The £1m Seed · What it is really for
Growth is the obvious thing a seed buys. It is not the most valuable thing. The £1m buys twelve months in which every claim we make about this company turns into a result: six wins that prove we can take the doors, an engine that proves we can run them better than anyone else, and a standing case against ourselves so nobody has to take our word for any of it.
Part A
One for each way we take on doors. Every one has a different buyer, a different deal and a different sales motion, and each one proves something the others cannot.
100 landlords move to us from their incumbent agent. Sourced from the investor landlords across the JAR estate.
Landlords will leave a percentage for a flat monthly fee. The single biggest assumption we make.
Win a small building. Queen's Court, Romford, 47 units, and we are close.
We can win a whole building, mobilise it and run it end to end.
Win another small building, this one from outside the Israeli network.
The offer travels. We are not a business built on one set of relationships.
Win one stuck scheme and reset it to rent. Target: Highlight.
The market is there, our offer lands, and it is wanted.
Win one major developer and get real pipeline committed to us. Target: HUB.
We can convince a large scale developer with pipeline to commit to us.
Win an agent's lettings and management business. Targets: Winkworth, JLL.
Incumbents will hand us the work rather than compete with us for it.
Part B
Leakage is everything a landlord loses between the rent they should earn and the money they keep: the fee, the void, the churn. Every agent in the market takes a slice of it and calls that a service. We stem it, and the platform is how. Two proofs.
We own the demand, so the home fills faster, costs less to fill, and holds its tenant longer.
Let faster than the market
Lead to lease, and re-let. Faster on both, measured against the market benchmark.
Let it direct, and cheaper
Social first, our own distribution, not the portals. Cost per let is the number that settles it.
Hold the tenant longer
Lower churn and fewer void days, driven by the community platform.
Benchmark the LIVINGWAY stock we run today, put a real community programme into it, and measure the movement across twelve months.
Headcount out, through technology. This is the engine that buys the price, and it is the part nobody can copy quickly.
Fewer people per thousand doors
The market runs 41. We are going to 4.
The platform does the work first
Design the work out, contain what is left, and shift the remainder to escalation and human handlers.
It compounds
Every door we add makes the next one cheaper to run. The old model never gets cheaper.
Benchmark our own operating team as it runs today, then take it workstream by workstream and prove we can design the work out, contain it and hand the rest to escalation.
Part C
Every assumption in this plan gets a standing opponent. Not a review at the end, a seat at the table from the start.
A standing group whose job is to make the argument that the strategy, the assumptions and the business model do not work, and to say exactly why. It sits next to every decision we take, not after it.
Every material decision and assumption gets a written case against it before it is signed off. The people who wrote it do not get to mark it.
Competitors, regulation, capital, the market turning. Everything we can imagine, listed and watched, rather than discovered late.
What we assumed, what we were challenged on, what we changed. Dated, and open to anyone doing diligence on us.
That we are not marking our own homework. An investor who reads our own case against us takes the rest of the pack more seriously, and it is the cheapest credibility we will ever buy.