Since the beginning of September this year MOWOOT has an office in London, UK. No, you did not read wrong. MOWOOT has been accepted to the MassChallenge accelerator UK and will have an office space in London during 3 months, which will be dedicated to learning and preparing the internationalization of the Spanish Medtech company.
MassChallenge describes itself as “the world’s most startup friendly accelerator” and with programs in Boston, London, Jerusalem, Lausanne and Mexico City it is also one of the biggest world wide.
The philosophy behind it is simple, yet powerful: MassChallenge wants to help make dreams come true! They only select the most promising startups from all over the world – those whose value proposition has social impact or a disruptive potential – and give them a space where they can work and interact. MassChallenge provides workshops, lectures and a broad network of mentors from all over the world. Teams within the accelerator are eligible to compete for prizes, the maximum amount being £50,000 in cash to be awarded at the end of the programme. And this intense mix of creative startup energy and senior industry contacts works! So far MassChallenge startups have raised over $ 1 billion of outside funding and created over 6.500 direct and 32.000 indirect jobs. According to a recent MIT study, a startup’s likelihood of success doubles with the acceleration.
An intense learning experience about entrepreneurship
MOWOOT has been invited to participate as the first and only Spanish startup in this UK accelerator. This intense learning experience kicked off two weeks ago with the participation in the so called “Bootcamp“, a dense first week with hands on learning experiences and a lot of networking, held in Tobacco Dock London.
During the Bootcamp first workshops were given and various keynote speakers invited. Serial entrepreneur Peter Casey, best known as an investor on the television programme “Dragons’ Den”, started explaining the ten basic rules of entrepreneurship: From global ones like “Think Big”, “No fear” and “Believe in what you do” and business essentials like “test your product” “cashflow over profit”, “Limit your exposure (‘cause you will get sued)”,“Show the investors how they get their money back” and “Don´t even try to outfox the taxman (because he will get you in the end)” to unexpected and more personal ones like “work out and keep yourself fit” and “Get your loved ones (wife family) on board”.
The second keynote speaker, Bill Morrow the founder and CEO of Angels Den, dedicated his time to the Do´s and Dont´s of Fundraising. According to him “investors have made their mind up, more or less, to invest in you as you are walking towards them.” On the basis of having a good product and business model his advice is to “do your homework ” and prepare for a meeting with a potential investor and then be yourself. “If an investor does not want to invest in you, because he does not like the clothes you wear, then he is not the right investor for you.”
After various workshops dedicated to the most pressing legal topics for startups (like fundraising, handling customer data, intellectual property and standard contracts; workshop held by Eversheds), Project management, Marketing (branding) and media and PR (workshop held by APCO worldwide) the bootcamp ended with a keynote speech by MassChallenges Founder and CEO John Harthorne. He focused on the vision and mission of MassChallenge and how their main focus is helping the selected startups to reach their goals “If it is humanly possible, we will get it done!”
A great ending and, all in all, an intense week full of inspiration and interesting contacts. MOWOOT is looking forward to the following 3 months.