the latest inspirational, quirky, bizarre and fun gadgets, games and gifts. He is also founder of gaming specialist Mind Candy, co-founder of Second Chance Tuesday – a networking event for London’s leading entrepreneurs and investors – as well as Business Angel in his own right.
Toby Reid added: “Michael is a very energizing person and told us that in order to succeed you have to be totally and utterly dedicated - with a laser focus on what you want to achieve and how you are going to get there.
“After the event Michael spent more than an hour and a half networking with his fellow entrepreneurs and, who knows, may invest in some of their businesses!”
This was the second high profile entrepreneur that Growth Investment has attracted to the region to unlock the secrets of their success, as well as the trials and tribulations they endured along the way! Back in April, Ben Way (Channel 4’s documentary soap “The Secret Millionaire” relayed his story of riches to rags and back again.
He was founder of Rainmakers, one of the leading innovations and corporate venturing companies in the UK, which helps other technology businesses get off the ground.
See photos from the event.
Submitted by Paul Shrimpton PR