Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

ReaktorX Fuckup Nights Warsaw


Published on

Lessons Learned from the first batch of ReaktorX accelerator for first-time founders, ahead of the second batch.

  • Login to see the comments

  • Be the first to like this

ReaktorX Fuckup Nights Warsaw

  1. 1. ReaktorX Fuckup Nights, Warsaw 27.7.2017
  2. 2. 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 :)
  3. 3. 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
  4. 4. 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 ●
  5. 5. 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 ●
  6. 6. 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 ●
  7. 7. 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 ●
  8. 8. 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
  9. 9. What’s next? Apply at Deadline: September 6th
  10. 10. What’s next? Apply at Deadline: September 6th Good luck :)