Fusion42 Community Catalyst #005
A catch up on what's been going on in the startup community
Hi everyone,
I hope you have all had a stunning few weeks.
Bit of mixed bag on this side, closed a business down which is always tough, but excited to now be able to commit 100% to Fusion42 and bring you lots and lots of great toys. 🎉
Check out the poll at the bottom and help us to help you and deliver a Mastermind Session that you would like to see!
So, here is what we are covering in this Newsletter:
😃 The Good: Highlights of our biggest wins, and we got some.
😔 The Bad: Areas where we faced challenges or setbacks.
😖 The Ugly: The toughest issues or conflicts we need to address.
💬 Chat Activity: A rundown of the data and our new leaderboard.
🗂️ Topics Covered: Overview of key subjects discussed across channels.
🔗 Resources for F42 Members: 2500 Accelerator and Incubator list.
📞🖥️ Open Call: What it is all about and the new Startup spotlight.
📊 Poll of the Week: Next mastermind session.
This is the #1 founder’s trap.
“The most attractive version of the truth are the lies we tell ourselves!”
for the ❤️ of startups
😃 The good:
➡️ We said Hello to 41 new members.
👀 🦈 We were invited to Scout for founders who wish to appear on the next SharkTank UAE.
⭐️ IP for Startups Mastermind session was Gold
😔 The Bad:
➡️ We said goodbye to 18 members, some of which I feel are a real loss to the community. The main reason they left was because they felt overwhelmed by how busy the community was and it was taking too much attention.
This is really understandable, but imagine it as a kinda a digital version of a real life community gathering.
Introduce yourself, it is pretty much the first step in Networking right?
Find the areas of interest (channels) and join them. Are they really all of interest, joining them all will be overwhelming.
Don’t feel obliged to play catch up with everything that is being spoken about, as you wouldn’t expect a group in real life to catch you up on everything they had been speaking about before you showed up.
Use some of the whats app functionality, mute the channels that you want access to but just to check in on.
Pin your three most important chats so they are always at the top of your whatsapp and not pushed down by all the other groups and messages.
It is a discipline, one that took me a while to deal with, but one that is exactly that, a discipline. Check in 5 minutes here and 5 minutes there, use the right channels so that members get what they signed up for.
Most importantly, it is about you having access to people when you have questions to ask about your startup journey.
😖 The Ugly:
➡️ Nothing to say really, just a couple of Spammers that didn’t even get a yellow card 😀
💬 Chat activity data:
Our latest data shows a dynamic interaction within our channels, highlighting extensive participation with over 1800 messages exchanged between members. The wide range of discussions shows really diverse interests and our channels' success in encouraging collaboration.
And here are some of the stars giving and getting the most benefits out of Fusion.
If you have not yet registered with Fusion42 yet then please find the link here:
🗂️ Topics covered in the channels:
01 🤝 Networking & Collaboration:
Pitching and Feedback Sessions: Members actively engage in pitching their ideas and seeking constructive feedback, benefiting from communal support.
Networking and Connections: The chat serves as a platform for introductions and potential collaborations, with a focus on expanding professional networks.
Inspirational Content: Discussions revolve around motivational films and videos, which serve as a source of inspiration and learning.
Event Participation: Announcements about upcoming entrepreneurial events and workshops are common, highlighting the group's focus on continual learning.
Collaborative Opportunities: There's a strong emphasis on collaboration, with members encouraged to provide feedback on projects to foster mutual growth.
19 Danger (PITCH) Room:
F42 Shark Tank Scout Introduction
Key Points: Introduction to the scout event, encouraging startups to prepare impactful 3-minute pitches for UAE expansion.
Submission Process
Key Points: Details on how to submit pitches and legal documents. Highlights the ‘Danger (pitch) Room’ for submissions.
Investor Interest Areas
Key Points: Focus on sectors like physical products and AI. Profiles of UAE-based investors provided.
Non-UAE Startups
Key Points: Guidelines for international startups, emphasizing the need for a solid UAE expansion plan.
Pitch Format and Content
Key Points: Structured pitch format outlined, stressing the importance of clarity and brevity.
02 🌟 Ask Us Anything:
Investor Communications
Question: How often should updates be sent to investors?
Answer: Monthly updates are recommended to keep investors engaged, but consistency is key. If you start with monthly updates, continue at that pace, or communicate clearly if changing to a quarterly schedule.
Product Development
Question: Should I update investors monthly about product development even if it doesn't involve financial metrics yet?
Answer: Yes, monthly updates on product development are useful. They keep investors informed of progress and challenges, even if these updates aren't financially focused.
Pitching to Investors
Question: What’s the best structure for a pitch to investors?
Answer: Begin with a clear and concise elevator pitch that outlines what your company does and the problem it solves. Follow with traction and validation, market potential, and end with your specific ask and the reasons to invest now.
Maintaining Business Focus
Question: How do you maintain focus and direction in your startup?
Answer: Regular strategic planning and review sessions are essential. Use these to align your team, adjust goals as necessary, and stay focused on the core objectives and metrics that drive growth.
Building Investor Relations
Question: How can I effectively build and maintain relationships with potential investors?
Answer: Engage with potential investors by providing regular, insightful updates on your progress and challenges. Tailor communications to show how their expertise and investment could help in specific areas of your business. Always highlight the mutual benefits of the partnership.
20 🤖 AI:
It is always bust in here, here is what was spoken about.
Misapplication of LLMs: The overuse of LLMs for tasks that could be handled by more efficient, less resource-intensive technologies is a crucial error highlighted. It’s not just about having AI; it’s about smartly integrating AI where it genuinely enhances performance without needless complexity or cost.
Proprietary vs. Open-Source Tug-of-War: The AI field oscillates between proprietary systems that offer control and customisation, and open-source models that champion accessibility and innovation. This dichotomy shapes how AI evolves, with businesses either locking down their innovations or contributing to a communal tech pool.
AI’s Thirst for Power: The environmental toll of AI’s energy consumption is under the microscope. There’s a push for 'greener' AI that doesn’t just chew through gigawatts but considers sustainability as part of its core metrics.
Navigating the Ethical Minefield: AI isn’t just a tech challenge; it’s a regulatory quagmire. The deployment of AI is riddled with potential ethical pitfalls, from privacy breaches to algorithmic biases, demanding a more robust regulatory framework.
Crystal-Balling AI’s Future: The crystal ball is murky, but it’s clear that AI is a game-changer for economic landscapes and business strategies. Predictions aren’t just guesses; they’re based on observing how deeply AI is embedding itself across industries and the pivotal role it will play in future technology integration.
09 🎯 Pitch Perfect:
Early-Stage Funding Challenges: There's a robust discussion about the difficulties of securing early-stage funding, including the reliance on loans, friends, family, and customer revenue before accessing venture capital.
Understanding Venture Capital Viability: Insights into what makes a startup viable for VC funding and scalable were discussed, highlighting the importance of understanding your audience to prevent frustration from continuous rejections.
Grants and Funding Complexities: The dialogue touches on the complexity and time-consuming nature of applying for grants, especially for non-profits and early-stage startups, with personal anecdotes about the challenges faced.
Subscription and Paywalls: Questions about subscription models and accessing content behind paywalls were raised, pointing to issues of accessibility and the potential exclusion of users not ready to pay.
Market Expansion and User Acquisition: Conversations revolved around strategies for expanding into new markets, particularly in regions like the Caribbean and Latin America, and the challenges of user acquisition and organic growth.
Value of Financial Metrics and Projections: There is a significant focus on the importance of clear financial metrics and projections in securing funding. Discussions include how to present these metrics to potential investors and the impact of monthly and yearly growth rates on investment decisions.
Feedback on Pitch Decks and Investor Outreach: There are detailed exchanges on how to improve pitch decks, the effectiveness of different outreach strategies to investors, and the use of platforms like LinkedIn and specialized tools for managing investor relationships.
Service Implementation in New Markets: Specific examples are given of expanding service offerings into new markets, the regulatory and logistical challenges involved, and strategies for leveraging user demand data to prioritize market entry.
Resources for F42 members:
Folk -Streamline your contacts and nurture relationships effortlessly.
Notion -Your all-in-one workspace for notes, tasks, wikis, and databases.
Hubspot -Grow your business with a comprehensive marketing, sales, and service platform.
Brex. -Empower your business finances with corporate cards and spend management.
fiverr. -Connect with freelancers to get more done, from anywhere, anytime.
mondaycom -Project management made easy – collaborate, organize, and track work in one visual tool.
Stripe -Simplify your online payments with seamless integration and global reach.
Zendesk -Enhance customer service with a powerful and flexible support ticketing system.
📞🖥️ F42 Open call:
Every second Thursday we hold an F42 Opencall where we dig into what is going on in the AI Startup world.
💬 How it rolls:
➡️ What’s in the news?
➡️ The Tech explained?
➡️ VC <> Startup ecosystem updates
✅ First principles and critical thinking tear up of what is going on.
➡️ Startup Showcase for real use cases:
Join Avishay (AJ), 🚀 Manish and me for an hour catching up with what's happening in the world of the Startup ecosystem, AI news and the tech powering it.
Why Attend?
🤭 For the giggles
🧠 To feed our love of learning
🤝 Because that's community spirit
🔄 For the perfect feedback loop – your insights are the gold.
💡 Here are the highlights
📊 Poll of the week:
Subscribe to get full access to the newsletter and publication archives.
Thank you for reading. If you liked it, share it with your friends, colleagues and everyone interested in the startup Investor ecosystem.
If you've got suggestions, an article, research, your tech stack, or a job listing you want featured, just let me know! I'm keen to include it in the upcoming edition.
Please let me know what you think of it, love a feedback loop 🙏🏼
🛑 Get a different job.
Subscribe below and follow me on LinkedIn or Twitter to never miss an update.