(Excerpt from “What is Factory?”, page 6)
The key to empowering a global network of entrepreneurs and innovators lies in building bridges across disconnected verticals and cultures. Established industry, politics and academia have difficulties connecting with the startup world and building lasting relationships. As a physical space, Factory forms an interface between these verticals - tying the network together and creating long-term impact on the ecosystem itself.
(Excerpt from “Curating Interfaces”, page 20)
The voices of entrepreneurs are often not heard by politicians and their expertise is not considered when forming policy, thus preventing innovation and growth. Politicians mostly think within their respective national context.
Factory is an interface between startups and government, providing a platform for both politicians and entrepreneurs to interact with one another. The focus is to improve the legal framework for startups, derive data from early-stage to help politicians make smarter decisions, while showcasing both the success stories and failures within the international tech community
Traditional industries and large corporations are increasingly aware of the necessity of digital innovation to stay competitive in their markets. Hence they are seeking to engage with disruptive startups, but their corporate culture and complex structures are often at odds with that of a startup, making it all the more difficult to find synergies. In order to approach startups successfully, corporations need local partners with the right network, experience, and cultural understanding.
Factory is an ideal partner for corporations that are trying to understand the startup language. We connect the best local startups looking for investment, acquisition, and procurement opportunities to the industry in search of innovation through custom tailored events and content programming.
The cultures of entrepreneurs and academics can be diametric opposites with regards to approach and intention. There is a tremendous amount of unleashed potential in the world of researchers and academics for products and businesses; just as there is an opportunity for entrepreneurs to leverage academic research. Both sides have something to gain from tapping this potential.
Factory provides an excellent platform for entrepreneurs and academics to interact. It is our mission for both sides to gain awareness of that potential and to develop a continuous flow of information and data in both directions. We regularly engage with local and international universities, research institutes and think tanks to connect them with our community of entrepreneurs and create relevant presence on location for researchers.
There are six core elements that make up a successful Factory location. Every location will have a slightly different team structure to cope with these depending on the people, the building and the local ecosystem.
(Excerpt from "The Six Elements", page 22)
One of the most important aspects in any Factory is the community. Everything we do should be to help our residents first. Hence, we value how we treat our community, who we call friends and family, and make this an integral component of our company culture.
Factory has a very high standard of access, meaning only the best early stage startups, experienced local heroes and international tech companies form our community. Choosing the companies we accept and those we reject is not hard - in the first couple of minutes of meeting the founders it will be clear whether or not they are aligned with our values and vision:
Excerpt from "Element 1: Community", page 24
Working with ecosystem partners is an integral component of the value add we offer startups at Factory. Our goal is to create long-term sustainable relationships that benefit the community. Partnerships are about quality and not quantity - we work closely with partners that develop programs to support startups, but strategically choose the best. It is important to not just work with “any” interested party. Most importantly it’s about deciding who we want to spend time building relationships with - it is not only about money or product offers but a combination of company culture, community fit and sponsorship value.
Partnerships can vary from basic event sponsoring to developing Factory specific products together. The relationships are always unique and individual to the partner, but in every case the value-add will be mutual and significant.
Choosing the wrong partners can be detrimental: never underestimate the risk of bringing in companies that do not share our core values.
Excerpt from "Element 4: Partnerships", page 31