The Courier & Advertiser (Angus and Dundee)
Tech boss urges new funding model
The co-founder of one of Scotland’s most successful tech firms was interviewed by games guru Chris van der Kuyl at an event in Dundee.
Gareth Williams, who co-launched flight price comparison website Skyscanner, was the latest guest in the Small Talk series, which sees prominent business people interviewed about their journey to entrepreneurial success.
Skyscanner was sold to Ctrip, China’s largest travel firm, for $1.75 billion in November 2016.
Mr Williams said funders should look to the Chinese model of investing, which takes a more hands-off approach to the companies they fund.
“The approach taken by the Chinese towards investment is very different from the US,” he said.
“When I went to China, I was blown away by their investment philosophy, which is ‘here’s some money – see what you can do with it’.”
He added: “There are two parts to success. It is not enough to have an innovative product, you have to have an innovative business model as well.”
The importance of building a brand and developing a set of values as the business increases in scale were also covered at the event, which was held at Waters Edge.
Mr van der Kuyl, co-founder of 4J Studios, said recruitment challenges were found whether a company was based in Dundee, Edinburgh or London.
He said: “The challenges may be different but there are challenges in every location.”
Skyscanner was founded in 2003 by Mr Williams and two friends in a market where up to 400 competitors were emerging.
The first month’s revenue for the firm was £46.
A global success, Skyscanner is now available in more than 30 languages and 70 currencies, with a team of more than 1,000 people made up of more than 50 nationalities across 10 offices.
Chief executive of Entrepreneurial Scotland Sandy Kennedy said: “Tonight’s event in Dundee with two of Scotland’s key entrepreneurial leaders is a great example of how we help create this entrepreneurial movement at a local as well as national level.”