Hatching from the Incubator Hub
Hatching from the Incubator Hub
Istoria Group is not only made up of its core, interlinked creative companies – exhibition, event and symposia designers Ignition; branding, retail and hospitality designers Phoenix Wharf and digital experiential pioneers Tiny Spark – but also what we call our ‘Incubator Hub’.
The Incubator Hub embodies the Group’s entrepreneurial spirit. Its core idea is to help new businesses grow further and become successful, freestanding companies by offering office space, mentorship and access to all Istoria Group’s sophisticated systems and specialists, from accounting and IT to marketing and PR.
Our first ‘Hub’ intake was children’s book publisher ‘I Am a Bookworm’, founded by designer-entrepreneur Nick Ackland. The company is now the first to be ‘hatched’ too, having now left Istoria Group for fully-independent business life.
Here’s the story of the business and a little on what has been learnt along the way.
Q&A - Nick Ackland, Founder, I am a bookworm
Hi Nick – please can you tell us how you first met Istoria Group?
I was 25 years old and working at a publishing company coming to the end of its natural life and looking for a buyer. It wasn’t my firm, however - I was squarely in the design and production department, without any front-facing business experience. I first met Claire Menzies and then Sam Rowe and Phil Atherton. It so happened that their business was doing really well and they were looking for a new business to start-up or invest in. They concluded the business I was working for wasn’t the one for them, but they still liked the idea of a children’s book publishing company - and they seemed to like me too.
When Claire called and said Istoria Group were thinking of starting a business - with me potentially running it - I thought they must have got the wrong person to start with! I don’t know quite what they saw in me but the opportunity to come into the parent company and learn on the go was really exciting. I leapt at the chance – and then had a very long two-week wait until it was all confirmed!
What were the early days like?
When I first came under the Istoria Group umbrella, the new company name for the book firm had already been chosen and I had two different graphic identities ready and waiting to choose from, which was great.
The biggest leap was learning all the business aspects of the company, including creating a first budget for the following 12 months. Everything about the business was then reviewed every 6 months to make sure further investment was worthwhile. Every time that happened, I had a sleepless night, but Claire, Sam and Phil all continued to show faith in me.
Our first public launch was at Frankfurt Book Fair in March 2011. There were three or four of us on the stand, but we only had seven books on show, so we looked very junior compared to some of the giants around us. I remember feeling both proud and slightly vulnerable with all that we had on show, but then a group of about 30 people turned up from 15 different companies on a show tour and I had to give a speech, with simultaneous translations on all their headsets. It all suddenly seemed more real and possible.
What did you think of the Incubator Hub idea?
To be honest, at the start I had a lot of self-doubt and kept thinking ‘They’re going to pull the plug at any minute!’. I knew I had to grasp every opportunity with both hands to prove I was worthy of their confidence.
It was only later really, when I saw them invest in and start up other companies too that I saw what entrepreneurs they were and saw more clearly what a chance they’d taken with me – as well as what a fantastic thing that was.
What have been the major development highlights from that point to where you are now as a business?
That first book fair was very memorable, as was the first proper sale to a major Italian customer the following May. When turnover reached £0.5m, I definitely remember going home to celebrate with my wife! Being named one of publishing’s rising stars by The Bookseller Magazine in 2017 felt incredible too; coming from nowhere and suddenly being recognised by a title at the core of the industry. The day we took on our first full-time employee also felt huge. Sales went up 50% that year so she was almost literally worth her weight in gold!
I heard later that the publisher opposite us at that very first book fair said ‘They obviously don’t know what they’re doing’, but I’d like to think that our current catalogue of 650 titles in 36 languages - with over 5 million books sold to date - proves him wrong!
How do you think the business benefitted from being part of Istoria Group’s Incubator Hub?
Without the support of Istoria Group the business wouldn’t have survived, simple as that. The support I received, especially in the first few years, when I had up to three meetings a week with Phil, really helped give me belief – though sometimes I came out with my head spinning and far too many new ideas! I learnt so much from Phil. That was absolutely instrumental in the growth of the business, as was the financial advice from Mark Riggott.
What particular aspect of the Group has been the most impactful on and significant for your business?
For me, personally, the level of autonomy I had right from the start was something I appreciated greatly. Along with the mentorship, I was very much given the space to develop skills by myself and learn on the job.
The other thing that was a huge learning experience for me was the annual two-day, out-of-office meeting of all the directors in the Group. Listening to everyone give a presentation about their last 12 months of business - the challenges they’d met and decisions they’d made – was not only enjoyable but meant I picked up so much about how other people do things and solve problems.
What lies ahead for you now? Where do you see the company going from here in the immediate future and the longer term?
My immediate focus is survival! I’ve had a security blanket for so long and even the bad years at the beginning of the company weren’t ruinous at that stage, so now that I have total control, that also means total control of rent, WiFi, National Insurance payments and so many other slightly scary things. I will have to prove to myself first of all that I can make it on my own and, once I know that for sure, I will allow other, wider ambitions.
I may well start by readjusting to the idea of a humbler office than I’m now used to!
After that, I’m off to the Bologna book fair in March, but the world has changed a lot during the pandemic and, now that I am both more established and fully independent, I may well have a humbler exhibition stand too!
A last word to Istoria Group Chairwoman, Claire Menzies about the Incubator Hub idea - and how it feels to launch a first success story, as well as what we as a Group have also learnt along the way…
Istoria Group set out to learn as much as possible from the overall experience of incubating and nurturing an idea, developing a new brand and co-building a solid business strategy, while walking side by side with Nick all the way to this moment of to-market independence.
By working together, fellow employees have also had first-hand experience of the immediate and long-term impact of fulfilling our range of agency offerings, from exhibition design by Ignition to branding by Phoenix Wharf. We have all learnt what it takes to develop a sustainable brand in the publishing market – as well as how to best to communicate those ideas to the consumer – giving us all new knowledge for the treasury.
There was something in Nick’s ability to adapt to take the pressure and learn the tough lessons of growing a new business that really caught my attention at the outset. He also managed to maintain a calm and balanced disposition throughout this process – teaching us all a lot about leadership along the way through his particular balance of humility and determination.
On behalf of everyone at Istoria Group, we share a great sense of pride and excitement as Nick sets off on this next phase of Bookworm’s journey and wish him all the very best for what we know will be a bright and prosperous future.
