Let's talk scaling up
As a VC, we frequently work with early-stage businesses and discuss the challenges they encounter while attempting to bring their ideas to fruition. This involves preparing an engaging pitch deck, identifying a suitable investment, and building an exceptional team. Today, we would like to shift our focus and explore what comes next once these initial obstacles have been overcome. To address this topic, we spoke with Gil Azevedo from Startup Lisboa and Unicorn Factory Lisboa, along with two founders of scaleups participating in the ScalingUp Program of the Unicorn Factory Lisboa, Afonso Pinheiro from Pleez and Vasco Portugal from Sensei.
The program
Unicorn Factory Lisboa was created by Lisbon’s City Council with the goal of expanding Lisbon’s entrepreneurial ecosystem, with a focus on supporting scale-ups to eventually become unicorns. This platform offers programs and hubs that draw inspiration from international best practices, making it distinct. Every year, they hold three open calls for the entire community, selecting approximately eight scaleups at a time to work with. This may seem like a small number, but since scale-ups face unique challenges, it is just the right amount. In addition to requiring a new set of skills, the investors become increasingly demanding at this stage, requiring more personalized attention. According to Gil, what matters most is that the business has a strong concept with a solid growth trajectory, a credible roadmap, a structured team, and has been market-tested. Both Pleez and Sensei, who are part of the Unicorn Factory Lisboa community, have only positive things to say about their experiences. They both highlighted the importance of the relationships they developed while under Unicorn Factory Lisboa’s guidance, the mentorship they received from experienced mentors, and the workshops they attended to brainstorm ideas.
Different businesses, different challenges
Naturally, they face different challenges at this stage. While both companies are expanding to operate in different regions, Pleez aims to establish itself as the ideal partner for the food delivery industry by providing market insights and improvement recommendations to restaurants, based on reliable data. When they first began, they had a completely different product, and their biggest challenge now is growing the company while perfecting their solution in order to always follow their client’s needs. As for Sensei, the leading European provider of autonomous stores, their primary concern is to continue improving their AI-based technology and providing the best possible results to their shareholders. They must make extremely well-thought-out decisions since they are trailblazers in their field. Moving from an early-stage startup to a scale-up presents a new set of challenges that require a different approach.
Unicorn Factory Lisboa has provided a platform that aims to support businesses during this transition, providing mentorship, workshops, and personalized attention to help these companies achieve their goals. The success stories of Pleez and Sensei are a testament to the effectiveness of this approach. As these companies continue to grow and innovate, they will undoubtedly encounter new obstacles, but with the right support, they will be well-equipped to overcome them.