"Just as online dating revolutionised our capacity to find the right personal relationships, myNexus partners compatible entrepreneurs and investors according to their skills, resources and goals."
myNexus co-founder James McMillan
START-UP and growth businesses can source seed and angel investment with speed and certainty after the launch of myNexus, an advanced smart-matching digital service for entrepreneurs and investors.
The innovative online platform is designed to eliminate time-consuming and biased pitch and procurement processes which have constrained and undermined UK entrepreneurialism and business development to date – and become more difficult since recent social restrictions were introduced.
Put live in Beta format this week by UK-based SaaS company myNexus Limited, the service for ambitious SMEs is the product of a think tank pooling expertise from former Visa, Amazon, Google and Rolls-Royce executives who hope it will contribute to a reboot of the UK economy.
Dubbed by its creators as ‘the Match.com for growth businesses’, myNexus incorporates simulation technology to plot entrepreneurs on an Entrepreneur Skills Index (ESI) and evaluate them against their plans, while measuring investors’ acumen, capital and propensity for risk to inform them in return.
James McMillan, 36, CEO and co-founder of myNexus, said: “Innovation has benefited hugely from the investment industry but investment hasn’t benefited from innovation, until now. This technology is a game changer, allowing investors to assess and back businesses more quickly than previously possible.
“For entrepreneurs, getting investment is like getting married. However, a lack of innovation means they’ve been courting in an old-fashioned way through an outdated and enormously biased process that too often ends in a messy divorce.
“Just as online dating revolutionised people’s capacity to find the right personal relationships, myNexus partners compatible business people according to their skills, resources and goals.”
James, an award-winning business advisor from Manchester, added: “myNexus leverages gaming technology to validate the skills of the entrepreneur and curate ‘right-fit partnerships’ with investors through an intelligent smart-matching algorithm. It means business relationships are established quickly, saving time and money for entrepreneurs and investors while ultimately accelerating investment in early-stage UK businesses.”
In transforming both pitching and investing processes, myNexus has diminished bias that leads to the underfunding of female founders, BAME & LGBT entrepreneurs as well as businesses outside London. myNexus’ algorithms focus on skills, traits and capabilities, measured and matched through performance scoring systems.
Gaynor Matthews, 54, from Solihull near Birmingham, CIO and co-founder of Manchester-based myNexus, said: “Female, BAME and LGBT entrepreneurs have as much to offer industry and the regeneration of our economy as any other entrepreneur.
“High level business research suggests that companies born from these communities are much less likely to receive investment than others because of investor questioning bias. In addition, businesses which receive investment still have an equal fail rate to those that don’t due to a poor skills match.
“myNexus is designed to level the playing field and increase success rates for all businesses and investors.”
Each user can access myNexus on desktop, tablet and mobile devices through their personalised dashboard which provides real time snapshots of myNexus’s entire growth capital landscape and ecosystem, as well as compatibility ratings between potential suitors and anonymised direct messaging for purer business relationships.
André Skepple, founder of software start-up FullSpektrum was one of the first entrepreneurs onto the myNexus platform. He said: “As a BME entrepreneur we had a hard time raising investment due to our ethnicity. It is unlikely we could raise capital from family and friends, who are already marginalised. Therefore, we faced explicit barriers to funding needed to launch and grow the business from ideation stage. I’m really pleased to be part of the myNexus beta as we look to close our next fundraise.”
Private investor Con Gornell is one of the first Investreneur™ users of myNexus. He said: “The ambition and scope of myNexus alongside its clean and simple design are unlike anything seen before. It is the fresh approach the investment industry needs.”
myNexus is pleased to announce they are opening up their unique system to 400 beta users ahead of a full launch later in the year. Entrepreneurs and Investors can register for their free account at www.joinmynexus.com/