Munich Startup: Katrin, please sketch out the most important milestones of your professional career for us.
Katrin Bacic: Since 2018, I have been CEO and Chief Strategy Officer of Wayra Deutschland. We are part of the open innovation initiative of the telecommunications company Telefónica. Before that, I held various senior positions in business development and innovation at Telefónica in Germany and Spain for more than 13 years. As Director Innovation at Telefónica Deutschland, 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 a mentor in, among other things, 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 CEOs Florian Bogenschütz and Albert Graf, I lead the German headquarters of the Open Innovation Hub Wayra. We have a beautiful office for approximately 80 founders in the heart of Munich. As CSO, I am responsible for the strategic direction of Wayra in the German market. I lead 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 tickets of up to 350,000 euros in early-stage startups. In addition, Telefónica invests through K Fund via the joint Leadwind fund in deeptech startups in Southern Europe and Latin America 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 for the German economy is a passion of mine. Women in particular are heavily underrepresented in the startup ecosystem. The causes are multifaceted and often deeply rooted in our culture: women are still heavily committed to family, among other things due to structural problems such as lack of childcare. Additionally, young girls sometimes lack the confidence to implement their ideas on their own. It’s too late if young women only learn in their studies that they can also start their own businesses. The mindset to be courageous and take the plunge should be addressed much earlier. But for that, girls and young women need real role models.
No ‘bonus’ arguments needed
However, I am firmly convinced that no ‘bonus’ arguments are needed when it comes to diversity in teams, boards of directors, or supervisory boards. Equality does not require arguments; women do not need to provide tangible ‘added value’ or constantly prove themselves twice and three times over. Diversity must become standard.
Munich Startup: How exactly can you support female founders?
Katrin Bacic: Access to capital is certainly the biggest leverage point 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 run by men – even though we know that diverse teams are more successful.
How can this change? It depends on various levers: mentoring and coaching specifically for women are important, as well as creating more visibility for female founders. Additionally, more diversity must be promoted on the investor side. For this reason, I am part of networks like, for example, FIN (Female Investor Network) to increase the visibility of female investors and promote more female business angels.
Munich Startup: For years, the issue that too few women start businesses in Germany has been discussed – corresponding programs are initiated, networks are founded. Can you see that things have changed for the better in recent years?
Katrin Bacic: Yes, definitely, I clearly see positive development in the startup ecosystem. According to the new Startup Monitor 2022, there is an increase in female founders from 18 to 20 percent. That is definitely a step in the right direction, but still a long way to parity. For this reason, I support the initiative #25to25 with the goal of achieving a 25 percent share of female founders in the German startup ecosystem by 2025.
Breaking gender stereotypes
Munich Startup: What measures can still contribute to more women taking the step into self-employment?
Katrin Bacic: What’s important is: “We have to change the rules and battle against stereotypes.” – and that every day. In practical terms, this means: women need better access to external capital as well as proper protection during parental leave and maternity leave for entrepreneurs as well.
Additionally, girls must already be made clear during childhood and school that women are allowed to take risks, be courageous, loud, and less conformist. It is important to stop the classic ‘pigeonholing’ into gender stereotypes. Some positive signals are already visible: I can already see that there are more and more initiatives at all major VC funds to invest more in female founders. The willingness to promote diversity is increasingly there.
Munich Startup: Back to the topic of startups: what young companies have particularly excited you recently?
Katrin Bacic: Recently I have been particularly excited by:
- Franka Emika, a highly innovative company that manufactures robots for industrial production, research, and development.
- Cobrainer, a globally leading AI-based skill platform for internal recruiting and talent management.
These companies are united by their innovative, technology-based approach, smart leadership, and their Munich roots.
Munich Startup: And what technology or industry do you currently find particularly interesting?
Katrin Bacic: Globally, companies are in transition, so there are many interesting business models. Artificial intelligence and machine learning influence all business processes, so I currently find many robotics startups extremely exciting, such as Munich-based robotics startup Franka Emika.
Connectivity is the key to the digital future in society for me. That’s why we urgently need comprehensive expansion of 5G as well as satellite technology in Europe to reach all people. In addition, the topic of sustainability naturally has the highest relevance.
“Overall, Germany needs more willingness to take risks”
Munich Startup: Crises everywhere you look – 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. Of course, many things speak against it right now, like 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, and so on, and thus promote demand for many new innovative products and services. Overall, Germany needs more willingness to take risks.
Munich Startup: Wayra is part of the Munich startup ecosystem, so you know the founding location here well. In your opinion, what could still improve in Munich?
Katrin Bacic: Munich is the best location in Germany for B2B startups because large multinational companies like BMW, Siemens, and Audi are located here. Munich is a growing hotspot for innovation and entrepreneurship, which we naturally want to promote further with our 5G lab. Based on renowned universities and colleges, a large and concentrated business environment, and a strong startup ecosystem, we can rightly call ourselves a ‘tech hub.’
Good IT infrastructure, the availability of funding, and proximity to established companies play a role here, as does the presence of large multinational companies. Our state capital also shines as a scientific location: the Munich region is among Europe’s leading locations in 27 technology fields.
Munich Startup: Which founder would you like to meet in person? And what would you ask them?
Katrin Bacic: There are many inspiring people I’d like to meet. For example, Gwynne Shotwell, President & COO of SpaceX, an impressive leader and engineer, to find out from her in what year the first human will fly to Mars.
I would like to have a glass of wine with Verena Pausder and Lea-Sophie Cramer because I’m a big fan of their podcast ‘Fast & Curious’ and the two of them just have so much power, radiate motivation, and speak openly about so many important topics. I would ask them if they would like to be guests in our Wayra podcast ‘Startcast’.
