People, Pixels and Production

Now that’s what I call a milestone. The company is finally born and we are now Modus FX, Inc.

The Name

We were looking for a name that was elegant both in French and English, with a bit of an international flavor (or flavour to keep this thought international as well). Latin phrases sprung up, and we liked the sound and feel of some classic words. We also wanted to present our fresh new outlook on VFX production; new studio, new vision, new talent… new method. Hence Modus FX.

The Wait

It took a few weeks to get our incorporation done. Holidays, summer vacations and a few adjustments as we are getting assisted by professional managers made us wait a little longer than usual for this to happen. It was not too bad since financing and contract hunting went on anyway.

If you’re dying to check out www.modusfx.com, our friendly “Coming Soon” page should be replaced by a bit more content just before siggraph, promise.

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A very big last step, you go to the bank with a solid business plan, enough financial partners, accountants to back up your numbers and perhaps a few potential contracts. We had all of those, and we were ready. For now only a business account has to be prepared, so it’s not really an issue. In the long run however, a good banker that knows your business is a key factor for start-ups. We presented our project during a full hour in a big office in downtown Montreal. We’re getting used to it, and it went really well.

 So pieces of the financial puzzle are falling into place. It’s a good thing, because my personal bank account is also falling…

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So siggraph 2007 is around the corner, and I’ll be there for the 10th time. This will be my first attendance as a company owner, so you’re thinking luxury hotels and expensive dining right?

 Actually, it will be more like my very first siggraph in 1996, when you could get in for less than 50 bucks for the whole week. I was a student at the NAD Center. My class rented a bus and we drove to New Orleans for 28 hours straight. Yup, I slept on a crowded bus floor to get to my first siggy. And we stayed by groups of four in tacky rooms of a cheap motel about 25 miles from the convention center.

 Don’t worry, I’ll be getting there by plane this time and staying at a nice hotel. However, I have to say bye-bye to a full conference pass since I’ll have to spend a lot of time at the exhibition. I can’t miss the opportunity to meet in person about 95% of our future vendors. I also do not want to put my corporate conscience to the test and choose between talking to a reseller about new graphic card specs (zzzz…) and attending “Transformers”: Giant Frickin’ Robots”. Better be safe than sorry.

 The good thing is that the show floor is getting more entertaining every year with great demos and presentations. ILM for example had a wonderful booth setup last year with even an appearance by John Knoll. I’ll miss the papers, sketches and panels, but there’s still a bunch of stuff to see on the floor.

 See you in San Diego in a couple of weeks…

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Ever tried to find good business advice on the internet? Robert May at Businesspundit.com was tired of searching, so he developed a new website that is already turning into a goldmine for entrepreneurs.

Made available just last week, MBA-by-Blog.com is a “best of” compilation of great blog posts about start-ups, funding, management and other business related advice.

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A colleague from Toronto was writing me today, inquiring about our future company’s philosophy. I wrote about our long term vision a while back, but his question was more along the lines of what services we want to offer and what is our strategy to differentiate ourselves from the crowd.

• The Services

We demonstrated in our business plan the opportunities in Montreal for VFX work for motion pictures. With the experience my partners and I have, it was an obvious path to take and specifying a precise field of work simplifies the business plan. That being said, our first accepted bids are for TV commercials, so we won’t say no to a good prospect. We were lucky to have such opportunities so early that might help us get up and running fairly quickly, if our clients are able to close their deal. Time will tell.

I’m not saying we’ll grab whatever work comes our way, but if the timing is right and we can see eye to eye with the client (that’s what pitching is for) then why not? There’s a whole world of new media out there to explore.

• The Difference

A group of experienced professionals setting up a big, long-term shop in any business will always attract attention. The “three guys in a garage” setup was considered, but it became clear very quickly that a lot of people were very interested in what we could offer. So we took the opposite route: a very big (but not expensive) open space. Already it’s turning quite a few heads. As soon as the lease is settled I’ll tell more about the place.

We also have an idea for an internal working structure for teamwork and specialized artists combined with a dynamic database for tasks and assets. We’re still polishing our presentation and it will be explained in a bit more detail when we’ll be confident enough in our product.

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Remember that first pitch I was writing about a few days ago? Well it went through. The clients liked our estimates, our company philosophy our presentation and of course our price. Does it mean we have a contract, and we’ll be buying a bunch of computers and hiring staff? Wellll… not quite.

 So the production house in Europe is fine with our proposal, but they have to sell their whole package to the advertising agency. So, we sit and wait. At least there’s a couple of good news. First, we’re now on the good list of effects providers for this client; they’ve already sent us a new project to evaluate. Second, we can use this accepted proposal to show our creditors we’re doing something right. Hopefully they will cut us a little slack.

 Getting a contract is obviously a good thing. But going through a good pitch is just as significant. The important thing is to have a very quick and efficient way of evaluating jobs and presenting your proposals.

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Now that this blog has appeared on xsibase.com and that traffic has gone up 800%, (ahem, hi everyone!) perhaps I can step back and go through where we are at with the start-up.

• We are three partners with close to 33% each in the company. There is Vincent Toussaint, myself and a third partner that will be announced soon, probably this week-end. We all have over 10 years experience in the CG / VFX industry and have known each other for a long time. Our skill and expertise are very different and best of all, very complementary.

• It took us over four months to write our business plan from scratch. Re-writes are common in the last stages of financing, when every other day brings a new possible loan or investor. It’s a good thing we’re used to versioning in this business!

• Two prospects are going well, with more along the way. We have a law firm, an accounting firm, a few government loans and just enough support from banks. We’re negotiating a long-term lease for a huge open space. Yes, incorporating the business name is taking a long time, but in a few days we’ll be officially in business.

 Here’s a few thing I’ve learned along the way:

• As soon as you get some form of recognition (usually a loan or grant from some government official) everything starts to move very quickly. You get more people interested simply because someone gave a damn about your idea.

• You absolutely need decent professional services (lawyers, accountants, management coaching) to calm down banks and investors. You have to shop around for people you’ll be paying close to 200 bucks an hour, so make sure they pay for the cappuccino the first time you meet them.

• Everybody is happy to meet entrepreneurs that are not from a business background. If you can talk about your work with a spark in your eye, you’re in. Every time.

• Visibility, contacts, network. Scream your project in the streets. Start a blog! People will eventually be interested in your idea eventually, but first they have to know about it.

• Be patient. Be optimistic. You’re driving this thing and trying to get people onboard. Above all, stay focused. This is a very long journey, and you can’t catch your breath even for an instant.

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This big :

The architects were checking out and measuring the place yesterday. The owners have submitted us their lease proposal and our lawyers and accountants are in negotiations. The building has seen a number of years go by, but we like the place a lot. There’s definitely something to build here.

That’s my business partner Vincent and me in the large open space. In the far back, the owner is chatting with… well, you’ll find out soon enough.

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