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April 02, 2007
France's Photoways Founder In New eCommerce Venture
We caught up with Michel de Guilhermier, the 44 year old founder and former CEO of Photoways, a venture-backed online photo printing service, last week.
He has a new startup in the works, which he revealed a bit about, and he also gave us his picks on other interesting startups in France and some tips on VC fundraising.
Back in 2005 Photoways tapped Highland Capital and Index Ventures in a $24M round, one of the largest for a consumer Internet venture at that time. In the meantime it acquired UK's Photobox. In October, it appointed a former AOL exec to its helm.
You were co-founder and CEO of Photoways until recently. What were your achievements there?
I grew Photoways from 0 to 30M€ sales in 2006, a European leader in its field, in the midst of intense competition. We lead the innovation trend, both in services and products.
What did you do before that?
I bought or created several other companies. And before that I was an executive at Dole Food Co then PepsiCo.
What is your new company Inspirational Stores Group all about?
It’s all about e-commerce. It’s a new way to sell stuff on the web. But I don’t want to say more at this stage...
[a:c euro notes: in the meantime Michel has posted a few more hints about the startup, how it is currently negotiating contracts with MySpace, AuFeminin, private sale site and YouTube. And an in-store promotion at Nespresso boutique/cafe on the Champs Elysée, with others to follow.]
Is this an idea that you have been thinking about for a while?
About a year !
Who are your co-founders?
Martin Genot, ex Managing Director at Photoways and another one whose name has to remain confidential, but he’s a top investment banker from a top tier house. We are presently building up the technology team.
Do you think you will raise VC again? If yes, what will you do differently this time, if anything?
Most probably I will. Number one, I will select VCs with a strong track record in e-commerce. Number two, I will not expect them to add value other than by injecting money. Number three, I will not let them put their hand into operations.
What one or two tips to other founders that read the a:c euro do you have for working with VCs. Do you recommend using a corporate finance advisor (Chausson, Aelios, Clipperton etc.) to help raise funds?
Fundraisers are most useful. We will definitely select one, either Chausson or Aelios. But we shall also select a lawyer for the process.
I strongly advise entrepreneur to use their own specific lawyers who will have the sole mission to protect their interests.
Looking around you in France, what are the most original or surprising startups you have seen lately?
I’m an e-commerce specialist and in this field there’s nothing striking yet. But I like what people like Spartoo, an online shoe seller, is doing. Zlio is an interesting model as well, but they are facing an e-commerce law, selling commodities doesn’t leave nice margins !
What is the most overhyped thing in Europe's venture market today?
Web 2.0 and trafic monetization. Most will fail.
What is the most underhyped?
E-commerce !
If you read French, Michel has a blog that talks about his passions, his new venture, entrepreneurship, eCommerce, innovation, consumer goods, design, and New York City.
Posted on April 2, 2007 06:37 AM | Posted to entrepreneurship | Permalink
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