This week Inside will present a resource-based start-up. Thunderwave is a consulting agency working with innovation methodology. The organization is structured with 6 people in the management and a vast network of young entrepreneurs and students.
Henrik Holth, 22 years old, is today in the management of Thunderwave. He is currently writing his bachelor thesis to finally end the three years bachelor at BI in Entrepreneurship. During his first year at BI he was the leader of Start BI, a non-profit part of the student organisation, SBIO, promoting entrepreneurship and innovation, through business presentations, workshops and case competitions. Through this and other roles he has been able to gain valuable professional experience. This experience has given him assets with a high rate of return: knowledge and network with entrepreneurs and leaders. Today, the investment is starting to pay off as he was able to build his own company from scratch. Modesty and great vision are the two attributes that best characterize him. To Henrik, honesty and the art of being yourself are important factors in life.
The conference app
Henrik met Marcus Ravik (also a part of Thunderwave) while serving with the Norwegian army. Together they decided to start a business. They both had different ideas that they wanted to pursue after the military. Their first idea was to create a conference app that would work as a shared platform between companies and individuals. Later they pivoted and Thunderwave was started in December 2016.
The Business today
Today Thunderwave has worked for companies such as Gyro, Skalar and Innovation Norway. Thunderwave helps established businesses to find new perspectives and adapt their strategy to the changing environment. They do so by connecting their clients with their insight and ideas through innovation workshops and consultancy.
The idea is that the younger generation has something to offer the elder generations. Indeed, millennials have the great advantage of being used to work with technology, which today plays a huge role in the market. The combination of technology and millennials, will force the established to rethink how they do business and create value.
The gap between school and reality
– One very important thing to bear in mind is that failure is a part of the natural process. There is not a unique solution to all start-ups, said Henrik.
Furthermore, he states
– The successful formula for a profitable business would be the combination between real life experience and school.
Research from Carnegie University states that only 15% of your success will derive from technical knowledge, however as much as 85% is due to your ability to negotiate, communicate and lead. It is necessary to have the required knowledge to proceed in a market, although you need to go out there and try it yourself.
Henrik has found BI courses extremely useful. “Business Economics” has given him tools needed to manage daily finance in the company, while “Persuasion and Dialogue for Leaders” has helped him improve communication skills. Furthermore, Henrik’s consultant team uses academic elements such as VRIO, PESTEL, Porter’s Five Forces and SWOT Analysis, which should sound familiar to most of us.
Henrik says that much of what is written in the textbooks does not always correlate with how things work in real life. These are one of many things he has experienced by starting his own company. He believes that there is no unique solution on how to build a start-up from scratch, or how to succeed.