Tag Archives: startup

Gray is the New Blonde

Search Trends

One of the advantages of working at iSPY is that we get to see and explore some of the best visual content in the world.  We can compare results side by side. We can explore media types and subject matter. We can also see popular search terms that often are driven from new trends. One that caught my attention recently was “gray hair.”

It seems that the fashion industry, and actually women of all ages are starting to embrace gray hair; from titanium to silver to platinum. I decided to do a little research and was surprised to see the first article that popped up on Google was from the Wall Street Journal entitled “The Hottest Hair Color of the Moment.”

Authenticity

My curiosity got the better of me as I tried to figure out what was causing this shift from coloring gray hair to embracing it.  It seems that the movement is related to an increasing interest in authenticity.

People care about authenticity… to a point. We want to relate to visual content. But social media makes us long for an idealized reality. We want authentic but really good authentic. As people, we strive for the perfect selfie or travel pic. We long for the best locations, best outfits and best experiences. We aspire for more.

Honesty

In advertising and communications, however, authenticity is also about honesty. While consumers aspire for a more perfect world, they also want to be able to trust a brand. Ads can be beautiful but need also to be believable and relevant “to me.” Ads can be emotional but need to be engaging “to me.” Authenticity in communications is lost without trust.

Trust

Whether in an ad or editorial, trust is where the images and message come together in a true and powerful way that the reader believes; in how the message is presented, for sure, but mostly in how it is received. Whether in advertising or editorial communications, the reader must connect and believe in the story that is being told.

Balance

Companies are trying to find a balance. They want to deliver those “in the moment” amazing images but they also need to tell a compelling and believable story. For promotion, some images should not look real. They should look funny, clever or conceptual. But no matter the use, the message the image helps to deliver must be true to the story being told. It must be authentic in how the reader receives the message and how the image connects to the message being crafted.

So gray is the new blonde. Perhaps it is just hair color but probably not. There is a movement now to be more authentic and honest in this world where we can craft any kind of picture, real or not; where we want to embrace the best of ourselves in a truer and more authentic way. Readers need to connect with and trust communications and the communicator needs to find balance between honesty and using images that tell their compelling story.

Leslie Hughes is the CEO and Founder of iSPY Technologies, Inc. and iSPY Visuals, an intelligent search tool and workspace for visual content users. Hughes has over 20 years experience in digital media licensing, content production, and distribution, including having been President of Bill Gates’ Corbis Images, and President of the Markets and Products Group for Corbis Corp. She became an entrepreneur 10 years ago. Hughes has consulted or been part of 6 start-ups and 12 acquisitions.  She has an MBA from the Cox School of Business at Southern Methodist University, is the proud mother of two and lives and works in New York.

Connect with Leslie: Twitter | LinkedIn | Angel List

How iSPY Came To Be

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I love to write, (like I love to talk) and will do so on just about any topic… except when I have to write about myself. Our team agrees, however, that we want to have a blog series about who we are, where we came from, and why we are believers in iSPY Visuals. Our hope is that our stories will give you a better understanding of why we are working hard to build a great app that really works for you. So, here goes. I was born in Oklahoma… Just kidding (well, not about being born in Oklahoma!)

The idea behind iSPY Visuals struck me back in 2005. I had been hired as CEO in a turnaround situation by a UK/US stock photo and film business. They were a public company (penny stock) and had been on a bit of a buying spree. The business I inherited was a bit of a mess. The company had acquired 7 stock photo/film agencies. Nothing had been integrated.  Each was in a different stage of moving from analog to digital. They were being sued, they had less than adequate tech, they had no idea how to even begin to address the millions of images that needed to be edited, digitized and made available online. They weren’t even quite sure who their clients were. So, I hired a small but incredibly talented group who came in, rolled up their sleeves and got to work.

Among the first things we accomplished were consolidating systems, building a new platform and creating a single brand strategy. Our creative team was responsible for editing hundreds of thousands of images immediately. They were looking at concept, context, and technical quality among other things. Some of the collections were online and some were in analog form. It was an enormous challenge to find the best of the best and to ready the images to go into our newly built platform.

Our Creative Director came to me asking for help. We conjured up an idea to create an internal system where our editors could review images from the various collections we had acquired and compare them to our competitors. We quickly pulled together a rough search engine that allowed the editors to do just that. It was rough but our team could search and compare image-selects side by side, and against the competition. It was a very useful tool saving us time and money, and allowing us to curate content in a much more effective way. It was at that time that a light bulb went off.  How cool would it be to make this kind of tool available to clients. They could search multiple image providers simultaneously saving a ton of time, and compare results.  But then, life went on.

Fast forward to 2015, I had started a small market strategy and consulting business. That company, VisualSteam, conducts an annual survey of creative pros on stock image licensing. In 5 years of surveys, one of the most common complaints was about how difficult and time consuming it is to find images across platforms. The clients told us the average search for an image takes 4.25 hours, and they generally search at least 3 agencies. A little over a decade after my original idea, I decided it was time, actually long overdue, for a tool like iSPY.

I incorporated iSPY Visuals, Inc. in 2016. I approached a longtime “partner in crime” Karen d’Silva, who, aside from being incredibly talented, brings experience in photography, content strategy, and design to the team. She signed on right away. Karen reconnected us with a woman with whom we had worked some years before, Natalie Burns. Natalie has a unique mix of skills including strategy, tech and creative. I decided to partner with the firm Natalie was with, who specialize in building tech for venture startups. It took us about 4 months to plan and build the prototype. We used the prototype to encourage image suppliers to sign up, and to start raising money from industry insiders, family and friends. In 2017, we launched our beta site, and we recently come out of beta and launched our first full-feature platform and SaaS (software-as-a-service) solution.

Today, users find images much more quickly and easily on iSPY. They share projects and lightboxes, and collaborate with colleagues. Users can manage rights and usage and even store images and image licenses all within iSPY.

I love this idea and am proud of what we have built so far. Our clients have a thousand ideas for how we can make our tool more useful, and we are eager to move forward. We are looking for money and bootstrapping it for now but I am a believer. iSPY has so much potential! We are currently mapping out our next phase of development which is focused on advanced technologies – artificial intelligence and blockchain  – which is very exciting for our team.

So that’s my story. I appreciate the tremendous support from our investors, team, and most importantly those creative pros that are giving us a try. It has been a fun ride so far but we are really just getting started.

Leslie Hughes is the CEO and Founder of iSPY Technologies, Inc. and iSPY Visuals, an intelligent search tool and workspace for visual content users. Hughes has over 20 years experience in digital media licensing, content production, and distribution, including having been President of Bill Gates’ Corbis Images, and President of the Markets and Products Group for Corbis Corp. She became an entrepreneur 10 years ago. Hughes has consulted or been part of 6 start-ups and 12 acquisitions.  She has an MBA from the Cox School of Business at Southern Methodist University, is the proud mother of two and lives and works in New York.

Connect with Leslie: Twitter | LinkedIn | Angel List

Copyright Hunters

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(Note: This post should not be considered legal advice. We offer this for information and education purposes only. If you have any questions about specific usage, please contact the supplier or a copyright lawyer.)

The Rise of the Copyright Hunters

Copyright hunters – This is our term for the many companies popping up in recent years focused on going after people who are using created works without authorization. Many of these companies refer to what they do as copyright protection. I will explain this in more detail below but in general, these companies work on behalf of creators to identify unauthorized use or infringement. Creative pros need to be aware that if they find and grab images online, they are at risk. Even searching on a suppliers site (or on iSPY) you need to be certain you acquire the rights needed to use the image in the way you want. More below.

What is Copyright?

Copyright speaks to the protection offered by governments around the world to “authors of original works.” We will focus on images for this post but any tangible and original work is likely protected – music, images, art, drawings, books. When the work is created, the author immediately owns or is granted the copyright. This gives that artist the right to determine if and how others can use their work. In general, Copyright begins when the work is created and ends throughout the life of the author plus 70 years. There are other conditions where this may be different.

Copyright Protection

This is a term that is often used now to refer to the steps taken by creators to protect their copyright ownership. This can include things like watermarking images, or using a copyright symbol. There are also Creative Commons licenses which now allow the creator or their representative to offer use without compensation, possible with conditions like attribution.

Copyright Hunting

One kind of protection is when a creator or their representative provides copyrighted works to a company who can then use it to search the web for unauthorized use. This is what we call copyright hunting. These companies have technology that crawls the web and identifies every use, even when only with a fraction of the image showing. A report will likely be provided to the creator or their representative so they can determine if the use is authorized or not.

Copyright hunting is sometimes controversial. As you can imagine, with billions of images online, it can be expensive and time-consuming to verify each and every image use many times over. In recent years, some copyright hunters have gone after use not knowing if it was authorized or not, asking for the user to verify or prove that they have a proper license. This has become particularly important today since many images are distributed through many different channels. If they do not have a license, this is treated as an unauthorized use.

So what happens if I can’t prove I have a license?

It depends. Some copyright hunters will give you a chance to purchase the license, at a rate similar to what you would have paid if you had licensed the image originally. Some copyright hunters may charge a premium since the image was used without authorization. While we cannot advise if someone should pay, we can share that in our experience, it is usually cheaper to pay the license fee than fight if you don’t have a license.

So how does iSPY help?

First, we connect you with only the most reputable image suppliers. These companies are clear on what they offer. They understand what images can be used for specific purposes. You can search for images that meet certain criteria – like model releases when needed for commercial use. We include suppliers that offer high-end content, royalty free content, and even Creative Commons suppliers (no fee licensing).

Second, we have created a section for our pro and enterprise users for documents and licenses. You can literally upload a license, connect it to a project, include the image number and supplier information, and file it away for when you get that “nasty gram” asking you to prove you have a license. We think that is pretty awesome!

Feel free to reach out using the small icon on the bottom right of your screen, if you have any questions or suggestions. We are happy to help!

Happy searching!

Leslie Hughes is the CEO and Founder of iSPY Technologies, Inc. and iSPY Visuals, an intelligent search tool and workspace for visual content users. Hughes has over 20 years experience in digital media licensing, content production, and distribution, including having been President of Bill Gates’ Corbis Images, and President of the Markets and Products Group for Corbis Corp. She became an entrepreneur 10 years ago. Hughes has consulted or been part of 6 start-ups and 12 acquisitions.  She has an MBA from the Cox School of Business at Southern Methodist University, is the proud mother of two and lives and works in New York.

Connect with Leslie: Twitter | LinkedIn | Angel List

Female Founders Perform

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Isn’t it interesting that an industry that requires its founders to be data-driven, isn’t itself.

Venture Capital firms are ignoring evidence that a company is often more successful when it has at least one female founder or a female CEO. The evidence is significant.

This is post #2 regarding raising capital as a Female Founder (you can read my first instalment here). We are targeting raising a million dollars, which will allow us to build out the company infrastructure, focus on customer acquisition, and get to our next key building stage. I noted in the previous post that female founders received about 2% of VC funding, despite owning 38% of businesses (HBR). Fortune says this also held true in 2017 with female founded companies receiving 2.2%. Unbelievably, just 8% of companies funded by VCs have female partners (HBR), while 17% of startups have a female founder (Techcrunch). Yet, in our small startup we have three female founders. Forbes, however, says there was a “silver lining” in 2017: With the exception of 2014, companies run by women received their largest share of VC dollars — 2.2% of the dollars and just under 5% of the deals done. Deep sigh. Not much of a silver lining.

The numbers are disappointing but not surprising. The data-driven VC world seems to ignore statistics that show that investing in female founded companies leads to positive results. This week, I had a conversation with a man who is well-connected in the NY VC world who offered this insight, “Men won’t invest in what they don’t understand.” Oftentimes, companies with female founders are solving women’s problems. Think bra’s, styling, and companies like Thinx, the bold and unabashed period underwear, or Peanut for mama’s looking to meet their peers, or Thirdlove which sells underwear. Apparently, men turn off quickly if the solution being offered is female gender specific. This explanation makes sense to me, however, there is a deeper issue since the largest segment of female founded companies that received funding are in tech and are gender neutral. On the one hand, this validates the point that men are more likely to invest in something that is gender neutral or that they can understand. But on the other hand, this implies that there are many companies still not being funded if they are led by at least one female founder even in gender neutral businesses.

Yet:

  • Companies with at least one female founder “out-performed their male counterparts by 63%” creating shareholder value (First Round)
  • As the chart below shows, “at four out of five high-growth revenue measures, female-founded companies showed stronger overall performance. (Tinypulse)
  • The fastest growing companies at 200%+ growth, are 75% more likely to have a female founder.” (Tinypulse)
  • “For profitable firms, a move from no female leaders to 30% representation is associated with a 15% increase in the net revenue margin.”(MCSI)

There is no explanation for why startups with female founders perform better but they often do. “Firms with a woman running the show perform far better than the market.”(Fortune). Perhaps this is due to diversity of thought. Perhaps this is due to the fact that women tend to be more realistic with their projections. Perhaps this is due to the fact that women balance data with intuitiveness or “gut.” Whatever the reasons, I hope that 2018 is the year that the tides begin to shift in favor of female founders.

iSPY is an image tech company, so aside from our founding team and a penchant for punchy, feminine hues of pink and purple, we’re pretty gender neutral in the service our product delivers. We are also part of a slowly growing wave of businesses that are set on disrupting a large industry. Positioned to take advantage of an emerging segment, we sit right between buyers and sellers to create a network effect. After my calls this week, I am convinced that investors like our business model. I am also convinced that most investors will be looking for reasons not to invest. Our team is evaluating everything from location, to tech platform, to business inflection points. Hopefully, these steps will help us become one of the small percent of funded companies run by women. Fingers crossed!

Leslie Hughes is the CEO and Founder of iSPY Technologies, Inc. and iSPY Visuals, an intelligent search tool and workspace for visual content users. Hughes has over 20 years experience in digital media licensing, content production, and distribution, including having been President of Bill Gates’ Corbis Images, and President of the Markets and Products Group for Corbis Corp. She became an entrepreneur 10 years ago. Hughes has consulted or been part of 6 start-ups and 12 acquisitions.  She has an MBA from the Cox School of Business at Southern Methodist University, is the proud mother of two and lives and works in New York.

Connect with Leslie: Twitter | LinkedIn | Angel List

Women raising start-up capital circa 2017

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Raising money as a woman founder is tough.

According to the Harvard Business Review (HBR), women are getting about 2% of the VC funding, despite owning 38% of businesses. According to Fortune (Fortune), in 2016, 5,839 companies with all male founders received venture capital funding compared to only 359 with female founders. The men received 16X more funding than companies founded by women. In 2016, women led companies represented nearly 5% of VC deals, up from 10 years ago when women led companies represented less than 3% of deals. While this was a bit of an improvement, sadly however, the average value for women led companies was down 25%; $4.5 million compared with slightly over $6 million in 2015.

The numbers vary depending on the source, but in no case are they any good for women entrepreneurs.

I am glad I didn’t know these numbers when I became an entrepreneur. They certainly would have given me pause. However, progress is made by the fearless. Being a woman in business means there is often a reason to pause, and we mustn’t. My company is hoping to raise $1 million in the next year, so while the numbers above are daunting, we move forward… fearlessly.

iSPY is a technology driven business that helps Creative Pros search for images (stills and video) across platforms.

The core of what we do is simultaneous search. We save our users a lot of time. In addition, we are connecting our users to legally, licensable content, unlike Google and other more general search aggregation tools. Creative Pros can search their favorite image sources, or find new creative resources. In addition, we offer our users a creative workspace full of collaboration tools to make the journey from concept to campaign far easier. Not only can they collaborate with team members, but through iSPY they can gain direct access to the image providers; making requests for similars or variations simpler. Users are able to manage projects, all from their iSPY dashboard, including uploading documents, project briefs, storyboards, and image licenses. Also, companies are able to manage teams with administration and enterprise rights. In addition, we offer access to resources with one click that the user might not know existed. We offer advanced search to aid in finding the best content that meets the users needs. In the end, we are a tool but also a creative resource.

To date, iSPY has raised $150,000.00 and we are in beta. We expect to begin generating revenue in the coming months, and are positioned where we can start raising growth capital in a Series A round. I know that we need to grow quickly to be able to cement our position in the industry. To do this, I will be seeking $1 million.

So, in light of the statistics above, how do we move forward? By using our network, connecting with clients, and proving that we are meeting the needs of a dynamic marketplace. Proving we have a good product, however, may not be enough. It is difficult to understand why women founders are so underfunded. But, I am not sure it really matters. As women, we must deal with it. The question I am more interested in is how we change it. One way is to get more women involved in investing. I am pleased to say that of 7 early investors in iSPY, 4 are women. I am looking for funding from investors that see the value in what we are doing and aim to support a more diverse entrepreneurial environment. So, while raising money as a woman founder is tough, it is a challenge I am tackling with enthusiasm and confidence.

Stay tuned as I will be documenting this journey; sharing the trials and tribulations of raising money as a woman founder. We may or may not succeed but I will be sharing it all – what we do right, the misses, and in the end, if we accomplish our goal.

Leslie Hughes is the CEO and Founder of iSPY Technologies, Inc. and iSPY Visuals, an intelligent search tool and workspace for visual content users. Hughes has over 20 years experience in digital media licensing, content production, and distribution, including having been President of Bill Gates’ Corbis Images, and President of the Markets and Products Group for Corbis Corp. She became an entrepreneur 10 years ago. Hughes has consulted or been part of 6 start-ups and 12 acquisitions.  She has an MBA from the Cox School of Business at Southern Methodist University, is the proud mother of two and lives and works in New York.

Connect with Leslie: Twitter | LinkedIn | Angel List