Krucial (formerly R3-IoT) is in the latest cohort to graduate from the 2021/21 Creative Destruction Lab (CDL) global space stream programme.
The Creative Destruction Lab programme is designed for highly scalable, seed-stage, science- and technology-based companies. Launched in 2012, the value created by participating ventures to date has exceeded $12 billion.
Krucial was one of only twenty-one space companies globally who were accepted onto the highly competitive programme. Since October 2020, Krucial has spent 9 months working with a range of mentors including astronauts, entrepreneurs, investors, and scientists from fields related to space exploration and transportation, satellite communications, Earth observation, automation, and robotics.
Founders, Allan Cannon and Kevin Quillen participated in sessions designed to support entrepreneurial early-stage businesses in sharpening objectives, prioritising resources, raising capital and building their global networks.
Allan Cannon CEO R3-IoT said:
“We are delighted to have successfully graduated from the Creative Destruction Lab programme. It has been a game changing experience for us as an early-stage business. The access to global industry experts, and the quality of feedback, advice and mentorship received was invaluable. It has been fundamental in helping to internationalise our growth plans and ambitions – transforming our approach to scaling up the business.
“Kevin and I, decided to apply to the Creative Destruction Lab programme after it was recommended by two previous alumni: Kepler Communications and Benchmark space. At the time we were looking at our growth strategy, go-to-market positioning and market entry into North America – so the timing was perfect.
“The opportunity to work with incredible mentors such as Nathan Kundtz, Loren Padelford, Chad Anderson, Ryan Johnston, Gareth Keane, Shanti Rao and Richard Titus, has already had a real impact in how we have scaled to date. We knew when we founded Krucial, that we had a huge opportunity ahead of us, but to have market leaders state, ‘this business is going to be massive’, is mind-blowing and validates our business strategy.
“I would recommend any business with big aspirations to apply for the Creative Destruction Lab programme – you will not regret it – it has been an incredible experience and really did surpass our expectations!”
Matthew Tweedy, Space Stream Lead, Creative Destruction Lab said:
“Allan and Kevin are building an exceptional company. Throughout the programme, I was continuously impressed with their ability to absorb advice from our mentors and then take meaningful action. They have identified a large market need and are moving fast to fill it.
“Krucial was a pleasure to work with during the CDL Space program. Mentors were continually impressed with their technology, potential, and ability to move fast. I am excited to see what comes next.”
The Creative Destruction Lab programme recently wrapped up with a Super Session where participating business had the opportunity to showcase their breakthroughs, finalise early-stage investment and network with senior technical and business individuals from across the globe.
After successfully graduating, Krucial has its sights set on scaling up – and fast. The team will be refining their global go-to-market strategy, investing in existing talent and expanding the team, and building upon the success already achieved. There are lots of exciting plans afoot, so watch this space!