Being a founder isn’t easy; it’s a demanding but extremely rewarding lifestyle. Patrick Smith, Founder and CEO of zally, spoke with Barclays Eagle Labs Director, Amanda Allen, in an interview that delved into ways to be successful.

Here are the key takeaways from the discussion:

• A Healthy Work-Life Balance is Key
  • Good time management can prevent burnout. Live by the timings and compartmentalise tasks. Implement steps that allow you to disconnect from work to avoid becoming your business.
  • Treating yourself like an athlete helps sustain high performance, though it requires a mindset not everyone has experienced.

• Be Bold and Brave When Raising Funds
  • The North is a great place for funding. Connect with those around you and always ask for help.
  • Showcase your team's capabilities alongside the product. Early on, your team is likely your unique selling point (USP).

• It’s Not the Investors’ Fault That Founders Don’t Get Funding
  • Rushing can lead to failure. Be flexible, take your time and "do the dance" with investors.
  • Founders need to prove how they will use the funds and demonstrate the return on investment. Failure to do this makes funding more challenging.
  • Be selective with partnerships. Build relationships with investors over time and focus on long-term business goals.

• Put the Work in at the Beginning
  • Get involved with accelerators early on. They are valuable for both the programme and the people.
  • Self-reflection is crucial, and it's up to you to deliver on this in order to improve.

• Be Strict on Your Minimum and Find People Who Want to Guide You
  • Avoid small investments early on. Focus on larger investments and seek investors who provide value beyond capital.
  • Make your venture attractive. Ask for help, not funds, and people will then ask if they can invest.

• Find a Mentor That Challenges You and Supports Personal Growth
  • A mentor who keeps you honest and wants you to succeed will raise your standards.
  • This makes the journey enjoyable and continuously pushes you.

• Networking is Strategic and Tactical
  • Invest significant time in building your communities and give back to fellow founders.
  • FLIP MCR, powered by zally® and SoSquared, facilitates this. The event is for founders, by founders, and ultimately raises Manchester’s profile and that of the North West in general.

• Surround Yourself with Great People to Stay Refreshed
  • The support from loved ones is invaluable, and a great team makes it even better.
  • As a founder, you’ve taken people's money and must ensure that the business succeeds, not just for financial reward but because it's a great feeling for everyone involved.

• Hire Experienced People Early On and Enjoy the Journey
  • Attract and learn as much as possible from your team.
  • Mistakes are inevitable. Find processes that make you more efficient, whilst maintaining a fun work environment.

• Plan “Take Over the World” is in Full Force
  • zally is working to raise its profile as the team prepares to go-to-market.
  • By getting rid of passwords, zally is changing the way the world authenticates, and ultimately making peoples' lives better.

The z team are building the next unicorn from Manchester. If anyone can help us, or if we can help you, please get in touch at [email protected]

Thank you to Barclays Eagle Labs and ClimbUK for speaking with Patrick and zally in this talk.