The first Northern Ireland winner of the Endeavor Ireland Scale Up programme — which aims to boost the growth of high-potential entrepreneurs — has called the scheme a “game changer” as applications open for a new batch of candidates.
Belfast-born Karl Gilbert is the co-founder and CEO of Raylo, a Belfast-based consumer device leasing and circular economy business.
He became Endeavor’s first entrepreneur from Northern Ireland, after facing a rigorous international selection panel against 34 founders of 19 companies from 16 countries.
Endeavor is a global not-for-profit organisation with a mission to support and accelerate high-impact scale-up entrepreneurs by connecting them with a worldwide peer and mentor network, talent and capital.
Since opening its Ireland office in Dublin in 2019, it has selected 15 founders across 11 Irish companies to join the Endeavor Ireland network. including Cubic Telecom, Strong Roots, LearnUpon, Wayflyer, Gym+Coffee, XOCEAN, Keelvar, Thérapie Group, Sculpted by Aimee, and Overhaul and Raylo. These companies employ more than 3,000 staff and collectively generate revenues exceeding €650 million.
Perhaps most famously, the organisation has a rockstar chairman, U2’s The Edge, who earlier this year paid a visit to Belfast to check out the start-up talent at the city’s Ormeau Baths – now called Ormeau Labs.
Karl Gilbert, co-Founder and CEO of Raylo, a Belfast-based consumer device leasing and circular economy business
Speaking to the Belfast Telegraph, Karl said the Scale Up programme was a “game changer” for entrepreneurs.
“It provides access to the Endeavor network for six months, as well as invaluable resources, mentorship, and an incredible global community that is unparalleled.
“The start-up scene in Northern Ireland is vibrant and growing rapidly. There’s a strong sense of community among entrepreneurs, it’s an exciting time and place to grow a business.”
The CEO said he was born into an “entrepreneurial family” but initially chose to leave home to expand his business portfolio, which led the creation of Rayo.
“At the time Northern Ireland wasn’t the best place to build and scale a business, so once I finished university I spent over 10 years in London in various finance roles across Barclays, Citi and Deutsche Bank. However, I wanted something with more purpose, and so it was working at Funding Circle where we provided financing to SMEs post-crisis, which ignited the entrepreneurial flame again.
“I founded the business in 2018 with Richard Fulton, a fellow native of Northern Ireland I met while interning at Goldman Sachs, and Jinden Badesha, Chief Product Officer.
“Raylo’s mission is to accelerate the move towards the circular economy in the electronic device market by enabling consumers and businesses to access devices like smartphones, tablets and laptops on a monthly subscription.
“Scaling the business remaining based in Northern Ireland and creating jobs and wealth in the local economy here is a big goal of mine.”