Harry

Hi Joshua, Thank you for taking the time to message the chat. In response to your question you don't need to join an accelerator to find a mentor. A mentor can be someone in your own personal network who may have the knowledge or connections to help you validate your idea. I would propose looking closer to home first. Additionaly you can always sign up to the association of business mentors and see if you can be matched up with one of their mentors https://www.associationofbusinessmentors.org/find-a-mentor. Lastly accelerators are geared towards companies who are at the further end of the technology readiness level or the marketing readiness level. TRL Level - https://www.ukri.org/councils/stfc/guidance-for-applicants/check-if-youre-eligible-for-funding/eligibility-of-technology-readiness-levels-trl/ Marketing Readiness level - https://www.innovateukedge.ukri.org/blog/understanding-market-readiness-level If your Startup is at the earlier stages than I would look at more incubator based programmes or programmes aimed at earlier stage companies. Kind regards, Harry

Great to have you on here Simon - saw your email! I'm currently on holiday for a while, so will reply when back!

When I started my first startup, my co-founder and I took modest salaries to keep our personal finances afloat while conserving cash for the business. We also received significant equity, aligning our interests with the company's long-term success. Dividends were not part of our early compensation, as we reinvested profits for growth. As we hit key milestones, performance-based bonuses became part of our compensation. The most exciting prospect was the potential for substantial returns from our equity if the company were sold or went public. Other methods of payment: - Dividends - Bonuses - Exit proceeds

Splitting equity in a startup involves several key considerations: Founders’ Contributions: Base the split on each founder’s input, including the initial idea, financial investment, and time. Roles and Responsibilities: Consider ongoing roles, giving more equity to those with greater responsibilities. Future Commitment: Allocate more to founders committed long-term. Vesting Schedules: Use a vesting schedule (e.g., four years with a one-year cliff) to ensure long-term commitment. Early Team: Reserve equity for advisors and early employees to motivate them. Market Standards: Research industry norms to ensure fairness. Discuss these factors openly to reach a fair and motivating equity distribution.

Solid bit of advice there Jeremy!

My co-founder James recently addressed a similar question about finding a tech co-founder, which holds valuable insights that can also apply to finding a business co-founder. You can read his response here, where he discusses a few strategies for connecting with potential partners. For finding a business co-founder specifically, focus on identifying someone who not only complements your skill set but also shares your entrepreneurial vision and passion. Networking events, industry conferences, and dedicated sections on platforms like our own connect with startups section on Startup Networks are excellent places to start your search. These venues allow you to meet and engage with like-minded professionals who are also in search of dynamic collaborations.

Completely agree, it can be very difficult to manage - communication is key, and building your data is great way for the data to back your decision.

Summary Hattie Willis is the founder of three different companies: Guessworks, If We Raise, and Not My First Guest Podcast Guessworks teaches early-stage innovation skills, If We Raise helps founders determine if fundraising is the right path for their business, and Angel Syndicate focuses on creating more groups of angel investors. Hattie emphasizes the importance of having a growth mindset and being willing to learn new skills. She also discusses the criteria she uses to decide whether to say yes or no to opportunities, including impact, financial sustainability, and personal enjoyment. Hattie shares how she got started in the startup world by kicking a man out of a bar and eventually being hired by his startup. Hattie shares her journey in the startup world, from working with different startups to joining an entrepreneurship education company and eventually starting her own businesses. She emphasizes the importance of testing demand and not assuming that everyone shares the same demand for your product or service. Hattie also discusses the importance of having a supportive network of co-founders and mentors who can provide emotional support and guidance. She advises first-time founders to be clear on the risks and to prioritize testing demand early on. Hattie Wheelys is the founder of three companies: Guessbox, If We Raise, and Angel Syndicate.She emphasizes the importance of having a growth mindset and being willing to learn new skills.Hattie uses a criteria-based approach to decide whether to say yes or no to opportunities.She values impact, financial sustainability, and personal enjoyment in her decision-making process.Hattie got started in the startup world by kicking a man out of a bar and eventually being hired by his startup. Test demand for your product or service early on and don't assume that everyone shares the same demand as you.Build a supportive network of co-founders and mentors who can provide emotional support and guidance.Be clear on the risks involved in your idea and prioritize testing demand to avoid building the wrong thing.Seek out resources and communities that can help you navigate the challenges of entrepreneurship.Chapters00:00Introduction and Background07:44The Power of a Growth Mindset14:07From Kicking a Man Out of a Bar to Startup Success30:38Dealing with Doubts and Seeking Support40:41Advice for First-time FoundersListen In

Enrique Serrano-Apparicio, founder and CEO of HackRox, discusses the importance of hackers in society and the need for cybersecurity training. He explains the difference between white hackers and black hackers and emphasizes the role of ethical hacking in ensuring the security of companies. Serrano-Apparicio also highlights the challenges of being a startup founder, including attracting and retaining talent, managing uncertainty, and dealing with stress. He discusses the growing threat of state-sponsored hacking and the impact of quantum computers on cybersecurity. Serrano-Apparicio concludes by emphasizing the importance of staying up to date with cybersecurity practices and using tools like HackRox to train technical personnel. In this conversation, Enrique Serrano discusses the importance of two-factor authentication and the need for additional security measures beyond passwords. He also shares tips and advice for entrepreneurs, including the importance of careful financial management and understanding the conditions set by investors. Enrique highlights the differences in investor mindset and support between Spain and the US. He also talks about the challenges of starting a business in Spain, including high taxes and a risk-averse mentality. Enrique shares his experience of overcoming financial difficulties and making tough decisions to save his company. He emphasizes the importance of networking at industry-specific events and being prepared to pitch your business in a concise and compelling way. Takeaways Hackers play a crucial role in society by identifying vulnerabilities and ensuring the security of companies.Ethical hacking, or white hacking, is essential for companies to test their products and infrastructure against potential vulnerabilities.Startup founders face challenges in attracting and retaining talent, managing uncertainty, and dealing with stress.State-sponsored hacking is a growing threat, and companies need to invest in cybersecurity measures to protect against it.The development of quantum computers poses a significant challenge to cybersecurity, and organizations need to stay updated on encryption methods and practices. Two-factor authentication is essential for protecting accounts, as passwords alone are not enough.Careful financial management is crucial for startups, especially when it comes to marketing expenses.Understanding the conditions set by investors is important to avoid giving away too much equity or making unfavorable deals.Starting a business in Spain can be challenging due to high taxes and a risk-averse mentality.Networking at industry-specific events can be more effective for finding investors and business partners.Overcoming financial difficulties requires making tough decisions and optimizing the company's cost structure.Titles The Importance of Hackers in SocietyEthical Hacking for Secure Companies Networking at Industry-Specific Events: A More Effective ApproachThe Importance of Two-Factor Authentication and Additional Security Measures Chapters 00:00Introduction and Background 08:26Challenges of Being a Startup Founder 24:03Financial Management and Investor Relations 32:08Networking at Industry-Specific Events 41:31Overcoming Financial Difficulties Listen In

Summary In this episode, Babita Devi, a growth coach, shares her experience working with startups and entrepreneurs. She discusses the importance of aligning your business with your passion and purpose, and the role of personal growth in entrepreneurship. Babita also provides advice on raising investment, dealing with rejection, and the value of networking. She outlines the seven-step process she uses to help early-stage companies grow, covering topics such as pricing, branding, and effective promotion. The conversation explores the importance of personal growth in business and how it impacts success. It delves into the concept of getting out of your own way and the role of childhood experiences and values in decision-making. The journey of entrepreneurship is emphasized, highlighting the transformation and connections made along the way. The conversation concludes with book recommendations and contact information for the guest. Takeaways Aligning your business with your passion and purpose is crucial for long-term success. Your business is a vehicle for personal growth, and understanding what your business needs from you is essential. Raising investment requires clear communication of your value proposition and finding the right investors for your market. Dealing with rejection is part of the numbers game in entrepreneurship, and seeking referrals and connections can lead to new opportunities. Networking is important for spreading your message, finding strategic partners, and gaining validation for your ideas. Babita's seven-step process for growth covers topics such as pricing, branding, and effective promotion. Understanding the internal factors, such as your relationship with money, is just as important as external strategies for business growth. Personal growth is essential for business success. Getting out of your own way involves recognizing and addressing subconscious behaviors and beliefs. Childhood experiences and values shape decision-making in business. The journey of entrepreneurship is about personal transformation and connections. Success is not solely defined by financial achievements. Recommended books: 'Never Split the Difference' and 'Dare to Lead'. Chapters 00:00Introduction and Background 02:15Passion and Purpose in Babita's Work 08:02Advice for Young Entrepreneurs 10:08Identifying Successful Entrepreneurs 12:02Validation and Market Feedback 15:18Challenges of Raising Investment 20:07The Value of Networking 22:04Babita's Seven-Step Process for Growth 24:28The Link Between Personal Growth and Business Success 27:39Getting Out of Your Own Way: Addressing Subconscious Behaviors 32:36The Impact of Childhood Experiences on Decision-Making 39:25The Journey of Entrepreneurship: Transformation and Connections 41:19Redefining Success: Beyond Financial Achievements Listen In

Summary In this episode, Nathalie Schwarzkopf, an investor from Germany, shares insights into the world of investing and the FinTech industry. She discusses her background and how she got started as an investor. Nathalie explains the criteria she looks for when considering potential investments and how she differentiates hype from real potential. She also discusses the differences between the investment climate in Europe and the US, as well as the varying landscapes in different European countries. Nathalie provides advice for founders on how to reach out to investors and build trust with large institutions. She also discusses the challenges of raising series A, B, and C rounds and offers insights into the current market slowdown. Overall, Nathalie emphasizes the importance of understanding the market, building investor relations, and being flexible in order to succeed as a founder. Takeaways Investors in the FinTech industry are looking for companies that have a strong product, traction, and a clear go-to-market strategy.The investment climate in Europe differs from the US, with European investors generally being more risk-averse and focused on building sustainable businesses.Different European countries have varying levels of investment activity, with the UK and France being particularly active in the FinTech space.Founders should focus on building investor relations early on and update interested investors regularly to avoid spending too much time explaining their business during the fundraising process.Raising series A, B, and C rounds has become more challenging in recent years, with stricter criteria and higher capital costs. Founders should be prepared for a longer fundraising process and consider raising funds before they are needed.Chapters 00:00Introduction and Background 01:17Getting Started as an Investor 05:26Differentiating Hype from Potential 08:26Differences in Investment Climate: Europe vs. US 10:42Investment Landscape in Different European Countries 13:08Size of Investment Rounds in Different Countries 14:07Investor Risk Aversion and Focus on AI and Climate Tech 16:06Best Practices for Reaching Out to Investors 21:02Building Trust with Large Institutions 23:04Disruption Potential in the FinTech Space 25:44Challenges in Raising Series A, B, and C Rounds 28:19Process of Reviewing Pitch Decks 31:03Advice for Founders 38:29Market Slowdown in Raising Series A, B, and C Rounds 42:17Opportunities in Challenging Times 42:52Contact Information Listen In

Hotbed is a virtual accelerator that aims to address the imbalance in funding and opportunity distribution for startups. The founders, Perdie Alder and Em, recognized the need for investors to access talented founders outside of major cities. They use a unique strategy of assessing founders based on their ability to execute and their focus on customer insights. Hotbed has worked with over 500 startups from 40 different countries. The founders emphasize the importance of speaking with users, being focused, and having the ability to sell. They also discuss the challenges faced by female founders and the need for a supportive network. Hotbed encourages founders to have a positive mindset and to approach investors with empathy and a clear value proposition. Takeaways Hotbed aims to address the imbalance in funding and opportunity distribution for startups.The unique strategy of Hotbed focuses on assessing founders based on their ability to execute and their focus on customer insights.Speaking with users, being focused, and having the ability to sell are key characteristics of successful founders.Female founders should focus on communicating the larger vision and talking about opportunity rather than risk.Hotbed encourages founders to have a positive mindset, maintain a supportive network, and approach investors with empathy and a clear value proposition.Chapters 00:00Introduction to Hotbed 00:14Identifying the Shift in the Market 01:36The Unique Strategy of Hotbed 03:57Challenges of Getting Started 06:13Defining Characteristics of Successful Founders 09:30The Funding Ecosystem 11:17Building and Testing MVPs 12:09Diversity and Inclusion in the Tech Space 15:14Raising Funds in Different Markets 20:28Importance of Supportive Network 22:36The Origin of the Name Hotbed 23:45Improving the Funding and Opportunity Distribution 27:03Maintaining a Positive Mindset 29:25Best Success Story 30:58Approaching Investors 32:07Contacting Hotbed Listen In

Summary In this episode of the Innovation Conversation, Alon Bochman shares his entrepreneurial journey and transition to AI. He discusses the impact of AI and the concerns surrounding its development. He emphasizes the importance of building something people want and advises entrepreneurs to focus on achieving product-market fit. He also discusses the challenges of raising investment and the differences between the US and other countries. Overall, he highlights the potential of AI while acknowledging the need for responsible development and regulation. In this conversation, Ricardo interviews Alan Bochman about the importance of market research and building products based on market demand. They discuss the role of customer feedback and the potential pitfalls of not listening to the market. Alan emphasizes the need for entrepreneurs and software companies to validate their ideas before investing significant resources. He also shares insights on how to effectively gather customer feedback and make data-driven decisions. Overall, this conversation highlights the importance of understanding the market and aligning product development with customer needs. Takeaways Building something people want is crucial for success as an entrepreneur. AI has the potential to greatly impact various industries and improve efficiency. There are concerns about the dangers of AI, including the risk of AI taking jobs and the potential for misuse. Controlling the development and use of AI requires international cooperation and regulation. Entrepreneurs should consider incorporating AI into their startups, but it should be a means to an end rather than the sole focus. Market research is crucial for entrepreneurs and software companies to validate their ideas and ensure market demand. Building products based on market demand increases the likelihood of success and customer adoption. Customer feedback plays a vital role in product development and decision-making. Ignoring the market and failing to listen to customer needs can lead to wasted resources and unsuccessful products. Chapters 00:00 Introduction and Background 01:05 Entrepreneurial Journey 04:26 Transition to AI 08:19 Early Experience with AI 13:13 Impact of AI 16:14 Concerns about AI 19:19 Positive Impact of AI 23:13 Dangers of AI 30:20 Controlling AI Development 35:06 Incorporating AI into Startups 38:47 Raising Investment and Global Differences 44:07 Advice for Entrepreneurs 10:15 The Importance of Market Research 20:30 Building Products Based on Market Demand 30:45 The Role of Customer Feedback 40:00 Conclusion and Contact Information We've created an online startup networking forum where you can find all of our podcasts, events, videos and more! Listen In

Summary Callum Woodcock from WineFi discusses the concept and benefits of investing in fine wine. He explains how WineFi simplifies the investment process by managing the sourcing, storage, and sale of wines for individual investors and institutional investors. Callum compares the factors considered when investing in wine to those in stock investing, highlighting the importance of producer, vintage, and price. He also discusses the storage of wine in bonded warehouses and the issue of wine forgery. Callum shares his journey in starting WineFi and provides advice for fundraising and entrepreneurship. In this conversation, Callum Woodcock discusses the steps involved in starting a business and emphasizes the importance of taking the first step. He also highlights the value of making small incremental changes to achieve significant improvements. Callum shares his company's future plans and the possibility of raising more capital. He concludes by providing his contact information for anyone interested in learning more about his business. Takeaways WineFi is a platform that simplifies the process of investing in fine wine by managing the sourcing, storage, and sale of wines for individual and institutional investors. Investing in wine involves considering factors such as producer, vintage, and price, similar to stock investing. Wine is stored in bonded warehouses to ensure perfect condition and provenance, as well as to take advantage of tax benefits. The investment profile of wine includes outperforming most mainstream equity indices, being uncorrelated to other assets, and having low volatility. Investors in wine should aim to hold the assets for as long as possible within the wine's drinking window to maximize value. Wine can be sold on the open market, but it is important to avoid incentivized sales to get the best possible price. Starting a wine investment business requires clear and compelling storytelling in the pitch deck, market research to understand customer needs, and perseverance in the face of rejection. Entrepreneurs should seek mentors and advisors who can provide guidance and reassurance throughout the startup journey. Chapters 00:00 Introduction to WineFi 01:06 Similarities and Differences with Stock Investing 03:04 Storage and Provenance of Wine 06:18 The Investment Profile of Wine 08:03 Maturity and Selling of Wine as an Asset 09:36 Liquidating Wine Assets 10:34 The Origin of the WineFi Idea 17:47 Expansion Plans and Geographical Focus 19:23 The Influence of Climate Change on Wine Production 25:39 Challenges and Advice for Fundraising 36:11 Dealing with Rejection and Perseverance 38:14 Advice for Aspiring Entrepreneurs 38:44 Taking the First Step 41:11 Small Incremental Changes 41:51 Future Plans and Fundraising 43:16 Contact Information Listen In