Learning curves, growing pains and a passion for data
Aquila Insight is aiming for top and travelling faster than the speed of flight
IN THIS week’s SME Focus a data analysis specialist reflects on the importance of people matters for growing businesses.
Name: Warwick Beresford-Jones.
Age: 39. What is your business called? Aquila Insight Ltd. Where is it based? Codebase technology incubator, Edinburgh.
We moved to Codebase in December, 2014, and I really like the community atmosphere. There are so many exciting and innovative companies sharing the building and I think you can feel the energy. It is a brilliant base for us. What does it do? Aquila is a data analytics company. We help clients to analyse and commercialise their data to improve business performance. For example, we often analyse data relating to a company’s marketing activities and help them to determine the areas delivering good return on investment and those that are underperforming. Whom does it sell to? A mixture of blue chip companies and smaller businesses. Our clients include Sony Mobile, Scottish Power, Tesco Bank, Office Depot and Swinton Group. What is its turnover? £2 million. This is expected to more than double in the coming year. How many employees? 37. When was it formed? I formed Aquila with my business partner John Brodie in 2011. We didn’t become active until August, 2012. Why did you take the plunge? John and I had been talking about doing it for years – ever since we worked together at Royal Bank of Scotland – and eventually we got to the point where if we didn’t risk it and have a go, we never would. I know we would have regretted it and neither of us likes ‘what ifs’. I had worked on both the client and supplier sides during my career and I was ready for a new Email: mark.williamson@theherald.co.uk Telephone: 0131 240 0282 challenge and a new environment. I felt frustrated by the way the system worked and I wanted to prove that we could do it better. John has a great deal of expertise and I think our personalities complement each other well. I was confident that we could use our combined contacts to start building a strong business base. What were you doing before you took the plunge? I was head of modelling and customer insight at RBS and John was general manager for Scotland at London digital agency I-Spy. We each had over 15 years experience in data analytics so it felt like a natural progression. How did you raise the start-up funding? We saved up for nine months to get the capital to start and run the business for six months with a cushion to keep us going for an extra three months so we could find jobs if it didn’t work out. This was while writing the business plan and working at our day jobs. Aquila has received no external funding. What was your biggest break? The first contract we won from Sony Mobile, in December, 2012, was a really big deal. It made a massive difference financially, through reliable income, and psychologically, because we beat a global competitor and it gave us confidence. It was a 12-month fixed contract so it gave us the money and security to invest in building the business. The cash injection meant we were able to develop the website, take on more staff and think medium-term rather than just day to day. We still work with them and they are a great name for Aquila to be associated with. What was your worst moment? The handful of tough people decisions we had to make over the past few years were critical to creating the right environment for everyone to work in but I found them hard to deal with. What do you enjoy most about running a business? Having the freedom to create and shape the business and build a proposition that people value. I find it very rewarding seeing something grow out of nothing and become a place that attracts talented people. It’s even better when those individuals grow and develop with the company. What do you least enjoy? Hiring is the hardest thing. We have been lucky but there is always the risk that someone who looks great on paper is not such a good fit for the company in real life.
Decisions associated with growing can be stressful. Even though John and I have all the numbers at our fingertips there is still an element of relying on gut feeling when choosing where to invest for the future.
I am also conscious of the need to create work-life balance and make sure family life doesn’t suffer with the pressure that comes with running a start-up business. It’s very easy to become all-consumed but I try my best to keep work and home separate. What are your top priorities? At the moment I am very focused on making sure that we are ready for growth while continuing to deliver a great service to our clients. Recruitment is a big part of that and so is raising the profile of the business. John and I are also involved in the process of developing Aquila Insight’s own big data analytics platform and the proposition around it. What are your ambitions for the firm? To create a business that is widely recognised in our industry. I want Aquila to be at the leading edge of advanced analytics and analytical technology both in terms of the clients we have won and for the quality of the staff we have attracted.
We have real ambitions to grow the business internationally and are evaluating a number of markets, with the US the main focus. What could the Westminster and/or Scottish governments do that would help your business? Provide incentives to larger organisations to use start-ups and early stage companies within Scotland for services. Procurement is a challenge for SMEs so I would welcome anything they can do to make it more of a level playing field. I would also like to see them do more to address the skills shortage in our industry by looking at funding for courses that will deliver more graduates with the data science and software development skills that we rely on so much. What is the most valuable lesson you have learned? Delegation and trust are critical to success. It’s easy to underestimate how much work goes in to building a strong team and the kind of atmosphere that makes people want to give their best. When you start a business you know you’re going to have to do a brilliant job for your clients but I’m not sure I realised how much of that relies on making sure everyone in the office is happy. You need to understand that people have other things going on in their lives that can affect them day to day.
I have also needed to learn to let go of certain parts of the business. John and I split areas of responsibility between us so that we don’t have to know absolutely everything at all times. I know it will make a big difference in the long run but it takes a bit of getting used to at first. How do you relax? Spending time with family helps me wind down. I like to keep active too, it’s good for body and soul.