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Unlocking Growth: Insider Insights for Scaling Success with Patrick Smith - Founder and CEO of zally
10 Jun 2024 zally updates

Being a founder isn’t easy; it’s a demanding but extremely rewarding lifestyle. Patrick Smith, Founder and CEO of zally, spoke with Barclays Eagle Labs Director, Amanda Allen, in an interview that delved into ways to be successful.

 

Here are the key takeaways from the discussion:


  • A Healthy Work-Life Balance is Key
    • Good time management can prevent burnout. Live by the timings and compartmentalise tasks. Implement steps that allow you to disconnect from work to avoid becoming your business.
    • Treating yourself like an athlete helps sustain high performance, though it requires a mindset not everyone has experienced.
  • Be Bold and Brave When Raising Funds
    • The North is a great place for funding. Connect with those around you and always ask for help.
    • Showcase your team's capabilities alongside the product. Early on, your team is likely your unique selling point (USP).
  • It’s Not the Investors’ Fault That Founders Don’t Get Funding
    • Rushing can lead to failure. Be flexible, take your time and "do the dance" with investors.
    • Founders need to prove how they will use the funds and demonstrate the return on investment. Failure to do this makes funding more challenging.
    • Be selective with partnerships. Build relationships with investors over time and focus on long-term business goals.
  • Put the Work in at the Beginning
    • Get involved with accelerators early on. They are valuable for both the programme and the people.
    • Self-reflection is crucial, and it's up to you to deliver on this in order to improve.
  • Be Strict on Your Minimum and Find People Who Want to Guide You
    • Avoid small investments early on. Focus on larger investments and seek investors who provide value beyond capital.
    • Make your venture attractive. Ask for help, not funds, and people will then ask if they can invest.
  • Find a Mentor That Challenges You and Supports Personal Growth
    • A mentor who keeps you honest and wants you to succeed will raise your standards.
    • This makes the journey enjoyable and continuously pushes you.
  • Networking is Strategic and Tactical
    • Invest significant time in building your communities and give back to fellow founders.
    • FLIP MCR, powered by zally® and SoSquared, facilitates this. The event is for founders, by founders, and ultimately raises Manchester’s profile and that of the North West in general.
  • Surround Yourself with Great People to Stay Refreshed
    • The support from loved ones is invaluable, and a great team makes it even better.
    • As a founder, you’ve taken people's money and must ensure that the business succeeds, not just for financial reward but because it's a great feeling for everyone involved.
  • Hire Experienced People Early On and Enjoy the Journey
    • Attract and learn as much as possible from your team.
    • Mistakes are inevitable. Find processes that make you more efficient, whilst maintaining a fun work environment.
  • Plan “Take Over the World” is in Full Force
    • zally is working to raise its profile as the team prepares to go-to-market.
    • By getting rid of passwords, zally is changing the way the world authenticates, and ultimately making peoples' lives better.

 

The z team are building the next unicorn from Manchester. If anyone can help us, or if we can help you, please get in touch at zello@zally.com

 

Thank you to Barclays Eagle Labs and ClimbUK for speaking with Patrick and zally in this talk.

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.