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Runner Interview |
Henry Yates
Founder, Retrace
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Can you give a brief introduction about yourself?
Hi, I’m Henry Yates. I started my first business in 2002 after narrowly avoiding starting one during the dotcom frenzy. I am married to Liberty and have two children Clementine and Felix who help out here with Seed Run.
What inspired you to become an entrepreneur/startup founder?
I guess I did not like working for other people. If I’d started in an industry that was my passion I think maybe it would have been different. Like my brother inlaw is a marine biologist and he was obsessed with the underwater world since he was a kid. I guess maybe I’m not wired like that. I’m so pleased I found startups though.
What problem does your startup aim to solve?
Retrace brings transparency to software and the data running through it.
Can you describe your startup in a single sentence?
Retrace allows you to see what’s happening in your software application in real time. You can trace back from any output, data or code, to see the inputs.
How did the idea for your startup come about?
I made an investment in Hyperledger in 2015. It was acquire by a US company called Digital Asset and I became a shareholder. As I had an interest, I partnersed with them and met Nathan, my co founder. He told me about this idea he’d been working on in his spare time, and I was immediately hooked.
What's the most unique aspect of your solution or business model?
We have a UK patent (US pending) on the core idea.
What’s the most challenging aspect of building your startup?
We are solving a really hard problem. The reason nobody has done this before is because it was thought not to be possible.
How have you overcome obstacles and challenges in your journey so far?
Perseverance and Nathan's brilliance!
What's the most valuable lesson you've learned as a founder?
It's a bit like running marathons. The main thing is to keep going. To do that you need to not run out of cash. This sounds obvious, but the non-obvious point is that you need to paint your worst case timeline, and then double it. It's those Donald Rumsfelds that get you. The unknown unknowns.
How do you manage work-life balance, especially with the demands of a startup?
I don't have that issue. The issue I have is that when things kick off I think about the business 24/7. That means that although I may be present I may not be! That's something I need to work on.
What’s the next big milestone for your startup?
Getting out first customer live.
What advice would you give to aspiring entrepreneurs or startups?
See the cash answer above.
Any ideas on how we could improve Seed Run?
You don't ask me that question! I'm sure loads of things. We need a Strava group for starters.
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