Identify the idea
Venture Building projects are the result of an exhaustive exercise to identify ideas and/or technologies owned by TEF or any of the partners with whom we are working.
Once the idea has been selected, a business plan is developed, which includes: market and competition analysis, conceptualization and prototyping of the product, definition of the business model, cost analysis, financial projections, and conceptualization of the management team.
Select the team
The second step is to identify the CEO, which we have already defined in the previous step. To do this search we leverage on universities, business schools and especially on the wide network of contacts that Wayra has been developed in its 10 years of history. Additionally, we carry out many evangelization activities for the project both internally and externally.
We need different profiles depending on the type of startup and the degree of maturity, being necessary commercial profiles for those Startups where the product is developed and what is needed is a direct sale, and more technical profiles when we deal with ideas or technologies that need to develop the product.
Looking for co-investors
All projects need a minimum amount of funding to be carried out, depending on the type of each project this amount will be lower or higher. In any case, when we develop the business plan, we estimate an initial funding that allows the Startup to operate for 18-24 months without the need to raise a financing round.
Constitution, development of the MVP and launching to market
Once the idea, the CEO and the co-investors have been identified, we constitute the company.
Wayra Builder supports the Startup to get the rest of the team that will develop together with the CEO the Minimum Viable Product (MVP). If necessary, we offer technical assistance from internal Telefónica teams.
After a few months of MVP development, we launch the product to the market but we still work close to the startup supporting the with their business development activities.