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"Do or Die" - Founders Stories
11 Jun 2024 zally updates

As a founder, ask yourself: "Are you really sure that you want to do this?"

 

You'll face many ups and downs. Rejection from investors is part of the journey, but each 'no' brings you one step closer to a 'yes.'

Patrick Smith, Founder and CEO of zally, and Sam Royle, Co-founder and CEO of SoSquared, understood these challenges after raising funds for their startups. As a result, they created FLIP to break down barriers to investment and build a supportive community. The events have facilitated numerous connections and partnerships both in Manchester and beyond.

 

FLIP partnered with Climb24 to bring together a panel of founders to discuss their "Do or Die" moments.

 

Hosted by:

  • Patrick Smith - Founder and CEO, zally
  • Sam Royle - Co-founder and CEO, SoSquared

Panellists:

  • Ayaan Mohamed Ali - Founder and CEO, Digitech Oasis
  • Harry Neil Panter - Co-founder and CEO, Housr Living
  • Georgie Fairhall - Founder and CEO, WAC

‍

Key Takeaways from the Panel Discussion at Climb24 in Leeds:

 

  • Be a Strategic Sponge
    • Understand that you can't do everything in your business.
    • Embrace continuous learning and adaptation: if you don't know something, find someone who does, and learn from them.
  • Hire Specialists, Not Generalists
    • If your team can't take you where you need to be, don't be afraid to make changes.
    • Your team drives your growth, so invest in the people aspect of your business in order to get to the next level.
  • Delegation is Key
    • Trust your hires to do their jobs, allowing you to focus on tomorrow's goals while taking care of today's needs.
    • Raising funds is a full-time job, so it's crucial to have a team that can manage the company in your absence.
  • Be Strategic and Do Your Research on Investors
    • Investment is a lengthy process. Lean on existing relationships and build personalised solutions to investor problems.
    • Research investors' portfolios to target those who have invested in similar businesses.
  • Enter Rooms Where You Stand a Chance
    • Capitalise on and exploit opportunities.
    • Demonstrate your ability to execute, showcase your product's value, and solve real problems.
  • Be Authentic and Embrace Your Lived Experiences
    • Don’t mould yourself into something you’re not, instead be proud of your differences.
    • Stick to your beliefs, remain composed, and you will succeed even in desperate times.
  • Don't Be Afraid to Pivot
    • If something isn’t working, be ready to pivot to meet market demands.
    • This pivotal moment can be a "make or break" decision for your business, so ensure you're ready to make strategic choices that benefit the company.
  • Find an Advisor That Knows Their Stuff
    • Learning from someone with experience in your field makes it easier to navigate challenges.
    • Utilise founder networks to gain advice and learn from others.
  • Your Business Isn't About You; It's About Everyone Involved
    • Keep raising funds until they are secured in the bank.
    • Do whatever it takes to make the business work.

‍

Here are the panel's "Do or Die" moments:

Harry: Quickly expanding to the US and dealing with legacy issues from rapid growth.

‍Ayaan: Realising the need to pivot from just data integration to robotics to avoid business failure.

‍Georgie: Facing the toughest fundraising challenges and market conditions due to a low-paid market and COVID-19.

‍

One thing is for sure: founders will face challenging times, but resilience is key to maintaining your vision and beliefs, helping you stay motivated on your entrepreneurial journey.


Thank you to the panellists for taking part in the panel and to Climb24 for partnering with FLIP.

The technology industry is growing year-on-year. Understanding the impact of AI and new developments on the industry is key for businesses to stay competitive and increase efficiency. Patrick Smith, our founder and CEO, joined a panel at the "Digital Leadership Report" event hosted by Harvey Nash. He was joined by Nick Woods -CIO of MAG (Airports Group), and Christopher Williamson - Technology Director of N Brown Group. Together, they discussed issues in cybersecurity, artificial intelligence, and business transformation. Here are the key takeaways: Intellectual Property Issues: There is uncertainty around IP ownership when engineers use generative AI to create code. Clear legal guidelines are needed to determine who owns the rights to IP generated with AI tools. Business Transformation: Companies are undergoing transformations to boost revenue while adapting to new technologies. M Brown, a retailer, has returned to profitability by improving margins and focusing on financial services, despite a drop in sales. Investments in new platforms and solutions are expected to bring long-term benefits. AI and Operational Efficiency: AI is being utilised to enhance operational efficiency, especially in infrastructure-heavy industries like aviation. For instance, AI is used for precise planning at airports, potentially leading to significant revenue increases. Revenue Generation Focus: Increasing revenue is a top priority, influencing the projects and decisions of companies. There is a focus on aligning technology initiatives with business goals to drive financial performance. Leadership and Board Insights: Boards are concentrating on risk, cost, revenue, and sustainability. Technology is seen as a key enabler for achieving strategic goals, including reducing carbon footprints in industries like aviation, where sustainability is a key topic. AI Adoption in Organisations: Effective AI use depends on how data is utilised, not just its volume. Smaller organisations can compete by being agile and focusing on data quality and application. AI excellence requires robust data governance, and early adoption can provide a competitive advantage. Skill Development and Education: Continuous education and skill development in AI are crucial for all staff, not just technical teams. Business transformation programs should incorporate AI as a tool, integrating it into broader strategic initiatives. Gender Diversity in Tech: There are ongoing challenges in increasing female representation in tech roles, particularly in deep tech areas like cybersecurity and AI. Leadership must create supportive environments and actively encourage women to apply for tech positions. Hybrid Work Models: Hybrid working models are recognised as beneficial for work-life balance and productivity. Organisations are focusing on creating office environments that employees want to return to, rather than mandating office presence. The insights shared underscored the importance of strategic technology adoption. From enhancing cybersecurity measures to leveraging AI and driving business transformation, the discussion highlighted actionable steps for businesses to stay competitive in the digital age. By embracing these strategies, organisations can effectively navigate the challenges and opportunities presented by the ever-evolving digital landscape. Thank you to Harvey Nash for having us on the panel.
https://www.flipoff.co.uk/flip-1-0 .The technology industry is growing year-on-year. Understanding the impact of AI and new developments on the industry is key for businesses to stay competitive and increase efficiency. Patrick Smith, our founder and CEO, joined a panel at the "Digital Leadership Report" event hosted by Harvey Nash. He was joined by Nick Woods -CIO of MAG (Airports Group), and Christopher Williamson - Technology Director of N Brown Group. Together, they discussed issues in cybersecurity, artificial intelligence, and business transformation. Here are the key takeaways: Intellectual Property Issues: There is uncertainty around IP ownership when engineers use generative AI to create code. Clear legal guidelines are needed to determine who owns the rights to IP generated with AI tools. Business Transformation: Companies are undergoing transformations to boost revenue while adapting to new technologies. M Brown, a retailer, has returned to profitability by improving margins and focusing on financial services, despite a drop in sales. Investments in new platforms and solutions are expected to bring long-term benefits. AI and Operational Efficiency: AI is being utilised to enhance operational efficiency, especially in infrastructure-heavy industries like aviation. For instance, AI is used for precise planning at airports, potentially leading to significant revenue increases. Revenue Generation Focus: Increasing revenue is a top priority, influencing the projects and decisions of companies. There is a focus on aligning technology initiatives with business goals to drive financial performance. Leadership and Board Insights: Boards are concentrating on risk, cost, revenue, and sustainability. Technology is seen as a key enabler for achieving strategic goals, including reducing carbon footprints in industries like aviation, where sustainability is a key topic. AI Adoption in Organisations: Effective AI use depends on how data is utilised, not just its volume. Smaller organisations can compete by being agile and focusing on data quality and application. AI excellence requires robust data governance, and early adoption can provide a competitive advantage. Skill Development and Education: Continuous education and skill development in AI are crucial for all staff, not just technical teams. Business transformation programs should incorporate AI as a tool, integrating it into broader strategic initiatives. Gender Diversity in Tech: There are ongoing challenges in increasing female representation in tech roles, particularly in deep tech areas like cybersecurity and AI. Leadership must create supportive environments and actively encourage women to apply for tech positions. Hybrid Work Models: Hybrid working models are recognised as beneficial for work-life balance and productivity. Organisations are focusing on creating office environments that employees want to return to, rather than mandating office presence. The insights shared underscored the importance of strategic technology adoption. From enhancing cybersecurity measures to leveraging AI and driving business transformation, the discussion highlighted actionable steps for businesses to stay competitive in the digital age. By embracing these strategies, organisations can effectively navigate the challenges and opportunities presented by the ever-evolving digital landscape. Thank you to Harvey Nash for having us on the panel.