Gavin Wheeldon is the founder and CEO of Purple, a cloud-based technology company providing software to transform venues into intelligent-tech hubs. It helps thousands of businesses across the globe to get the most out of WiFi available in public spaces. This is an extract from his interview (https://www.uktech.news/news/founder-interviews/purple-founder-gavin-wheeldon-20230106).
What funding advice would you give to a first-time founder?
Never stop fundraising. Even during periods where you’re sitting comfortably, you should still be courting potential future investors. Update calls and quarterly emails to anyone you have been speaking with will always be worth the effort. It’s also important to be aware that any numbers or expectations you set will be checked, so always make sure you are being realistic.
When should a founder CEO pass the baton on to a new chief executive?
As a CEO, it’s important to determine what stages of a company’s evolution you are best suited to. In my opinion, it’s rare that one person can take an idea from a back bedroom all the way through to a billion-dollar listed business. Play to your strengths and know where you’re able to offer maximum value and expertise.
For me personally, I enjoy the early and scale stages of a business, where you are constantly pushing growth and innovation. As a business matures, it becomes more about the small tweaks and this is an area I believe someone else could add more value.
Is there a technology that the world would be better without?
As with most things, tech can be a force for both good and bad. From a business perspective, we’ve seen the benefits of social media. It’s opened a whole new channel of global communication and the possibilities are continuing to evolve.