When Trunki met Founder Institute

On Tuesday 7th July, Founder Institute West England and Wales ran their first ever event to launch the programme in the region and to bring a great startup story to life. Rob Law MBE, Founder and CEO of Trunki was deftly interviewed by Andrew Mulvenna, Founder of Brightpearl and venture capital investor. Together they covered topics from IP to investment, from factories to family and much more between.

For those who couldn’t make it, and for those who might be considering an application to the Founder Institute, here are 5 quick insights from the conversation. 

1. Don't be afraid to walk away from an offer. Rob famously received some pretty tough feedback during his appearance on Dragon’s Den in 2006. Peter Jones said it was worthless and Theo Paphitis broke a strap on one of the cases. Left with only Richard Farleigh still in the game, Rob walked away empty handed when Richard offered £100k for 50% of the business. He later got a much better offer from another Angel Investor and grew the business from there.
2. Protecting IP is an important factor, but sometimes NOT protecting IP is a better call. Rob shared his perspective that patents are expensive, and time consuming, and getting a UK patent can actually help competitors get established in other markets (because the patent is fully published on the internet and the plans can be used to create the same product in other countries). Rob encouraged the audience to secure the UP if you can, with the assets you have and to keep one eye on building the brand as its strength could discourage late entrants into the market.
3. Manufacturing a product as an entrepreneur is hard. Developing a physical product as an entrepreneur requires a much more complicated route to market, from sourcing materials, supply chains, let alone whether to sell direct to consumer, wholesale or via Amazon or a combination of all three. Rob created the first incarnation of a Trunki in 1997 and after many conversations with luggage and toy companies (who both thought it was the other's domain) he eventually brought the first case to market in 2006. No matter how "lean" you make things, substantial capital will get tied up in physical stuff, making the venture riskier than your average tech project.
4. Don't try and reinvent the wheel. “It’s only with experience that you learn these lessons so let’s pay those lessons forwards.” Andy made this rallying cry to the experienced founders in the audience and simultaneously reminded us all of an important lesson - don’t try and invent the wheel. There are many challenges in starting a business and thankfully there are lots of people in the network who have been there and experienced them before you. Don’t be afraid to ask for help and advice and utilise the experts around you - it could save you time, money, heartache and extra wrinkles!
5. People are more important than the idea. Richard Godfrey (CEO of Rocketmakers and one of the leads for Founder Institute locally) closed the event with a few reflections, one of which really stuck with me. He said “I always used to think it was about the idea but over time it’s dawned on me that it’s mostly about the people. It’s about perseverance, taking the first step and moving forward.” You need to recognise, articulate and champion your passion even when other people can’t see it. Choose your partners wisely. Get feedback early, get a prototype, get more feedback, try different things, you don’t have to keep them forever. 

I'm hosting the next Founder Institute event on Tuesday 21 July - it's on the topic of funding for early stage companies and startups. We're going to hear from Susie Meier of Notion Capital, Luke Lang of Crowdcube and Jenny Tooth of the UK Business Angels Association. There will be lots of practical advice for people seeking funding for their first company - whether venture capital, crowdfunding or alternative finance. Sign up to join us: https://fi.co/event/startup-funding-in-bristol-how-to-raise-money-for-your-business-online-event-west-england-2020-leading.