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@fogeldavid 7 lessons learned @WayraUK From working with 120 Start-ups in 4 years
| Date post: | 14-Apr-2017 |
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Business |
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@fogeldavid
7 lessons learned @WayraUK
From working with120 Start-ups in 4 years
7 Years 12 Years
Deputy Director @Wayrauk
Talk
WHAT IS WAYRA
$77M $15M
125
Total Funding Raised to date
3rd-party investment pipeline next 5 months
Investment in Start-ups
$5.4MRevenue generated by contracts between TEF and start-ups
62Trials and contracts with TEF
Wayra UK in numbers
120Mentors
Wayra UK’s typical offer• €40,000 in cash + 40,000 in services
(coaches + mentors + access to TEF + free rent)
• 7-10% equity stake• 8-12 months of acceleration in central
London• Help in getting TEF as a partner• “Portfolio” relationship upon graduation until
liquidation event or put option exercised
A few Wayra companies
Lesson 1 Make sure it’s Top Down
Lesson 1It’s hard to innovate if it’s not on your bonus plan
Lesson 2Set expectations for Both sides
Lesson 2
Great meeting a Trial Good Trial A contract
Lesson 3Use a Translator
Lesson 3Can translate from “Corporate” to “start-up”
Lesson 3“Ok Let’s do it”
Startup be like
YESSSSComing in next weekto install product
Corporate be like
Ohh man Now I need to open PO
And then a new supplier And send a formal request…
Lesson 4Adapt your thinking and processes
Lesson 4Don’t be led by lawyers
Lesson 4Be Pro Startup
Lesson 5 – Bring the right team
Lesson 6
Engage the “Mother ship”
On a regular basis
• Public Sector clients
• Private Sector clients
• Industry Focus clients
Meet once a month in Wayra
Use our sells channels to help startups
Lesson 7 This is not a short term play
Remember getting a divorce is easier
Lesson 7 The right approach takes time
One last point We are not teachers they are not children
