7 lessons learned @wayra uk from working with 120 startup over 4 years
TRANSCRIPT
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@fogeldavid
7 lessons learned @WayraUK
From working with120 Start-ups in 4 years
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7 Years 12 Years
Deputy Director @Wayrauk
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Talk
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WHAT IS WAYRA
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$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
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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
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A few Wayra companies
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Lesson 1 Make sure it’s Top Down
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Lesson 1It’s hard to innovate if it’s not on your bonus plan
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Lesson 2Set expectations for Both sides
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Lesson 2
Great meeting a Trial Good Trial A contract
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Lesson 3Use a Translator
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Lesson 3Can translate from “Corporate” to “start-up”
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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…
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Lesson 4Adapt your thinking and processes
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Lesson 4Don’t be led by lawyers
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Lesson 4Be Pro Startup
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Lesson 5 – Bring the right team
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Lesson 6
Engage the “Mother ship”
On a regular basis
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• Public Sector clients
• Private Sector clients
• Industry Focus clients
Meet once a month in Wayra
Use our sells channels to help startups
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Lesson 7 This is not a short term play
Remember getting a divorce is easier
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Lesson 7 The right approach takes time
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One last point We are not teachers they are not children