Startup Spotlight: Kraken IM
Founders of Kraken IM, Ian Cornwell and Jordan Holland, sit down with the ATI Boeing Accelerator to talk about the importance of trust in supply chains, the challenges of hiring and the cohort effect.
Explain Kraken IM in one sentence
We automate trust in industrial supply chains.
Tell us about the problem you’re solving in aerospace
We’re interested in the parts and equipment that come from the supply chain and how you can believe that it does what it says.
We’re all about trust, you can trust a person when you have a personal relationship, how do you maintain that trust when that relationship is separated by continents, time zones, and layers of contract?
About 50% of the data you need to operate something originates from the supply chain — how the parts operate, their physical characteristics and how they all fit together.
We do this in two ways: the first is around simplifying what’s being asked for, the second is about making sure that you get an answer to those requirements. The final piece of the puzzle is we use blockchain to create an immutable record of both of these so that data has provenance and traceability as it enters various different corporate systems, processes and through into use. Think of it as a digital passport for parts and equipment. We like to think of ourselves as the first few stitches in the digital thread.
What is the key challenge you need to solve to move forward as a business?
What we do is inherently not that exciting, people don’t care about this data until they need to and the sad reality is that when they need to care, they really need to care.
How will you go about expanding the team and hiring new staff with this investment from Boeing HorizonX Ventures?
We’re lucky because we have a good local network but then there’s that awkward step of moving outside of where we are and hiring people that we don’t know. We think we do well from an interviewing point of view, but stepping into the unknown is kind of scary, especially since the early hires are super important.
There’s another layer beyond that which is figuring out what we need to hire for. We have some immediate hiring needs and we’re pretty set on those but then there is everything else that we will need longer term and those roles are multi-function. It’s easier for us to hire people that do what we do because that’s something we know well. One great thing to come out of the ABA programme is speaking to other teams in the cohort and getting a new perspective on functions within the business we should be taking a look at.
Biggest lesson: be willing to change your mind.
How did your team come together? What’s the biggest lesson you would share about maintaining a good co-founder relationship?
We worked together previously for 3 years before going our separate ways and then crossing paths again and developing Kraken IM. We’re pretty different (where Ian wants to do everything and Jordan brings him back down to earth) but this difference is synergy rather than conflict — we balance each other out.
Biggest lesson: be willing to change your mind. We both have strong opinions but we’re willing to change our minds about things. In a recent programme session, this phrase of “strong opinions, loosely held” really stuck with us. You can care about the important stuff and if you have a brilliant idea then share it, but don’t let it get to you when you don’t get your way and don’t take it personally.
Greatest learning from your startup journey so far
We’re about as B2B enterprise startup as it gets and we’ve probably gone through the full internal hype cycle. When we started, we had a great idea and a great team and thought that would be enough to change the world.
It’s probably fair to say that we went into a bit of a trough of disillusionment as we realised that a great idea is not a great business and selling to enterprise is hard. Along the way, we’ve learned so many skills, made such a great network of friends and mentors and also learned that even the biggest companies can benefit from working with startups.
Startups don’t think like big companies and we take a completely different approach to problem-solving, they’re less frightened to try things and less afraid to ask questions and learn. Now, what we thought was a weakness has become a strength and we’re in the slope of enlightenment.
The ATI Boeing Accelerator is different because there aren’t many opportunities out there for B2B enterprise startups and this programme is incredibly focused and defined.
What’s your experience in the programme been so far? How does the ATI Boeing Accelerator differ from the Ignite programme you went through in 2017?
This programme is pretty intense! It’s been incredibly valuable having the bonnet lifted on the business and people asking us hard questions — sharpening our message and value proposition, as well as some of the parts of the business that were perhaps still a bit startup. The other teams are all super smart so it’s great to be in an environment with lots of people we can learn from.
The ATI Boeing Accelerator is different because there aren’t many opportunities out there for B2B enterprise startups and this programme is incredibly focused and defined. Unlike at Ignite, we’re part of a mixed cohort in terms of company stage so the upside is that there’s a lot we can learn from one another. This is also an industry-specific programme so there are many opportunities for collaboration and introductions — that has really been the cohort effect. We recently spoke to one of our clients and there’s a company here that can help solve one of their pain-points. We’re hoping to see more of that over the next few weeks.
Any tips for preparing your application to the ATI Boeing Accelerator?
- Speak to the guys at the programme as much as you can, they’re there to help.
- Forget the names involved and remember that you’re pitching to people who have actual problems.
- Concentrate on the problem that your business solves and how you think that brings value.
- Don’t be frightened to have a personality. At the end of the day, as much as what you do solves a business problem, you need to convince the people that you solve the problem, not the nebulous concept of the “business”.
Follow Kraken IM on Twitter to stay up to date with Ian and Jordan as they develop their product in the aerospace sector
Sign up to our mailing list to hear the latest news from our cohort and about the application launch.
For more information about the programme, please contact the ATI Boeing Accelerator team:
Gabi Matic — gm@atiboeingaccelerator.com | linkedin.com/in/gabrielamatic
Wil Benton — wb@atiboeingaccelerator.com | linkedin.com/in/fatkidonfire
Ksenia Kurileva — kk@atiboeingaccelerator.com | linkedin.com/in/kseniakurileva
