Tech startups

From idea to exit, we’ll be invested in your startup’s success.

Our experience

Our team have extensive experience working with startups and high growth tech businesses and understand the challenges of innovating and scaling. We have helped young entrepreneurs build thriving ventures — from idea, to execution, and exit.

We understand what it takes to build great technology products.

Bringing an innovative technology product to life takes a bold vision, a committed and capable team and a lot of hard work. We understand because we’ve built our own and consulted to clients building financial technology on aspects of their product.

While you’re laser-focused on delivering that next killer feature, we’ll be taking care of the company you are building.

We can help with

In addition to our Business Essentials Plans, our services tailored for tech startups include:

✓ Employee share option plans (ESOP)

✓ Claiming the Research and Development Incentive

✓ Share registry management

✓ Maximising the benefits of the Tax Incentives for Early Stage Investors

✓ Capital raising preparation and support including small scale offers and crowdfunding

✓ Founder ownership structures

✓ CFO services and board reporting

✓ Product consulting

Who we’ve helped

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Qsic is the world’s first commercial music streaming service with built-in AI to positively influence customers’ mood, mindset and behaviours.

Delivering a perfect in-store or in-venue sound experience, Qsic pairs in-depth musical knowledge with intelligently gathered business data to deliver seamless soundtracks that enhance sales, encourage repeat business, improve customer satisfaction and boost bottom-line.

Executive summary

mi-fi have been working closely with Qsic since the company’s inception in 2012 and have continued to guide and support the business throughout its different stages of growth – from the idea phase, right through to Qsic’s Series A capital raising.

According to Qsic, mi-fi have been instrumental in helping the business to scale and achieve high growth – with the company securing 500 venues and achieving a 300% quarterly increase in its client base in its early years.

Today, Qsic names many of the world’s biggest brands as clients including McDonalds, 7/11, Samsung, Asahi, Toyota, Mecca Maxima, Cosmetica, Huxtaburger, and Boost Juice, among many more.

The challenge

As a startup seeking to turn an idea into a scalable business, Qsic understood that it needed an accounting partner that could help it build the business from the ground-up and provide ongoing holistic financial advice and support, not just compliance.

They required an agile and innovative team that could provide services well beyond that of a traditional accounting firm. They sought a firm not held back by legacy systems or outdated ways of thinking that could support Qsic in navigating the technical, regulatory, and financial hurdles startups are often faced with.

Raising capital

With any big idea comes the need for capital to create it. The founders knew they needed outside investment to turn the idea into a reality. However, understanding and navigating the complexities involved in raising funds can be complicated and arduous. Furthermore, the founders understood that professionalism in dealing with their investors during and after the raise, would be critical to ensure that future rounds of funding would be a success.

Scalability

To manage a high scale business with a global market, Qsic needed appropriate and effective financial systems in place that would support its growth ambitions, so they could collect revenue, manage their cash flow and have reliable information available when they needed it.

Incentivising employees

In recognising that their team was their biggest asset, Qsic wanted to incentivise employees as partial owners of the company. They needed to be able to provide employee equity in a measured way that rewarded their top talent and protected the interests of the company.

Leveraging government funding

As a business conducting Research and Development (R&D), understanding eligibility for government tax incentives and being in a position to take advantage of them, would ensure that Qsic could leverage their funds and take the business further with less investor capital.

The solution

Qsic engaged mi-fi in 2012, after identifying the team as having the capabilities to deliver the agile, innovative, and technology focused solutions they required to transform their fledgling tech idea into a successful business. Qsic’s founders turned to mi-fi to guide and support them through all the necessities of finance, accounting and regulation.

From the outset, mi-fi performed an in-depth analysis of Qsic’s business plan to establish which solutions would be best suited to service the company’s ongoing needs and help it achieve its objectives.

mi-fi has since provided Qsic with holistic financial support across a number of areas of the business, continually assessing and anticipating the company’s changing needs as it has grown.

Capital raising

mi-fi supported Qsic through its Series A capital raising to develop investor documentation, including

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the preparation of financial forecasts and budgets, managing the company’s corporate secretarial requirements and overseeing the entire process. This saved Qsic’s founders a significant amount of time and resources and allowed them to run a professional capital raise, whilst keeping focussed on the day-to-day running of the business. mi-fi were instrumental in ensuring that Qsic met the eligibility requirements as an Early Stage Innovation Company (ESIC) and that eligible investors could take advantage of the Tax Incentives for Early Stage Investors. This provided substantial upside to eligible investors and as such incentivised them to complete their investment in a timely manner. Furthermore, mi-fi manage the company’s cap table, keeping Qsic informed on its capital position and disclosure requirements to different types of investors under the Corporations Act 2001.

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Preparedness for increased growth

mi-fi configured and continue to manage cloud based financial systems that have allowed Qsic to 

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scale and streamline processes across the business. This has included Xero, merchant facilities and advice on integrating these applications with their core product and CRM. As a result, Qsic have had access to reliable and timely reporting and have kept the need to hire internal finance staff to a minimum. This has allowed Qsic to plan and be in a state of readiness to quickly seize upon growth opportunities; onboarding in excess of 500 venues and achieving 300% growth in its client base per quarter in the four years since its launch.

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Establishing an Employee Share Option Plan (ESOP)

Recognising that Qsic wanted to incentivise their staff, mi-fi designed and implemented an 

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Employee Share Option Plan (ESOP) for the company. mi-fi led the entire process from designing the plan to taking advantage of the Startup Concession, and educating the founders and employees on the plan; including providing training days and on call support. They assisted with balancing the ESOP with the overall equity structure and objectives of the company and worked with Qsic’s lawyers to ensure all aspects of the ESOP were consistent with their existing legal obligations. Qsic were thrilled with the inclusive process which resulted in a team invested in the company as not just employees but as owners in its future success.

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Understanding and leveraging the R&D Tax Incentive

Due to common misunderstandings by companies and other advisors, and increased

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audit activity by the ATO, many Australian companies are not making the correct claims in relation to the R&D tax incentive. mi-fi applied their extensive experience with startups and their comprehensive understanding of the R&D tax incentive to help Qsic make an appropriate claim. mi-fi have also assisted Qsic on an ongoing basis to efficiently capture the information required to make their claim with ease. mi-fi’s transparent fee structure and focus on ensuring that Qsic’s claim would survive an ATO audit were what set them apart from other firms. mi-fi continues to be a trusted advisor to Qsic, providing comprehensive support and advice to the founders when they need it.

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