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An Anti-Agency Business Model10.24.2016

Proprietary & Confidential 2Proprietary & ConfidentialSource: Dictionary.com

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Make Stuff > Make Impact

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Fees for time.Agencies act as agents (duh.)

Proprietary & Confidential 5Proprietary & ConfidentialSource: Discussions with three lawyers of variouscreative agencies

 • Agree to be a bank for clients and accept 120-day payment terms?

• Put our butts on the line with insane insurance and indemnification clauses?

• Eat legal fees to review a 50-page agreement on a $100,000 project?

So does it makes sense to…

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“If the business were split up, I would give you the land and bricks and mortar, and I would take the BRAND and trademarks, and I would fare better than

you.” John Stuart

Chairman, Quaker Oats, 1900

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Brands will reach 41% share of discretionary spend by 2025 versus 31% today.

© Bullish Inc. Confidential. All rights reserved.© Bullish Inc. Confidential. All rights reserved. 12

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AdvertisingAgency

01.

Venture CapitalFirm

02.

03.

+ = AcceleratorAgency

03.

We accelerate transformationfor courageous brands to

go further, faster

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Our Brands

23332

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Our Modus Operandi

• Focus on outcomes, not outputs• Invest in others ideas• Say no• Imitation = flattery, proof

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 • Understand what needs to be done

• Understand what the client really wants (ads or results?)

• Put real money on the table

Outcomes, not outputs

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 • We do not make our own IP

• Role of strategic/creative marketers, not glass makers, bike leaders or

tea farmers

• And it‘s making money*

Invest in others ideas

Different Investments17 6x+ 6Investmen

t Growth Years Validation

* - On paper!

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No.

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 • Failure: this stays unique and boutique

• Tim Williams, Gerry Preece, Anomaly

• Office hours

- Beers and office hours in NYC, SF, ?

- c.diem@bullish.co

Imitation Wanted

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An Anti-Agency Business Model

• Challenge your own convention, not someone else’s• A point of view is huge, own it• Say no and back it up

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Carpe Diem.@MikeDuda

mike@bullish.co