I’m back after 3 weeks in the US: IONA became a US company 🗽🚀
We are growing fast and need ambitious backers to support this growth. It’s great news overall, but worth explaining a bit more why.
To succeed, we need available funding (public/private) coherent with what the competition will/might get and a supportive authority to co-develop what drone delivery should look like.
1) Business-oriented? Checked ✅
We found that with Ireland. 🍀 Regulations are amazing: they define the playground and create certainty. On that, Europe is rarely late: what’s missing is what’s coming next.
If it takes 6 months to get a meeting with the right person for answers, start-ups can’t iterate and it’s also revelling on the lack of business acumen that the people in charge have. Investors will rightly perceive additional risks (certainty, international competition, etc.).
Ireland is reactive and they understand that very well. We can have a chat with the Irish Aviation Authority or Enterprise Ireland overnight so that we co-develop what efficient and safe drone delivery looks like.
2) Funding? Well… ⚠️
“Not typical start-ups” in Europe are receiving next to nothing in terms of VC or Angel money, or for valuations that make deals too small and dilutive to compete. Our market is global so we must think about our competitors globally.
Especially in London but all around Europe, ex-Bankers/Finance people started to be the decision makers for companies to receive VC funding and grants i.e. not curious people who can’t develop opinions on technology. Instead, they try to apply pre-conceived “recipes” which isn’t a good idea if the job is to find the next big thing.
We waste €Billions+ sponsoring Lilium that was doomed from day 1, while Beyond Aero was doing YC – and therefore is incorporated in the US – even if the operations are in France.
Of course, there are exceptions and we have been lucky to work with great UK/EU investors but the dynamic is not there and this is what is needed for a start-up to thrive. If we want to be the best, it’s not compatible.
Conclusion: by being in the US we access the largest and most insightful pool of investors for the next phases of growth, and we prepare a global expansion 😎
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A big thanks to WeWork for sponsoring my influencer status with views like that (199 Water St, NY) – and Alexandra for the reco 😉
