Scott Weavers-Wright, known for his influential role in retail technology, recently discussed his strategic decision to sell his company, Elevaate.
Despite its innovations, the company faced hurdles in scaling within the UK, prompting Weavers-Wright to evaluate new opportunities.
Scott Weavers-Wright, a prominent figure in retail technology, has made significant strides from managing Kiddicare, a leading online retailer, to founding Elevaate in 2014. The ambition was clear: to drive eCommerce sales through sponsored search and product advertisements. Despite housing major clients like Iceland and Coca-Cola, scaling Elevaate became an insurmountable challenge.
Weavers-Wright candidly admitted the hurdles faced in scaling Elevaate, particularly the lack of traction within the UK market. “We had built some brilliant tech but I couldn’t get the retailers to buy in,” he remarked, highlighting the disconnect between innovation and market acceptance that often stifles tech ventures. The struggle to expand was palpable.
The acquisition of Elevaate by Silicon Valley’s Quotient marked a significant milestone. Weavers-Wright described the offer as “too good to refuse,” indicating its significance in the tech acquisition landscape. The deal’s financial details remain undisclosed, but its importance is underscored by the integration of Elevaate into Quotient’s extensive US grocer network, enhancing its reach beyond initial expectations.
An essential aspect of the sale was preserving Elevaate’s legacy. Weavers-Wright was adamant about retaining the UK head office and its team of engineers. His focus was not only on financial gain but ensuring that Elevaate’s innovative solutions continued to thrive. Quotient’s implementation strategy across 30+ grocer clients showcased a commitment to sustaining Elevaate’s core technology.
Beyond Elevaate, Weavers-Wright is deeply invested in nurturing tech start-ups through his investment fund, Haatch. His enthusiasm for supporting retail and technology innovations is evident as he raises external funds to drive Series A rounds. However, the dynamic nature of investment rounds occasionally proves challenging when existing portfolios demand further financial input.
Weavers-Wright expresses a strong interest in emerging technologies such as drone tech and FinTech. He regards drone technology as a potential game-changer for delivery systems while also criticising traditional banking systems, urging innovation to disrupt the status quo. His foresight suggests a commitment to shaping the future of technology.
Considering a return to retail, Weavers-Wright aims to inspire retailers facing the dominance of giants like Amazon. He challenges the retail sector to foster competition and innovation, emphasising that the success of Amazon should not deter advancement but rather inspire new solutions to engage consumers in a competitive market.
Weavers-Wright’s journey underscores the complexities of tech entrepreneurship and the importance of strategic decisions in sustaining business growth.
His dedication to innovation continues to drive his ventures, promising advancements in retail and technology domains.