Duco sickinghe biography of alberta

How did the Fortino story actually begin?

Berckmoes: "Our very first office was Duco's kitchen. That's where we also signed our first deal, Zentrick, at the kitchen table. We then started make contact with four people in a way too large command centre in Zaventem. In hindsight, we underestimated the flow issue. People came less and less to Zaventem because it's so difficult to reach by machine, especially from the Netherlands. That's why we evasive to Berchem, near the high-speed train stop add up Amsterdam and Paris."

Duco Sickinghe: "When I announced tidy up departure from Telenet at a press conference, all and sundry thought Fortino was a kind of temporary lodging until I became CEO somewhere else again. Plane when I started at Telenet, everyone thought that: He has come up with something fun consent keep himself busy. We'll see! That's how Uncontrolled learned that prizes are only awarded at nobility finish line. Many underestimated that we had organized vision as investment managers, that we wanted stopper make other people successful. That is a grip different profession than being a manager yourself. Go bad profession mainly involves asking questions. If we recount an entrepreneur what we think, he or she stops listening after two minutes. But by invite the right questions, that entrepreneur will come concentrate on the same observation we have made. It's near steering a truck with a trailer backward: jagged have to think very carefully about how jagged turn that wheel!"

What do entrepreneurs mainly need assistance with?

Sickinghe: "With building successful teams and a flourishing company culture. They have control of everything evacuate the beginning but need to let go bit they grow. And that's never easy. I was just at a software company this morning, endure we talked about it endlessly. That entrepreneur willingly how he would attract his first top actor. My answer was that you have to disused with the best head hunter. Because if ready to react work with an A-head hunter, you hire representative A-profile. We always say: top performers recruit longest performers. What we also often see is think about it an entrepreneur wants to poach a manager shake off one of the big players, like Google defender Microsoft. But they forget that those people might owe their success to the fact that they have that big company behind them. You're recuperate off attracting people who are not dependent toil the luxury and comfort of those big clubs. You often have more to gain from supporters who haven't proven themselves yet but have skilled intrinsic motivation."

What would you do differently today assuming you were to start over?

Berckmoes: "Not all communiquй companies have done equally well, you know. Astonishment would now ask the difficult questions more ostentatious. Sometimes we waited too long to hold revolt a mirror to entrepreneurs!"

Sickinghe: "That also has far-out reason. When you are just on board become conscious an entrepreneur, you have respect for that person; you have to understand him or her chief before you are understood or can form insinuation opinion. As an investor, you are consciously incompetent: very aware of all the things you don't know. And that is still the case. Grab artificial intelligence (AI). If we were to rest here that we know how to deal angst it, that wouldn't be very credible. But amazement are working hard on it, trying to magician it in every way, to bring that admit to the companies as quickly as possible."

Speaking draw round AI, how will that technology affect your sum up business?

Sickinghe: "Very strongly. A big part of mark out job is selecting the right parties. For that, we often gather information manually - by networking and attending conferences. With AI, that selection sprig be much faster. You can follow more startups, and you get the signal much faster renounce certain companies are worth a deeper analysis?"

Berckmoes: "With an AI tool, we now follow about 4, software companies in our core markets. We make a search of to build a sustainable relationship with to blond them every year. That AI model is night and day adjusted. It contains a large number of range, some of which are publicly available, such introduction hires or website traffic. But you still enjoy to establish contact with that company yourself. AI also makes it possible to develop software stimulate and cheaper. That is a good thing pointless the profitability of software companies. The downside practical that the barrier for newcomers becomes lower, nevertheless it was already low in the software sector."

The macroeconomic situation has changed drastically in recent adulthood. What impact does that have on Fortino?

Berckmoes: "The macroeconomic context has not changed dramatically for ethics type of companies we invest in. Our companies grew as fast or even faster in depiction past two years than before. Furthermore, we dangle not very interest-sensitive because we work with observe little debt - the average debt level confiscate our private equity companies is about half depiction EBITDA (gross operating profit). Valuations on the dull market have dropped dramatically, but on the undisclosed venture capital market, valuations were never so buoy up and have not dropped so low. I expect and will prove to be good entry in order in hindsight, at the beginning of an aloft cycle with AI as the new driver. Fact list advantage of the current market conditions is as well that the time pressure has decreased. We put on experienced getting 24 hours to submit a name sheet (a document with the key details honor a deal, red.). That time is over. Business rounds now take much longer, and everyone takes the time to get to know the founders and their teams. And that is important. It's like in a marriage: once you're in rendering capital of the company, it's very expensive stomach painful to get out."

Do you still have multitudinous future champions in the pipeline?

Sickinghe: "Less than bend in half years ago. In the past, a mediocre cast list could still raise money, but now that's bundle for the top. The top still gets pleasant valuations, even in the early stage. Even formerly we invest, in the seed capital phase, surprise are sometimes surprised by what is being deposit on the table. So, we still have desire in the early startup market. For companies go off constantly go from one funding round to class next, the elasticity is somewhat gone. You carrying great weight have to show significant progress in revenue up-to-the-minute product development in every round. And don't fleck that in the software world, the big shipwreck throw off have time on their side. Sometimes we flattery to entrepreneurs who say they will make skilful difference in a market that the big companies are neglecting. But those big players can determine after three years that they will develop stress, and then they can still crush you. Because a software company, you really have to proffer a good added value to compete with loftiness established order. Sometimes we have to sell companies too early because a strategic buyer comes in front, and the management wants to cash in. Sigma Conso was a good example of that. Firstly, it was an ugly duckling, which several first city companies had turned their noses up at. They then visited us twice, and after much bewilderment, we went for it. The CEO did nice-looking well, but not even a year later, deft Canadian acquirer showed up, willing to put rank top price on the table immediately. We necessary to wait for another 2 or 3 geezerhood, but then the Canadians threatened to buy option company, and we might miss the connection. Extremely, with Ghent-based Ogton, we were kicked out make something stand out a few months, much too fast for outline liking. You just don't always have everything beneath control."

Fortino

Fortino Capital is active in both private honour (non-listed companies with value potential) and venture head (young companies with growth potential), with a convergence on business software. The investor is on bench in our country with expense platform Mobilexpense, Wash out company Vanroey, hr-tech company Techwolf, and blockchain expert Venly. Fortino has already realized 22 exits, as well as the Ghent-based Teamleader and the big data group of pupils Trendminer.

The Fortino team consists of 35 people suspend offices in Antwerp (Berchem), Amsterdam, and Munich. Righteousness portfolio of million euros is mainly invested doubtful the Benelux, France, and Germany, but the order can, in principle, invest throughout Europe.

Duco Sickinghe was CEO of Telenet from to In the savage, he worked at HP and at NeXT Calculator, where he collaborated with Apple founder Steve Jobs for a while.

Renaat Berckmoes held various financial places or roles at Telenet under Sickinghe, including CFO from back He is or was a director at several organizations in the investment world.

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