Tuesday 8th August 2006
OmniGlobe's rapid expansion
As CEO of OmniGlobe Networks, London Business School Entrepreneurship Summer School alumnus, Jason Neale knows all about the importance of support when starting up a new venture. Neale’s Summer School mentor, Julian Costley – an entrepreneur and angel investor in the telecoms, media and new media markets – assisted him with the research and development of the entrepreneurial opportunity he had identified. The opportunity? Coupling of satellite and wireless technologies to change the cost-benefit ratio for broadband services. Neale founded the privately held company, with help from Shyam Kamadolli, in 2004 in Quebec. Their idea was based on a combined twenty-five years of experience in satellite and wireless communications. Following on from Neale’s MBA at London Business School and the lessons learnt on the Entrepreneurship Summer School, OmniGlobe Networks recently won a number of valuable contracts from 'First Nations' and remote community groups. These contracts, some of which are awaiting Industry Canada’s final signature, will see OmniGlobe Networks deliver broadband to small towns across Canada and are worth up to CAN $17.6 million over a 7-year period. OmniGlobe has previously enjoyed success in delivering broadband to several countries in Europe, the Middle East and West Africa. Neale is in little doubt as to the significance of these independent contracts, which add up to 36 towns in total. ‘They strongly prove our ability to bid for and win major scale projects against larger, more established competition,’ he explains. ‘They also add revenue and value to our company, and create the opportunity for us to further prove our ability to engineer Satellite + Wi-Fi networks in challenging conditions.’ Entrepreneurship Summer School mentor, Costley, now guides the growth of the company from the chairman seat and comments that ‘Jason is a perfect example of how to leverage London Business School’s Entrepreneurship Summer School. He used the course in a most practical way; so much so that the company “hit the ground running’ the day the course ended. I’m very proud of the success.’ OmniGlobe is now seeking investment of $2 million of which $1.5 million is expected to come from Canadian institutions and the remaining $500,000 from individual investors with valuable know-how and international connections. The company has consistently been profitable and has seen its revenues, over the past two quarters, exceed the years’ total for 2005.
For an indicative valuation plus updated forecasts and a summary of OmniGlobe’s Q2 results e-mail Jason Neale.
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