Why doing an investment?

Investors. This of what I am speaking. For the past weeks, my mind and attention have been directed towards this. How to find them, speak to them and eventually partner with them to both benefits from their experience and investment the best way to take Bylife further. They, the investors or business angels, are said to be out there, and a good match is only about speaking to enough individuals before you your partner.

Before you take the decision to sell part of your startup to an investor you need to understand their game. They are here to make money. Period. They do so, by helping you at the same time. We have what’s called a win-win situation for all parties involved. And it is this sweet spot we are looking for.

Most startups could do without venture capital. Instead, you could sell your product, thousands of units, and walk to the bank saying – “Hi, I want a loan so that I can start production and deliver these units”. Or, you sell one unit, then two, and so on. Bootstrapping. Compare to IKEA. On the other hand, it took Ingvar Kamprad decades to reach where he is today. The question is, how slow can you walk before someone steals your idea, or, you lose the customer because they do not have the patience?

That’s why we decided to take in external capital. To enter the market faster, become a global player quicker, and avoid making mistakes by having people involved who have done the mistakes themselves. If you yourself decide to take in capital, you should have ‘the why’ clearly written out for yourself and company.

Choosing the right investor

Finding the most suitable investor(s) is no obvious task. It is about exposing yourself and ask your network for help and connections. In its essence, it is about marketing yourself, just like tweaking your Tinder-profile with the right images and text, telling the other partner that you are looking for them, and why you are a good candidate for them to consider.
There are several events you can sign up for in Skåne where get to meet angels and investors: HGBTECH, The Creative tour, Power Hour at Mobile Heights, and Connect Syd’s Språngbrädan.

Before you set out your search, know that is a timely process. It takes roughly 6 months from the first encounter till you say ‘I do’ at the altar (or signing an agreement by a meeting table). Start on time. For ourselves, we have a few lunches booked, a few follow-up meetings and about to join Connect’s Språngbrädan. I.e. existing times ahead!

For the past weeks, we have also started recruiting, looking for two key positions: Lead Product Developer and Lead Robotic Engineer. So far, we have received roughly 25 resumes and it is a special feeling when you receive emails from people wanting to join the company you once started. We also received €6000 in Leapfrog grants, finished our pitch deck and competed in VentureCup and applied for the StartupBootcamp accelerator in Amsterdam. As well as changing our hardware work-flow to a SCRUM-based system while receiving more interest from customers and other potential collaborators!

The quest continuous and April went quicker then I had hoped. Perhaps that is the feeling when you are having fun, or have too many things going on. I hope to tell you next time about our upcoming trip to the Netherlands, the continued product development, and hopefully a few new team members onboard.

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For a while, I and the Bylife-team have been thinking about how to connect all the sensors we use in the wall, to get their data to the cloud, for use to monitor the health and status of the plants. Wi-Fi is easy, but how do you do it “plug-&-play”-easy?  (This is what the industry calls – Internet of Things, IoT). A business meeting five weeks ago, with a supplier that had just the product that we needed. An IoT SIM-card, that would work anywhere in the world. “Perfect, we’ll take it. But… what about the fair you are going to, rumor has it you would benefit from a use-case to display?” I found myself saying. Shit – What did I just ask? Our prototype was only a shell, with no proven technology working on the inside.

Mobile World Congress is a fair they, the supplier and now our partner had been planning for almost a year. Now, five weeks to go, they should display our product? A few days later I received an email – “The market team has approved, can you deliver? You have 36 hours to reply.” And the four busiest weeks in my life started.

From then it is almost a cloud. If I ought to review what I did I have to look at my calendar. Some of the things we accomplished, and all “a first” was: Learning how-to and writing a patent. Build and prove all the internal tech on our wall and let it run for a few days. Learn how to transport a bookshelf to southern Europe (with plants). Write and send out a press release. Create an AB with the co-founders in a mature and long-term way. All this we accomplished while staying friends.

It took more than a year, for the wall to be fully finished and for me to insert the plants, decorating it like a canvas depending on how I wanted. A year, and 5 minutes after it was finished, a few photos were taken, it was all taken apart. Packed on a pallet and shipped the next day on a truck. What an emotional roller coaster. Once the wall was shipped, I flew on clouds – there was nothing Bylife couldn’t solve!

The pressure of being a founder, from the outside or within?

It is unfortunately clear why so few companies are founded, and why so few are raising their hand when someone asks – who would like to lead? It is because of the pressure and responsibility that comes with it. Now, with the AB founded, it is up to me and to co-founders to bring the money in and pay salary to future employees.

But the pressure does not come from your surroundings. I have never seen a more supporting and kind environment than that around the startup-community – everyone who has walked down this road knows the challenges. The pressure comes from you and living up to your own expectations.

The price you pay – putting your friends and family aside, to realize your vision and dream of the company. This is what I am most sad about and my most challenging personal goal of the year – work less, or smarter – to get my life-work harmony straight.

The conclusion of these four weeks is that it is addictive to work. The more you work, the more result you’ll see. It will be exciting to see what the outcome will be from Mobile World Congress that starts in a few days – will we make any actual sales for instance? But I am equally excited to share a dinner with my friends and hear their own stories from these past weeks. If you can have both – the world is yours.

Once every month you will be able to read more from Erik Wilson. Check back last Sunday of March for part 3 of our Startup story!

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Today, it is roughly a year since I started this journey of starting my own company. A nanoscientist, a globetrotter, a nature lover and a farmer’s son – but also a visionary and someone who feels his call is to make the world a little bit better – that is how you can describe me.

Photo: Erik has always had an interest in nature. Here, during an excursion to New Zealand when he went looking for Gollum’s cave.

The decision to start

I used to tell myself, that you don’t become a startup founder by choice – it just happens. Such as many other things in life. Like falling in love or getting an idea. You see, ideally, we wouldn’t have to invent what I and my team are working with. It would already be widely available and everyone in the society would be happy and free from stress. But this is not the case, yet.

The second-best choice would be working for an established company, free from stress, struggles, long nights and having to eat oatmeal every day, a company that has the same vision, and is inventing what we are inventing.  The third option, where we are today – doing a startup. When no other company has the same vision as you and when you are convinced that your idea will benefit almost everyone in the world. Then you must be the pioneer yourself.

I will for the coming 5 months give you an insight in how it is to run your own hardware startup in the Öresund region, all the ups and downs, and how it is chasing your dream.

This is the background to why I am where I am today – here. I will for the coming 5 months give you an insight in how it is to run your own hardware startup in the Öresund region, all the ups and downs, and how it is chasing your dream.

What we do

In short – We (Bylife.io) are bringing nature indoors to improve peoples’ quality of life. This means we are developing what we call “a smart living wall” i.e. a bookshelf, covered with green indoor plants that make you feel great from simply being near it. Just like being outside.

I started on my own but quickly learned that if you intend to change the world, you need a team. Now, we are 3 core members and 3 interns. We have successfully build a prototype, pitched our idea to the King of Sweden and won VentureCup Idea hunt since then. This must mean we are on the right track?

     Photo: Erik is seen pitching the idea behind Bylife before the king of Sweden and The Royal Swedish Academy of Engineering Sciences (IVA)

But we are just getting started. Hopefully, next month I can tell you more about an amazing goal we are trying to achieve. Right now, all in the team are rather stressed since we are working hard to reach it. The question is, will we, or did we promise too much?

Once every month you will be able to read more from Erik Wilson. Check back last Sunday of February for part 2 of our Startup story!

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Meet: Workshoppa, Bylife, Tendo

Veronika’s project Workshoppa is a platform where you can find all sorts of practical and creative workshops taught by passionate individuals, so anyone can learn new skills without attending the whole course. It is the most recent project at Venture Lab. However, it is moving forward fast, and Veronika is planning to launch the website already in April.

Erik works on even more futuristic project – Bylife, which is aimed “to bring the nature indoors”. The project is built around technical platform where a robot takes care of plants, so that we could enjoy having plants at home, but avoid the worry of taking care of them.

Sofie’s project “Tendo” is one of the most mature projects, and it’s on the edge of turning into a real business. The idea is with the help of the artificial strength (robotic hand) create independence for those who can’t do the everyday activities on their own for whatever reasons. Sofie has been in Venture Lab for more than a year and is now ready to make the next step – start production of the prototype.

Balancing between studies and running a company

All of the young entrepreneurs have one thing in common, they started their projects while they still were students. They didn’t know much about the entrepreneurial world or business sphere. They just had ideas they believed in and didn’t want to leave them behind. However, it is not as easy to believe in yourself:

“I’ve always believed strongly in my own idea, but in the beginning I had a hard time believing that I could do it on my own. As I didn’t have the experience I had to learn many things. But it turned out that if you really want to – then everything is possible,” – shares Sofie from Tendo.

Of course, another challenge is to combine a project with studies and find time for both. But according to Veronika from Workshoppa, with the right prioritizing everything is possible. And then there is always external help that students can rely on, such as Venture Lab – Lund University’s own student incubator that inspires and supports students with their ventures. There students get free working spaces, mentoring, practical workshops and a good network.

“I cannot imagine getting my project this far without being a part of the venture lab. If I were on my own in my room, I would have probably given up long time ago,” – says Veronika.

Young entrepreneurs advice: Don’t be afraid

Like any startup project, student-driven startups are full of challenges. But with the right support and the right mindset in place, what starts as a student venture besides studies can become a large scale international business. Just look at the Venture Lab’s graduate Sensative.

“Doing your own project might be challenging and risky but it’s worth it. Don’t be afraid and take that leap of faith to achieve something great,” – advises Erik from Bylife. Hiring accounting and auditing services will also help you budget for your business, prepare for tax returns, keep your business organised and so much more.

If you are thinking of starting a company besides your studies, come visit Venture Lab and see if it’s a place for you.

Photo credit: News Oresund

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