Neuron Soundware: Winning Awards and Customers
Since leaving StartupYard in this year, Neuron Soundware has made “soundwaves” in the startup community in Europe, winning multiple awards, including Vodafone’s Idea of the Year, and now, this week, Ceska Sporitelna’s Startup of the Year.
The company has come a long way in a year– from a small team that was able to demonstrate, at SY Demo Day 2016, a machine learning algorithm that could learn to mimic a human actor, to a company that provides machine learning diagnostic software to large equipment operators. They’ve received considerable press coverage. Already, they count both Siemens and Deutsche Bahn among their customers.
I caught up with Pavel Konecny, Co-Founder and CEO of Neuron Soundware, to talk about what the team has been through since leaving StartupYard, and where they’re going in the near future:
Hi Pavel, a lot has happened for Neuron Soundware since you left StartupYard. Can you tell us what you’ve been up to since the program?
We were very busy of course. We have presented Neuron Soundware at international startup and advance engineering conferences in US, UK, Germany and Czech Republic. We got a lot of contacts, which we are going to leverage. We are also proud that we found our first paying customers including companies such as Siemens and Deutsche Bahn.
What are you providing for those new customers?
We provide sound analytics algorithms as a service – an early warning of the coming mechanical issues of machines such as wind turbines, escalators, etc.
Towards the end of StartupYard 2016, your team decided to focus on diagnosing mechanical issues for machinery. Can you tell us a bit more about how this works?
Complex machinery with moving parts always has multiple points of potential failure. There are basically two ways to solve that issue: either you wait until something breaks, or you proactively monitor the parts you know are likely to break, and fix them before they do.
Waiting for a failure can be expensive, and even dangerous. We can’t wait for an airplane engine to just stop working. You can’t have a printing press suddenly fail an hour before the trucks arrive. The loss in business alone makes it a major vulnerability.
Why can’t humans do this kind of work? Why is a machine more effective?
I’ll give you a real world example: just google “failed wind turbine”. You would find scores of different pictures and videos from all over the world. Wind turbines are giant and very fast moving machines. If the blade breaks a part in the full speed, you can find the pieces miles away and this can be quite dangerous. Preventing these events is a huge challenge.
Currently they do exhaustive physical checks. What we found was that sound, the sound of a machinery operating normally, or machinery nearing a failure, was a very important source of data that was not being employed fully.
If you can understand a machine by the sounds it produces, you can reduce the risk of sudden failures, and increase the effectiveness of maintenance, since repairs are directed according to some available data about what’s working and what isn’t.
A machine learning algorithm can learn to connect data points that a human would ignore. A particular sound or a particular frequency may lead to a particular failure at a higher rate. Many of these tasks are above the capability of a human, who has a limited attention span, and limited memory.
There are also practical ways in which a machine is more effective: nobody can listen inside an airplane engine while it’s flying. Nobody can consistently diagnose a mechanical failure based on auditory clues that humans can’t actually detect. You need machines and machine learning for that, and that’s the breakthrough we’ve made.
How does Neuron Soundware learn?
Some issues can be simulated and some just appear time to time and you need to be ready to record them.
Hence we have developed our IoT device equipped with several types of microphones, which we use for the initial data collection. The device is mounted to the machines, continuously listening and transferring audio files to our central server. When we collect enough samples, we use them as an input to our learning algorithm. The machine health monitoring is done using the same IoT device.
You’ve now conducted some pilots as well, how was the experience, and what have you learned that surprised you and your team?
We were surprised several times of the effectiveness of deep learning technology. It works with all type of sounds. If we collect enough samples, we can achieve quality of recognition above 99.5%. And that would get even better as the system would collect more data.
Already, our approach can detect and diagnose mechanical faults that human diagnosticians cannot.
What has been Neuron Soundware’s biggest challenge since leaving StartupYard?
We are travelling a lot. So the most of the communication happens via Slack and Hangouts. We meet in-person as the whole team only once or twice a week. That’s an intense time, when we need to sort-out a lot of items quickly. It was very refreshing, when (Co-Founder) Filip got married in October and we were all together and not discussing business matters. So we went to (3rd Co-founder) Pavel’s band’s concert last weekend as keeping friendly team spirit is very important to us.
You recently recommended another deep-tech startup for our program. Why did you recommend StartupYard? What do you think has been the most positive outcome of acceleration for your team?
We would not be where we are now, without StartupYard. We started with a long list of ideas, where to apply AI technology, and we end-up with The idea of the Year (awarded by Vodafone Foundation)- and now Startup of the Year (from Ceska Sporitelna).
So we would like to thank again the many mentors we met during the first month of the program. It also changed our mindset in several ways: how to validate the business potential; how to pitch our product. Rather talk to people than flood them with documentation.
I used to start a meeting by passing out a complicated document, outlining everything I wanted people to know. What I learned along the way is that it’s equally important for people to get to know me and my team as people. Business is about making a personal connection- and that was an important lesson.
You’ve been talking with investors recently. What have you discovered during this process? What are you planning to do with the funds when you raise them?
It takes much longer than anticipated. They all stated how simple it is. It looks nice as starts with an interview, a short two page document. Then you follow with more meetings and committee board presentations, longer documents and the whole process of due diligence.
It is difficult to imagine, even for me, what we could be capable of doing in two or three years with our self-learning AI technology. And how much value and money we can make. We will use the investment to expand our business. With a larger development team, we could quicker complete the self-service sound analytics platform we are working on. That would make our business highly scalable and we could ramp-up our sales team.
Neuron Soundware’s core technology has a lot of interesting applications. Where do you see your team focusing its efforts within the next few years?
We are working on a way to combine effectively the different datasets we are collecting.
That would practically allow us to skip the phase of training as the neural network would be already pre-trained to recognize a wide set of potential issues. This is basically the way a human mind operates: you use past experiences to gain insight on new situations, even if they are very different. A machine can be taught to do the same thing, once given enough data.
The goal then, would be to start shipping a small smart IoT device in large volumes, ready to be used within any machine. Imagine a kind of silent digital mechanic, always sitting and monitoring complex equipment, all the time, and getting better, and better at the job every hour of every day. That’s really the future we are building with Neuron Soundware.
Applications for StartupYard’s second round of acceleration in 2016 have closed. Now, we dig into applications, looking at ideas, founders, and how founders talk about and express their ideas.
What we find is always enlightening, but also always an evolving challenge to parse and process.
The Idea vs. The Team
As I’ve written about before, it’s very hard to tell a lot about the scope and clarity of an idea from a narrowly focused written application. An idea that seems obvious might not be; an idea that seems obscure might in fact be a game changer. On the other hand, it can be easy to tell a few specific things about a person.
The way people talk about their ideas can reveal things about them as people. Is the person funny? Are they self-aware? Do they project confidence? Do they display arrogance? These qualities can be recognized in the way a person writes, and in what they choose to say.
But ideas are different. They are open-ended. They bring up questions rather than answering them. Great ideas are not always obvious at first glance, but can become “obvious” over time, after deep reflection and interaction. There is always a danger that a mentor projects their own hopes onto startup founders; thinking they can shape the team around their enthusiasm for an idea. That can create a disconnect between the motivation of the mentor, and the motivation of the team itself. Success and successful mentorship really ends up being about the quality and (forgive the cliché), passion of the team.
So what is a Startup Tourist? Put simply, it’s a person who wants to have a startup more than they want to actually do whatever it is that startup does. Startups, if successful, grow into regular companies, with all the responsibilities and daily obligations that come with them. Tourists aren’t interested in that type of success. They’re more interested in the status that running a startup confers on them– the appearance of success, more than the substance behind it.
Experience has shown us that some amazing startups don’t seem that amazing on paper. The passion may be obvious, but the idea itself may not be. Having difficulty expressing what you do, doesn’t mean you don’t know what you’re doing, though. And a big part of our job is to help square that circle, and make startup founders good at talking about their work. We always have to keep that in our minds when reading applications: lack of clarity is not a killer, but lack of passion and sincerity are.
Tourists Can Be Great Communicators
We’ve reviewed, collectively, around 800 applications for StartupYard within the last 3 years. The vast majority of those are clearly not a match for us. Most are poorly presented, and probably also not very well developed ideas.
That’s ok though. We accept around 3% of all applicants, so we expect most not to qualify. And the only way a startup founder can learn is by trying, so we laud those who do apply, no matter the outcome.
What we worry about most are the “tweeners:” the ones who appear to offer a lot of promise, because they are usually very good at talking about their ideas. They have the ability to project passion, but just enough self-awareness to avoid being seen as arrogant or full of bluster. These applications are more polish than substance, but they hide their lack of substance extremely well.
As Paul Graham of Y-Combinator famously said: these are the founders who live by “the rules.” They learn the system (such as it is), and how to talk and act, in order to appear to be what they wish they were- promising startup founders. These founders often know the “rules” better than we do, and well enough to convince almost anyone at first glance that they belong, even if they don’t actually have the passion they need to build a successful business.
And that works for a few meetings. Maybe a few weeks. But eventually, the results don’t match the apparent promise, and the Tourist becomes more obvious.
One of my favorite movie scenes is from a Martin Scorcese film called The Departed (Spoilers ahead).
In the film, a police Captain (played by Martin Sheen), asks a young police Cadet and misfit (played by Leonardo DiCaprio): “Do you wanna be a cop? Or do you wanna appear to be a cop?” This is a question I would love to ask many startup founders I meet. Of course, the irony in the film is that the Captain had, moments before, congratulated a new sergeant on his promotion in the department- and that sergeant (played by Matt Damon), is a mole working for organized crime. The best of us can always be fooled, especially when we are shown what we want to see.
The dream is of course to find a founder who is really good at communicating *and* has a lot of genuine passion for their ideas. The genuine article, in other words. That’s the stuff unicorns are made of, but it is rare stuff indeed. The ugly stepchild of the unicorn founder is the Tourist- the applicant who knows how to play the game, but doesn’t know how to win it.
Spotting A Tourist
There are certain things that tourists do to tip their hand, and reveal that their motivations are more complicated than a simple passion to be great at something nobody else can or has done before.
So, here’s my (totally unscientific), list of signs of Startup Tourism. In no particular order:
Knows the Lingo… a little too well
Startup Founders learn about seed funds, VCs, valuation, down rounds, convertible notes, equity dilution, and the rest of it as they go along. They have to. These are things you have to become familiar with if you want to succeed as a high growth startup, but it isn’t necessarily something you need to know much about before you actually start. At the beginning, an idea and a team that cares a lot about that idea can get a startup pretty far with minimal wisdom about the intricacies of fundraising and corporate structure.
Moreover, a team that isn’t focused on these “status metrics” is more likely to be focused on what’s really important- which is building enormous value for their customers.
Tourists tend to know the startup lingo a little too well for their own good. This can reveal a focus on the trappings of success, rather than the work involved in achieving it. That’s not always true, but sometimes it is. Good startup founders can always become good at this stuff because they have to. It’s a means to an end.
A Tourist is more likely to ask a lot of intricate questions about funding and corporate structure, but to do so well ahead of the time when knowing these things is particularly relevant. The tourist is fixated on valuation, instead of value. On “benchmarks” instead of forward progress. So focused on appearing to be in control, a Tourist reveals that they are not focused on doing what their startup actually promises to do.
Asks “How?” Instead of “Why?”
Mentoring startups often involves throwing a lot of things against the wall, and seeing what sticks. It’s the startup founder’s job to talk to mentors, and to then try and process what they’ve heard, and find out what’s really relevant for them. That means listening to people you might not completely agree with, and then checking what you’ve heard with others, to see what they have to say. It also means listening to people you agree with, and then digging into your own reasons for agreeing with them. It’s about jumping into a swamp of conflicting opinions, and trying to make sense of it all. It’s messy work. It’s frustrating, and it needs to be.
Mentorship is more valuable when the startup founders are asking searching questions. “Why do you think we should do this? Where can I learn more about that? Who should I ask about this?” These questions produce more work for the founders, who have to follow up on what they’ve heard.
When a founder more often asks: “how can I do that?” or “How would you do this?” These are not searching questions, but rather invitations to do the founder’s work for them. They don’t open up new avenues of thinking, and are not so open-ended. It’s like the student in university who asks the professor how many pages the term paper has to be. That’s not information that helps the student perform better and be creative, rather it’s information that helps the student do what is expected. It helps you get a grade, but it will not help you actually learn anything.
A favorite professor of mine once answered by saying: “as many as is necessary.” I took that to mean that the professor would know very well whether the actual ideas a paper contained were worth the number of pages actually consumed.
Searching my memory, I cannot recall a single instance in which a founder who has gone on from StartupYard to successfully raise seed financing and build a growing business asked me how to do anything. But I can recall many instances in which those same founders asked me why they should do one thing, or another. And many more instances when they asked for my feedback on something concrete. Opinions and feedback are generative. Building on ideas and being creative are what matter. There are no gold stars, and no grades in real life.
Figuring out how to do something can be easier than figuring out whether or not you should actually do it. Founders who ask why, are much more likely to get useful answers than the ones who ask how.
Talks about Opportunities Instead of Challenges
A few weeks ago, I heard a very funny story about one of our investors. He was a jury member at a startup competition, which is something startup investors end up doing a fair bit. A startup had stated something like: “the market is worth an estimated $100Bn, we aim to capture 5% of that, and if we do, we will be worth over 5Bn in recurring revenues.”
That’s a pretty prototypical tourist point of view. The investor in question had his own brilliant response: “why 5%? Why not 8%? Why not 15%” The implication should be clear enough- the size of the market can be impressive as hell, but the actual dirty work of building a business is not as sexy as talking about money. If you’re focused on getting a slice of the pie, then you’re probably not thinking about building a whole new market. You’re probably not interested in changing the way things work, but rather making the way things work, work for you.
And if the thing that matters most is the market opportunity, then what are you really passionate about? If you’re smart and you work hard, you can make money at a lot of things. You don’t have to found a startup to do that.
The founder that is fixated on market opportunity is less likely to be laser focused on creating value for the people who will actually pay for whatever they provide. That focus on creating inimitable value is everything to a successful and disruptive startup. It’s not about trying to grab a piece of an existing market, but about creating a new market nobody else is aware of yet.
Much more interesting are challenges. What does the market not yet provide, and why is that badly needed? Why couldn’t the market provide it before now? What problem is just waiting to be solved? Disruptive startups tackle the status quo, and change the way people and businesses and the world around them works on a more basic level. They make things that are not just faster and cheaper and prettier, but actually different.
I see this problem as one in which the startup founder is too focused on what they think investors want to hear. They will say their market is growing, and hope that the mere implication of opportunity is justification enough to get funding for themselves, regardless of what they’re actually doing.
When making a case for itself, a startup can be much better served by talking about what hasn’t been possible before, than about what has already been accomplished by others, or things that would happen whether the startup existed or not. Yes, for example, the mobile gaming market may grow by 40% in the next two years, but that’s an argument in favor of investing in that market, not necessarily for entering that market with a specific product. The product itself needs to make sense, and the fact that it’s an expanding market is, perhaps, a bonus.
Yet I hear this justification thrown out at virtually every pitching event I attend, over and over again. “The market is huge, and we’ll be a part of that huge market.” Yes, and?
- Puts Their Fate in the Hands of Others
It can be as simple as this- a Tourist is a startup founder who is waiting for something. Waiting to get into an accelerator. Waiting to attract a VC. Waiting to quit their job. Waiting to be noticed. Waiting for the magic bullet.
This is part of what makes selecting startups so hard for an accelerator. We want people who are ready, but not people who are waiting. We ask startups when we first interview them: “What will you do if you aren’t accepted here?” The Tourist will answer: “I’ll try again,” or “I’ll apply to another accelerator,” or, “I’ll stay at my job for now.”
A startup founder who is passionate about what their doing, and really believes in it, is more likely to say: “I’ll just keep going,” or “I’ll think about why I didn’t make it, and decide what to do next.” The genuine founder is already thinking ahead of the next failure, looking for the next challenge, and not waiting for success to strike them.
This week, on our trip to Romania, I caught up with one of our favorite StartupYard Alumni, Mathe Zsolt-Lazlo, known to us as Zsolt, founder and CEO of StartupYard alum Soldigo– formerly known as Shoptsie.
Soldigo has changed their name, but they’re still the amazing team they were when they joined us at StartupYard. I talked with Zsolt about what’s been going on at Soldigo since they left StartupYard last year:
Hi Zsolt, first let’s address the big question: your company has a new name: Soldigo. How did you pick the name, and why did you decide to rebrand?
Hi Lloyd. Indeed, we went through a rebranding so
Shoptsie is now Soldigo. We got so many contradictory suggestions, many people told us we should change it and just as many said they loved the old name, but in the end we decided to change it after all.
As a result of many long brainstorming sessions we came up with nearly 100 new names. We did some research and because there is a lack in terms of .com domain name availability, we gradually reduced this number and arrived at Soldigo. We chose this name because it is short and sweet, in tune with the trend and somewhat catchy. Soldigo stands for “go with the e-selling flow”. It is intelligible in multiple languages and evokes optimism and fun.
What have been some of your biggest milestones since leaving StartupYard?
I believe our biggest milestones since leaving StartupYard were finding the right teammates and creating the new version of Soldigo. In our industry, technology and business development are often inseparable from one another and this is why we decided to change the platform to an improved version of itself. The new version of Soldigo is more intuitive, easy to use and fully supports the needs of small and medium businesses.
What about your biggest challenges?
Our biggest challenge and joy is to meet the needs of our existing and potential customers who are just as eager to perfect their online stores as we are to improve our service that allows them to do just that. We plan on introducing social selling and create a new plan called Marketing that will offer great marketing solutions for optimized selling.
Tell us what’s new in Soldigo. What are some of your newest features, and what have been some of the biggest changes to the product?
To meet all of our customers’ needs and requests, we added the following amazing new features and updates:
– we improved the product upload as well as the image upload features
– we enabled the possibility to add subcategories
– connecting the store with blogs is also possible now
– we re-thought the Designer and therefore the store owner will have more freedom with it, more customization options (possibility to add background images, more control over coloring the store, possibility to change font types and sizes, so an overall bigger freedom to be creative when it comes to the store’s look and feel)
– new server makes it all work faster and better
You’ve recently expanded your team. Tell us a bit about that process, and about the current state of the team.
The process of recruiting new team members was quite long since we had to make sure that the person joining us represented the same values and had the same goals and was enthusiastic enough to step out of the “8-hours-of-work-a-day” frame of mind.
We created a friendly work environment that is not about long hours but rather about focusing on work when needed and make it efficient. So we looked for people who fit into Soldigo’s team spirit and drive. While developing the new version of Soldigo, we expanded the team with a senior developer and a sysadmin. At the moment the Soldigo team is made up of 5 people.
Looking back, what has been one of the most important lessons for you and the Soldigo team coming out of StartupYard?
The most important lesson after coming out of StartupYard was to “get out of the building”, to engage with our customers and to allow their needs to shape the direction of Soldigo. We are constantly attending as many handcrafters’ fairs and exhibitions as possible and we aim at maintaining a constant contact with our existing customers.
You’re currently focusing on growing your userbase. What are some of the main challenges in doing that, and where do you hope to be in the next year or two?
That is correct. Since we finished the development of the new version of Soldigo, we are focusing on growing our user base. The main challenge of doing this our lack of experience in the marketing field.
Over 6000 customers are using Soldigo currently, of which 12% are generating an average 20-25 sales per day. To grow the number of our customers, we created a marketing strategy, both online and offline, but since we are not experts, we saw that we need help in this area. At the moment we are working with two really good marketing agencies and we got a lot of help from the StartupYard mentors.
The next two years are crucial for us. We want to put Soldigo on the map of the e-commerce world with hopes of it becoming one of the best solutions in helping small and medium size companies to succeed with their online businesses.
How have your ambitions for the company changed since you left StartupYard? Have you revised your vision in a significant way
When we arrived at StartupYard we wanted to reinvent the wheel and we felt that Soldigo was meant for everyone. We were really clueless in how to channel our ambition to get results.
What we learned there is that targeting everyone at the same time is really impossible, and so we chose a niche that would focus our energy in a more targeted way. Our vision became clearer and Soldigo became more consistent, in brand image as well as brand strategy.
We have an open call for Startups closing on September 30th. What would you say to a startup that’s thinking about applying to StartupYard?
I would say that applying to StartupYard was hands down one of the best things we did as Soldigo. It has taught us everything we know today and, most importantly, that you can achieve many things if you have a good team.
It gave us an immense perspective on where we were and also gave us a direction for the future. It was an amazing learning experience that truly defines us to this day and we felt really honored to be mentored by such incredible mentors.
I believe that StartupYard is an amazing platform for startups to grow and to learn and to find their true calling, so startups, do yourselves a favour and apply, asap!
[Updated August 2016] We talk to a lot of startups, and we’ve talked to a lot of investors too, particularly since we published this piece way back in 2014. In that time, our portfolio companies have raised upwards of 4 million Euros, and many of the tips we’ve given them have been refined through their experiences, and our own.
You can now apply for StartupYard Batch #8.
- Artificial Intelligence
We’ve seen people make every single one of these mistakes, and we’ve made some of them ourselves. Live and learn. So here, updated for 2016, are 9 things not to do when talking to investors.
9 Things not to Do When Talking to Investors
Talk About Exits
Perhaps your dream is to found a startup, get some investment capital, pump up the valuation for a nice fat IPO, and blow town with a suitcase full of €500 notes, headed for a major tax haven. A noble dream, to be sure, but not one that inspires a great deal of confidence.
No, investors like to see that the stake you keep in your newly minted company is going to keep you properly motivated. And motivation is more than dollar signs: it is derived from satisfaction with your position, passion for your product, camaraderie with your team, and, of course, also money. So focus on those intangibles that you have that will keep your business moving forward. Don’t count the profit that someone’s investment is going to bring you, when you leave them holding the bag in 2 years. That’s not nice. And as the old adage goes, no investor wants to give money to a company that needs the money. They want to give money to a company that can use the money well.
Be Oblivious and Don’t Listen
In StartupLandia, obliviousness can be a good thing. Who would start a company like yours without being at least somewhat unaware of the potential drawbacks, the sleepless nights, the stress, the headaches, and the thought of near certain failure? Obliviousness can preserve your sanity while you attempt to do something that most ordinary people consider to be basically insane.
The thing is, while that kind of youthful naiveté can even be attractive to investors, it so often comes with a far less attractive trait attached: you don’t listen. Investors at least like to think they have some advice and experience you can learn from. Certainly, they want to you to fully understand what taking their money entails, concerning your responsibility to them and to your company. So you need to listen carefully to what investors say.
You don’t have to follow their advice, and you don’t have to take their money, but you do have to listen- now, and into the foreseeable future, until such a time as your leadership and the product you make have proved themselves repeatedly.
Ask for an NDA
Don’t ask for an NDA. You’re probably not working on anything sensitive enough to warrant this annoyance to an investor. I’ve written a more extensive piece on this, and you can read more about it there. But really, unless you’re dealing with technology so sensitive and valuable that some level of paranoia is truly healthy (cure for cancer, for example), then an NDA is not going to do anything but waste time.Don't ask an interested investor to sign an NDA. It's pretty much never worth it. Click To Tweet
Say: “I have no competitors.”
We’ve all heard this: ‘if you have no competition, you have no market.” Besides, if your product asks for anything from a customer, be it money, time, or attention, you are by default in competition with all of the other things a customer could be doing with that money, time and attention. All businesses compete for customers. If they don’t, they aren’t businesses at all.
No, more often saying this is actually saying that you haven’t thought much about your market, your users, or your potential challenges. This past week, I ran a product positioning workshop with all of our startups. I asked them to position themselves against competitors based on relevant vertices for their market. The values on the X and Y axis are less important than the insight the teams can derive from comparing themselves to other businesses in the context of customer needs, wants, budget, or other factors. For example, a graph might look like this:
As I noted, the values on the vertices can change to fit your market situation: is it about price, or time investment, or is it about the annoyingness of ad-support, or about some other value on the Y axis?
The X axis is also dependent on the market needs. But a successful business needs to find a suitable position graph that places their product somewhere that the competition isn’t competing well. In the above graph, the competition can offer good quality, but at the price of convenience. So my product has to be convenient and high quality. That is my market opportunity.
This sort of position graph also helps illustrate your market strategy. You wouldn’t market yourself as top-shelf quality if a competitor already holds that reputation- your quality would be a help, but it would not be enough to justify your product. If you can’t find a graph that shows a worthwhile market opportunity in concrete terms -something nobody and nothing else yet does well- then you may not have a viable product idea at all.
Tl;dr: If you can’t be better, be cheaper. If you can’t be better or cheaper, then you’re going to need a very good market strategy.
Don’t Have a Plan to Use The Investment
One VC I spoke to recently put this problem in terms of ambition. Wanting investment doesn’t make an entrepreneur particularly ambitious, except in the sense of possibly being greedy. Instead, a poorly laid or incompletely laid plan for go-to-market based on a number of possible investment outcomes is a sign that you don’t really care enough about your product and its future. If you did, you would have plans for any contingency, including a way to bootstrap your product.
Approaching investment this way, with an eye towards showing investors exactly what their money is going to do, also gives a founder much more leverage. It is a much more attractive argument to an investor that a founder *could* launch without his or her support, but that this support would only stoke the fire of success further. Being dependent on investment means being dependent on investors, and few investors want a founder who can’t stand on their own. This means being responsible, and having a solid, and detailed plan for how you would use money invested in your company.
In “A Unified Theory of VC Suckage,” which I recommend as good reading, Paul Graham theorizes that VCs suffer from perverse incentives to invest too much money into startups that don’t need it, and can’t properly use the investment. What can make such a situation doubly more dangerous (and frequently did in the late 90s and in the 2000s), is that founders also believed that a bigger valuation was actually going to make them rich. Which it did, at least on paper. This has caused more than a few companies to IPO when they shouldn’t have, and to crash spectacularly. It has also caused many worthwhile projects that needed much smaller seed-funding to struggle to get it. But having a plan for what to do with the money you take in will show an investor that you’re ready for a big investment, or for a smaller one.A high valuation does not make you rich. It makes you accountable. Click To Tweet
Project Your Growth Based on a Similar Product’s Success
Everyone knows a “me too” product when they see one. A “me too” market strategy may be no better than that. The old saying: “if it was easy, everyone would do it,” finds a perfect fit here. The success of another product, and that product’s similarities to yours, doesn’t mean much to the success of your product. Investors invest in people, just as much as in products, and execution, despite what we hear in the news, is 10 times as valuable as innovation for any company in the long term.
We often hear about innovation in the media, as if it were the sole distinction of success in technology. In fact, that isn’t remotely the case. While big companies that innovate create magnificent splashes and sell lots of their products, it takes just a bit of scratching at the surface to discover that the majority of that success is ensured by a strong execution of whatever plan the company has. That was as true a century ago for the Ford Model T as it was 10 years ago for the iPod. As true for Microsoft as for Facebook. These companies were not creating products that hadn’t been thought of before. But the background processes that they put in place to execute, reliably and efficiently, won them their market positions over time.
Think the Investors Must Be Smarter Than You
Our director Cedric Maloux told me a great story about an idea he had way back in 2008. He wanted to form a company to develop and market casual games for the newly launched iPhone. This was a market at that time, was worth much less than just a few years later. He discussed his idea with a VC he knew and respected, and the VC advised. “Video games need to be immersive and mobile phones don’t give this experience. Nobody wants to play games the way they used to [with the GameBoy],” the investor argued.
Cedric believed him and gave up on the idea. And today, the mobile games sector is worth 28% of the games market, according to ISSU. The market is worth some $13 Billion, which makes it bigger than the entire music industry. Growth in this sector has yet to slow since the release of the original iPhone. Investors are not necessarily visionaries.Don't confuse smart money investors with visionaries. Click To Tweet
Last month, Techsquare hosted a meeting with StartupYard and another local accelerator. Its director and host listened to pitches from their startups, and from ours, and nearly without fail, addressed every single team with the same feedback, in sum: “I knew some people who tried what you’re doing. It didn’t work.” Experience is doubtless valuable. But failure in the past is in no wise a predictor of failure in the future. If that were true, the world would not know of most of the revolutionary products it has encountered in the past 30 years. Virtually every single one of them was tried without success, usually long before they were tried and succeeded. Listening to negative feedback like this is good. Letting it stop you is a shame.
Don’t Be Ready
Be Prepared. Always. Having and being prepared to share your financials, your projections, info about your team and your market is essential.
You can’t just chat up investors as a means of figuring out what they want to hear- that’s not the way the dance works. Your vision, your plan, and your goals are what the investors are buying into, so if you try to sell them their own ideas, they’ll know you don’t have a plan you really believe in. Having that plan, and sticking to it, only changing it for strong and valid reasons, is key to getting the right investors involved. So you need to be ready for what the investors might ask of you.
Luckily, there are plenty of investors who will tell you exactly what they would want to see from a potential investment. A great example is our own investment partner, Credo Ventures, and their own Andrej Kiska, who shares excellent tips on exactly that topic. He lists the number one failure point for startups as not building business forecasts ahead of a funding round.in Kiska’s words:
“The most frequent reason I hear for not building a model is that it is either too difficult or it just doesn’t make sense. But that makes me wonder what would happen if your startup will run into challenges that you consider too difficult or your market will desire a product you don’t believe makes sense and don’t bother to test it.”
There’s another pretty full-proof way of finding out what investors want to know before the meeting starts. Ask them. If the investor is a serious person you might actually want to cooperate with in the future, then they should be invested in you doing a good job, and making the best possible impression. The investor has a boss as well, in many cases, and needs to find justification in talking with you, just as you need to find justification in talking with them. So ask what they expect to find out from you, and plan accordingly. There’s no secret handshake. No checklist- every investor is different, and it’s ok to seek guidance.
Talk to the Wrong Investors
This seems basic, but it’s a mistake a lot of people make. You should know which kinds of investors you want to talk to. Don’t talk to a growth fund if what you need is seed money. Don’t talk to a VC firm unless you’re ready to do due diligence. Don’t talk to an Angel unless you’re looking for an Angel style investment. Each type of deal has its place, but not all money in investment is created equal. Each type of investment carries its own advantages and drawbacks, and you shouldn’t waste your time talking to investors who don’t have experience with companies in a similar situation. Andrej Kiska also has a lot to say on picking the right type of investor.
For the second time in a matter of a few weeks, StartupYard is very pleased to announce that yet another StartupYard alum, SY 2016’s SpeediFly, has raised 308,000 euros in seed investment from Czech startup investor Petr Zamecnik.Congratulations @SpeediFly raising 300K from Czech investor Petr Zamecnik via @startupyard Click To Tweet
This is Zamecnik’s second investment in a StartupYard startup- it follows the recent announcement of his involvement with BudgetBakers’ (SY 2015) comparatively sized funding round. The investment includes follow-on financing from StartupYard, in the form of an equity-free grant, supplied thanks to the European Commission’s FIWARE Accelerate program.
Making Sharing a Flight as Easy as Sharing an Uber
The team, which will work from both London and Sofia, Bulgaria, has launched a private beta in London, where it acquired its first customers in April this year. SpeediFly is a mobile-first travel platform that aims to make booking a last minute flight, even as a group, as easy as sharing a ride on Uber.
The funding will be used to expand the Bulgarian development team, and launch SpeediFly in several European markets, including London, and other major travel hubs.
The team also plans to develop the social travel aspects of the platform, as well as interest based travel recommendations that will allow travelers to combine their favorite activities with the best last-minute travel deals.
Currently in beta for iOS, SpeediFly also plans to expand to Android and the web. The new funds will also be used to expand the platform’s smart recommendation and group booking systems, two core features that will differentiate the startup from other entries in last-minute travel.
A Czech Investor on the Move
Our own Managing Director Cedric Maloux said of the investment round: “It’s not every week that two great companies from our portfolio get the financing they deserve. Zamecnik has made two smart and gutsy moves with these two startups [BudgetBakers and SpeediFly], and we hope that his peers in the region and abroad will take notice.”
Also commenting on the investment was SpeediFly’s Co-Founder and CEO Alex Karadjian, who said: “this will help us scale super quickly and go to new markets, but what is even more exciting to me, at least at this early stage, is the natural bond our team has had with Petr from the very moment we met. Petr’s fast-moving style as an investor and businessman perfectly aligns with the spirit of our team and with our concept- which is all about spontaneity and fun. I am sure this is going to be a great journey together.”
SpeediFly was founded in late 2015, and joined StartupYard in 2016. It aims to be the market leader in mobile-first, social, last minute travel. In the UK alone, the company estimates that there is an untapped potential of 10.2 billion Euros in the last minute travel market. In addition, 56% of European travel searches for last minute bookings are for groups of 3 or more- while none of the major meta-search engines specialize in group bookings, social features, or shared payments.
We are incredibly pleased to announce that StartupYard 2016 team Neuron SoundWare, has won the prestigious competition Napad Roku. Napad Roku is put on by Vodafone Foundation to find the best ideas from Czech and Slovak startups, and bring them onto the global stage.
The prize includes 300,000 CZK (11,000 Euros) from Vodafone Foundation, additional funds for legal services, and new tablet computers.
Napad Roku: The Best of Czechia and Slovakia
Neuron Soundware, led by Co-Founder and CEO Pavel Konecny, won out against over 170 competing startups. The company is building a framework for neural networks to understand, learn from, and process sounds. As reported by Forbes recently This will enable their technology to, for example, diagnose technical problems in heavy machinery and sensitive hardware, including such things as 3D printers, car engines, and air conditioning systems, among much else.
The technology can also be applied to the voice: at StartupYard’s recent DemoDay, where Neuron Soundware premiered the pitch that won at Napad Roku, Konecny demonstrated how a neural network could listen to, and then perfectly reproduce a human voice, opening up the possibility of using natural human voices instead of computer generated voices in any range of applications, from call centers to robots. The technology also makes manipulation of the voice possible, changing accents, inflections, emotional tone, and much else.
This opens possibilities for the NeuronSoundware team in a wide range of industries, from AI personal assistants like Viv, to industry 4.0 and distributed “contour” manufacturing technology, where more and more products will be fabricated in smaller factories, closer to their destination markets.
Congratulations to Pavel and the whole NeuronSoundware team!
Pavel with CoFounder Filip Sedlak
Pavel Konecny, CoFounder and CEO
DemoDay 2016: The Big Moments
StartupYard last night introduced its 6th cohort of startups to the world. We are extremely proud, and judging from our community’s reaction, so were you. Thank you for supporting us and encouraging us to do what we do. Your value to our startups is truly immeasurable.
But which of the companies at DemoDay 2016 were your favorites, and why?
Click on the picture of your favorite startup founder below to tweet about them.
Don’t forget to check out our exclusive interviews with each Startup from 2016:
TotemInteractive, StartupYard’s first Polish startup team, came to StartupYard with a novel concept, and has executed on a broad vision to change digital outdoor advertising in a major way. The team, experienced in digital media and cloud systems, is creating a platform into which marketers and advertisers can put their creative energy to generate meaningful, lovable, interactive display ads in place of boring, old fashioned posters and billboards.
I caught up with Piotr Piekos, CoFounder and CEO at TotemInteractive, to talk about the future of outdoor digital advertising, and cloud based marketing. Here’s what he had to say:
Hi Piotr, tell us a bit about TotemInteractive and your team. How did you come up with the idea?
TotemInteractive is a software platform that aims to help marketers with deployment and performance measurement of cross-platform, interactive marketing campaigns launched on electronic screens in public and in-store locations. Basically, interactive display advertising, instead of boring old posters.
The idea came from our observation of two trends: the propagation of digital screens in public spaces, and the fact that mobile devices have become an inseparable part of almost every activity that we do outdoors. TotemInteractive believes that digital advertising outdoors as often depicted in scfi movies in not just an imaginary future. We think that it is a natural consequence of the mobile and IoT revolution. TotemInteractive’s plaform aims to be among the first players on that market.
You have a background working with digital agencies. How does that help you when it comes to creating a platform for digital interactive ads?
Throughout my professional career I had seen a number of solutions aiming to resolve the problem of unified and streamlined visual communication across different devices. Some of them already succeeded in industries like gas and oil (crisis centers) or places like decision-support systems for high-level corporate executives.
Budget constraints are less of a worry for these types of businesses, allowing the vendors to reach high complexity and sophistication with the systems they deploy. I have been involved with several dozen such products. Knowing exactly what our target market (advertisers) expects, we are able to provide a lean and user friendly answer to the market demand. In short: we want to move what is already possible with multi-million dollar equipment to the world of advertising, where price is always a consideration.
What about your team? How are you uniquely qualified to bring display ads into the modern age?
To answer this question, I will first need to explain a bit about the requirements for the platform. We had composed a team with very technical specific requirements in mind: such as quality of service (your ad has to be there at all times), and scale (platform needs to work on hundreds of screens simultaneously).
Our team consists of people who are experts in building complex, distributed systems. Michal is a system-engineer who is a specialist in cloud based deployments. Kamil and Piotr have been working on large scale deployments of tailored B2B systems for years.
On the business side: Leszek Knoll, my CoFounder and COO, brings startup entrepreneurial experience on board. He had built startups in the past and knows well the rules of the game.
I have been working in professional audio-visual industry for several years: my expertise is based on several dozen deployed, consulted and rescued projects related to large scale visualization systems. Lastly, we are backed by several mentors who hold strategic positions in advertising segments: in agencies, brands, and large media-house conglomerates.
Tell us a little about how the TotemInteractive platform works. What does it enable advertisers to do?
TotemInteractive makes it possible to directly interact with a big digital screen in public spaces using your mobile phone. It can be a game, where you use your mobile as a controller, or a socially engaging voting system for your favourite band during the music festival. Whatever you can image.
Our platform stays hidden behind the scenes, a cloud based system that supports various applications for live screens. It’s a sophisticated enabler, allowing marketers to very easily create and deploy interactive campaigns, without a need to engage substantial resources to prepare, code, test and deploy their own cloud based or local solutions.
How is TotemInteractive different from traditional static display ads?
It is not boring! Our platform transforms traditional ads into something that delivers real value to the consumer. Suddenly, those displays become engaging, fun and an experience sharable with others.
You’ve already run a few pilot campaigns. Can you tell us a little about how these worked, and what the results were?
Even though our MVP is still in development phase, we had done a proof of concept campaign during a job fair, at Silesian University of Technology. Our results show that, first of all: people are really keen on interacting with this new type of medium, when the motivation for doing so is clear.
Registering more than 10 engagements per hour, per screen, gives us good reason to believe that such advertising can be much more effective than traditional display ads. Not to mention, that 42% of the people who played our game were willing to share their Facebook data with us through the platform. Try doing something like that with a poster.
You have spent quite a bit of time identifying market needs and exploring different approaches to the market. What has the exploration process revealed that you didn’t know a few months ago?
Major conclusion was that a seed-stage startup will have very hard times when it comes to deployment of a platform across multiple screen networks. We had found out that it is a very capital intense goal, that we simply cannot afford to chase at this moment.
What are your immediate plans for expansion? What does TotemInteractive have planned for the next year?
We want to reach the retail market (in-store digital signage, banking, car dealerships). Gradually we also want to move to the events market. In the next year we want to be recognizable by marketers in CEE and western Europe as these guys that can put their creative, potentially viral, ideas into motion.
Long term, where do you want to be in 5 years?
Market leader in interactive digital signage! We want to provide marketers not only with technology, but with unsurpassed reach (network aggregation), for their digital outdoor campaigns.
How has StartupYard shaped the company’s growth in the past 3 months? Are there any particular mentors who had an outsized impact on your team, direction, or traction?
Well, StartupYard was immensely helpful in terms of momentum that our business reached during this time. Definitely, mentoring was a revealing and beneficial experience for us. It was about knowledge sharing, feedback (both positive and negative), but also some of the mentors allowed us to enter real sales opportunities that we are chasing at the moment. Without SY it would not be possible. But not only that: I believe that our business development potential is now multiplied by your expertise in marketing and the power of your network.
The boatify team joined StartupYard this year as our very first team representing Switzerland, and its emerging startup scene. Found and CEO Johannes Röhrenbach is passionate about boating, and lives the dream by making his home a boat on Lake Zurich.
The team has set out to build the world’s leading boat-sharing platform, centered around building enjoyable experiences for average people in Zurich, and in ports and harbours around the world. I caught up with Johannes this week to talk in detail about his dreams for the boatify platform.
Hi Johannes, tell us a bit about boatify. How did you come up with the idea?
Well, at the very end of August 2014 a friend of mine invited me on a short cruise on the Lake in Zurich, in the evening´s magic night atmosphere only a lake can have. It was a very old boat – 45 years old -, full of wood, lovely details and a breathtaking charm. And I immediately fell in love.
My friend was living on the boat – the Blue Ocean -, together with his family since the beginning of the summer. But they were considering selling it, since for four people it would have been too small to stay throughout autumn and winter. So I decided to buy it.
It was a quick and spontaneous decision, all of a sudden. I needed to hurry up a lot, doing my skippers’ license and preparing everything to resettle. In the end of September I finally moved onto the boat myself.
Since then I´ve experienced the most magical moments one can imagine: the early morning´s dawn on the lake with the particular calmness the water only has in these hours, playing guitar in softly shaking sunsets, poker session with whisky and cigars – on a boat in the very center of the town. Most of that I experienced only on my own or with good friends – and with a strange feeling that these experiences should really be available for others. This is how I came up with the idea to start a platform, where people can share boating experiences: boatify.
What are some of the other ways that people can currently book boating experiences? Why is boatify better?
See, if you want to go on boat around Zurich, you can whether take a passenger boat, you can rent a pedalo, and in case you have a skipper’s license you can rent a motorboat from one of the few commercial providers – not very nice boats actually, without any charm, and for horrendous prices. There’s basically no access to these thousands of unused private boats around – and no platform offering easy and affordable experiences on boats.
In other locations, yacht charter platforms provide access to boats. But they don’t solve the problem of finding the perfect crew. So sailors use old school forums to connect and plan their trips together. We add the community dimension to the boats: boatify is a service to bring people together onboard. Boat lovers and those who might be ones in the future.
What sorts of features will boatify have in the first year? What can people do with the platform?
It´s all about the experience and the social interaction. Our key approach is to show impressions of interesting boat experiences on the very first visit – and to the right people. On our own website, but also in social networks and further platforms such as Eventbrite or Groupon. You will firstly show interest in an experience, later you can confirm your reservation. If you find something interesting, share it with your friends on Facebook and Co.
Boatify is all about connecting the right people and bringing them together on board, hence user generated content and user profiles play an important role: as boat owner you can find mechanics or other experts – and trusted officers, who care for your boat and the maintenance when you’re away. As officer you can list your own experiences and earn better ranks the more five-star ratings you get, and for the more boats you´ll become accredited for.
And also as a normal user, you can pin outstanding boating spots on the map, suggest itineraries and tell your last unforgettable boating story to the crowd.
We merge the schedules of the boats with the schedules of the experiences and integrate with further booking systems of our partners such as charter companies, so every involved stakeholder can easily manage his/her upcoming bookings.
Building a community around boating is an important part of your mission. Can you tell us more about how you plan to accomplish this?
It´s all about visibility. Boat lovers must understand that there’s finally someone bringing their community online.. So we must be on everyone’s mind. We’ll be present at boat clubs and magazines – and on the water of course: In Zurich with the wonderful Blue Ocean and in Berlin with the even more wonderful MS Fitzgerald. We’ll organize outstanding activities like a fleet parade or a boat sharing day, so everybody will talk about us.
It is our magic story we will tell. To build a particular atmosphere and to convince everybody to jump on board with us – as our first 23 early bird officers already did. It´s all about living the boating dream.
To leverage that, this summer we will start the craziest project ever: a Boat-Road-Show. As an international startup and the digital nomads we are, we will prove that it is in fact possible to run a company from wherever you are in the world – even from a boat!
So this is what we’ll do: starting in Barcelona, from July on, we will travel the coast line from Spain and France, to Italy and Sicily, hopping over from harbour to harbour, telling our story, organizing parties and other experiences – and convincing boat owners, skippers and all the others to follow the boatify dream and to continue to start their own boatify businesses.
We need to find the perfect sponsors and we will engage an army of talented interns to come with us to make this blueprint of experience come true.
You’re launching in Zurich. That seems an odd choice for a boating platform. What’s your reasoning, and what’s your growth strategy over the next year or so?
The boat stock in Zurich and the many lakes around is bigger than you think! There are more than 100.000 private boats of all classes existing in Switzerland; additionally Lake of Constance on its own (together with the bigger German and Austrian part) already contains over 65.000 private boats.
Additionally, Zurich is very attractive as a market, not just because it is one of the richest cities in the world, but in particular because the very city center embraces the lake. In summer, there are thousands of people spending time all around on the shore: a great chance to get visibility – especially on an eye-catching boat like the Blue Ocean. Adding some special attractions nobody has seen before, like small concerts from boat to shore, or a Boat-Sharing-Day in addition to the very popular Rooftop-Day will get us a lot of attention.
Our growth strategy: The Boat-Road-Show will give us a lot PR, but it´ll probably take another season until we will have serious operations going on in the Mediterranean Sea. For this summer, we focus our operations towards Lake of Zurich and Lake of Constance, where we want to sell 3000 experiences throughout the year. Our marketing activities all around Europe will bring as a lot of awareness online – and we’ll convert it to business back home in Zurich.
The key for being successful is an interesting portfolio of offers on the supply side, which is why we´ve already gathered most commercial providers of this region on the platform. Now we need to add the experiences on top of the boats, and there we go.
At the same time, we’re preparing to launch in the Mid-East. Our lead officer in Dubai has already organized the first partnerships with charter companies, so that we can test the market in the coming months and start serious operations there from October on – with the beginning of the season.
As with AirBnB and Uber, there are always legal concerns about liability and insurance. How will you give your users and boat owners peace of mind?
I´m a strong believer in and warrior for the Shared Economy! However, many liability and insurance questions still remain unclear across all kinds of solutions. Additionally, traditional businesses such as taxi companies or hotels suffer from smart peer-to-peer platforms all over the world – AirBnB and Uber are the blueprints for it.
But also in our case there´s already a lobby of commercial boat trip companies existing in Berlin, fighting against smaller boat businesses. And that´s not okay! There is so much unused property in this world and it´s not right not to let the majority of society access it – whereas nowadays technologies can make it so easy for us to share.
There remains a lot of work to do to clarify and solve all the open questions and issues. For us and for other shared economy pioneers. But the time has come to make the world a better, fairer and more efficient place – so let´s do it!
Can you talk about some kinds of experiences that users can have on your platform?
Sure! I´d love to! As I´m a hobby musician and play a lot of instruments, the first official boatify experience has been a Jam Session on board a river boat in Prague – three weeks ago. But there can be so much more: Dinner Cruises, for companies or privately, other cultural events like lectures, concerts, maybe even vernissages. On boatify you can buy a ticket for a trip or a venue, like for a boat party or something more special like a speed dating on a boat. Or, you can book entire packages, to celebrate your birthday – or even your wedding on board. Our vision: to enable you to do everything on the water that you could do on land – we want to bring life from land to water! This is also why we’re organizing our Boat-Road-Show: we basically live our idea.
At the same time an experience does not necessarily need to be something outstanding. If you like the water and you want to run your small business as boat skipping teacher without being dependent on a company, or if you want to offer fishing, diving or snorkeling trips, waterski, sightseeing tours, or even just spend your evenings in an exclusive surrounding with some hand picked people: do it with boatify.
It is up to the creativity of our officers: whatever concept you would like to offer on boatify, whatever is most requested in your home region, we’ll give you the tool to realize it.
What opportunities does boatify offer for boating professionals? What about boat owners?
Beside our customers, the two main roles interacting on our platform are boat owners and officers. Boat owners own the property, but often they don’t have time to use their boats. So the boats sit unused – which is actually not very good for a boat. Boats need to be aired, they need to be moved and they need to be continuously run to keep machinery and equipment in proper shape. So what boat owners normally do is to engage marinas or other professional providers to look after their boats, for a lot of money – and in addition to the high maintenance and docking costs.
Owning a boat is almost always a financial drain- sometimes unnexpectedly so. This is what we want to turn around: we want to make a boat not only financially feasible, but even profitable.
And we do it via our officer approach. In building a community of experienced boat enthusiasts, who don’t necessarily need to own a boat themselves, we bring the boat owners in contact on our platform with all the knowledge and capacities they’re lacking. They can get in touch with mechanics and other experts, who will always care for the boat, when the boat owner doesn’t have time himself.
In return, these boat enthusiasts get access to the boats: as soon as an officer becomes certified by us, he can get in contact with all the boat owners in his region; the ones already registered on our platform and new ones he can approach by himself, supported by the boatify team and other officers around. When a boat owner trusts an officer, he can accredit him for his boat and the officer is allowed to operate the boat, to create experience offers and to run his own business with it.
How do you plan to grow usership of your platform in the early stages?
We will provide the best tool to organize yourself around boating, but we must succeed building a particular movement around our platform. We do this gathering as many boat enthusiasts as possible around us and incentivizing them to do so themselves. It will feel extremely cool, to be part of the boatify crew – the more you contribute, the higher your officer rank gets and the greater benefits you get: it´s a kind of gamification factor we use here.
As soon as we´ve proven our concept, we´ll start with our „officer academy program“, hence we will provide the entire life cycle for want-to-be boat lovers: we offer young people the chance to do their skipper license with us for free, training them in all relevant aspects of security and safety and teaching them how to realize the most amazing boat experiences. Then we give them the boats and there they go.
In each region we´ll be active, we’ll employ a lead officer – the Fleet Admiral – organizing all activities and building the community himself: you can partly compare this to the Uber approach, they are an important example for us.
Where do you hope boatify will be in 5 years time?
The overall goal is to create the world´s biggest boating community. In five years we want to be active worldwide, mainly covering our starting market in Europe. We want to become the one tool whenever you think to start or organize something on board. We want to make boating accessible for everyone, to overcome its exclusivity and to take usage of the millions of private boats sitting unused all around the world.
With a properly implemented Sharing Economy concept we want to set an example against unfair distribution of goods and become an important player with a clear code of conduct in an industry that is not organized sustainably at all. The dream is to gain enough power to engage in some of the world´s biggest environmental problems like the pollution of the seas.
How has StartupYard impacted boatify’s development? Have any particular mentors been especially important in getting you to where you are today?
At StartupYard we finally learned to outline the boating experience as the core product on our platform. We had these visions in our minds from the very beginning, but were always pitching boatify as a marketplace solution for boats. With your continuous challenge of our positioning and its execution, Lloyd and Cedric´s, of course, Michal´s and Viktor´s, we’ve now become extremely focused and well-prepared on how to bring our vision to reality.
We had to face some major problems during our time at StartupYard as well – starting development over from scratch after one month. Our dear mentor Vladimir Kozak has helped us a lot in this time and he still is, continuously structuring and challenging all our development approach. We’ve profited a lot from personal introductions and the support of a lot of our mentors, especially Ladana Edwards with her unbeatable supportive friendliness, Daniel Hastik continually feeding us with valuable startup insights and Wallace Green, who helped us in building greatest visions with his endless creativity and enthusiasm.
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