The story of EntrD: making unusable data usable
NOM is a co-shareholder of EntrD. They have developed software that makes privacy-sensitive data irreducible so that companies can get the most out of their data. Co-founder Eric Hoefman says: "Organizations collect an awful lot of valuable data, but can't do anything with it as long as it contains sensitive data. Our software solves that so-called data dilemma." In this article you can read about EntrD's experience with NOM as a shareholder.
Prepared for the future
Before EntrD sought funders, they were growing steadily. But when the AVG came along, they saw opportunities to grow faster than their cash flow allowed. So something had to be done. Eric: "Because of the high fines in the AVG, we expected many companies to be a lot more careful with privacy-sensitive information. That was of course an interesting development for us. With external funders, we wanted to grow significantly both in terms of personnel and marketing."
"Together with Flinc, we honed the business case and made sure there was a story that was clear to investors."
Eric Hoefman, co-founder EntrD
Initially, therefore, they sat down with Flinc. This sister of NOM helps companies become investor ready. Eric: "We 'just' started EntrD years ago. So there wasn't too much on paper, but we did realize that that had to happen to get investors. Together with Flinc, we sharpened the business case and made sure there was a story that was clear to investors. We also thought together about potential investors. That's how we ended up with NOM, in addition to informal investors."
As a quasi-governmental agency, NOM was not immediately at the top of the list. "We had the idea that this would make it very complicated and bureaucratic. And although we are certainly bound by some processes and decision-making sometimes takes a little longer as a result, I am incredibly positive about our cooperation."
NOM thinks with you: more than just money
In the preliminary stages, Eric was under the assumption that NOM would mainly be a financial shareholder and would not really help think about the direction of the company. In practice, that certainly turned out not to be the case: "I have been positively surprised by the role that NOM plays. At first we thought that they would mainly contribute with the money, but in addition to that they also think along with us and help us where necessary. Actually there is hardly any difference between NOM and our other shareholders. We have quarterly contact anyway, but more often in between if the situation demands it. The lines of communication are short and they always look for opportunities."
"At first we thought NOM would contribute mainly with money, but they are also incredibly thoughtful and help us where necessary."
Eric Hoefman, co-founder EntrD
Points of interest
Eric is satisfied with NOM as a shareholder. When asked if he would like to give future clients of NOM anything else, he is clear. Eric: "What entrepreneurs benefit from above all is the fact that NOM thinks along and looks for opportunities. In other areas, an organization like NOM does require a bit more patience. For example, the decision-making process is a bit slower because managers first have to consult with others. You also have to take your time when you join forces with NOM, because they ask for extensive documentation. But once you have them on board, they are also a very committed shareholder!"
Is your business also in need of investors to grow it further? In our white paper you can read all about the impact of investors on your business.
In this white paper you will learn:
- What you have to deal with when you start working with investors
- Differences and similarities between bank funding, subordinated loan and equity capital
- In what ways NOM as an investor can help you
Please note that this whitepaper is only available in Dutch at the moment. We are in the process of translating this whitepaper.