Bryte is a Cleantech startup developing an environmentally friendly battery for utility-scale storage. In August 2020, the company won Climate Launchpad Norway, and admission to the 6AM Accelerator Program was one of the prizes. We are happy to see what the founders have achieved during the program and can't wait to follow the startup from the sideline! We have interviewed Besart Olluri, CxO and Co-Founder at Bryte, about the company's participation at 6AM Accelerator Program.
Why did you join 6AM Accelerator Program?
Even though Bryte would have applied for 6AM Accelerator anyway, we entered the program as the winners of Climate Launchpad Norway. We heard about the program since participation was one of the prizes. We decided to attend the program because we saw how tailored the accelerator was to each participant. Before the program started, we were asked what kind of content we were looking for and what subjects we needed assistance with. 6AM Accelerator seemed to be the perfect program that supported Bryte in areas where we lacked experience and that set us in contact with key mentors and network from all around Norway.
Where does your company stand today (employees, customers, partners, investment, soft funding, etc.)?
Bryte has a team of seven, all are on salary. We have a signed LOI from one of the biggest power companies and a partnership with NTNU that we are currently doing a project with. We are also members of all the relevant national industry clusters: Renergy, Solenergiklynger, and Battery Norway. We are currently looking for private investments for the first time! The whole process is fascinating. We are in discussions with both private investors and funds. Most of those talks are still in early stages, so if you know anyone interested, send them our way ;) So far, the soft funding Bryte has been granted has exceeded 2 mill! So a huge thank you to Innovasjon Norge, Regionalt Forskningsfond, Adolf Øiens Etablererstipend, and TrønderEnergi-bidraget!
How did 6AM support you during the program?
There is no way we would have been where we are today without the assistance and support from the 6AM team and 6AM's broad network. The seminars were custom-tailored to the attendees and their needs. We had workshops where industry experts directly helped us set up both financial and technical strategies. Many of these experts still being available for contact if we need assistance. Some of them are even in our advisory board!
I also want to underline the availability. Even though the seminars, the network and the workshops were already valuable enough, the program's greatest value must be the quick response and availability of the 6AM team. As most entrepreneurs will spot, you can't plan for everything, and sometimes huge challenges will pop up out of nowhere. At times like these, the 6AM team has been available 24/7, ready with their experience and offering strategic and/or legal counsel. Having their expertise accessible to such an extent has resulted in Bryte saving time and focusing on growing our business.
Can you please share success factors, lessons learned, or mistakes that other companies in the program should avoid?
It's important to learn from your mistakes and to fail fast. However, you can also learn from the mistakes others have made. The guest speakers invited to seminars and workshops during the program have an experience unlike your own. So keep your ears peeled! You cannot avoid making mistakes, but you have some control over which mistakes to make.
What are your next plans?
As of now, our two main goals are fundraising and technology verification. We have some exciting plans and news coming soon, so follow our LinkedIn page for updates! #Brytefuture
4 out of 7 team members at Bryte: Brian Stead, Besart Olluri, Leah Elisabeth Thorstensen, Olav Tjeldnes