"To me entrepreneurship is a lifestyle." -Wayra entrepreneur
This morning we visited Wayra Acadamy in Santiago where we listened to Claudio Barahona, the Business Manager for the Chilean Wayra academy present about the corporation's successes and the challenges.
Wayra is a corporate business accelerator that works with entrepreneurs who specialize in the technology and telecommunication field. The corporation has 24 locations world wide in countries such as Mexico, Venezuela, and Germany. Each year thousands of hopeful entrepreneurs apply to receive assistance and funding and, more importantly, become part of the innovative and exciting world that is the Wayra.
 |
| Baharona presenting to our class |
The entrepreneurs are put through an intensive interview and application process in which Wayra executives look for five key elements that the entrepreneurs must have in order to be successful in their acceleration program. One of these elements stood out in particular because of its relevance in Bryant University's curriculum model. Baharona explained that one of the most important things they look for when choosing which entrepreneurs they are going to work with is balance. For example, they are looking for someone who has both the business skills to understand the financial side of making their idea a success but they also need to have a solid understanding and background in the given field that their idea pertains to. In other words they are looking for someone who has a well rounded education, this is promising to hear given that Bryant prides itself on creating well rounded students who have experience in both the College of Business and the College of Arts and Sciences.
Out of the thousands of hopefuls five to eight eager entrepreneurs are accepted into the Wayra twelve month acceleration program. The lucky few are then given anywhere from $50,000 to $150,000 and in return give Wayra 5-10% equity in their business. Over the next twelve months they have the opportunity to work in Wayra's facilities with the 13,000 employees they have world wide. Barahona explained that they work with the entrepreneurs to create a sustainable product. The process that they use to do this paralleled that of the "design thinking" model that freshmen at Bryant University are immersed in during the Bryant IDEA program. Hearing this confirmed that Bryant students are well prepared with real life skills that are currently being implemented on a global scale.
Out of the thousands of hopefuls five to eight eager entrepreneurs are accepted into the Wayra twelve month acceleration program. The lucky few are then given anywhere from $50,000 to $150,000 and in return give Wayra 5-10% equity in their business. Over the next twelve months they have the opportunity to work in Wayra's facilities with the 13,000 employees they have world wide. Barahona explained that they work with the entrepreneurs to create a sustainable product. The process that they use to do this paralleled that of the "design thinking" model that freshmen at Bryant University are immersed in during the Bryant IDEA program. Hearing this confirmed that Bryant students are well prepared with real life skills that are currently being implemented on a global scale.
Wayra believes in the motto "Success is 1% the idea and 99% execution." That being said, Wayra recognizes that not all of the entrepreneurs ideas will be successful. Still, the corporation is confident that the profits made from their successes will compensate for the losses. The Wayra Chile location has nearly a one to one success to failure ratio and has consistently made a profit in all of the five years they have been running the acceleration program.
Barahona concluded his presentation with commercials from a few of their successful programs. Their successes ranged from applications that are used to assist musicians and engineers to programs that allow television watchers to view real time updates on social media directly on their television screen. These videos clearly interested many of the members of our group as, he followed this up with an in depth question and answer session.
 |
A blackboard in one of Wayra's lounge areas that displays some inspiring words of wisdom written by the entrepreneurs currently in the 12 month program. |
Barahona concluded his presentation with commercials from a few of their successful programs. Their successes ranged from applications that are used to assist musicians and engineers to programs that allow television watchers to view real time updates on social media directly on their television screen. These videos clearly interested many of the members of our group as, he followed this up with an in depth question and answer session.
 |
| John with his t-shirt |
Just when it seemed as though his presentation was over he told the group that he had a present for us. The problem was his present was a single t-shirt and there were forty one students in the room. He had a creative solution, however. Barahona challenged all of us to a simultaneous game of rock, paper, scissors. After the first count of three he knocked about half of the room out of the game and it came to a final dual between Keighan and John. John emerged triumphant and proudly showed off his new Wayra t-shirt.
This visit was eye opening in that it showed us the energetic and quirky side of the business world as opposed to more dry and repetitive side that many of us have seen through either internships, job experience, or through friends and family. Additionally, we were able to see that the eduction that we are currently receiving at Bryant is truly going to prepare us well for our future careers in whatever field they may be. After the visit was concluded many students had enthusiastic reviews stating that:
This visit was eye opening in that it showed us the energetic and quirky side of the business world as opposed to more dry and repetitive side that many of us have seen through either internships, job experience, or through friends and family. Additionally, we were able to see that the eduction that we are currently receiving at Bryant is truly going to prepare us well for our future careers in whatever field they may be. After the visit was concluded many students had enthusiastic reviews stating that:
"I enjoyed how they focused on helping companies start up in their own countries instead of helping them move to America." Ryan Frank
"I loved how expansive Wayra was and how it was full fledged immediately in multiple locations across the globe." Charles Papagiannopoulos
"Interesting how four guys can run an entire start up accelerator when there are so many aspects to a business and these guys have to control and improve all of them with each start up they invest in" Matt Gosselin
"I loved how expansive Wayra was and how it was full fledged immediately in multiple locations across the globe." Charles Papagiannopoulos
"Interesting how four guys can run an entire start up accelerator when there are so many aspects to a business and these guys have to control and improve all of them with each start up they invest in" Matt Gosselin
If you are interested in learning more about Wayra, feel free to visit their website using the link below or check out their Twitter @wayrachile and the hashtags
#wayrapower and #wayrafamily
No comments:
Post a Comment