reaktorx fuckup nights warsaw

ReaktorXFuckup Nights, Warsaw

27.7.2017

Let’s start with the good things!● 7 / 10 graduated● Those who died did not go away● ~1.5m PLN of funding raised by graduates● 100% graduates happy :)

Lesson 1: Startup is a full-time job● Assumption: professionals don't launch companies because even though they

have the domain knowledge, they don't have the time and ability to learn how to be an entrepreneur

● Reality: The startups that performed best like Sum The Sun or GetLine worked on their projects full-time

● Noble exception: Evibrave

Lesson 2: Workshops work, lectures don't● Founders are not looking for textbook knowledge● Founders are looking for experience● Workshops that involved all the participants & their business were a success

○ I'm thinking of you Kamila Sidor and Kasia Dworzyńska●

Lesson 3: Mentors need to be either 100% in● You need mentors for many reasons:

○ Talk honestly to somebody○ Have someone who really cares about your startup○ Learn from their experience, avoid their mistakes

● Mentors who can’t commit time are out● Managing mentors is a skill we need to teach founders●

Lesson 4: Interdisciplinary teams are hard● Hustler, hacker & designer is a pipe dream● It’s fucking hard to find a business partner

○ especially with complementary skills○ especially in a short time-frame

● Limited success was the result of people getting to know each other, not random match-making

○ Dominika + Arek = Homedi○ Kacper + Olaf = Boson Identities

● Moving away from match-making towards ReaktorY hackathons●

Lesson 5: Demo Day: cut the bullshit● It’s about attention● So cut all the bullshit talks and panels● Get straight to the pitches● Make sure the investors stay in the audience to hear all the startups● Everything else is secondary●

Changes, changes...● Changed the rules a bit for batch 2:

○ Fewer workshops, more integration○ Bigger role of lead mentor○ Equity rules change:

■ Reaktor always gets 1%■ Lead mentor always gets 1%

○ Full-time commitment preferred○ ReaktorY graduates preferred

What’s next?Apply at reaktorx.com

Deadline: September 6th

What’s next?Apply at reaktorx.com

Deadline: September 6th

borys@reaktorwarsaw.com Good luck :)