🔢 What's your number? Free trip to WebSummit, FinTech £50k Challenges, BetDEX
This week, we hear news from DirectID, BetDEX, and Foras and more.
But first, let's geek out about organisational complexity!
Here's your Campfire for 31st of July 2023.
💼 This issue of Campfire is caffeinated by Shepherd & Wedderburn, the legal firm that's there for you every step of the way. Find out how they've helped companies like BetDEX below.
🔢 What's your number?
By Robert Gelb
If hacking on something in your garage is a 1, and running IBM is a 10, where are you most comfortable as a founder or leader? Where can you stretch to, and where's just not going to be a good fit anymore?
Most of us have a range of two, maybe three numbers. Below our number, we struggle with the lack of process, resource, or data; above it, we can't balance the organisational complexity. Higher numbers aren't in any way better than lower numbers, nor vice-versa.
As founders, we need to be cognisant of this, as if we're intending on building highly scalable businesses, then presumably we want the org's number to go up. The challenge is, as the company scales, can we even scale with it? If we can't, then we need to step aside or make a plan.
This is common, and isn't necessarily a bad thing. You don't need to be able to go from 1-10, and figuring this out will help you optimise yourself and your team.
Different talents are needed at different sizes. The CEO of IBM for example, would most likely struggle to start something on their own. Knowing your number is important not only for your own productivity, but critical to know where you need to grow and develop vs replace yourself in each of the many hats you wear. If you don't, you won't last.
It's valuable to use this concept when brining on new team members. A marketing hot-shot at Google might be (and often is) a really bad hiring decision for an early-stage startup. They might be amazing in their role, but because their working at a 7 and you're a 2, they might not be able to deal with the organisational whiplash.
They might be great in their role because they are able to effectively harness tools like lots of data, a big team, resources, etc. Coming from that type of optimisation, process, and people management work vs working as a one-person-band having to experiment different growth-hacking directions is a huge shift, and an even bigger ask.
In the same way, a one-person-band growth hacker would probably struggle if they took a job at a 7-sized org.
When you're hiring, you need to be aware of your company's number, and the numbers of all your team members, both current and prospective. If you're a 3, you probably don't want to hire an 8. They are unlikely to be successful. You also don't want a 2, as they'll also struggle. Ideally, if you're growing fast, you want a 3, 4, or 5 at the highest, and understand that someone at a higher number will need time for your org to catch up with their optimal complexity.
Same goes for your team. If you go through rapid growth, you'll start to notice certain team members that are beginning to struggle with the organisational complexity, while other team members who might not have been extraordinary are coming into their own. This is normal, and needs to be monitored, otherwise the whole team can be slowed down.
So don't prioritise fancy logos when hiring, make sure your team members are keeping up with your organisational complexity, and check yourself to make sure you know where you'll likely tap out.
Remember, these are generalisations, which by their nature are filled with exceptions. The concepts aren't universal, and obviously different types of roles have different organisational complexity ranges, but it's a good framework to get your head around.
The concept of the organisational complexity ranges was first shared with me by serial COO Adib Bamieh who now runs venture studio Bamboo Orchard.
Want to write about an aspect of being a founder? Get in touch and suggest a topic!
🤝 Cofounder Curious
Listings this week include:
Edtech and Community Entrepreneur, passionate about building the infrastructure to support
Highly ambitious, forward thinking, impact driven mindset person striving for meaningful partnership to achieve
Love expanding everyone's network and opportunities with lots of ideas
Spending the next decade towards building the next Scottish unicorn
Plus more!
Want to connect with any of them? Be sure to fill out your profile and join our Scottish-based Cofounder Curious list.
🌊 Updates
🇵🇹 Fancy a free trip to WebSummit? Foras has announced the 2023 Lisbon Foras Programme. Funded by the Scottish Government, it's a 7-day fully funded trip to WebSummit in Lisbon (includes WS ticket, flights, accommodation, workshops, activities, and an investor event) with a focus on female-founders (15 spots for female-led companies, 5 spots for male-led companies). Open to founders of high-growth potential businesses at any stage or industry. Applications close 25th of August. More info. FOR
💰 FinTech Scotland has announced a new challenge programme for FinTech companies to bid to improve the relationship between financial institutions and their SME clients. Challenge funding is up to £50k. More info. FS TS
💷 The UK government has unveiled the "Research Ventures Catalyst". Researchers can apply for up to £100k in 'seedcorn' (that's a new one) funding to try out new ventures. It's part of a wider £50m funding rollout. DGT SS
🏇 BetDEX Labs (Edinburgh-based betting exchange built on blockchain) secured a remote betting licence in Ireland, making it the first web3 betting platform to secure one in the EU. FS DGT
🆔 DirectID (Edinburgh-based open banking provider) announced a new CEO, Chris Mills. DGT
🍟 Edinburgh-based Grafterr (franchise focused point-of-sale platform) just launched and already has 14 multi-site clients. SS
📣 Asks & Offers
❓ Who do you know? Community Lab (open innovation platform) is hiring a Proposition Manager ("Imagine a Product Manager has a baby with a Project Manager and that baby was raised by an Account Manager who had an affair with a Community Manager") Know anyone?? Send them this.
📣 We're launching the Founders' Survey this week on the funding landscape in Scotland. If you have a mailing list of startup founders, and would be willing to share the survey, let us know!
👭 Interested in connecting with possible co-founders? Fill in your listing on Cofounder Curious today! Connect with others for possible cofounder matching here.
🙋 Interested in being a COO/CEO? A successful startup (12-15 people) are looking for someone to lead it into its next phase. Seeking a founder mentality who is willing to experiment and explore new avenues while being in charge of the company's operations. A great opportunity for the right person who can have a genuine impact on the company in an exciting industry (Earth Science Tech). Reply to this email for more info.
✍️ Want to write something for Campfire? Have an opinion you'd like to share? get in touch!
🎓 Useful finds
🤖 A few folks asked about more AI landing page builders. Here's three! Mixo.io Framer and MakeLanding.
📖 Book Club: The Founders' Dilemmas: Important concepts around control vs wealth motivated people and what good questions to ask when you're thinking about cofounding a business together.
✏️ Tally.so is a form building app (we're using it for the Founders' Survey!) that is super flexible, clean and has a pretty generous free plan that integrates with a bunch of things (airtable, taking payments, etc).
🦸 They take time to understand our business.
"Given the infancy and nature of our business, it's critical that we work with legal counsel that gives due consideration to the nuances of our specific business and offers creative and practical solutions for our particular challenges. Shepherd and Wedderburn has provided high-quality, practical and business-minded guidance that has helped contribute to our early successes.
While the entirety of the firm has been a great partner for us, Hannah Bruce in particular has done an excellent job guiding us through a myriad of legal challenges by taking the care and time to understand our business and operations to ensure we are provided the best and most pointed counsel possible. I would strongly recommend Shepherd and Wedderburn as a trusted partner for providing expert advice and support on a wide range of legal and compliance matters." - Kevin Kreuser, Head of Legal, BetDEX Labs, Inc.
Shepherd & Wedderburn's innovative and personable approach helps companies from first incorporation onwards (including through to an exit – if that’s the goal). Their global reach means they can scale and grow with you, like they have with clients like Epic Games, FanDuel, Parsleybox, and TVSquared.
👉 To learn more, send an email to starttoscale@shepwedd.co.uk & set up a chat.
📅 Events
🏄♀️ 01/08, 09:30 🗺️ Glasgow: SWIB August coffee meetup in person: Connect, Communicate and Collaborate with other smart, successful women in business. MORE INFO
💻 01/08, 17:30 🗺️ Edinburgh: Edinburgh Tech Meetup: The original Edinburgh Tech Meetup is back and booming. We have some interesting speakers, talks and games lined up with lots of time for networking. MORE INFO
☕ 02/08, 08:30 🗺️ Multiple: Unfiltered Series: An informal catch-up with the digital tech community. Open to everyone. STIRLING ABERDEEN EDINBURGH GLASGOW DUNDEE INVERNESS
💡 02/08, 09:30 🗺️ Online: Ideas for Growth - Innovation Masterclass: A practical masterclass for ambitious entrepreneurs looking to develop new ideas to accelerate growth and scale of their business. MORE INFO
💻 03/08, 18:00 🗺️ Glasgow: Glasgow Tech Meetup: Speakers include Dan Llewellyn and Emma Chee (xDesign), and Habib Ogunsola. Plus networking and drinks. MORE INFO
🎉 03/08, 18:00 🗺️ Glasgow: Techscaler Summer Sessions: Glasgow and West: Celebrate the activity which has taken place across the region since the launch of Techscaler, to meet with other members and share success stories, and to enjoy some food, drink and music with the community. MORE INFO
🚶 04/08, 12:30 🗺️ Edinburgh: Netwalking Event: Join this Mindful Netwalking experience: Meet other Founders, enjoying the healthy way to network, inspired by a gentle walk. MORE INFO
💻 09/08, 18:00 🗺️ Glasgow: Glasgow Tech Social: Tech meets remote and hybrid workers meets a fun social after work. MORE INFO
🎉 10/08, 16:00 🗺️ Aberdeen: Techscaler Summer Sessions: North East: Celebrate the activity which has taken place across the region since the launch of Techscaler, to meet with other members and share success stories, and to enjoy some food, drink and music with the community. MORE INFO
🎮 10/08, 17:30 🗺️ Edinburgh: Scottish Esports Network - Edinburgh Meetup Q3 - 2023: Casual environment to see new and familiar faces in the industry: share a drink and discuss what's new and exciting, challenging and difficult, how we're working to overcome business issues, and how we can grow the industry together. MORE INFO
🤳 15/08, 11:00 🗺️ Online: Grow your startup with TikTok: Danae Shell about her experience of successfully using TikTok to grow her startup's audience. Danae will share the story of how she got TikTok to work for her business, along with hints and tips followed by Q&A. Open to everyone. MORE INFO
🎉 15/08, 17:30 🗺️ Inverness: Techscaler Summer Sessions: Highlands and Islands: Celebrate the activity which has taken place across the region since the launch of Techscaler, to meet with other members and share success stories, and to enjoy some food, drink and music with the community. MORE INFO
Deadlines
🎯 02/08 🧗♂️ Scottish EDGE: 4 categories:
Scottish EDGE: early-stage companies/social enterprises across all sectors - £100k, 30% grant, 70% loan
Young EDGE: all directors are under the age of 30 - £15k grant
Wildcard EDGE: pre-trading companies, sole-traders and partnerships - £15k grant
Social Enterprise EDGE: Social Enterprises who clearly demonstrate how their business enriches communities and makes a contribution to society - up to £75k, 70% grant, 30% loan
🎯 Open 💡 Applications are open for the RBS Accelerator programme MORE INFO
🎯 14/08 🔒 Funded places to International Cyber Expo in September (travel and exhibiting space). MORE INFO
🎯 22/08 🏗️ CivTech 9 Challenge call deadline for companies to submit proposals for a share of £7.8 million of contract opportunities for teams and businesses able to solve problems for government backed agencies and organisations in Scotland.
🎯 25/08 🇵🇹 Foras Lisbon 2023: funded trip to WebSummit November 11-18. Includes flights, accommodation, WebSummit tickets, wokshops, investor meets. Any stage of business, as long as it has high-growth potential. 15 places for female-led businesses, 5 places for male-led. MORE INFO
🎯 01/09 🤓 Applications are now open for the Scottish Cyber Awards. MORE INFO
🎯 01/10 ♻️ TechX Accelerator: Cleantech at a tech readiness level of 2-6, up to £100k in grant or SAFE note, 15 week programme with 3 weeks expected in Aberdeen. Looking for "diverse, innovative start-ups that will pave the way in clean energy." MORE INFO
🇬🇧 Upcoming Innovate UK deadlines:
Unlocking Potential Begin (£5k grants for business ideas) Submissions close 6 September
Unlocking Potential Build (£50k grants for business ideas) Submissions close 6 September
Ofgem Round 3: Call for Ideas Submissions close 21 August
India – UK Collaborative R&D for industrial sustainability Applications close 6 August
UK-Israel Eureka Bilateral Collaborative R&D: Round 2 Applications close 13 September
Innovate UK Smart grants: June 2023 Applications close 27 September 2023
Are we missing your event or deadline? 👉 Submit it here!
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That’s all for this week - have a great one!
Team 🔥Campfire