Munich Startup: Katrin, please start by outlining the most important milestones in your professional career.
Katrin Bacic: Since 2018, I have been Managing Director and Chief Strategy Officer of Wayra Germany. We are part of the Open Innovation Initiative of the telecommunications group Telefónica. Prior to that, I held various management positions in business development and innovation at Telefónica in Germany and Spain for more than 13 years. As Director of Innovation at Telefónica Germany, for example, I was responsible for internal innovation development.
In addition to my role at Telefónica, I am also a speaker, author, member of various juries on the topic of diversity and mentor, among others, in the Stealth Mode Program at Factory Berlin and at WAI Accelerate (Women in AI).
Munich Startup: What exactly does your work at Wayra involve?
Katrin Bacic: Together with the two managing directors Florian Bogenschütz and Albert Graf I lead the German headquarters of the Open Innovation Hub WayraWe have a beautiful office for approximately 80 founders in the heart of Munich. As CSO, I am responsible for Wayra's strategic direction in the German market. I manage all five of our startup programs – the community program for early-stage startups, the acceleration program with the venture client model for joint projects between startups and our parent company, Telefónica, and our investment arm. We invest in early-stage startups with tickets of up to €350,000. In addition, Telefónica and K Fund also invest in deeptech startups in Southern Europe and Latin America through the joint fund Leadwind to promote technological development internationally.
Munich Startup: In your LinkedIn profile You write: “I specifically support female founders.” – Why do you find this topic so important?
Katrin Bacic: Greater diversity in the German economy is a matter close to my heart. Women, in particular, are severely underrepresented in the startup ecosystem. The reasons for this are complex and often deeply rooted in our culture: For example, women are still heavily involved in family life, partly due to structural problems such as a lack of childcare. Furthermore, some young girls lack the self-confidence to implement ideas on their own. It's too late if young women only get the idea that they can start a business during their studies. They should work much earlier on developing the attitude of being brave and being able to jump in at the deep end. But for this, girls and young women need real role models.
No 'bonus' arguments necessary
However, I firmly believe that there's no need for 'bonus' arguments when it comes to diversity in teams, executive boards, or supervisory boards. Equality doesn't require arguments; women don't have to bring demonstrable 'added value,' meaning they always have to prove themselves twice or three times over. Diversity must become a matter of course.
Munich Startup: How exactly can you support female founders?
Katrin Bacic: Access to capital is certainly the greatest lever for female founders. Currently, only about one percent of venture capital goes to female-led startups and five percent to mixed-board startups. 93 percent of VCs are currently led by men – even though we know that diverse teams are more successful.
How can this change? Several factors are important: Mentoring and coaching specifically for women are important, as is creating greater visibility for female founders. Furthermore, more diversity must be promoted on the investor side. For this reason, I am part of networks such as FIN (Female Investor Network) to increase the visibility of female investors and promote more female business angels.
Munich Startup: The issue of too few women starting businesses in Germany has been discussed for years – corresponding programs have been initiated and networks established. Can you see any positive changes in recent years?
Katrin Bacic: Yes, definitely, I clearly see a positive development in the startup ecosystem. According to the new Startup Monitor 2022 an increase in female founders from 18 to 20 percent. This is definitely a step in the right direction, but still a long way to go to achieve parity. For this reason, I support the initiative #25to25 with the goal of having 25 percent of female founders in the German startup ecosystem by 2025.
Breaking gender stereotypes
Munich Startup: What other measures can help more women take the step into self-employment?
Katrin Bacic: The important thing is: "We have to change the rules and fight against stereotypes" – every day. In practical terms, this means: Women need more access to external capital, as well as reasonable protection during parental leave and maternity protection, including for female entrepreneurs.
Furthermore, girls must be made aware, even during childhood and school, that women are also allowed to take risks, be bold and loud, and be less conformist. It's important to stop pigeonholing people into gender stereotypes. The first positive signs are already emerging: I'm already seeing more and more initiatives at all major VC funds to invest more in female founders. The will to promote diversity is increasingly evident.
Munich Startup: Back to the topic of startups: Which young companies have particularly excited you recently?
Katrin Bacic: I have been particularly impressed recently by:
- Franka Emika, a highly innovative company that manufactures robots for industrial production, research and development.
- Cobrainer, a world-leading AI-based skills platform for internal recruiting and talent management.
The companies are united by their innovative, technology-based approach, a smart management team and their Munich home base.
Munich Startup: And which technology or industry do you currently find particularly interesting?
Katrin Bacic: Companies around the world are undergoing a transformation, and accordingly, there are a multitude of interesting business models. Artificial intelligence and machine learning are influencing all business processes, which is why I currently find many robotics startups extremely exciting, such as the Munich-based robotics startup Franka Emika.
For me, connectivity is the key to society's digital future. Therefore, we urgently need the widespread expansion of 5G and satellite technology in Europe to reach everyone. Furthermore, the topic of sustainability is, of course, of utmost relevance.
“In general, more risk-taking is required in Germany”
Munich Startup: Crises everywhere – is now a good time to start a business? And if so, why?
Katrin Bacic: It's always a good time to start a business. Sure, there are many things currently arguing against it, such as the pandemic, the war between Russia and Ukraine, and inflation. But "say yes when others say no." The current risks offer many opportunities for digitalization, technological progress, new work, etc., thus driving demand for many new, innovative products and services. In general, greater risk-taking is required in Germany.
Munich Startup: Wayra is part of the Munich startup ecosystem, so you know the founding location here well. What do you think could be improved in Munich?
Katrin Bacic: Munich is the best location in Germany for B2B startups, as large multinational corporations such as BMW, Siemens, and Audi are located there. Munich is a growing hotspot for innovation and entrepreneurship, which we naturally want to further advance with our 5G Lab. We can rightfully call ourselves a 'Tech Hub' thanks to our renowned colleges and universities, a large and concentrated corporate environment, and a strong startup ecosystem.
A good IT infrastructure, the availability of funding, and proximity to established companies play a role here, as does the presence of large multinational corporations. Our state capital also excels as a center of science: The Munich region is one of the leading locations in 27 technology regions across Europe.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Katrin Bacic: Many inspiring people come to mind that I'd love to meet. For example, Gwynne Shotwell, President & COO of SpaceX, an impressive executive and engineer, to find out from her what year the first human will fly to Mars.
I'd love to share a glass of wine with Verena Pausder and Lea-Sophie Cramer, as I'm a huge fan of their podcast 'Fast & Curious' and the two simply have so much energy, radiate motivation, and openly address so many important topics. I'd like to ask them if they'd be guests on our podcast. Wayra podcast 'Startcast' want to come.
