Sokratis Papafloratos, a serial entrepreneur and founder of Numan—a digital health company for men—shares his journey from failure to success. He discusses the lessons learned from his previous ventures, including the emotional challenges of shutting down Togethera and Upshot. Sokratis emphasizes the importance of investor relationships and funding in successfully scaling startups. He also highlights how traditional TV advertising still plays a critical role in reaching male audiences and his aspirations for expanding men's healthcare solutions globally.
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question_answer ANECDOTE
TrustedPlaces Acquisition
Sokratis Papafloratos sold TrustedPlaces to Yell after the 2008 financial crisis.
The Lehman Brothers collapse and a competitor's $100M funding round influenced his decision.
volunteer_activism ADVICE
Corporate Governance
Maintain strong corporate governance, including clear records, processes, and data management.
This simplifies acquisitions and reduces pain during due diligence.
insights INSIGHT
Impact of Failure
Business failure leads to self-doubt and shaken confidence, regardless of prior success.
Recovery requires time, reflection, and support to regain motivation.
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If you haven’t heard of disruptive men’s health brand Numan, it’s time to start taking notice. Since its launch in 2018, the company has helped 430,000 men maximise their health.
Having raised over $75m (£61.2m) in funding and boosting a team of over 150 people, the company offers personalised, integrated care in one digital platform and is the brainchild of serial entrepreneur Sokratis Papafloratos.
We spoke to Sokratis about learning from a severe business failure, the key belief you need to look out for in an investor, and much more.
Here's what we discussed:
Could you give us an overview of your career? (00:22)
When you came to the UK in 1997, was the plan always to get into business? (02:36)
Would you call yourself a good employee? (04:00)
You sold TrustedPlaces to Yell after four years. Did you scale the company for acquisition, or did you get an offer you couldn’t refuse? (05:33)
What lessons did you learn from the sale that you applied to your next business ventures? (08:51)
After TrustedPlaces, you launched Togethera and Upshot but decided to shut the business down after a few years. You were 36 at the time and had already been through a lot in business, but did you go through any trepidation or self-doubt? (10:08)
Sticking with closing down Togethera and Upshot, some people try to raise funds to get out of the hole and some call it a day at the right time. Where would you class yourself on that spectrum? (17:11)
Onto Numan – you need funding to pull off this brilliant vision you have. You’re not a healthcare expert, but you do have experience in successful businesses. Do investors prioritise experience and vision over expertise? (20:20)
You are an angel investor yourself. How much does receiving pitches from people change your thinking when preparing to pitch to someone else? (26:00)
Could you tell us about the funding journey with Numan? (27:47)
How have you found the experience of hiring people to help you scale Numan? (31:22)
Could you tell us about Numan's marketing strategy? (33:57)
What does the future hold for Numan? (35:45)
The Good News Postcard: What superhero would you be and why? (37:27)
What makes a great business leader? (38:32)
Thanks to Ella from the Jill Dando News for bringing us The Good News Postcard this week. Get your dose of positive news by visiting The Good News Post, a website collated by hundreds of young people aged 8 to 18 in the UK. They've written real-life “news that’s good for you”, covering people, animals, stories to cheer people up, and tips to make lives better.
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