reaktorx fuckup nights warsaw
TRANSCRIPT
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
