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ReaktorX Fuckup Nights Warsaw

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

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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 reaktorx.com Deadline: September 6th
  10. 10. What’s next? Apply at reaktorx.com Deadline: September 6th borys@reaktorwarsaw.com Good luck :)

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