You have an early-stage project ready for success, but chances are, you need funding. Without funding, reaching success is very hard, not to say almost impossible. If you are confident enough and ready to share your project with the rest of the world… Located in Barcelona, here are Tech Investment Funds for startups you can reach out to.Continue reading “Investment Funds for Startups in Barcelona”
Business angels, who are they? No, they’re not mythical creatures as the name suggests. They’re real-life people that provide financing for startups with their own capital, in exchange for becoming partners of the company.Continue reading “Business Angels: How to Find Them”
Let’s talk about female entrepreneurs and how the rise of them is just beginning.
In 2018, the American Mentoring platform SCORE published a report considering female entrepreneurship in which we find out that in the US women-owned enterprises employ approximately 9M people and generate more than $1.6T. The Global Entrepreneurship Monitor also covered the topic and pointed out that 126M women now start or run their own business. The rise of female entrepreneurship has been highly pointed out by the media in the last years; more and more debates come to life considering the presence of women in tech, entrepreneurship, and business; this is why we decided to share with you our findings and opinion on the topic.
In itnig’s Podcast #27 Bernat Farrero, CEO at itnig, Jordi Romero, CEO at Factorial and César Migueláñez, Product Director at Factorial speak with Alexis Roig entrepreneur in China about how he got started and the challenges and opportunities he faces on a day to day basis.
Summing up 9 years of living in China in terms of bureaucracy, local partners, recruitment of talented team members, cultural differences and the effects of pollution.
Before moving to Shanghai I was living in France. Little decisions bring you to new places. To me, European culture felt pretty similar once you learn the language. So, after a time in France I was looking for something new, a cultural challenge. And in that sense China, Shanghai really seemed like a personal and professional challenge with huge opportunities for business and technology.
I moved to Shanghai initially working for a French company — and I arrived there without knowing anything. If you have something entrepreneurial in you, China is contagious. It has another rhythm, everybody has another company, side projects. In the first year I started with my own personal project while working at the company.
What kind of projects did you start?
We started out with Food & Beverage products that were innovative at that time. Later I dedicated myself to education, developing collaboration between Europe and China and now lately consulting projects in technological diplomacy. International relation paired with science, innovation and technology.
In general, Chinese don’t cook at home, most people eat out. So we launched a restaurant with mediterranean/ catalan cuisine. Far away from technology, this was a very interesting project.
How do you create business in China?
If you are thinking more about the bureaucratic aspect it’s not easy: As foreigner there is a format to follow, a lot of regulation and norms for taxes and recruitment. These rules for foreigners differ from rules applied to Chinese businesses.
And it’s not just bureaucracy — you need a new approach to everything.
Chinese internet is another world.
You’ll have to think of other ways of doing business — Amazon Web Services, Google Apps, GitHub …. you won’t be able to do business as usual and have to find new ways. When you want to start in China, you’ll need maximum humility and you should look at it as if it were your very first project.
What is the work culture like?
For me as entrepreneur this is probably the hardest challenge. Talent lack, no team work, not much creativity — based in education system. You listen to the teacher but you never question his wisdom. No creativity, no critical thinking, no group work. This education system helps to keep up the system but it also means that China is lacking talent working in new areas of science and technology.
People are only children — this also has an implication on their behavior. In a family there might be six people who are looking after one child, all frustration, aspiration and expectations are focussed on one child. This child receives a look of pressure on what to do in life, whom to marry, where to work, if to buy a house or not…This also affects the way you look at work.
You ask somebody for an opinion — but it’s hard to get an answer.
This is generalizing of course, stereotypes. Now the trend is to bring back Chinese population who left to study abroad, start business or work in laboratory. They know how to move in the Chinese society and have seen the ‘world outside’.
How do you sell in China?
In terms of Internet, the Chinese internet user is very accustomed to buy online. 8 years ago when I arrived to Shanghai, I was surprised! In the subway in the morning everybody around me was buying online through their mobile. At the same time in Europe, we had Amazon but it wasn’t the same thing. I still use my desktop to shop, compare prices and find information about the product looking to buy. And when arriving at the office, the reception was swamped with parcels.
Most Chinese people’s first contact with internet is through the phone. Like in other areas of development, the first product introduced to the market was a phone not a desktop pc.
30 years ago China was a miserable place but now people are dressed with international brand, big cars, use the latest smartphone. The boom of consumer society, deleting the story of the country, religion is the money, the big aspiration is making money, paying a good education for children and finding a high paying job. What’s left of communism is probably only the leading party’s name.
If you are interested in hearing more about starting a business in China, watch the whole podcast on Youtube or listen to it on iTunes.
Listen to our podcast to learn more about Alexis’ adventures in developing businesses in China. Learn more in this Podcast in Spanish on our Youtube channel, listen to it on iTunes or enjoy it through iVoox and subscribe to our newsletter to stay always up to date.
In itnig’s Podcast #23 Bernat Farrero, CEO at itnig and Pau Fernández, CFO at itnig share their point of view on Gymforless’ exit. How did the company start, pivot, live the change of CEO and reach an agreement with Sodexo which lead to the sale of the startup last week.
At itnig every Friday we sit down to talk with interesting people whom we meet throughout the week and we make a podcast (in Spanish) out of our conversations. You can listen to it on iTunes, subscribe to our channel on Youtube or enjoy it through iVoox.
For this Podcast #24 dedicated to the story of Gymforless, Bernat Farrero, CEO at itnig, Pau Fernández, CFO at itnig, César Migueláñez, Product Director at Factorial, Roger Dobaño, Product Manager at Quipu and Bettina Gross, Talent Acquisition at itnig come together to talk about the beginning, the pivots and the exit of Gymforless.
Gymforless started out as a flexible model on how to use gym, directed to final consumer offering fitness tracking. Instead of models like Freeletics or 8fit, whom we have previously spoken about here at itnig, Gymforless focussed its tracking on workouts at the gym.
Guillermo Libre started out with the project and from itnig we supported him in tech development and an initial investment. The work on the b2c segment was very intense and it cost us a lot in marketing and customer acquisition, bringing only small margins.
Transition from daily pass to club, membership
With this panorama, Guillermo made a first pivot from a Daily Pass (pay per use) model to a Club Pass (a subscription) model. It was a hard decision, we were scared leaving something behind that was working and it seemed like a dangerous move.
It’s hard to leave something that is working, even though it’s not your core business.
After all, this was a very important change and from the on the project had a new direction. We were adding more features like rewards to work on churn. However this was only the first of many changes the startup would go through.
Guillermo, founder of the project had to leave the project and move to Madrid. In most cases such a change of CEO in an initial phase is the end of the business. Not in Gymforless’ case. Guillermo knew Oriol, current CEO, from working together in the past and he joined Gymforless to lead the startup through the next adventures. Oriol had extensive experience in Sales and B2B.
Pivot to a new direction — going corporate
The next step for Gymforless was a change in its customer target base. We started acquiring companies and offer gym as benefit for employees. The companies were very receptive to offer these kind of benefits and we soon had a working model. Oriol’s experience in B2B Sales helped this pivot from consumer to corporate business tremendously.
This change made the relationships with the gyms easier as well. Gyms no longer saw us as a threat, or cannibalization of their customers.
Listen to our podcast to learn more about Gymforless’ beginning and exit story. Learn more in this Podcast in Spanish on our Youtube channel, listen to it on iTunes or enjoy it through iVoox and subscribe to our newsletter to stay always up to date.