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Academic Network in Entrepreneurship, Innovation and Finance

European Case Study no.

Correcting Corex
This case was prepared by Jason Hoh, Mauro Mortali & Andrew Peel under the supervision of Dr. Vangelis Souitaris, Senior
Lecturer in Entrepreneurship and Innovation at Cass Business School, City University of London. Some names of companies
and individuals were disguised for reasons of confidentiality.

Corresponding author:
Professor Vangelis Souitaris
Cass Business School
City University, London
106 Bunhill Row
London EC1Y 8TZ
UK
Telephone: 0044 207 0405131
Fax: 0044 207 0408328
E-mail: v.souitaris@city.ac.uk

This case is written with the financial support of the European Case Study Writing programme
of the Gate2Growth Academic Network in Entrepreneurship, Innovation and Finance

Submitted: 12/2005

European Communities, 2004

Reproduction within the framework of the Gate2Growth Initiative is authorized provided the source is
acknowledged.
Neither the European Commission, nor any person acting on behalf of the Commission is responsible
for the use, which might be made of the following information. The views expressed in this study are
those of the authors and do not necessarily reflect the policies of the European Commission or any
person acting on behalf of the Commission

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TARGET
AUDIENCE
First/second year

Undergraduate
level

Later stage

MBA level
X

Ph.D. level
(doctoral student)

Post-experience
level

Academic focus: Evaluating entrepreneurial opportunities. There is a large research base on the topic.
We used a practical model which can be easily communicated to students and practitioners but is
anchored in the academic literature.

Research question: Using Mullins Seven Domains Framework, evaluate whether the ASP model idea
is a viable business idea.

Cultural context: Young high-tech company in telecommunications in the UK. The lessons can apply to
other high tech sectors across European cultures.

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and the Vlerick Leuven Gent Management School (VLGMS) on behalf of the European Commission services

Correcting Corex
Introduction
Jon Keattchs mood was as dark and oppressive as the battleship grey sky which dominated the view
from his bedroom window. Over 30 years experience of business had taught him to expect the
unexpected, and he had certainly just been hit without warning. It had all been going so well. Was it
only 11 months since the day in March 2002 when he had been brought in to stabilise Corex Networks?
Well, in that time he had proved their idea could work, and hed managed to secure their first sizeable
customer contract with the insurance replacement business Pennyfarthing, a contract worth several
million pounds.
With a customer finally on board, proof of concept complete and some cash about to enter the
business, Keattch felt he had kick-started a corporate turnaround within Corex. He had felt quite proud
of himself, given the short time since he had joined; and now this! Disaster had struck earlier that day,
when he received word that Pennyfarthing were about to announce they had gone into liquidation. No
one could have seen it coming Pennyfarthing appeared to be a company going places and in good
financial health.
What are you going to do, Jon? asked Jackie, Keattchs wife. I dont know. Weve come this far with
Corex the potential I saw when I first got involved is still there, but were practically out of cash now.
Im still not sure the marketplace is ready yet for our on-demand value proposition. And investors are
still very cagey about putting money into anything telco or IT related. So youve a service that youre
not sure the market is ready for, and you think youre going to struggle to raise investment? asked
Jackie. Something like that, replied Keattch. Maybe you need to stand back and try and look at your
situation from a different perspective? Your business career has always been full of twists and turns.
This is no different. said Jackie. Keattch stared at the brown stain on the wall, as his mind began
wandering back through time.
Background To An Entrepreneur
Keattch began his university life as a student of Physics and Applied Physics at the University of Bath,
which helped launch him into a commercial career at a very early stage, as his degree was a
sandwich degree a year of working in industry sandwiched between years of academic study.
Keattch spent this year working with the UK Department of Agriculture researching the disposal of
nuclear waste, and with the Bristol Royal Infirmary hospital, building a device for measuring radiation
dosages on electron therapy machines. Even as a student, Keattch found ways to make money; having
built and sold both a green grocers business, which grew into three shops, and a mobile business. But
he was always looking for the next challenge.
From then on, Keattch held many different jobs, including running stores for the UK retailer Halfords,
selling medical equipment in the Middle East, working as head of procurement for Danepack, and
setting up operations for the horticultural division of Fisons. Keattch ended up working for Alcatel, who
in the late 1980s were a conglomerate, with over 350,000 employees. There, Keattch built distribution
channels in the UK for PABX1 equipment, as well as disposing of some of their non-core businesses. His
entrepreneurial spirit undiminished, Keattch ran a few diverse hobby businesses during this time,
such as manufacturing security products for car alarms, and a construction company.
Keattch left Alcatel in 1992, and continued to get involved with independent businesses, one of which
developed pre-paid mobile technology in the mid 1990s. Keattch had recently worked with a number of
people who had access to the development of this technology. Keattch had seen the potential of this
technology, and decided to build pre-paid mobile equipment, which had in turn became pre-paid mobile
platforms; enabling mobile customers to pay as you go. In 1999, Keattch moved on, working mainly
on remedial projects, using his experience in corporate turnaround to steady failing ships, putting them
back on the road to recovery, as he did with World Telecom. Keattch frequently received calls from
angel investors that he knew, asking for his help either in bailing out a failing company they had
decided to back, or in helping find suitable acquisition targets.
One afternoon in March 2002, whilst doing some work for Tarquin Frimley, one of his angel investor
contacts, Keattch noticed a report on a company which had used enterprise software to build hosted IT
1

A private automatic branch exchange (PABX) is an automatic telephone switching system within a private enterprise.

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and telecoms solutions. Intrigued, he read the plan and immediately saw similarities between the
proposed hosted solution model and the pre-paid model he had successfully launched only a few years
before. Customers purchasing hosted solutions essentially bought a service on demand, as and when
they required it rather than making an upfront investment in purchasing software applications, they
would simply pay for what they used in effect, a pay as you go model.
The similarity with the pre-paid mobile model was clear. It had taken the mobile market several years
for the pre-paid model to become mainstream, but it did happen; could the same thing happen with
hosted solutions? Keattch picked up the phone and called Frimley Tarquinits Jon Keattchcan we talk
about Corex Networks?
The Creation Of Corex Networks
The train from Marylebone was pulling out of the station, as Keattch squeezed passed the newspaper of
a rather dour faced man and sat down. Within 30 minutes they would be in Tarquin Frimleys home
town of Gerrards Cross. Keattch was meeting Frimley at his country house at 11 oclock that morning
to discuss Corex Networks in more detail. He pulled out the report and went over it once more.
Corex Networks was founded in 2000 by Mark Wilkins, a bright, young engineer with entrepreneurial
aspirations. He had believed that the next technology evolution would be driven by the rise of hosted
solutions, delivered by what the IT analysts were dubbing, Application Service Providers (ASP), and he
wanted a part of this.
The Corex report included an extract from the analyst firm Datamonitor on the ASP market 2:
ASP became one of the hottest IT-related topics of 2000. Many companies saw massive opportunities
in providing applications on a rental basis to both existing and new target client segments. While the
vendors were getting excited at the prospect of being in at the beginning of a potential industry
revolution, target customer segments generally remained oblivious to the whole ASP concept.
For the first time since its invention, the ability that the advent of the Internet heralded appears to be
on our doorstep. The ability to seamlessly interconnect the internal networks of an organization with
the World Wide Web, without involving any mediation, puts within grasp the full scale of opportunity
that the market has been working towards over the last 10 or so years. The jump in the availability of
bandwidth capacity, the levels of Internet connection pervasiveness and the desire to reduce the cost
of IT while making it work harder for the organization all make the concept of treating IT as a utility
service a reality.
So how radical is the Application Service Provision concept? Despite the novelty of the term `ASP', the
notion of paying for service on a per-use basis is not new. Companies have been divesting
management responsibility by outsourcing tasks that can be better performed by others for years, in
order to focus on core competence. Granted, these have not always been IT-centric, but they have all
been in the form of a self-contained, pay-per-use service, involving tasks like mailing campaigns;
compilation of market, customer or demographic data; cheque-clearing facilities; marketing and
advertising; campaign or brand management; human resources and especially pay-roll services.
The logical progression was the outsourcing of business that had greater value but could still be carried
out by others at a reduced cost, and this saw the emergence of service bureaux and the like in the
1970s, as well as the potential to outsource customer contact through call centers. For those
companies supporting business as a whole, the financial rewards have always been greater further up
the value-chain in the provision of services. Services are less likely to commoditize and have greater
potential for personalization, making them unique and hence premium.
Players have entered the ASP space from a variety of backgrounds, from telcos through systems
integrators to software vendors, and each brings with it a different set of competences. Since there are
many facets to delivering a hosted application, there are many levels on which would-be ASPs can
pitch their capabilities. Companies with competence across the entire range of skills required and
hence the ability to offer an end-to-end service are few and far between, and not necessarily more
capable than those leveraging partnerships. It seems that just about everyone is calling themselves an
ASP at the moment, and once the ASP market evolves again, everyone will again re-brand parts of
2

Datamonitor, Attacking the global ASP Opportunity, January 2001

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their service. However, there are some universal traits to the ASP business model, and for the
purposes of drawing distinction for this report, Datamonitor currently defines an ASP as : A service
company that is in the business of providing remotely hosted, centralized IT (applications, security,
storage, processing power), on a one-to-many basis and on a rental `pay-per-use' basis.
Wilkins firmly believed that the ASP model was obviously going to be compelling for customers,
particularly because he felt that customers would soon realise that the prevalent method of upfront
capital expenditure for IT solutions would become obsolete. Even during the Internet revolution that
was taking place, there were still mutterings from boardrooms about how much return on investment
(ROI) IT was generating. Customers would not only have much clearer visibility as to what they were
spending on IT, but they would also only pay for what they used, yielding potential cost savings.
Wilkins wanted a piece of the ASP action, and the Hosted IP Contact Centre space would be his
battleground.
Wilkins had always been fascinated by the Internet, even before the World Wide Web. He had never
doubted its potential to create linkages all across the world, although he was surprised at the sheer
speed at which it became adopted into mainstream. For him, however, the best was still to come. Until
then, the Internet, and its underlying protocol (IP) had typically been used for data transmission.
Wilkins believed it was only a matter of time before the concept of having one network to carry data
traffic and one for voice traffic would become absurd, and companies would simply have one IP
network, capable of carrying both types of traffic, where voice would simply be treated as another
application (such as email). VOIP (Voice over IP) would eventually become the norm.
Wilkins also saw that the Internet revolution was driving demand for greater functionality in traditional
call centres, going beyond telephone based contact, allowing customers to interact with companies
across a variety of media such as email, the Internet and SMS. In effect, data and voice functionality
would converge, requiring IP-based multi-channel contact centres to replace traditional contact centres
to meet customers changing needs, which could require substantial IT investment. He knew that even
smaller businesses would have to adapt to these customer demands, but without access to the same
levels of IT expenditure as their larger counterparts, they would be at an obvious disadvantage. Wilkins
saw his opportunity he would build a data centre which would host IP-contact centre solutions,
delivered to SME (Small / Medium Enterprise) 3 customers on a pay-as-you go basis, the segment he
felt would most readily understand the benefits of his offering, and Corex would become the leading
supplier of hosted IP-Contact Centre solutions to the UK SME segment within 3 years. With that
position established, he would then sell Corex to one of the UK telecoms service providers. All he
needed was investment.
Wilkins knew that this represented a change in thinking for potential customers, and so believed it was
critical to ensure that the technology would work. It had to be if he was going to convince potential
early adopters. This would therefore be where he would focus his energies. Having raised 0.5m from a
dotcom incubator during that time and another 0.5m from a private angel investor, Wilkins formed
Corex Networks.
A big gun technology partner would need to be brought on board to show he meant business. Wilkins
decided to build his solution on Diamex infrastructure Diamex was one of the worlds leading
providers of networking products and solutions, so Wilkins felt their technology would be sufficiently
robust to support his plans. There was one problem however the Diamex infrastructure was not
designed to be used in a hosted environment. Wanting the strength of the Diamex brand behind him,
Wilkins built a technical team around him to work on adapting the Diamex infrastructure for use in a
hosted environment. He felt that the technology offering itself was key, and so put together a
management team that was very technically literate, including 2 former engineering colleagues, who
shared in his vision of hosted solutions.
Vigorous development and testing work was done, and more technical experts were brought into the
business to ensure the solution was technologically sound. The Corex team felt that once they had
created their own Diamex hosted infrastructure, and come up with a working prototype, the benefits of
their offering would be so compelling, that convincing customers to buy would not prove difficult. This
would be made easier by the fact that more and more ASPs were now entering the market. Wilkins
3

Companies with 50-999 employees

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built a team of hungry sales people to sell the Corex value proposition directly into the SME market
place.
Two years later, Corex had managed to burn through its 1m start-up fund. Most of that investment
had gone into Research and Development, and whilst Corex was close to completing its technical
developments, it had not been able to successfully obtain a single customer. The market for technology
went into freefall the dotcom boom had become dotcom bust. Customers scaled down technology
investments, and became increasingly suspicious of the latest IT fads. Investor confidence dropped
dramatically in technology companies, and IT analyst firms were scaling down their previously lofty
expectations. This was not a good time for Corex to be on the verge of running out of money. Their
original investors were in no mood to plough any more money into a business which had yet to
generate any return. The original team of hungry sales people quickly became discouraged and
demoralised, when it became clear to them customers simply did not understand the technological
solution they were selling, nor did they seem comfortable with the concept of entrusting the
management of some of their business critical IT applications to a start up company theyd never heard
of. What was a team of sales people had now become simply one sales person. This was not just a
Corex problem, but one for the ASP industry as a whole - many ASPs began going out of business. To
make matters worse for Corex, their offices were owned by one its investors, the dotcom incubator,
who were about to shut these offices down. Corex was practically penniless and soon to be homeless.
The next station is Gerrards Cross, blared the loudspeaker above Keattchs head. Keattch immediately
snapped out of his intense concentration, put away his papers, and prepared to get off the train. Corex
was down, he thought, but certainly not out.
Keattch never ceased to be amazed by the splendour of Tarquin Frimleys home. He had been there
several times, yet each time he visited, the house seemed to have gained a new wing. Frimleys
success as an investor was clearly evident in his surroundings. So Corex came to you looking for
money? Keattch asked Frimley as they sat down. They are in pretty dire straights. Ive already turned
down though. Im intrigued as to why you want to talk to me about them. Are you bored or something?
Havent you had enough of the technology sector? said Frimley. Keattch smiled, Well, you know
Tarquin, you cant keep a good man down. Seriously though, I really think Corex has some potential.
The founder was on the right track, just didnt really know how to execute. A classic great idea, rubbish
execution scenario replied Keattch. Even so, theres no point putting any money in it. I just dont
think theirs is a recoverable situation, said Frimley. Keattch leaned back in his chair and smiled. Who
said anything about putting money into it right now? I just want a crack at running this thing. This
company is in greater need of a turnaround than it is investment. Get me in front of the main
shareholders, and Ill do the rest. replied Keattch.
Steadying The Ship
It was nearly three months since Keattchs conversation with Tarquin Frimley, and there was still much
to do. Watching the milk and water pouring into his cup provided Keattch with a welcome, if
temporary, distraction from the clamour of the thoughts which were threatening to burst from his head.
The morning had gone well, the latest round of negotiations with Diamex had been completed, and
Keattch now felt Corex to be in a stable enough position where he could begin to look to the future.
For the first time in months, he could begin to think about what he needed to do next.
Things had moved very quickly following his initial meeting with Corexs shareholders. Impressed by his
background and experience, and convinced that Keattch could turn Corex around, he was quickly
installed as CEO of Corex. Stabilising the company had been Keattchs sole purpose throughout this
time. The company he had initially become involved with did not need somebody to come in and
provide a bright new vision for the future. Corex had then not had a foreseeable future; not only did it
not have any money, but its primary investor had become insolvent, and Corex was about to be evicted
from the offices of its bankrupt investor.
Keattch had concentrated on addressing Corexs immediate worries; namely finding new offices and
stabilising the company financially. This was achieved through a series of negotiations with investors
(resulting in the recovery of the majority of shares), and with Corexs principal technology partner
Diamex.

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Keattch had managed to convince Diamexs financing division to write off 75% of an 800,000
financing loan for equipment that Corex had already purchased it was some clever negotiating on
Keattchs part. As far as he was concerned, Diamex stood no chance of recouping any of that money
when he first arrived at Corex. Keattch offered 25% of something rather than 100% of nothing.
Although cash had not started coming into the business, and the Corex staff were working unpaid,
removing the burden of debt had at least given Corex some breathing space. Keattchs network of
contacts hed built up during his years of experience in the telecoms industry ensured he was well
respected, particularly within Diamex, all of which had helped smooth negotiations. Even after 30 years
of business experience, it always came down to the same thing for Keattch survival by whatever
means necessary.
Keattch stirred his coffee and as he watched the mini-whirlpool in his cup, let his mind wander. He
wasn't sure exactly what he was going to do Corex, but experience had taught him about the value of
the application and the ability to generate revenue in a different way. He was sure that this was
something he could do with Corex, and now set himself two very simple objectives; firstly to prove that
the technology would work and be resilient, and secondly to build a detailed business plan; both
designed to address his one overriding objective; to get customers and bring in revenue.
Getting That First Customer
Eight months had passed since Keattch was in Tarquin Frimleys house discussing Corex. On a cold
November morning, Keattch picked up the pen, quickly checked it was working, and signed the contract
with a flourish. For one of the worlds leading telecoms companies, the offices of TelKom, one of the
UKs leading telecommunication service providers, were spartan to say the least, but Keattch did not
notice, today was too good a day to care about such things, and with a single fluid motion, pushed the
contract across the table and leaned back in his chair.
Reaching across the desk and pulling the contract towards him, Grant Robson, Commercial Partnerships
Manager for TelKom, smiled, played with his pen, and then signed the contract with a flourish. Putting
the pen down, he looked at Keattch and said I dont know how you did it, but I take my hat off to
youyouve brought us an interesting customer to manage, and were doing it by reselling your
managed service offering.
Keattch smiled, knowing full well that it was hardly as black and white as that. Keattch personally had
worked hard at identifying potential customers to sell their value proposition to. Pennyfarthing, a
company which provided replacement product services on behalf of insurance companies, was one such
company. Keattch had got involved in the sales negotiations himself, and agreed that the best way to
secure a win was to wrap the Corex managed service with the backing of a recognised player. He
decided TelKom could provide the support he needed, and approached them to essentially act as a
reseller for Corexs offerings into Pennyfarthing.
Robson paused, picked up a bottle of still water from the centre of the table, twisted the top off, poured
it into a glass, and took a long hard drink. He continued, Now you have somehow managed to
negotiate a deal with us, in which we will be reselling a TelKom -branded service which is based on
equipment in your data centres, not ours, to one of your customers? Unbelievable! Robson, refilled
his glass, and continued. Im sure this is a unique dealfor TelKom to be reselling your services! Its
usually the other way round! Who was negotiating for you...Henry Kissinger?
Leaning back in his chair, all Keattch could do was agree with him, he knew that Robson was telling the
truth, and that a company his size would never normally have been able to negotiate such a deal with
TelKom. The difference now was that not only had he proven that his technology worked, but he now
had the credibility of a customer relationship behind him. He knew that getting the first customer was
always one of the most challenging parts of a new venture, and now he had that. Cash would soon
begin to flow into the business.

The Unexpected
As he sipped at his coke, Keattch felt the much-needed burst of caffeine course through his body. He
knew that he was working too much, but the final pieces to the jigsaw puzzle were falling into place.

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Although things were indeed progressing, and he now had his first customer, he knew that he needed
to get some more before the company could be classed as being on steady ground.
Pennyfarthing had signed a three-year contract for a multi-site contact centre which had gone
operational in December 2002. Two months on, it all appeared to be settling in nicely, with Corexs
network providing them with flexibility and immediate speed over three diverse sites. So the client was
pleased, TelKom was pleased (the contract had won the TelKom salesman the accolade of employee of
the year), and Keattch was certainly pleased the acquisition of the Pennyfarthing contract meant
Corex was able to borrow money against the contracts expected revenue stream, bringing some much
needed capital into the business.
The sound of his telephone ringing brought Keattch back from his reverie. It was Grant Robson, and he
didnt waste any time with small talkthe news was not good, and Keattch listened, sick to the
stomachPennyfarthing had gone into liquidation. Apparently 5 million worth of stock had gone
missing from its warehouses. The net result was that Pennyfarthing could no longer trade, which
meant that neither TelKom nor Corex had a client any more.
The conversation with Robson lasted no longer than a couple of minutes, there wasnt much more to
say. Keattch put the phone down and reached for the can of coke. Empty! With a sudden burst of
anger, he threw it at the wastepaper bin across the room, missing by a wide margin and instead hitting
the partition wall behind the bin.
Looking at the smear of coke dribbling down the wall, Keattch wondered what he was going to do next.

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Appendix
Excerpts from Attacking the global ASP Opportunity (Datamonitor, January 2001)
Table 1:
$m
Europe
Asia Pac
N America
ROW
Total

Table 3:

SMB
SME 1
SME 2
Enterprise
Total

Global ASP market to 2005, by region

2000

2001

2002

2003

2004

2005 CAGR '01-'05

47
19
91
18

266
123
439
99

758
409
992
292

1,684
1,029
1,941
708

3,106
2,030
3,265
1,448

4,884
3,390
4,927
2,704

174

928

2,450

5,362

9,850
15,905
103%
CAGR Compound Annual Growth Rate

107%
129%
83%
128%

Global ASP implementations to 2005, by company size-band

2000

2001

2002

2003

2004

2005

81,280
24,254
5,945
281

155,245
45,976
9,799
498

295,933
103,638
17,462
1,430

508,651
166,323
24,734
1,946

843,097
155,487
27,418
2,955

1,219,854
152,331
30,717
4,809

111,760

211,518

418,463

701,654

1,028,957

1,407,711

SMB Small to medium-sized businesses (10-49 employees)

SME 1 Small to medium-sized enterprises (50-249 employees)
SME 2 Small to medium-sized enterprises (250-999 employees)
Enterprise 1,000+ employees

ASP Market to 2005, selected countries

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and the Vlerick Leuven Gent Management School (VLGMS) on behalf of the European Commission services

Global ASP market evolution by company size-band

SMB Small to medium-sized businesses (10-49

employees)
SME 1 Small to medium-sized enterprises (50-249
employees)

ASP Market Drivers

Environmental factors

Web-based computing

Migration towards teleworking

Proliferation of pervasive devices
Globalisation

Thin client / server technology

Web-enabled applications
Multi-tiered architectures

Customer pull
for ASP solutions

Trend towards outsourcing

Benefit from economies of scale
on host-site - lower life-cycle costs
Allow focus on core competencies
IT skills shortage
More manageable cost base
Rapid implementation time
To gain access to new applications

Internet developments
Cheap broadband access
Pervasive connectivity
Improved QoS
Growth of eBusiness solutions

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and the Vlerick Leuven Gent Management School (VLGMS) on behalf of the European Commission services

10

Traditional in-house vs. ASP application sourcing

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